JWMI 505 Presentation Design and Delivery

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Assignment 3: Presentation Design and Delivery: Why Creating a Business Strategy is Important

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Business strategies allow a company to develop a clearer understanding of their own organization and what’s required for them to succeed.

Risks of Not Having a Solid Business Strategy

Without a cohesive strategy, a company does not have identifiable business objectives. The company lacks the focus needed to achieve corporate goals and develop plans that will move the company forward. A lack of a strategy or plan means that your company does not have a specific set of tasks it is competent in and it has no vision for the future. Objectives are in place to develop long-term growth and productivity plans that are essential for the sustained success of the company.

Before creating a Business Strategy Consider…

Areas of Strength and WeaknessesExamples of strengths: Quality design, high sales, great customer service, timely deliveryExamples of Weaknesses: Cash flow problems, lack of morale which leads to a decrease in productivity, marketing issues

Also Consider..

Determine the company’s purpose.Be clear about the values the company has, what they stand for, and how the employees and staff will represent the company in a positive way. Identifying the core purpose will create a compass that will lead the way to making better business decisions. By assessing the company by looking at its past habits, and capabilities, everyone can have a clear foundation to start building upon to make the company better.

And lastly, before beginning a business strategy remember this…

Have a clear vision as far as what you want to accomplish with a company. Pair the vision with a mission statement that lets potential consumers know why your product is worth giving a chance.

Business Strategy Model

Identify Target MarketIdentify the Industry/ CompetitionAssess Market GrowthDevelop a Pricing StrategyProduct Development

Look at your current customer base. Who are your current customers, and why do they buy from you? Check out your competition. Who are your competitors targeting? Who are their current customers?Choose specific demographics to target. Figure out not only who has a need for your product or service, but also who is most likely to buy it. Age, location, gender, income level, education level, marital or family status, occupation, and ethnic background.

Identify the Industry/ Competition

Group competitors according to their various competitive strategies so you understand what motivates them.Analyze their strategies and identify the areas where they are most vulnerable. An analysis of strong performers should reveal the causes behind such a successful track record.

Is this product or service I have in mind going to satisfy a market need?Who are my potential customers, and where can they be found?What competition is out there? Is it direct or indirect, local, national, or international?How distinct is my product from what is being offered by the competition?Can the product stand the test of changing trends or take advantage of it before it dies out?At what prices are consumers prepared to buy my product, and can I make any profit at any stage?

Develop a Pricing Strategy

Develop a pricing strategy by choosing prices, even if temporarily to gain customers and adjust as needed in the market. Pay attention to customer reactions after each price change. If it’s not a positive reaction, adjustments can be made and you can always go back to the price when sales were best.

Choose your core value(s) and do them better than anyone elseInnovate, have the product that always has the next great thing that no one else has thought of.Maintain a consistent image. For example, if some of your promotions are lighthearted and humorous while others are conservative and formal, you are sending a mixed message. Developing a distinctive personality is part of becoming recognizable and unique.

Michael LeBoeuf

If you have a business strategy in place you will be clear on where your business is now, where it is going and what you need to do to get there. Developing your business strategy will give you and your team the drive and motivation to perform at your best and take the business to where you want it to be. 

Conclusion

Developing a business strategy is likely to lead to better business performance as you are focused on taking the business to where you want it to be. You are less likely to get distracted and waste time on areas that are not moving you towards your long term objectives. 




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