business strategies

Question 1

3 establishment strats

Answer 1

1. focus on customer attraction & retention, build solid customer base
2. invest in marketing and branding
3. build strong corporate culture

Question 2

establishent: 1) customers 4

Answer 2

• essential for business success, esp this stage
  -build strong customer base & generate revenue
• prioritising customer retention cultivates loyalty & customer LIFETIME VALUE(total net profit a business can expect to generate from a customer throughout the entire relationship) and REPEAT BUSINESS (customer returns to buy more product/s from business) wihich is more COST EFFECTIVE than acquiring NEW custoemrs
• building strong relationships w/ new customers can lead to positive referrals & brand advocacy for sustainable growth

Question 3

establishment 2) 3

Answer 3

• crucial for increasing visibility, building brand awareness & differentiating business from competitors
• during stage, effective marketing strats eg. social media marketing can help attract attention, generate interest & communicate your value proposition to target customers
• creating strong brand identity can establish credibility, trust & recog in market, essential for gaining competitive edge