Effective Business Writing: BLT Method

poor sales

Investing in digital marketing.

<p>False (B)</p> Signup and view all the answers

<p>A haircut (D)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Guaranteed job security (B)</p> Signup and view all the answers

<p>Expensive to run = Financial losses due to high operating costs Lack of Job Security = Uncertainty about income and stability Change in demand = Decreased sales due to shifts in customer preferences or market conditions Poor Sales = Financial losses due to insufficient revenue generation</p> Signup and view all the answers

<p>Goods can be kept safe and stored for later use.</p> Signup and view all the answers

<p>want</p> Signup and view all the answers

<p>Can lose it = Goods May not get what you want = Services Uses the five senses = Goods Convince someone to buy it = Goods</p> Signup and view all the answers

<p>Good Listener (C)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>A durable good is designed to last for a significant period of time (e.g., a refrigerator), while a non-durable good is used or consumed within a short period (e.g., a bottle of water).</p> Signup and view all the answers

<p>B2C</p> Signup and view all the answers

<p>B2B = Businesses that sell to other businesses. Producer Good = Sold to other businesses e.g., cocoa beans. Commercial Service = Used by other businesses e.g. website design Personal Service = Used by individuals or groups e.g., a hairdresser.</p> Signup and view all the answers

<p>Goods are tangible while services are intangible. (A)</p> Signup and view all the answers

<p>An entrepreneur is an individual who starts and manages a business, taking on financial risk in the hopes of making a profit.</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Product, Price, Place, Promotion (A)</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>A USP stands for Unique Selling Point. It is a unique feature or benefit that differentiates a business or product from its competitors. A strong USP is important for attracting customers, creating brand recognition, and gaining a competitive edge in the market.</p> Signup and view all the answers

<p>Not required for basic needs (D)</p> Signup and view all the answers

<p>Sole Trader</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>Competitor Analysis (B)</p> Signup and view all the answers

<p>Potential drawbacks include the risk that the value added might not resonate with customers, leading to lower demand, and the possibility of increasing production costs, impacting profitability.</p> Signup and view all the answers

<p>Product testing (D)</p> Signup and view all the answers

<p>Sole Trader = A business owned by one person Partnership = A business owned by two or more people Ltd (Public) = A business where the public can invest Ltd (Private) = A business where only friends and family can invest Franchise = A business that operates under a license from a franchisor</p> Signup and view all the answers

<p>True (A)</p> Signup and view all the answers

<p>competition, lack of awareness</p> Signup and view all the answers

<p>Needs = Essential for survival Wants = Desired for comfort or pleasure Adding Value = Improving a product or service New Ideas = Finding a gap in the market Positives of Adding Value = More profits, higher sales, new market opportunities Negatives of Adding Value = Potential for failure, increased costs, customer indifference Positives of New Ideas = Increased market share, reduced competition, unique offerings Negatives of New Ideas = High initial investment, uncertainty of success, copyright issues</p> Signup and view all the answers

<p>Changes in technology, changes in customer wants, and products and services becoming obsolete.</p> Signup and view all the answers

<p>focus group</p> Signup and view all the answers

<p>Potential customer indifference (A), Increased product costs (E)</p> Signup and view all the answers

<p>Demographic = Dividing a market into segments based on factors like age, gender, and income. Income = Categorizing customers based on their earnings or financial status. Location = Segmenting the market by geographic regions, such as cities, states, or countries.</p> Signup and view all the answers

<p>False (B)</p> Signup and view all the answers

<p>Video games can become an addiction as they provide constant entertainment and escapism. This can lead to neglecting real-life responsibilities and negatively impacting relationships.</p> Signup and view all the answers

Allocating resources to promote products or services online, aiming to increase engagement and sales.

The interaction and emotional connection between a business and its customers, leading to loyalty and sales.

An increase in the percentage of an industry or market accounted for by a specific company.

Potential negative outcomes a business may face, including competition, costs, and market demand changes.

The potential benefits gained from success, such as profits and improved lifestyle.

Traits commonly found in entrepreneurs, such as risk-taking, creativity, and resilience.

Reasons for pursuing a business opportunity driven by monetary gain.

Business motivations that aim to solve social issues or benefit the community rather than just profit.

A person who sets up a business, taking on financial risks to make a profit.

A product sold to the public, such as clothing or shoes.

A resource sold to other businesses, like ingredients for products.

Businesses that sell products directly to individual consumers.

Businesses that sell products to other businesses.

A product that lasts for a long time, like appliances or vehicles.

Products that are used or consumed quickly, such as food or drinks.

An intangible product provided to consumers or businesses, like a haircut or consultation.

Products that cannot be physically touched, like services.

Tangible items that can be owned and experienced, utilizing the 5 senses.

A method to gather information using questions from a sample of people.

Drawbacks include the potential to lose or be scammed on tangible items.

Dividing a market into parts reflecting different customer needs and wants.

Wants are non-essential desires, while needs are essential for survival and basic functioning.

Needs are essential for survival and basic functioning, contributing to health and happiness.

Dividing a market based on demographic variables such as age or gender.

Business adapts to changes in technology and customer demands.

Products that are out of date and have fallen out of use, like CDs or Ipods.

Rivalry among businesses to attract customers.

A business owned and operated by one individual.

A business owned by two or more individuals sharing profits and responsibilities.

A public limited company allowing anyone to invest in it.

A private limited company where investment is restricted to friends and family.

A business model where a franchisor permits a franchisee to operate under its brand.

The essential elements of marketing: Product, Price, Promotion, Place.

Gathering information about customer needs and preferences to improve products.

A compulsive desire for a non-essential item or activity.

Needs are essential items, while wants are non-essential. Examples: food (need) vs luxury cars (want).

Wants can lead to unhealthy habits, debt, and are often expensive or hard to obtain.

Improving a product by enhancing features or branding to make it more desirable.

Identifying gaps in the market to create innovative products or services.

Wants often involve costly items like rare collectibles or luxury vehicles.

Can lead to higher profits and more recognizable brands, but might take time.

A unique opportunity in the market that has not yet been exploited.