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Contents
...................................................................................................................................................................... 1
I. What are business strategies? ............................................................................................................. 3
II. Classification of business strategies .................................................................................................... 3
1. Focused growth strategy ................................................................................................................. 3
2. Integrated development strategy ................................................................................................... 4
3. Diversification development strategy ............................................................................................ 4
III. Why is a business strategy important? ......................................................................................... 4
1. Planning ........................................................................................................................................... 4
2. Strengths and weaknesses .............................................................................................................. 5
3. Efficiency ......................................................................................................................................... 5
4. Control ............................................................................................................................................. 5
5. Competitive advantage ................................................................................................................... 6
6. Exampl ............................................................................................................................................. 6
a. Grow sales from new products ....................................................................................................... 6
b. Cross sell more product .................................................................................................................. 7
c. Improve customer service .............................................................................................................. 7
IV. Target market strategy ................................................................................................................... 8
1. Identify your current consumer base ............................................................................................ 8
2. Evaluate target markets for viability ............................................................................................ 9
3. Determine the best marketing strategy ......................................................................................... 9
4. Create a client profile ..................................................................................................................... 9
5. Analyze your data ........................................................................................................................... 9
Conclusion ................................................................................................................................................. 10

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 I. What are business strategies?

The definition of business strategy is a

long term plan of action designed to achieve
a particular goal or set of goals or
objectives. Strategy is management's game
plan for strengthening the performance of
the enterprise. It states how business should
be conducted to achieve the desired goals.
Without a strategy management has no
roadmap to guide them.

II. Classification of business strategies

1. Focused growth strategy

A strategy that focuses all efforts and
opportunities to develop existing products in
existing markets by increasing specialization,
developing market share, and increasing sales
and profits.

Purpose:

Look for market expansion opportunities.

Continue to increase production scale.

Attract new users

Create an appropriate product category

structure, capable of market competition.

Changing the structure of customers and

markets

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 2. Integrated development strategy
Is a business development strategy on
the basis of establishing and expanding
linkages with intermediaries and competitors
in certain fields.

Purpose: This strategy gives the trader increased control over the distributor or
retailer; suppliers and competitors.

3. Diversification development strategy

A growth strategy based on a

fundamental change in technology, products,
and business fields in order to create new
product-market pairs for businesses.

Purpose: To create diversity in the fields and business lines in which

businesses participate.

III. Why is a business strategy important?

There are several reasons why a business strategy is important for
organizations, including:

1. Planning
A business strategy helps you identify
the key steps to take to reach your business
goals.

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 2. Strengths and weaknesses

The process of creating a

business strategy allows you to
identify and evaluate your
company's strengths and weaknesses
so you can create a strategy that
optimizes your strengths and
compensates for or eliminates your
weaknesses.

3. Efficiency
A business strategy allows you to effectively allocate resources for your
business activities, which automatically makes you more efficient.

It also helps you plan ahead for

deadlines, allocate job roles and stay on
track for your project goals.

4. Control

Creating a business strategy gives you

more control over choosing the kinds of
activities that will directly help you
reach your goals, as well as allows you
to easily assess whether your activities
are getting you closer to your goals.

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 5. Competitive advantage

By identifying a clear plan for how you will reach your goals, you can
focus on capitalizing on your strengths, using them as a competitive advantage that
makes your company unique in the marketplace.

6. Example
a. Grow sales from new products

Some companies like to invest in research and development in order to

constantly innovate, even with their most successful products. This type of strategy
involves introducing new products into the market and updated products that are
able to keep up with trends

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 b. Cross sell more product

Some organizations focus on selling additional products to the same

customer. Cross-selling works well for office supply companies and banks, as well
as online retailers. By increasing the amount of product sold per customer, you can
increase the average cart size. Even a small increase in cart size can have a
significant impact on profitability, without having to spend money to acquire more
new customers.

c. Improve customer service

This can be a good business strategy if your business has had a problem
delivering quality customer service. Some companies have even built a strong
reputation for having exceptional
customer service. Usually, companies
have a problem in one specific area, so a
business strategy that's focused on
improving customer service will usually
have objectives that center

Source: https://www.indeed.com/career-advice/career-development/business-
strategy-examples?fbclid=IwAR3pZs4Rn4WXCnckv0-
gNf98Mr1rUBgk0ZmcNG2hpcpE4FDXBY3TOsa81fw

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IV. Target market strategy

Strategic goals are those that need to be quantified with a obvious deadline.
How to set a goal has a great influence on the business. Among the goals of the
business strategy, the most important thing is high profit and sustainability.
Businesses can also include other goals in their business strategies such as market
share, growth, quality, customer value, etc.
Here are the steps you can take to create your own target market strategy to
effectively plans for sales growth:
1. Identify your current consumer base
Start-ups do this by examining their competitors' target markets, rather than
focusing on just one particular group of potential customers.

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 2. Evaluate target markets for viability
Choose a target market and analyze the opportunities within that market. Use
metrics like competetors' market share to project the amount of business you
expect to gain. Once you know your target market, you can begin to plan the best
ways to reach that audience.

3. Determine the best marketing strategy

a. Mass marketing
b. Segmented marketing
c. Concentrated
d. Micromarketing

4. Create a client profile

Marketing teams use sample client
profiles for presentations, data analysis
models and ad campaign prototypes. Client
profiles are formed with detailed
characteristics of a fictionalized but realistic
potential or existing customer. The profiles
can also help you visualize future customers
to help you make informed decisions about
where to take your marketing efforts.

5. Analyze your data

Choose key performance indicators
(KPIs) that your team decides on prior to
launching a marketing strategy. Use
marketing software tools to help quantify
complex consumer behaviors. Data
analysis will give you an idea of how you
can make changes to your marketing plan
to better reach your chosen market.

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Conclusion
In short, business strategy plays an extremely important role. It directly
affects the success of the company. Each strategy has its own benefits, so to be
successful, we need to coordinate and fully apply the strategies to create a good
operation for the company. In addition, the company's leaders need to have a clear
vision to apply and plan to implement the necessary strategies.

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