The key points from this module are:
Strategy is an action that managers take to attain one or more of the organization's goals.
Porter's five forces of model competition are :
The threat of new entrants.
Determinants of supplier power.
The threat of substitute products.
Determinants of buyer power.
Rivalry among existing firms
According to the rule of three, in any industry or sector, there are three successful players.
Self-actualization is the complete realization of one's potential, and the full development of one's abilities.
Characteristics of self-actualization
Self-esteem and esteem of others.
Love and belonging
Safety and security
The 4 Ps and 4 As of rural marketing
Product - has to be acceptable
Price - has to be affordable
Promotion - People has to be aware
Place - product has to be available
A company's vision and strategy have to be aligned with its finances, internal business processes, learning and growth, and customer to be profitable in the rural market.
Challenges of rural marketing
You cannot convince a rural customer with urban methods.
Don't be a copy-paste maker.
Replications do not work.
Bihar and Maharastra are not the same.
NPV - stands for Net Present Value
IRR - stands for Internal Rate of Return
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