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    Business Basics

    Uploaded by

    IH Inan

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    © All Rights Reserved
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    of 13
    1 Unit 1—Task 4: The brand : 1 Whats a mission statement/vision statement? Whats brand positioning? What, in business, is meant by values? ‘What, in business, is meant by drivers? How can an individual, Business or organisation market themselves? In business, what isa blueprint and how would this relate to customers and marketing? Market research, what and why? Whats primary research? Pros and cons of primary research ‘Whats secondary research? Pros and cons of secondary research Sources ‘A mission statement isa sentence which explains what the business does as well as ‘being inspirational and empowering. Some key elements of an effective mission statement are: motivating employees, Inspiring customers, setting values and explains why the business exist, Example: “Our mission is to enrich, educate and entertain our community by ‘providing a uniquely superior theatre experience; allowing both audiences and artists alike to be inspired, ambitious and to share stories and enlighten lives ‘through the power of theatre.” - Hope Ml Theatre {Avision statement is a sentence which explains what the business desires to achieve. It should communicate aspirations and inspire others. Some key elements of an effective vision statement are: forward-looking, ‘motivating, reflective of the company’s values and defines their view for the long term future. Example: Our vision isto crete a safe and inclusive home for both audiences and artists to ful their full potentiol and share experiences and human stories through new writing, educational work, classic texts and musicals; whist always providing « nurturing environment where everyones valued and ful supported to uf their creativity. “Hope Mill Theatre These statements are important because when combined they describe the story cof a business and describe what the company cares about in a small sum of ‘writing, making it easy to convey to the customer. LIST} ATT) AZT Mission and Vision Friting the Pieces Together “Brand positioning isthe process of positioning your brand in the mind of your customers. More than a tagline or a fancy logo, brand positioning is the strategy used to set your business apart from the rest.” 1 ‘A brand positioning statement describes your target market whilst looking Into how the brand is perceived by customers (with statistics and evidence supporting this) Why is brand positioning effective? + Market diferentiation: demonstrates uniqueness. + asy purchase decisions: clearly defines product, removing guesswork + Value confirmation: establishes why the product is high value. How to create strong brand positioning? + Doresearch into your competitors. This will give you an advantage of. knowing what makes your product more useful and unique. ‘+ Making your work authentic through adhering to your company’s values and having a compelling story allows the business to become more relatable to the customer. + Listen to customer feedback. 8y being open to feedback, you can ‘ensure that your brand positioning is as effective as possible, GRA’ Boat Brand Positioning cc] rig He oe Baan Hae “Themen stage tra and mia hig ting acre 1 ean tater © me | eens = SS een Sores meena Sveeneeae. Business values are essentially the fundamentals which drives your business. They are the primary beliefs which guide how your business runs, These core principles will likely remain the same, unlike your business plan etc. By having these values, it will allow your business to run as effectively and efficiently as possible. For example, business values can assist with + Making correct decisions: a clear set of values can guide employees into making the correct choices which will help achieve the company’s goals, ‘+ Improving communication: ensuring that all employees work toward these values, it will enable an environment which supports growth and progress, improving both employee satisfaction and engagement. ‘+ Customer satisfaction: customers will choose companies which match their own set of values and then go.on to share it with others. Your relationship with the customer willbe strong as itis based on values. To the right ofthis text, there are examples of the values that Norwich Theatre uphold. Ths is really Important for a theatre because they pride themselves on being a welcoming and accessible community therefore by establishing these values clearly on their website, they are telling us as the consumers that they care about us and our needs. This clarifies the Identity ofthe brand to be what we would expect from this kind of establishment, letting us see what they stand for. ovarion Nitesae" i 2. ar Drivers}! and operational achievements ofa busines. Common key business drivers include: website traffic volume, Ea Ej] effectiveness of sales team, number and price of products, customer satisfaction, staff turnover, number of stores ete. following criteria: able to be measured, affect the business, can be ‘compared and able to be acted upon. Business drivers can be changed and adapted alongside the growth of your business or changes to the ~ ~ »y ~*~ Industry your business fits into. ‘By monitoring your business drivers, you willbe able to make changes ‘which will assist you in making strategic decisions, helping you reaching your future goals, maximising potential success. If your business does not monitor business drivers, it can grow to become a disadvantage for your business, This also includes if they are not ‘updated alongside changes to the business or industry. if your business is ‘working with outdated information, it can leave more room for a lack of efficiency and productivity ‘One way to present your business drivers is by use of graphs, charts and tables. Usually business drivers are displayed through use of a dashboard style method, as