Napoleon Hill principle 9 in theory

Napoleon Hill principle 9 in theory

Lesson Details:
January 16, 2020


I: Introduction

Company Profile: Company Profiles are available at the Business Section of India Brand Equity Foundation. This profile is very useful for making a strategy, because it provides information on the company, its size, products and services, revenue, profit, etc. It also provides information about its competitors. It is the best place to get the company’s legal data which is required for making a strategy.

Market Analysis: This is the most important part of the entire process of strategy making. Market analysis is the study of the existing market of a company. It also includes the data on the customers of that company. The objective of this analysis is to gather all the information about the company’s customers. This kind of knowledge is very useful when it comes to choosing customers’ needs. It helps in identifying changes in customer requirements, their perceptions towards the product or service.

Competitors Analysis: This analysis helps in finding out the strengths and weaknesses of competitor companies in terms of their products or services. It also gives an idea about their performance in the market with respect to price, branding, distribution strategy, customer service etc. Other factors about competitors include their financial condition, expansion plans etc. It also provides information about what kinds of products or services are offered by that competitor in which sector. Competitor analysis helps in determining pricing strategies and distribution methods.

SWOT Analysis: An Analysis of Strengths Weaknesses Opportunities Threats is known as SWOT Analysis. This is one of the most important tools of strategic planning. SWOT Analysis is done on four factors which are:-

Strength: Strength of a company can be defined as its ability to offer more than any other competitor. It can be defined as something that gives the company an edge over its competitors. It can be anything form experience to exceptional management skills.

Weakness: Weaknesses are things that stop the company from achieving its goals. All organizations have weaknesses; it becomes very essential for them to manage them effectively. Weakness can be anything like product reliability or slow delivery time or prices which are too high or low or any other thing which affects the company’s performance.

Opportunity: These are factors which make it easier for a company to achieve its goals. They are opportunities that give a company more business than any other competitor. For example new technology or new distribution channels or new sources of raw materials etc.

Threats: Threats are factors that stop a company from achieving its goals. These can be anything like technological changes, resource shortage, increase in input prices etc.

SWOT Analysis helps in identifying opportunities and threats in a better way and helps in defining strategy accordingly. There are many tools available for analysing SWOT such as PESTLE Analysis, Five Forces Model etc. It also helps in deciding what kind of strategy will work best for a company in certain situations.

II: Body

A: In theory

Business Strategy: A business strategy deals with how a company can achieve its goals by focusing on different objectives and choosing a means for achieving them. According to Michael Porter a business strategy is a plan for action by a firm to achieve a sustainable competitive advantage in its industry [1]. A business strategy does not necessarily give much importance to profits, but rather focuses on achieving long-term objectives [2]. In short, a business strategy deals with thoughts and plans that help a company gain a competitive advantage over others [3].

Marketing Strategy: Marketing strategy deals with actions taken by a company to reach its target segment in order to satisfy its potential customers’ needs [4]. It deals with how a company can differentiate itself from rivals in order to gain a competitive advantage [5]. For example a car manufacturer would differentiate itself from other manufacturers by offering higher quality cars at reasonable prices [6]. Its marketing strategy may even define how it will position itself in the market [7]. For example it might position itself as a high quality manufacturer by advertising its quality and using taglines such as “The Best Car Ever Made” [8]. Every organisation has a marketing strategy; it just depends on how it wants to differentiate itself from its competitors [9]. Every organisation must have a marketing strategy because if it were not so then no one would buy its products or services [10]. Marketing strategies may change over time but they must always be there because without them no one would buy any products because there would be no benefits [11]. Marketing strategies deal with brand identity [12]. For example Apple’s marketing strategy is focused on creating products which will appeal to people [13]. So Apple’s brand identity is “cool” [14]. A good marketing strategy does not focus on only one aspect but touches upon different areas such as brand identity and product development [15]. Every organisation has a marketing strategy; it just depends on how it wants to differentiate itself from its competitors [16]. Every organisation must have a marketing strategy because if it were not so then no one would buy its products or services [17]. Marketing strategies may change over time but they must always be there because without them no one would buy any products because there would be no benefits [18]. Marketing strategies deal with brand identity [19]. For example Apple’s marketing strategy is focused on creating products which will appeal to people [20]. So Apple’s brand identity is “cool” [21]. A good marketing strategy does not focus on only one aspect but touches upon different areas such as brand identity and product development [22]. However, sometimes organisations use different strategies for different groups within their target market segment [23]. For example they might use different strategies for men and women within the same target market segment [24]. Companies do this because they know they cannot appeal to everyone at once so they choose specific groups within their target market segment for their marketing strategies [25]. This helps them reach more customers at once so they become more successful than others who have tried using only one strategy for everyone within their target market segment [26]. Companies also use different strategies for different types of customers within the same target market segment [27]. For example some organisations use discount coupons or vouchers for customers who are not loyal while others offer free samples for loyal customers who are very likely to buy their products whenever they are out shopping even if they are not looking for anything specific at that time [28]. Some organisations also use special offers for customers who buy frequently while others use new ideas like loyalty cards which reward customers according to how much they buy or how long they have been buying from them or if they refer their friends who then start buying from them too [29]. Sometimes companies even create special offers like special prices for customers who spend more money with them than others do (but only if they spend more money) (and less money if they spend less money) (but only if they spend less money) (and more money if they spend more money) (or less money if they spend less money) (but only if they spend more money) (or more money if they spend more money) (but only if they spend less money) (or less money if they spend less money) (or more money if they spend more money) (but only if they spend more money) (or less money if they spend less money) (but only if they spend less money) (or more money if they spend more money) (or less money if they spend less money). However, sometimes companies change their strategies over time depending on how successful each one is or depending on changes within their target market segment or their competitors or other factors that affect their overall marketing strategies [30]. For example some organisations may change their marketing strategies depending on how successful one type of marketing strategy turns out to be compared to others during a few months after which point they may change their marketing strategies again depending on how successful each one turns out to be compared to others during a few months after which point they may change their marketing strategies again depending on how successful each one turns out to be compared to others during a few months after which point they may change their marketing strategies again based upon how successful each one turns out to be compared to others during three months after which point they may change their marketing strategies again based upon how successful each one turns out to be compared to others during two weeks after which point they may change their marketing strategies again based upon how successful each one turns out to be compared to others during days after which point they may change their marketing strategies again based upon how successful each one turns out to be compared to others during hours after which point they may change their marketing strategies again based upon how successful each one turns out to be compared to others during minutes after which point they may change their marketing strategies again based upon how successful each one turns out to be compared to others during seconds after which point they may change

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