Wozer – intense seminar for me! My strategy and business knowledge has hit a steep learning curve. Managed to get my head around most of it but think I’ll need to delve into the background reading. But most of all – make sure it’s applied in the Millions project!
What is strategy?
Planning for a business to expand, grow and succeed.
4 areas that impact business strategy: Political, Economical, Social-cultural, Technological
SWOT is an analysis of your findings from your PEST
What to think about in your group work:
- Benchmark your competitors (finding the loose brick (Amazon/Waterstones, iTunes/HMV)
- Understanding your customers
- The USP (or the Online Value Promise)
- Perform a SWOT analysis: Strengthsfair- the of great halls, underground chambers, antique weapons andthern shore of Geneva, Chillion Castle is a brillian, weaknesses, opportunities, threats – a swot analysis encourages making goals, inspiration
- Perform a PEST analysis:
- Create SMART objectives (use for pitching your idea) Smart, measurable, attainable, relevant, time-based (for example I need 10 new suppliers for my shop by the end of the year).
- By implementing a SMART objective with clients, it’s easier to measure and reflect upon, then just looking at the end results
- KPI’s – define your achievement, your goals, your reflection. Their what clients and bosses want to see. METRICS DEFINE KPIs – KPIs defined by metrics
- PPPP –
– Integrated pitch proposal – support the rest of the team.
Most Importantly: WHICH FEATURES OF MY PRODUCT WILL HELP PENNY?MARK?JOHN? ACHIEVE THEIR GOALS?