Four Corners Model is a strategic planning tool developed by Michael Porter to craft your competitive strategy. Main Benefits of Four Corners Model To understand a competitor’s strategy by assessing its motivations and actions. To foresee the possible future strategies that might be adopted by the competitor. To assess your company’s competitive strategy and...
The Five Product Levels, another Kotler-developed framework, analyzes a product on 5 different levels of customer needs and wants. Benefits of The Five Product Levels Serves a canvas to analyze products in a market Provides steps to guide your product development and differentiation efforts Helps you assess your product’s frame of reference and point...
What is SOAR Analysis? SOAR Analysis (Strengths, Opportunities, Aspirations, Results) is an action-oriented strategic planning tool which focuses on strengths and opportunities to reach aspiration defined by solid results. What are the main benefits of SOAR Analysis? It focuses on strengths rather than putting excessive effort to discuss weaknesses. It does not only picture aspiration...
What is the Break-Even Analysis? Break-Even Analysis (BEA) is a simple analytical tool that helps you calculate the number of products to be sold to cover the total cost, i.e., the sum of variable and fixed costs. Benefits of Applying the Break-Even Analysis This simple tool should be used at the beginning of any economic...
What is the Business Model Canvas? The Business Model Canvas is a strategic management tool used to present and visualize a business idea consistently and clearly. It allows you to state almost everything about your business plan on one page. In other words, it provides you with a summary of how you plan to manage...
What is Brand Equity? Why is it Important? Brand Equity almost refers to the reputation of a brand built on customers’ perceptions. Confirmation bias says that people interpret information in a way that confirms their own perceptions. So, a strong Brand Equity brings critical advantages for brands and businesses. Loyalty advantage: Customers will trust you...
What is the Diffusion of Innovation Theory? Diffusion of Innovation Theory explains the impressions of emerging new ideas, lifestyles, and technologies on people. Besides, it analyzes the adaptation process of people to these ideas and how these ideas spread. According to the theory, 4 different elements affect the spread of innovations: Innovation – the thought,...
The Market Life Cycle (MLC) is the time horizon for a market/industry/category from its appearance to the disappearance. MLC consists of 4 phases – introduction, growth, maturity, and decline. Market dynamics are different in each phase, and each phase necessitates different strategies. Therefore, businesses have two critical tasks: To determine the current phase of the...
Every business operates in an environment where multiple factors are affecting its success. In other words, businesses do not exist in isolation and there are things they cannot control. Hence, every business should constantly analyze how these external factors might affect its operations and act accordingly. To do this, a framework called PESTEL analysis comes...
Identifying and focusing on the unique benefits is crucial to stand out from the competitors. However, every market is rapidly getting crowded with new players most of which have similar offerings. Even if it is getting harder and harder to achieve, you must find an aspect of your business that is superior to your competitors...
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