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 – Personal Service – GOOD AND B2C – Sold to the public Used by e.g., pair of shoes. SERVICES Businesses (B2C) individuals or which sell to groups e.g., a the consumer. Producer Good – Sold hairdresser or to other businesses bingo hall. B2B – e.g., cocoa beans. Good – A good is a physical or Businesses Commercial (B2B) Service – Used by tangible (you can touch it) product that sell to Durable Good – other businesses such as a car or a table. other Goods that will last e.g., website businesses. for a period e.g., a design or Service – A non-physical or These are fridge or mobile accountancy. intangible (you cannot touch it) item sold in much phone. such as a taxi ride or a haircut. bigger Non-durable good – quantities Goods that will be than selling to used or consumed the consumer. within a short period of time e.g., a bottle of water or fuel. 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.