Question

Use the Internet to research a business that is familiar to you(any business). Take a note on its current business strategy. discuss the current business strategy of the business you have chosen.

Reflect on the concept that small-business ideas prove themselves when customers start buying and discuss whether you agree or disagree with this statement. Discuss whether the customer comes first or the business plan comes first. Then, give your opinion on whether a formal business plan should be in place. Predict what happens if a business plan is available and if a business plan is not available.

Answer 1

The best strategy to adopt for a new business are as follows :

1) Content Marketing - selling products by creating a valuable and relevant content to attract the customers definitely helps to retain the maximum strength.

2) Social Media - now a days instead of physical shopping and through telephone, people have started using the internet more for their shopping, hence, it become important to build a strong social media connectivity to let the people have access to the website.

3) Coupon Deals - using other user friendly sites to offer some beneficial coupons to the customer apart from the regular price will add as the added benefit to customers for noticing the new firm.

4) Facebook Advertising - since facebook is something which lets a lot of people connect through one another it will help in advertising the new business and will also show a page on the same apart from their regular website. Customers can buy products directly from FB while still staying on it.

5) Google business - creating a link on Google can help people have easy access to the customers, so instead of having to visit the website the customers can now just search for the product on google and directly get a link to the site of your business

6) Google Adwords - with this customers using other websites will get pop up adds of your business and will learn more wile still doing what they are doing and they really do not have to search for your website which is still unknown to the masses.

7) Free Consultations - it is always better to provide free services with the products one buys, so for a new business providing free consultations to the customers will act as a perk to them and will get them more attracted.

8) Webinars - conducting online training sessions for new customers will benefit the new startups in expanding their market and letting the people of different regions know about their launch.

9) Staff Incentives - it is always better to keep the staff motivated with providing them with regular incentives so that they keep working more to make the new business spread out in the market through their personal and professional contacts as well.

Hence, for a new business to flourish it is important to have a business plan in place rather than to not have one and just go with the flow. With a plan in place it becomes a more systematic approach to make a business successful and reach maximum population.