Bacaaja.id – 7 Examples of Profitable and Effective Business Strategies. Business strategy is the action taken to achieve the goals and objectives of a business based on the decisions of the company.
In other words, a business strategy is an action and process that supports a company’s business activities in order to make a profit.
The main purpose of creating a business strategy is to help companies direct their business direction by identifying markets, competitors, consumers, and more. In-house business strategy can also bring departments together to help make decisions.
Functions and Importance of Business Strategy
There are also several features of a business strategy and why it is important to implement the business strategy. Here are some features of business strategy :
1. Competitive Advantage
The final function of business strategy is to create a competitive advantage over competitors. With a clear, detailed business strategy and you know how to leverage your business’s strengths. Therefore, it can be a competitive advantage and a unique value.
Moreover, when formulating a business strategy, you must be able to allocate and use all resources efficiently and effectively so that your business runs smoothly in the future.
Business strategy is a tool for designing and investigating the key steps taken to achieve business goals and objectives.
4. Monitoring and Control
Monitoring and control helps you see how activities and processes are performing to help you achieve your business goals smoothly. In addition, you understand the methodology used, so you can easily measure how well your activity is achieving your business goals.
5. Strengths and Weaknesses
To build a business strategy, you need to know, understand, and evaluate the strengths and weaknesses of your company. This allows you to take advantage of your company’s strengths and improve your company’s weaknesses.
Various Business Strategies
After knowing the meaning, components and functions of a business strategy. The next thing that might illustrate a business strategy more clearly is an example of its implementation. The following seven examples of business strategies are :
- Develop more creative and innovative product categories to keep consumers interested.
- Maintain excellent service to make each customer more loyal.
- Try new target markets that align with company values and goals.Implement effective online business strategies and use technology.
- Implement effective promotions to increase consumer interest in repurchase.
- Sell products using various platforms to facilitate consumer purchases.
- Offer competitive price but with more benefits.Maintain or continuously improve product quality.
- Implementing product differentiation can make a positive impression on consumers.
- Manage all resources (people, time, energy and money) appropriately and effectively.
Well, my friend, faithful to bacaaja, it is an explanation of the meaning, components, functions and examples of trading strategies. With a good business strategy, your business will operate and develop as planned and achieve its goals. Most importantly, strategize based on the quality of your company’s resources.