How to grow your business

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MODULE 14: HOW TO GROW YOUR BUSINESS
By
Oreva Okowa

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WHAT IS BUSINESS?
Business is the economic activity which is related with continuous and regular
production and distribution of goods and services for satisfying human wants.
THE CHARACTERISTICS OF BUSINESS
(a) Exchange of goods and services
(b) Deals in numerous transaction
(c) Profit is the main objectives
(d) Risk and uncertainties
(e) Buyer and seller
(f) Goods and services
WHAT IS GROWTH?
Growth can be referred to as the act or process of growing.
BUSSINESS GROWTH
It is the process of improving some measures of an enterprise success; it is the
improvement of some part of the success of an enterprise.
BUSINESS GROWTH STRATEGIES
(a) Marketing penetration
(b) Market expansion
(c) Product expansion
(d) Diversification
HOW TO GROW YOUR BUSINESS
(1) BRANDING
(2) OPEN AN ACCOUNT
(3) DEFINE YOUR TARGET AUDIENCE
TARGET AUDIENCE IDENTIFICATION MEANS
(a) Geographical segmentation
(b) Demographical segmentation
(c) Psychographic segmentation
(d) Behavioral segmentation

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HOW TO REACH YOUR TARGET AUDIENCE
(a) Mass marketing
(b) Differential marketing
(c) Concentrated marketing
(d) Direct marketing
(4) DON'T BE PROFIT ORIENTED ONLY
(5) CREATE DAILY PLANS
(6) GOOD CUSTOMER RELATIONS
WHO IS A CUSTOMER?
A customer is an individual or business that purchases the goods and services
produced by a business.
GROUPS OF CUSTOMERS
(a) Existing customer
(b) Former customer
(c) Potential customer
(7) KNOW YOUR DEADLINES
(8) TIMELINESS
(9) RECORDS/BOOK KEEPING
(10) COMMITMENT
(11) CONTACT LIST
(12) QUALITY
(13) FOCUS
(14) MARKETING
(15) TREND
(16) GIVE BACK
(17) PRAYERFUL
(18) TITHE
(19) PRICE

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(20) PACKAGING
(21) SOCIAL MEDIA
(22) INNOVATIVENESS
(23) PRODUCT LIFECYCLE
STAGES OF PRODUCT LIFECYCLE
(a) Introduction stage
(b) Growth stage
(c) Maturity stage
(d) Declining stage
(24) SELF DISCIPLINE
(25) PERSISTENCE
(26) BUSINESS FINANCE
(a) Purpose of business finance
(b) Roles of business finance
(c) Sources of business finance.
(1) Personal savings
(2) Borrowing from financial institute

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(a) Bank financial institute
(b) Non-bank financial institute
(3) Overdraft
(4) Financing from family and friends
(5) Debit and credit cards
(6) Leasing
(7) Finance broker
(8) Grants
(9) Equity finance(10) Venture capital