AQA A level Business 3.8

the specific long term plan to meet your aims

where you are selling your goods or services

market with changing internal and external factors

analysis considering different strategic directions

existing products and existing markets

new products and existing markets

existing products and new market

new products and new markets

least is market penetration, then market development, then product development, then diversification

through adapting promotion with the Christmas adverts

risk, shareholder support, impact on existing brand, employee reaction, existing strengths, investment needed, likely profit, opportunity cost

how the business is perceived by customers compared to similar businesses

considers strategic advantage and strategic target

low cost and broad target like Primark or Easyjet

Differentiation and broad market like Apple

low cost and narrow market like a local discount retailer

differentiation and narrow target like Ferrari

highly distinctive products offering a clear strategic position

porter believes these do not have a clear strategy

considers strategic options based on varying levels of price and perceived value

charge premium price

for very high quality products aimed at consumers with high incomes

basic product with high price is unlikely to attract sales

selling at a lower price than perceived value

usually short term strategies to boost sales or create awareness

previous strategy, brand image, consumer perception, stage of life cycle, rival's strategy, external environment