Business Revision PDF

B U S I N E S S R E V I S I O N  Tips for Writing B LT Example Effective BLT...

B U S I N E S S R E V I S I O N  Tips for Writing B LT Example Effective BLT Paragraphs E X P L A N A T I O N Example of a BLT Paragraph Clarity and Conciseness: Ensure Here’s how to structure a BLT paragraph using a Understanding the BLT Structure each part of your hypothetical example: paragraph is clear Point: Start with a clear statement of the point and directly related to you want to make. This could be an observation Point: "Increasing digital marketing efforts can your main point. about a business trend, strategy, or impact. enhance brand awareness." Use Connectives: Incorporate transition Because: Explain why this point is relevant. This Because: "Because more consumers are spending phrases like is where you provide reasoning that connects "because," "leading time online, businesses that invest in digital your point to a broader context or concept. to," and "therefore" marketing are likely to reach a larger audience." explicitly in your Leading to: Discuss the implications of your writing to maintain point. What are the potential outcomes or Leading to: "This leads to increased customer flow. impacts? This section should elaborate on how engagement and potentially higher sales as more Practice with your initial point affects other aspects of the Examples: Try writing people become aware of the brand." business or market. multiple BLT Therefore: "Therefore, investing in digital marketing paragraphs on Therefore: Conclude with a final thought that different topics to summarizes the significance of your analysis. is crucial for businesses aiming to grow their market refine your analytical This could be a recommendation or a reflection share in today's digital-first environment." skills. on the importance of the previous points.  Risks Rewards ENTERPRISE Lose to competitors Success - Financial Reward - Expensive to run Self Poor Sales Employed/Independent RISK, Lack of Job Security Better quality of life Change in demand Pursue life goal R E W –ATheRformation Enterprise D AofNa new D business or development of a new M OTIVES good or service to be introduced to the market. Many businesses aim to meet a specific need or fill a The motive are grouped into certain gap in the market. financial, non-financial, and community/social. Risk and Rewards – means the probability of incurring a profit (upside) or loss (downside) because of a trading or investing. ENTREPRENE What are the characteristics URS of an entrepreneur? -Determination Being a successful entrepreneur is -Persistent about spotting an opportunity to provide a good or service that -Risk Taker people are willing to buy. -Able to spot opportunities Entrepreneur – a person who sets up a business or businesses, taking on -Good Communicator financial risks in hope to make a -Self Motivated profit. -Organized  Key Word Alert Consumer Good – Sold to Personal Service – the public e.g., pair of Used by B2C – shoes. (B2C) Businesses Producer Good – Sold to individuals or GOOD AND which sell to the other businesses e.g., groups e.g., a consumer. cocoa beans. (B2B) hairdresser or SERVICES B2B – Durable Good – Goods that will last for a period bingo hall. Commercial Businesses that e.g., a fridge or mobile Good – A good is a physical or phone. Service – Used by sell to other tangible (you can touch it) product Non-durable good – other businesses businesses. Goods that will be used e.g., website such as a car or a table. These are sold in or consumed within a much bigger design or short period of time e.g., accountancy. Service – A non-physical or quantities than Positives of services: a bottle of water or fuel. intangible (you cannot touch it) item selling to the - Memories Positives of goods: consumer. - such as a taxi ride or a haircut. - Use it however you Convince want - Come to you - Uses the 5 senses - Get someone to do - You can keep it safe something you can't do Negatives of goods: Negatives of services: - Can loose it - You may not get want - Get scammed - Scammed  Positive of wants Positives of needs - Fulfillment in - Help you survive WANTS AND - life Improve our life - Helps with basic functioning NEEDS - Bringing happiness - - Healthy Fulfilling Wants are non-essential items that Negatives of wants you wish to have. - Become an addiction Negatives of needs - A desire - Unhealthy - Expensive - Expensive - Not required - Debt - Hard to find - May not need it - Hard to find - Something you like/enjoy - Non-essential item Examples of Examples of Needs: Wants: - Food - Expensive - Clothes Clothes - Shoes - Rare items - Sports Cars  Negative: Positives: - Might take time - More Profit ADDING - More recognizable - Might fail VA LU E A N D - More sales - More expensive - Not make enough NEW IDEAS - More options money - Create a new business - Copy right Adding Value – Improving the product, adding branding or adding - Do what you want Positives: Negatives: features. - People might - Might not work E.g. printing a brand onto a t-shirt. want them - Overpriced - Gap in the - Not enough New Ideas – Finding a gap in the market people like market, creating a new business, - No it/know of it and making changes. competition - More business offers - USP – Unique Selling Point S O L E T R A D E R , Sole trader – a business owned by one P A R T N E R S H I P, LT D ( P U B L I C ) , person. LT D ( P R I V A T E ) 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.  Positives of a franchisor: - Helps grow a franchise FRANCHISE - Helps with geographical growth for minimum money - Options to open solo branches - Receive 'royalty' payment The franchisor (owner of company) Negatives of a franchisee: grants a license, franchise (the - Not cheap company), to another business/ owner of branch, franchisee (owner - Restrictions in marketing of branch) to allow it to trade using - Risk the franchisor going out of business the brand, name and the business - Needs to make enough profits to please the higher ups format. (franchisor/franchisee) MARKETING There are four p's in marketing: product, price, promotion, and Marketing is used to place. advertise products to Product – Identifies/fulfils customers' needs Comsumers. Marketing and wants. usually focuses on Price – good value for the money. marketing to a certain Promotion – promote awareness and existence of the product. demographic/target audience. Place – where the product should be available at and how its displayed.  Methods of Market Research: MARKET - Surveys RESEARCH - Interviews Market Research – A way that - Focus groups producers and marketplace study the customer and gather - Customer observation information customer needs and wants. Surveys – a method of gathering information using relevant questions from a sample of people with aim of understanding populations. Interviews – a conversation to gather information. Focus groups – brings together a small group of people to answer questions in a moderate setting. Customer observation – monitoring your customers' behavior to gain deeper insight into your target audience. MARKET Overview of market segmentation: S E G M E N TAT I O N - Segmentation basis – what this information Market Segmentation involves is dividing a market into parts that reflect different customer needs and - Demographic – Dividing a market into wants. segments based on demographic variables Segments: - Income – dividing markets into different - Customers needs and wants income variables - How customers buy - Location – dividing a market into different - Location of customers geographic variables - Knowledge and experiences of customers DY N A M I C Businesses adapt due to… N AT U R E O F - Changes in technology BUSINESS - Changes in what customers want Business dynamic – They constantly - Products and services becoming obsolete adapt to respond to customers’ - New and Original ideas wants and needs. Dynamic – A rapidly changing - Adapting existing products, services and business environment. ideas Obsolete – out of date e.g., DVDs, CDs, and Ipods.