BLT Paragraphs & Needs vs Wants

BLT Explanation

• BLT is a structure that allows you to make an observation about a business trend, strategy, or impact.
• Point makes a clear statement of the point you want to make.
• Because explains why the stated point is relevant and connects this point to a broader context or concept.
• Leading to discusses the implications of the point.
• Therefore is the conclusion with a final thought that summarises the significance of the analysis.

Example BLT Paragraph

• "Increasing digital marketing efforts can enhance brand awareness".
• Because consumers are spending more time online.
• Leading to increased customer engagement and potentially higher sales.
• Therefore, investing in digital marketing is crucial for businesses to grow their market share in today's digital-first environment.

Tips for Writing Effective BLT Paragraphs

• Ensure each part of the paragraph is clear and directly related to your main point.
• Incorporate transition phrases like "because," "leading to," and "therefore" in your writing to maintain flow.
• Try writing multiple BLT paragraphs on different topics to refine your analytical skills.

Enterprise

• Enterprise is the commencement of a new good or service to be introduced to the market.
• Enterprise motives are group into financial, non-financial, and Reward and Rotation.

Risk

• Competitors, running costs, poor sales, job security, and change in demand are all examples of risks.

Rewards

• Success, self fulfillment, being employed and independent, better quality of life and pursuing life goals are all rewards.
• Risk and Rewards means the probability of incurring a profit (upside) or loss (downside) because of a trading or investing.

Entrepreneur

• Entrepreneurs spot opportunities to provide a good or service people will buy.
• An entrepreneur is a person who sets up a business, taking on financial risks in the hope of making profit.

Characteristics of an entrepreneur

• Determination.
• Persistent.
• Risk Taker.
• Able to spot opportunities.
• Good Communicator.
• Self-Motivated.
• Organized.

Goods and Services

• Goods are physical or tangible products, such as a car or a table.
• Services are non-physical or intangible items such as a taxi ride or a haircut.

Goods and Services: Key Word Alert

• B2C businesses sell to the consumer.
• B2B businesses sell to other businesses.
• Consumer Goods are sold to the public e.g., pair of shoes (B2C).
• Producer Goods are sold to other businesses e.g., cocoa beans (B2B).
• Durable Goods can last for a period of time e.g., a fridge or mobile phone.
• Non-durable goods will be used or consumed within a short period of time e.g., a bottle of water.
• Personal Services are used by individuals or groups e.g., a hairdresser or bingo hall.
• Commercial Services are used by other businesses e.g., website design or accountancy.

Goods and Services: Positives and Negatives

• Positives of Goods include that you can use It however you want, uses the 5 senses, and you can keep it safe.
• Negatives of Goods include that you can lose it, and get scammed.
• Positives of Services are Memories Convince, Come to you, and Get someone to do something you can't do.
• Negatives of services, You may not get want, and Scamming.

Wants and Needs

• Wants are non-essential items that you wish to have such as desries, items that are not requires, items which you may not need and items that you like or enjoy.
• Needs are essential items that are essential to for survival such as food and water.

Wants

• Examples of the positive of wants are fulfillment in life, improve our life, and bringing happiness.
• Examples of the negatives of wants are becoming an addiction, unhealthiness, expensiveness, debt, and hard to find.

Needs

• Examples of the positive of needs are that they help you survive, helps with basic functioning, Healthy, and Fulfilling.
• Examples of the negatives of needs are that they are expensive and hard to find.
• Examples of Needs are food, clothes, and shoes.
• Examples of Wants are Expensive Clothes, Rare items, and Sports Cars.

Adding value and New ideas

• Adding value means improving a product or services, adding branding or adding Features.
• Examples include printing a brand onto a t-shirt and finding a gap in the market to create a new business, and making changes.

Adding value and New ideas: Positives and Negatives

• Positive include more profit, more recognizable, more sales, more options, and is able to create a new business.
• Negative include Might take time, might fail, more expensive, and might no make enough money..
• Examples of the positives of new value and ideas is that People might want them, there is gap in the market, there is No competition and More business offers alongside USP – Unique Selling Point
• Negative includes Might not work, Overpriced, and Not enough people like it/know of it

Business Structures

• Sole trader - a business owned by one person.
• Partnership - a business owned by two or more people.
• Ltd (public) - the public can invest in your business/company.
• Ltd (private) - private investors (only friends and family) can invest in your business/company.

Franchise

• Franchisor (owner of company) grants a license, franchise (the company), to another business/ owner of the branch, franchisee (owner of branch) so it can trade using the brand, name and the business format.
• Positive of a franchisor are growth of a franchise, helps with geographical growth for minimum investment.
• It also presents options to open solo branches and they Receive 'royalty' payment alongside Not cheap Restriction in marketing.
• Negative are Risk that franchisor will eventually going out of business and Needs to make enough profits to please the higher ups (franchisor/franchisee)

Objectives of Marketing

• Marketing advertises products.
• Marketing usually focuses on advertising to a certain demographic/target audience.
• The four p’s in marketing includes product, price, promotion, and place.
• Product Identifies/fulfils customers' needs and Product wants or needs.
• Place Is where the product should be available at and how its displayed.

Market Research

• Market Research involves producers and marketplaces studying the customer and gathering information about customer needs and wants.
• The market research methods Surveys, Interviews, Focus groups and Customer observation.
• Primary Research involves you collecting the data yourself.
• Examples of this are: Surveys, Focus Groups, Polls, Customer satisfaction.
• Secondary Research means that someone else has conducted the data instead.
• Examples are Google, Reviews of competitors, advertisements/posters, and payment for a business to conduct the information gathering.

Market Research: Positives and Negatives of Primary and Secondary Research

• Examples of the positives of Positive Primary include Relevant to you, Accurate, and being A head of the game.
• Examples of the Negatives includes People might lie, Might not have time, and May change your product being a source of potential negatives.
• Positives of Seconday research are there is potential to use resources that are online and they are Easier to find/use alongside being a Quick activity.
• Negatives include the fact data might be Out dated, Irrelevant and information displays Bias.

Market segmentation

• Market Segmentation involves dividing a market into parts that reflect different customer needs and needs.
• Segmentation basis of the information gathered.
• Segments are Customers needs and wants, How customers buy, Location of customers and their and Knowledge and experiences of customers

Market segmentation: Overview

• Demographic segmentation involves diving a market into segments based on demographic.
• Market Income is divided via markets into different income.
• Location is a source of dividing a market into different locations.

Dynamic Nature of Business

• Adaptation means they constantly adapt to respond to customers' wants and needs.
• Businesses adapt due to changes in technology, customer wants, products and services becoming obsolete, and new and original ideas.
• Adapt existing products, services and Adapt existing products, and services to suit the current market.

Explore BLT paragraph structure and differentiate between needs and wants. Questions cover components of BLT paragraphs and the impact of prioritizing wants over needs. Test your understanding of effective business communication and consumer behavior.