Business decisions involve a large variety of issues ranging from fundamental shifts of business scope, or entering a new industry or new market, to concrete tactical questions like package design and promotion. On a corporate level, the process for the decision-making is a never-ending, ever-complicated process. It is no wonder that so many business plans cannot be totally implemented out of various internal or external conflicts.
Acmite's schema for market research and strategy development provides companies a basic process to make effective decisions as well as to realise them. It consists of sequentially five stages: market environment analysis, strategy development, marketing design, implementation and controlling/refining.
Market environment analysis:
Efficient business strategies are built on a comprehensive understanding of the business environment and the specific market characteristics. The general market environment can be categorized into the macro business environment and micro business environment. See the business portfolio matrix.
The concept of strategy develops with the evolution of the corporate theories. For example, strategy of merger and acquisition is the topic in every big company now, but was seldom heard three decades ago. There are two basic levels of strategy within a company: corporate strategy and business strategy. If a strategy defines the scope of the firm in terms of the industries and markets in which it competes, it is generally referred to as corporate strategy. Corporate strategy decision includes investment in diversification, vertical integration, acquisition, and new ventures, the allocation of resources between the different business of the firm, and divestments. When it is concerned with how the firm competes within a particular industry or market, it is then called business strategy. If the firm is to prosper within an industry, it must establish a competitive advantage over its rivals. Therefore business strategy is also taken as competitive strategy.
Crucial for a successful business management, an appropriate marketing plan is based on the understanding the market and product characteristics. Acmite's product profiling helps the company to analyse the advantages and disadvantages of its own product and the products of the competitors, so as to design an efficient marketing plan.