Standard Grade Business Management Unit 2.1 Slides

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Transcript

  • 1. Unit 2.1 How do businesses start?
  • 2. Today’s Lesson
    • The Entrepreneur
    • Famous Entrepreneurs
    • Reasons for Starting up a Business
    • Innovations & Inventors
    • Tycoons
  • 3. The Entrepreneur
    • What is an entrepreneur?
    • An individual who brings together the factors of production
  • 4. Who is he?
    • This is Bill Gates, the world’s richest man
    • What is he famous for?
    • He owns Microsoft, who created Windows for PCs
  • 5. Who is he?
    • This is Richard Branson, Britain’s most famous entrepreneur
    • He founded Virgin Records and has since moved into airlines, rail, cinema, phones, insurance…
  • 6. Anita Roddick
    • Founder and former owner of The Body Shop
  • 7. Sir Tom Farmer
    • One of Scotland’s richest men
    • Owns Kwik Fit, and Chairman of Hibernian FC
  • 8. Roman Abramovich
    • He is the second richest man in Russia
    • A billionaire who made his money in oil and aluminium
    • Now owns Chelsea FC
  • 9. Reasons for starting up a business
    • To make money
    • To provide a public service
    • Because they see a demand
    • Because they have an idea
    • Because they can do better
  • 10. Innovators and Inventions
  • 11. Tycoon
    • John Paul Getty (1892-1976) was an oil baron .
    • He was at one time the richest man in the world.
    • He was successful in business yet assembled a huge art collection which became a museum in 1974.
  • 12. Today’s Lesson
    • The Marketplace
    • Buyers
    • Sellers
    • Customers & Consumers
  • 13. The Marketplace
    • The Marketplace brings together both buyers and sellers
    • A stall
    • Corner shop
    • Auction
    • Mail order
    • Internet
  • 14. Buyers
    • Buyers use money to get goods and services
    • Buyers can also be from the industrial market
  • 15. Sellers
    • Sellers offer goods and services for money
  • 16. Customers and Consumers
    • What is the difference between customers and consumers?
    • Customers buy the product; consumers use the product
    • Consumers are called end-users of the product
  • 17. Today’s Lesson
    • What is marketing?
    • Product v Market Orientation
    • Introduction to the Marketing Mix
  • 18. Marketing
    • Marketing is not just about selling.
    • Marketing is knowing about and satisfying customer needs
    • For businesses to be successful and market their goods/services they have to consider:
  • 19. Product v Market Orientation
    • Firms which are product orientated focus on making the product/service better, in terms of quality & technical excellence
    • Firms which are market orientated focus on what the customer actually wants
  • 20. The Marketing Mix
    • The 4 Ps:
    • Product
    • Price
    • Place
    • Promotion
  • 21. Product
    • This is the good/service produced
    • Does it satisfy consumers’ needs?
    • Is it good quality?
    • Can demand be met?
  • 22. Price
    • The monetary value offered to consumers
    • Does the price help cover production & labour costs?
    • Is price affordable to consumers?
  • 23. Place
    • This is where the product/service is available to consumers
    • Shops?
    • Direct mail?
    • Online?
  • 24. Promotion
    • This involves letting people know about your product/service
    • Word of mouth
    • Advertising
    • Sales Promotions
    • Public Relations
  • 25. Summary
    • The marketing mix is:
    • Selling the right product
    • At the right price
    • At the right place
    • With the right promotional tool
  • 26. Today’s Lesson
    • Identify Needs
    • Market Research
    • Desk Research
    • Field Research
  • 27. Identify Needs
    • Before we satisfy consumer needs we need to find out what they are!
    • What do people want?
    • Research the market: Ask consumers!
  • 28. Market Research
    • The two main methods are:
    • Field Research
    • Desk Research
  • 29. Desk Research
    • Also called Secondary Information
    • Using info already at hand (Internal info)
    • Using info already published by others (External info)
  • 30. Desk Research Data
    • Internal Data
    • Sales figures
    • Customer records
    • Customer complaints
    • External Data
    • Government publications
    • Media
    • CD Roms, Internet
    • Trade Associations
  • 31. Field Research
    • Also called Primary Research
    • Gathering new info by themselves
    • Can use questionnaires, surveys or interviews to find out about what consumers want
  • 32. Today’s Lesson
    • Surveys & Questionnaires
    • +/- of Post
    • +/- of Phone
    • +/- of Face-to-face interviews
  • 33. Methods of Conducting Surveys/Questionnaires
    • By Post
    • By Telephone
    • Face-to-Face
  • 34. Research by Post
    • Advantages
    • Cheap
    • People can think about answers
    • people may respond rather than personal interview
    • anonymous
    • Disadvantages
    • Low response rate
    • How valid are answers?
    • Limited amount of information
  • 35. Research by Phone
    • Advantages
    • More flexible than by post
    • Response rate higher
    • Quick and easy
    • Disadvantages
    • Person hasn’t time to think
    • Limited info collected
    • expensive
  • 36. Face-to-Face Research
    • Advantages
    • Flexible & allows more control
    • Detailed info collected
    • Can use visual aids
    • Disadvantages
    • Expensive & time consuming
    • People don’t like being stopped in street
  • 37. Today’s Lesson
    • How products are developed
    • Stages in New Product Development
    • Prototypes
  • 38. Product Development
  • 39. Stages in NPD
  • 40. Prototypes
    • Before a new product is released, a prototype is made.
    • Prototypes are working models used to get potential customers opinions on them. There are only a few of them as it is costly to go into full production on a gamble.
    This is NASA’s Venture Star, the Space Shuttle’s replacement
  • 41. Today’s Lesson
    • Market Segmentation
    • Consumer Behaviour
  • 42. Market Segmentation
  • 43. Consumer Behaviour
  • 44. Marketing Mix
  • 45. Product Life Cycle
  • 46. Branding
  • 47. Pricing
  • 48. Place
  • 49. Promotion
  • 50. Business Support
    • Support is offered in the shape of money or advice
    • The Prince’s Trust
    • Local enterprise companies
    • Local government
    • Business start-up schemes
    • banks
  • 51. Business Plan
    • “ If we fail to plan, we plan to fail!”
    • If a business is to meet its goals and objectives it needs a business plan
    • When do we use it?
    • When starting out for the first time
    • Showing potential investors
    • When planning for expansion
  • 52. Business Plan Format
    • The Background
    • The Personnel
    • Business Activity
    • The Market
    • Trading Summary
    • The Proposal
  • 53. Detailed Business Plan
    • Business Name
    • Company Objectives
    • Location/premises
    • Management/staff
    • Description of product/service
    • Equipment
    • Marketing Plans
    • Financial position/plans
    • Production details
    • Future aims