- VIDEO 14-Minute Course
Anyone who has been involved in business knows what a SWOT analysis is -Strength, Weakness, Opportunities and Threats - and how important it is to do once a year. But the problem with SWOT is that sometimes it doesn't paint the current picture of the business or the marketplace because it is based on the previous year's information. A Strategy Canvas analyzes what is happening in the marketplace right now and what your potential customers may be looking for that you and your competitors are not providing. A Strategy Canvas is an absolute must for start-up businesses before they even open their doors but you need to have done the research into your target customers and your competitors. Conducting a Strategy Canvas was exactly what Cirque du Soleil did to determine its business model. A SWOT would not have been as effective. But a Strategy Canvas can also be used for established businesses that find it hard to differentiate itself from its competitors.
- Understanding competitors from your customers point of view
- Researching buying factors
- Establishing busy marketplaces
- Discovering what potential customers want.
This is definitely a course you need to watch multiple times as it will ask you some questions that you may not have answers for, so additional research may be needed. It will be worth your time. Start-ups - this is a must. Established businesses quit doing the "same-old-same-old" approach to Marketing. Become more effective with your Strategy Canvas.
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