SWOT analysis

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Once you have identified the external factors that could impact your business and the potential actions of your competitors, you need to assess your company's strengths and weaknesses in the context of the information gathered in the first two steps.

SWOT analysis

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A SWOT analysis will help solve this problem: a list of oman cell phone numbers strategic planning technique that allows you to structure all information about a business and determine long-term goals.

It is necessary to create a tabular form with four columns:

Strengths - a company's advantages over its competitors;

Weaknesses - shortcomings of an enterprise;

Opportunities - favorable external factors for growth;

Threats are external risks that may negatively impact a business.

Then you need to systematize all the data.

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Ansoff matrix
To develop a business development strategy, you can use this classic marketing tool. The Ansoff Matrix suggests choosing one of four directions:

Existing product and old market . Focus on increasing sales volumes in an existing niche. For example: if a company sells 100 liters of water per month, the goal might be to sell 1 ton.

Existing product and new market . Expanding sales to another target audience, opening divisions in other regions or countries. For example, the goal is to sell 100 liters of water per month in nearby settlements.

New product and old market . Improving the characteristics of a product or service. For example, you can offer water in a more convenient container that consumers don’t know about yet.

New product and market . This approach is called diversification.

It can have different forms:

A new product using existing resources . For example, a water seller can open a water bottling point in the same premises.

Expanding the product range . A company that sells water can add tea and coffee to its product line.

When choosing business development directions, it is important to take into account the results of the SWOT analysis to determine which strategy will be most effective.