STRATEGIC BUSINESS PLANNING
Strategic Business planning
When constructing a strategic plan, it is critical to consider what stage of the lifecycle your product/service offerings’ sit.
Successful strategic planning requires an understanding of where your product or service sits within the wider Australian marketplace. In order to best develop a strategic plan, we will conduct product lifecycle analysis to determine precisely where your offerings sit. Our strategy involves digging deeper within existing and emerging marketplace’s to better benchmark your product or service.
Here, we identify the stage of the product lifecycle which you are operating within. Commonly, product lifecycles can be split into 4 categories.
Penetration strategies are deployed when you are competing within an established market via an existing product.
At this stage of the lifecycle, you will likely encounter issues with respect to switching the loyalties of existing local customers. However, Akiko can bring its knowledge of the local marketplace to highlight your premium products and services in order mitigate local loyalties
Market Development strategies are pursued when you attempt to pursue a regionally distinct market through an established product offering.
At this stage of the lifecycle, it may be difficult to identify undeveloped markets that have potential for future growth. To combat this, Akiko can leverage its extensive local knowledge base to identify areas primed for development.
Product Development strategies are followed when your firm attempts to breach an existing market by introducing a new product line.
At this stage of the lifecycle, challenges emerge with respect to the fit between product and market needs. Through our considerable knowledge of local markets, Akiko can identify product niche opportunities and assess how the Australian market will react to a proposed product or service.
Diversification strategies are utilized when your company is attempting to create an entirely new market and compete within it through a distinct product.
At this stage of the lifecycle, international firms will likely experience issues with identifying opportunities within market and product segments. Here, Akiko can apply its extensive experience in working with Australian businesses to break into untapped markets with the most ideal product or service.