At the beginning of the year, usually business actors will determine business targets. Hopefully, through the existence of business targets, you can develop the way you market and sell products. Usually, this target can be determined through several indicators, such as the number of products sold, sales figures, number of customers, and revenue.

 

To achieve business targets, an effective strategy is needed. These strategies can be considered based on your business focus, what you need, and what resources you already have. Through a business strategy, you and your staff can both try to achieve the same goals. So, what kind of business strategy will help you reach your target? Check it out through the following explanation!

[Also read: Get to Know Business Credibility and Its Roles in the Digital Age]

 

1. Cost leadership

 

The cost leadership business strategy is a method used by business actors to provide competitive product prices. Through this strategy, you can offer quality and more affordable products. This strategy gives you several benefits, such as attracting potential customers and being superior to competitors.

 

2. Focus on low-cost

 

When you implement a low-cost focus strategy, you will usually define a specific target customer. This strategy is suitable for business actors whose business products or services are not for a broad target market. Instead, you can offer this strategy for certain customer categories. This can also help you stand out from your competitors. Not only that, your brand loyalty can also increase.

[Also read: 3 Levels of Business Strategy You Must Understand]

 

3. Resource allocation

 

The business strategy that you run must consider how and where you get resources. For example, in the production aspect, you have to determine where you can get raw materials and who are reliable suppliers. That way, you will be able to meet the target you want.

 

Business strategy will always be related to your business plan. From there, you will learn what are the strengths, weaknesses, resources, and challenges you face. Among the business strategies above, have you prepared any?

 

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