Unit 1&2 Research - Thurs 10th oct 2019

Thursday 10th October 2019

The Brand.

·       What is a mission statement?

·       What is brand positioning?

·       What, in business, is meant by values and drivers?

·       How can an individual, business or organisation market themselves?

·       What is a business blueprint?

Extension task - find creative examples for each of the above.

What is a missions statement?

A mission statement is a summary of what the business aims to achieve overall. Each businesses mission statement will be different, but will all include the following; present capabilities, customer focus, business activities and the makeup of the business.

-          The balance of small businesses, (2018), What is a mission statement? Definition and examples, https://www.thebalancesmb.com/mission-statement-2947996, [10/10/2019]

What is brand positioning?

Brand positioning is how a business sets themselves apart from their competitors in orders to gain both the customers interest and a place in the market. It is important for businesses to gain the customers favour because it links to the different strategies used, such as; customer loyalty, consumer based brand equity and the willingness of customer to purchase.

-          The Branding Journal, (2019), A simple definition of brand positioning, https://www.thebrandingjournal.com/2016/11/brand-positioning-definition/, [10/10/2019]

What is meant by values and drivers?

A value driver is an activity that adds worth to a product, service or brand. More specifically the value driver activity tries to add profitability, reduces risks and attempts to encourage growth in accordance with a businesses strategic goals. Value drivers are very important for a businesses success and each value drivers activity is different for businesses in different industries.

-          SearchERP, (2019), value driver, https://searcherp.techtarget.com/definition/value-driver, [10/10/2019]

How can a business or organisation market themselves?

It is important for a business to market both themselves and their product/service in order to gain sales. If a business doesn’t promote their product/service then they won’t make sales and therefore won’t succeed as a business. There are a variety of different online and off line method which business can use to promote their business and products/services.

Here are a few ways to effectively promote a business:

§  Create a brand and logo – This may seem fairly obvious, but it is important to get this step right from the beginning.

§  Create a website – There are many different website builders online that small business can use. It is important for your website to be attractive, functional, accessible and mobile-friendly. All off these help make a business more professional and legitimate. If a website doesn’t meet these standards then customers aren’t going to trust the website and are therefore not going to purchase the product or service.

§  Search engine optimisation – It’s important for a business to have search engine optimisation because it no one can find your business online then people won’t know about the products and services that are on offer.

§  Mobile friendly – It’s it important for business website to be mobile friendly because lots of people use their mobile phones to shop online now.

§  Social media – Social media is a good way to get the word out about a business and the products/service they are offering.

§  Email Marketing – People underestimate the power of email marketing. By having an email sign up on your website can have great results. Its important not to bomb people that have signed up with too many emails or the will unsubscribe, but if not enough emails are sent then they forget who you are. It’s important to find a balance.

§  Reviews – Be getting reviews from existing consumers a business can adapt there business where necessary.

§  Increasing footfall – by having your businesses website URL of business cards, leaflets and letterheads can play a major role in increasing the number of people that visit a business website.

§  Word of mouth – 92% of people trust recommendations from their friends and family so it important to encourage customer to tell their friends.

-          Entrepreneur handbook, (2019), 35 ways to promote your business effectively, https://entrepreneurhandbook.co.uk/how-to-promote-your-business/, [10/10/2019]

What is a business blueprint?

‘When building a house, the blueprint is the strategic plan that tells the construction workers and their managers the logistic requirements to build the house, where each part of the facility will be placed, and helps them to maintain order as they build the house.  Similarly, a business blueprint is a strategic plan that tells those operating the business the productivity requirements, the necessary jobs, the milestones, the targets, and the expected outcomes.  A business blueprint is a plan for how you will strategically execute business.’

-          How to entrepreneur, (2019), What is a business blueprint?, https://howtoentrepreneur.org/what-is-a-business-blueprint, [10/10/2019]