seen to the right of this piece of text, ————————+ ' Marketing | 0 ‘There are many benefits which result from this way of marketing, for example: it builds brand awareness, allows customer engagement, grows your audience, builds a community, lets you test different mades of marketing and furthermore, It lets you easily see what top competitors are doing successfully and unsuccessfully, allowing you to learn from them. By having a social media matketing strategy (a ‘document which outlines all of your goals and how you will measure your progress ‘on social media}, you will maximise your potential for success through social media 2 ‘key way to market your business in 2022 is through the use of social media, @ marketing, Furthermore, here are some other ways you can market your business: * Personalised marketing ~this is where the company uses a customer's data in order to created a personalised experience for them content + Direct post -thisis where businesses send adverts toa customer's address, to. Marketing target a specific area + Telemarketing ~ this is where a company reaches potential customers through the phone, though this has been in decline in recent years Sect ‘+ Word of mouth ~ this is an important marketing technique. Your business must. Marketing rely on existing customers to refer you to other potential customers. This Usually works when there is an incentive * Brand marketing ~ ths s a long-term form of marketing where your company’s brand is recognisable with an established reputation Pay ere + Cause marketing - by supporting a cause, it establishes your company’s core values, which appeals to consumers Search Engine Optimization Blueprints | ‘A business blueprint is essential a it will provide the framework for your business asit grows. The blueprint identifies the business's needs, goals and establishes a plan for improvement. This is an essential part of crafting @ business because it Creates an outline for what you and your company want to accomplish, and lays it ‘out in a step by step manner, making it more effective, efficient and achievable. lueprinting further allows business growth and development more manageable and establishes potential growth opportunities which will better your business, Here are some benefits of business blueprinting: *+ Enables improved communication: by all people involved in the business co- Creating the blueprint together, this will ensure that everyone understands the collaboration required and assigns roles which will avoid any miscommunication. Moreover it will give a shared understanding of what ‘outcomes you are all working toward, ‘+ Identifies priorities: by keeping an updated blueprint, your company is able to allocate resources and services as required. Furthermore with the planning of specific tasks, they will be carried out more effectively and efficiently. ‘+ Improves existing products/services: a business blueprint can highlight both strengths and weaknesses of a product. When having these weaknesses detected your business is able to easly rectify and improve upon them. + Maximises effectivity of decision making: blueprints analyses both qualitative ‘and quantitative data which gives lots of valid information that will assist in making decisions which will overall improve the business ‘What i is market research?! Market research is the process of gathering information regarding your target Seton market in order to evaluate the viability of a new product or service. By looking into the market and what customers want, your business will learn ways to be — more successful and find gaps in the market. Furthermore, market research ae reduces risk and allows businesses to make better, more effective and efficient decisions. ‘The purpose of market research There are multiple reasons for why conducting market research is purposeful, for example: Identifying customer needs — looking into the price, quality and convenience of | a product and how this then goes on to relate to the customer is an aimof market research, this ensures the product is ‘correct’ at the time Identifying gaps in the market ~ if you identify where a product is needed or improves upon an already made product, this will maximise possible success Reducing risk ~ by researching into what customers want etc, you will be able to identify what your product needs to offer in order to reduce risk of failure Decision making — doing research into the market allows you to make more informed decisions regarding your product, resulting in a higher chance of {What i is primary research? Primary research is research that you obtain yourself, This data goes directly to © : @ the source rather than relying on pre-sampled data. By conducting this data . . yourself, you are able to make it specific to the context required in order to + Typesot + make it unique to the business. primary There are many types of primary research, for example: + Interviews - these can be conducted in either group or one to one settings, furthermore they can be face to face or online/over the phone. You can © =) ade follow up questions and tllor whist conducting the interview, iS) + Surveys - these can be done online or on paper. The questions are already pre-written (unlike follow up questions in an interview) and you must test to see whether your survey is too long which loses their interest, or too short which doesn’t provide enough data for your research. + Focus groups - this often consists of meeting with people who are experts + More complex in your market. There are discussions and which will help you learn about + Indepth exploration the market and audience. + One-to-one talks with + Observations - this solely consists on no interaction between the active industry players & researcher and customer. By observing you are able to catch genuine observers reactions which is beneficial in the improvement of your product. eiFocts on prospect companies 1PROS} Uae The data goes directly to the source and is owned by the researcher The data