Business Strategies

Why Business Strategies Matter?

Business strategies are the formula for success and a guide for the development of “the perfect business plan”, developed on the concept of comparing “visions” to “market”, and selecting well-considered “Business Strategies” as the foundation for business success.

With a flow that is logical and methodical, employed without “bias” in the mix. The research and analysis must be “performed without” over-focus on “pros” or “cons”.

Strike an obvious balance with every conclusion reached..!

Careful consideration of the following will “force” the right answers;

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Vision, Goals, and Metrics

Using the magic of “vision”, you “must” create objectives, and set “goal post metrics” for analytics.

Because determination alone, without ‘market data” is a formula for failure.

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The Primary Focus of Preliminary Research

You must research the available market, the segmentation, and shares of each segment held by existing competition.

  1. Define the market;
  2. Look at segmentations;
  3. Determine who serves the segments;
  4. Analyze what market share each competitor holds;
  5. Catalog strategies employed to “earn” and “retain,” said market shares.

Example:

The “Bread Market” segmentation includes; daily bread, seasonal bread, specialty bread, dietary bread, scientific bread, and religious bread.

Market shares distributions are as follows; Franz Bread 27% of the daily bread market; while Pure Foods 40% of the special bread market.

See chart for detailed market shares by “bread market segmentation”, click here.

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The Point of the Research is to Expose Opportunity

Identify the “Opportunities”, if any, exposed by comparing your “The Vision”, with “Market Research”.

The ideal business will define one or more clear “holes in the market” (i.e. “needs”), by exposing something;

  1. Not served;
  2. Poorly served;
  3. Underserved; or
  4. The Undiscovered Market(s);
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Naturally, you will earn a “profit”, by “filling the need(s)” exposed, or the “Opportunity(ies)” discovered in the research.

Example:

“We discovered that with “demand” (i.e. the market) for “Pink Pony” chocolate mint candies are both increasing and “Underserved”. We found the “demand” for “Green Pony” mints is rapidly declining.”

But you must clearly define all “Mission Objectives”, or “goals” which in turn defines and clarifies the  “mission” step-by-step.

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Selected / Rejected Business Strategies

Starting with the exploration of all “tactics” or “Business Strategies”, designed to “anticipate business and market circumstances”, and pose “specific solutions” for each circumstance.

Selecting from the resulting “researched collection of strategies”, the;

  1. Ideal “tactics” are analyzed and selected or rejected, using a detailed pass/fail formula;
  2. Tactics “selected” to be developed into “guides” for business success.
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Sources

Articles

  1. 10 Business Strategy Examples