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You are a new small business owner focused on selling healthy pet food/products in a small town. You are struggling to bring in new customers and develop a name for your store.
Address the following.
Identify several key business strategies that the business should consider
Compare the business strategies you selected and determine which would be the most useful for your current situation
Select examples of business strategies that could be utilized to bring in customers and develop a plan for improving the reputation of the business that will bring customers back
Determine the metrics that you will use to evaluate your selected business strategy for effectiveness.
Business Strategies
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Institution/Affiliation
Date
A business brand is one of the most significant assets that can be owned by a company. The pet food industry is highly competitive; therefore for a business to be successful, the management has to build a strong name. According to Bose (2017), a recent study concluded that over 59 percent of customers settle for new products from brands they recognize. To bring in new customers and develop a name small business has to implement certain key strategies.
Key business strategies
Small businesses compete against established brands that have loyal customers and run extensive marketing campaigns (Dev, 2012). For that reason, the owner of a small business that is struggling to bring in new customers and develop its brand must establish ways to differentiate while forming a stable brand building process. To build a small business name, the following strategies must be implemented; Cost leadership, Focused low cost, and Differentiation.
Comparison of the business strategies
The pet food industry is highly dynamic resulting in small businesses facing unique challenges. To develop a brand a small business has to implement the focused low-cost strategy due...