is specific to the context required and unique compared to pre-sampled data interviews can be conducted personally, allowing follow up questions which customises the product to the consumer Surveys are easy to create using online tools and can be easily shared with lots of people internationally Surveys are not personal unless done in person. This ‘means that the respondents will feel more able to give criticism of the product/service Focus groups will give you an insight into the market and the audience, assisting you with understanding whether your business idea will be successful or otherwise In focus groups, by allowing conversation between these experts in your field, it will generate new conversation you hadnt considered Observations allow you to see your customer's honest reactions and impressions of the product In observations, the co-operation of the respondent is at a minimum, Primary research can be quite involved and as a result, requires more cost to conduct it The time it takes to plan, research, create materials etc in order to conduct primary research is much larger than the time to obtain secondary research If the respondents don’t understand a question fully, there answers given may be inaccurate or completely incorrect Interviews are personal, which means that the respondent may not want to be honest regarding the product due to it potentially being a face-threatening act Surveys can be either too long which will lose the subject's interest or too short which wont provide ‘enough data for you to analyse Surveys are pre-written, therefore you are unable to ask follow-up questions Focus groups are not based on a natural atmosphere and the researcher has less control of the conversation, potentially reducing the accuracy of results ‘Observational research is incredibly time-consurning You must observe many, MANY people's reactions in order to gain a medium 1 ‘What i is secondary research? How to conduct secondary research? Secondary research is research which uses data that has already been created. itis > > often conducted before primary research and is used to ensure you don’t find out (@) @ @) the same information when investigating primary research, saving time, cost and. — WS materials. By doing secondary research, you can fix gaps in knowledge, refines Identity the topic Identity research, Gael mee what you are going to study for your primary research, identify market trends and orreseaeh fous: save cost/materals that you would have otherwise required for primary research Cs) ® There are multiple places in which you can source your secondary research, for Combine and Anaiyae data example: — * Government archives — there may be cost to accessing this kind of data and furthermore, some of this may be classified information making it non-readily available to a researcher. Despite this, this information you can access will likel a be verified. ne * Libraries ~ public and private libraries have lots of valid data which you can use os as secondary research. In libraries you can find lots of donated, academic and similar documents which are stored for people to use in both hard and soft cng copies. *+ Education facilities ~ educational facilities carry out masses of academic research every year, being a perfect place for you to source secondary research. These institutions usually share their data too in order to provide new and better knowledge on the researched subject, making it easy to find. 1PROS} Uvaemes The cost to obtain secondary research is minimal, saving the risk of losing business or personal finances It requires less time and materials to gain the data, making it more efficient The data has a tendency to be readily available for use and in varying places, providing you with lots of choice in answering your hypotheses and filing in knowledge gaps Secondary data can fill aps in your knowledge which enables you to make your primary research more specific, rather than researching information which is already available to you It can guide your primary research, making it more time, ‘material and cost-efficient as well as making your primary research more unique rather than looking into data which has already been conducted There may be large data sets in your secondary research, allowing you to scale your investigation easily and accordingly Data is collected using a large sample size, providing a good average for your research iCONS | The data may be out of date if it hasn’t been updated or the market is fast-growing. This means it won't be as effective to assist your research You will have to spend time verifying the data before it’s, Use to ensure accuracy and verifiability, which can waste some cost and expenses, though is still effective The data will likely not be exactly what you need because the researchers will not have been conducting it in the way you require, By lacking this required relevance, it may not support or oppose the answers you are looking for in your research The secondary data is available to most people, so there could be issues regarding rights etc in the future if you publish your own studies which primarily focusses on other’s data In some cases the data may be hard to access or understand due to the researchers not catering toward you and your business. This could cause confusion when analysing the data, and could therefore skew the conclusion of the research mrttt ' Sources itps:/corporateinanceinstitute com /resources/management/mission statemer nipsuconporatefinances mension statems by com/markstingahat-brand. atgningh text Detinedtas ace%20a helps:20business¥ 20setkDOthemseives20apart tsps/mwybusinezsinfoco.uk/content/what-are-comparyvalez Joaithe importa 7" ia 5Jaiteam/blop/vhat-are-company-values tp: /eorporateinanceinstitute com resources knowledge modeling business dives :martcaptalmind.com/what-are-busi a .asaporgcom/leadership/hatare-ke busines drvers-and-how-can-you-identfy-them npe:fblog hootsite com how-to

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