What Are The Three Basic Business Strategies?
There are three basic types of business strategies that corporates adopt:
- Cost Differentiation Strategy: This business strategy is about pricing your product or service right. The price tempts the customers to buy your products instead of from your competitors.
- Product Differentiation Strategy: In a product differentiation strategy, you price your product reasonably enough to stand out from the competition. The reason companies employ this strategy is that your product offers unique features that others don’t.
- Growth Strategy: This strategy is employed when you want to grow the business by adding new products, improving the existing product, or expanding to new geographical locations.
What Is A Strategic Plan Template?
A strategic plan template helps you explain your business strategy to meet your corporate goals. This template is important whether you plan to seek out investments, plan for business expansion, or plan to improve your current business. You can add your specific business goals, business tactics to achieve those goals, financing information to sponsor those goals, etc., using a strategic planning template ppt.
How Do You Develop A Sales Strategy PPT?
Developing a sales strategy can help us create sustainable growth for the company. A sales strategy helps achieve our goals, such as increasing sales, understanding the customer, improving the customer experience, etc. Here are the steps to build an effective sales strategy presentation.
- Assess Where You have Been and Where You Are Now - Before you can begin to plan for the future, first look in the past. Assess the previous year of your business. By understanding where you have been, you can quickly determine where to go.
- Create A Clear Customer Profile - An ideal customer profile will help your sales reps to spend their time efficiently on the prospects who are most likely to convert and give recurring business.
- Do A SWOT Analysis - How well is your company positioned to grow your existing accounts and land new customers? You should be able to leverage your strengths to capitalize on the opportunities. Address your weaknesses and threats that will hinder your ability to achieve your goals.
- Set A Clear Market Strategy - Now that you have decided where you are going. It is time to build a market strategy. How to retain the existing customers, acquire new customers, increase revenue with the existing products. Try to address such questions to make a clear and concise strategy
- Create Clear Revenue Goals - When you combine your overall business or revenue goals with the strategy, you can create realistic revenue goals for specific markets and individuals.
- Develop And Communicate Clear Positioning - The strategy will help you determine how to position your products to the market to achieve growth. The sales, marketing, and product teams can work together to create positioning statements and value propositions.
- Clear Action Plan - Now that you have defined your business or revenue goals and where it should come from, it is time to create a well-functioning funnel. How many sales does that revenue represent? How many leads do we need to generate? How much time would it take to generate those leads? Try answering these questions to develop an effective action plan.
What Is Marketing Strategy PPT?
A marketing strategy PPT is used to showcase your long term marketing strategy that aligns with your overall marketing objectives. It involves the tactics you will use, changes you are planning to make, how much money is needed, etc. While formulating a marketing strategy, it’s important to keep your marketing goals in mind. In a marketing strategy PPT, you showcase the steps you are going to take to achieve particular marketing goals.
How Do You Write A Business Strategy Plan?
A business strategy refers to the set of decisions and actions a company takes to achieve its business goals. It defines what you need to do to achieve your goals, which may involve reviewing your previous business strategies, making clear goals, etc. Here are the key components of a business strategy plan.
- Executive summary: This helps your readers to have a quick overview of your business, such as mission, values, goals, and key strategies. This part should be high level, not providing too much detail.
- Strategic analysis: This section of your plan provides an overview of your business strengths, weaknesses, opportunities, and threats. It's good to present both internal and external environment analysis. Be sure to identify issues that you want to tackle.
- Strategies and tactics: Discuss the steps you will take to achieve your goals, such as launching a new product, changing the price of existing products, and launching a new marketing campaign.
Action plan: Your action plan clearly outlines responsibilities, resources, timelines, and milestones.
- Budget and operating plans: Put forth your estimated budget plan, which details the funding and resources needed to achieve your goals.
- Communication of the plan: Describe your communication plan that will ensure that all key stakeholders are on the same page.
What Are The 5 Ps Of Strategy?
Henry Mintzberg, the management expert, argued that it's really hard to get the strategy right. To help us build an in-depth strategy, he developed the 5 Ps of Strategy – five different approaches to developing strategy.
- Plan - Planning is a critical part of the strategy formulation process. We brainstorm the strategy paths available and plan the events and tasks to be performed throughout the journey.
- Ploy - This part of the strategy is used to dissuade, discourage, or otherwise influence your competitors. For example, a restaurant chain might threaten to open a new restaurant so that a competitor doesn't expand to the same area.
- Pattern - Strategies emerge from past organizational behavior. A consistent way of doing business can develop into a successful strategy. For example, the patterns you see in your organization and team become an implicit part of your strategies. These patterns also impact your approach to strategic planning.
- Position - This decides how to position your brand or product in the market. A strategy helps you explore the market environment and enables you to develop a sustainable competitive advantage. For example, you might develop a niche product to avoid competition or position yourself as the most environmentally-friendly.
- Perspective - The choices you make about your strategy rely heavily on your organizational culture. Just as patterns of behavior shape your strategy, ways of thinking to shape an organization's perspective. For example, a company that encourages its employees to innovate and risk-taking might focus on innovative products.
How Do You Structure A Strategy Presentation?
There is no ‘fit-for-all’ way to build a strategy, but there are specific key components that you should showcase in your presentation. If you are creating a strategy presentation for the first time, the outline below is a great place to start.
- Select Insert >Clear Goals - The first slide of the presentation should be a clear articulation of the job to be done, including the specific goal or issues.
- Insights - Every great strategy starts with research. Hopefully, you have done thorough research about the subject and pulled some actionable insights from the data.
- Strategy - This is the first slide where you illustrate your strategy. This slide of your presentation needs to be impactful, so make it clear and concise. You want your audience to be hooked to your presentation. Your choice of words matters. Use visuals like timelines and graphs to make it easy for your audience to grasp the information.
- Tactics - In this next section, you can showcase the exact steps or tactics you plan to employ. You should explain the complicated tasks in detail, but keep in mind that less is more.
- Timing - Here, you can explain the complete timeline of your strategy. How long will each phase of your strategy be? What are the key milestones you plan to achieve by a specific date? And, of course, when do you expect to achieve the desired outcome? Set realistic goals and expectations and try to over-deliver.