This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
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The process of formulating your strategy
Hello readers, I will be writing about strategy formulation. Strategy formulation could be seen as a process whereby the best courses of actions are chosen so as to achieve the goals and objectives of your business. Thus, achieving the vision of your organisation.
The first step to take when formulating your strategy is to define the long term goals and objectives of your business. You will then have to evaluate your business environment using the PESTEL analysis framework. You will also analyse the strengths, weaknesses, opportunities and threats of your business using the SWOT analysis framework. The PESTEL analysis will help you understand your environment. Both frameworks will let you know the competitive position of your business, which will guide your strategy.
The next step you will take is to turn some of your objectives into quantitative targets. This will help you know the value that might be added by various operating departments. These values must be identified, after-which, a business strategy will be composed for each department.
The last step you will take is to formulate the strategy. The strategy will be influenced by the goals and objectives of your company, the environment your company operates in as well as the strengths, weaknesses, opportunities and threats of your company. Thank you for reading this article. Keep checking out my blog regularly. Cheers!
Hello readers, it has been a while. Hope you did not miss me much, the good news is I am back now. Today, I will be writing about competence. Competence is the ability that enables a company or an individual to deploy its resources effectively. It is neccessary for a company to have a competence target in all its business activities so as to deliver value to its customers. This will help create a competitive advantage for the company. Competencies must provide value to customers. It must be unique or able to develop greatly or be better than that of competitors. New products and services must be able to be developed as a result of the competence. It must be difficult for other competitors to obtain or imitate. Continually producing high quality products can make a company become a market leader (which is a core competence) as it provides a company with a competitive advantage. With high quality, higher prices can be demanded by the company from customers and the company will also be able…
Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.
For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.
Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…