October 25, 2013
Effective business strategies are the choices made with specific targeted customers that allow you to grow your business effectively. Most businesses have goals, plans or hopes about how to achieve success in their company, but most do not have an effective strategy in place for reaching those goals. Those that do have a strategy in place do not realize it may even be flawed or ineffective for their business model. A.G. Lafley is the former CEO of P&G. Below he outlines five specific choices your company can make to grow your business by way of an effective business strategy.
The most effective type of business strategy consistently is changing and optimizing the strategy to reach more consumers. Identifying the needs of new generations of consumers can help your strategy show greater results by the ability to adjust. Lafley believes there are two fundamentals to an effective business strategy that are timeless. The first strategy is to always know where to position yourself in the market concerning the needs of the consumer. This is considered the where to play choice and how to win choice. The other part to an effective business strategy should be what makes your company different or stand out from your competitors. Having a deeper understanding of your buying public and being a leader or innovator within your field will ensure your goals are met.
Mr Lafley explains that the five core choices your company makes in relation to the strategies you have implemented determine your success or failure in the industry. Your first choice should be to better understand the people that you are trying to sell your products and services too. Selling the most product to the most people is not a choice, understanding what makes them a buyer is a choice. Improving on your product or service to the point that you are an innovator is a choice that will help improve your success rates. If you understand the needs of the consumer and continue to modify your plan to meet those needs, your plan has a higher chance for success.
Lafley further explains that promoting a leading brand is not as effective as creating new brands that meet the needs of your customers. This shows your ability to not only grow, but to also consider alternative courses of action to meet a common goal. Partnering with other innovators, customers and suppliers will improve the likelihood your business strategies are effective. Taking all those into account, and building them up on a global scale is the final choice a business can make to increase the chance they will meet their desired goals.
Lafley concludes that to ensure these choices and strategies are effective, you must be willing to adjust your plans as the needs of your customers change. Whether your customer base is getting older, changing technologies or they are expanding their family unit, you must be able to adjust your strategies to meet their needs as they change or you will simply be left behind when another innovator attracts your customers by fulfilling their changing needs.
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What is an effective business strategy?
Effective business strategies are the choices made with specific targeted customers that allow you to grow your business effectively
. Most businesses have goals, plans or hopes about how to achieve success in their company, but most do not have an effective strategy in place for reaching those goals. more
Which of the following is an example of genetic drift a the bottleneck effect b the founder effect C the mutation effect d both A and B?
Answer and Explanation: The most common event that results from genetic drift is the population bottleneck
which causes drastic changes in allele frequency in a very short more
What do the founder effect and the bottleneck effect have in common quizlet?
Both the Founder effect and the bottleneck effect result from increase gene flow
What is the difference between bottleneck effect and founder effect? A bottleneck effect is when there is a very noticeable reduction in population size for a minimum of one generation time.
A founder effect is when a few individuals move to a new region and start a new colony of limited genetic variation. more
Why is the effect of compounded interest greater than the effect of simple interest?
Compound interest makes a sum of money grow at a faster rate than simple interest, because in addition to earning returns on the money you invest, you also earn returns on those returns at the end of every compounding period
, which could be daily, monthly, quarterly or annually. more
What is the difference between the greenhouse effect and the enhanced greenhouse effect quizlet?
The Greenhouse Gases are the effect that helps maintain the increasing global temperature. Whereas the Enhanced Greenhouse Gases is the effect of increasing the global temperature by releasing too many amounts of carbon dioxide which worsen global warming and climate change. more
What is the difference between the natural greenhouse effect and the human induced greenhouse effect?
The main difference between anthropogenic and natural climate change is that anthropogenic climate changes occur due the human impact on Earth's climate whereas natural climate changes occur due to the natural climate cycles continuously occurring throughout the Earth's history. more
How is the natural greenhouse effect different than the anthropogenic greenhouse effect?
Anthropogenic Greenhouse Effect While the natural greenhouse effect makes life possible on Earth
, human activity can cause increased amounts of greenhouses gases to be produced in our atmosphere, resulting in a greenhouse effect. more
What is the difference between greenhouse effect and enhanced greenhouse effect?
The natural greenhouse effects are due to the natural occurrence of greenhouse gases in the atmosphere. Because of the natural greenhouse effect, Earth is warm and supports life. The enhanced greenhouse effect are due to human activities that have led to high concentrations of greenhouse gases in the atmosphere
What is greenhouse effect discuss the causes and consequences of the greenhouse effect?
The greenhouse effect is a natural phenomenon and is beneficial for us
. Certain gases in the atmosphere retain part of the thermal radiation emitted by the Earth's surface after being heated by the sun, this maintains the planet's temperature at a level suitable for the development of life. more
How are the founder effect and bottleneck effect similar how are they different quizlet?
Both the bottleneck and founder effect change the genetic structure of a population. However, the bottleneck effect reduces or eliminates alleles within a population, whereas the founder effect introduces or increases alleles
. Both the bottleneck and founder effect are examples of genetic drift. more
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