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Answering these questions requires a deep understanding of your business and its environment.
Firstly, you need to analyze your market geographically. Identify where your most profitable markets are and where your firm has expertise.
Secondly, understand what product types are in demand and which ones can give your firm a distinct advantage and high margins for a long period.
Thirdly, segment your consumers and identify the most attractive segment.
Fourthly, identify the most effective channel for reaching your customers.
Lastly, consider the benefits of expanding operations into different levels of the value chain.
Remember, the goal is to develop a winning strategy for your organization. This involves making informed decisions based on a thorough understanding of your business and its environment.
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Here are some other vital questions to consider when developing your strategy. Which geographies are the biggest and most profitable markets, or are there certain countries where your firm has experience and expertise? What product types are in demand, or what product or service choice will enable a distinct advantage and command high margins for the longest time? How are consumers segmented, and which segment is most attractive? Is there a natural channel choice or one in which customers are accustomed to buying? And, what might be the benefits of expanding operations into different levels of the value chain?
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Are you playing the game or are you playing to win? Develop a winning strategy for your organization with a recipe for success from former Procter & G...
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