Exotech | In running a business, there are various business strategies that can be implemented. Developing a business strategy is very important so that the time, money, energy and other resources used can provide effective results and in accordance with the goals you want to achieve.
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Through this article, GreatNusa will provide you with important information regarding various strategies that can be used to develop your business. The business strategies that we will convey can be applied in almost all types of business fields.
What are the Types of Business Strategies?
Following, there are four types of business strategies that are often carried out by business people today, namely:
1. Set prices according to standards
The first business strategy in running a business is to set prices in accordance with current market standards. Setting prices that are too high will make buyers reluctant to buy the products or services offered by a company.
On the other hand, a price that is too low can quickly attract buyers' interest, but it is not uncommon for many companies to end up having to reduce production quality in order to achieve that price. So, set a price that meets standards, not too high or below average.
2. Determine USP (Unique Selling Point)
Every business definitely has a different USP. Do you know what a USP is?? USP or Unique Selling Point is one thing that really stands out from a running business.
The USP of a business is a comparison between products from one business and another. USP can be said to be the selling point of the business and therefore, it is important to find out what the USP of a business is.
When a company understands what their USP is, developing a sales strategy will become easier. Apart from that, companies can also focus on increasing customer satisfaction by highlighting their USP.
3. Carrying out marketing activities
In every business, marketing activities must be carried out to promote products or services that will be sold to the wider community. Currently, there are various kinds of marketing activities that can be carried out, starting from distributing brochures, placing advertisements on TV, digital marketing, and many more.
In carrying out marketing activities, every company must first understand the target market it will target. In this way, marketing activities can run effectively and on target.
4. Focus on business growth
The final strategy that companies must implement is to focus on business growth. Do things that can make your business continue to grow and develop over a certain period of time.
To make a business continue to grow, companies can do various things, such as setting common goals to achieve. With goals that must be achieved, the company can continue to grow and move forward.
That's all the information you need to know. As additional information, for those of you who want or are interested in running your own business, please take the following online business course from GreatNusa. In this course, you will learn how to manage a business and develop effective and targeted marketing strategies.
Designing a Business Strategy
If a goal can be clearly defined in a business plan, then the strategy will be able to answer everything needed to meet that goal. In order to get the desired results, the following are the key components of a business strategy.
1. Mission, Vision & Business Goals
The main focus of business strategy is to fulfill the vision, mission and goals of the business. Through a optimally designed strategy, you will get clear instructions about what needs to be done, how it needs to be done, and who is responsible for it.
2. Core Values
It is very important to build a business strategy with core values or basic values as one of the foundations. This will allow the company to show its identity to the general public.
3. SWOT
SWOT analysis (strengths, weaknesses, opportunities and threats) is a representation of the company's current situation. It is an important component of business strategy because it represents the strengths and opportunities that a company can exploit and the weaknesses and threats that a company must be aware of.
4. Operational Tactics
A business strategy will function well if you can understand the operational details of how work must be done effectively and efficiently. If you can get the information you need, you can save a lot of time and effort because everyone knows what needs to be done.
5. Procurement Plan & Resource Allocation
A business strategy can also answer where and how you can get the resources needed, how they should be allocated, and who will be responsible for handling them.
6. Evaluation
If there is no way to assess whether the strategy being implemented can be said to be successful or not, then it will be very difficult to know if what has been done so far is the right step. A good business strategy always includes a way to track the company's output and performance against set targets. By conducting evaluations, companies can develop new business strategies in an effort to achieve the company's business goals.