Lesson 4:Traits of
Successful Entrepreneur
● Self- discipline- fundamental quality for successfully
starting a business
● Persistence- need passion, determination and grit to
persist in the face of rejections, adversity
● Risk-taking Ability- a ‘high risk, high reward’ game.
● Integrity- perfectly honest in every aspect of your work.
● Business Planning -able to multi-task, delegate and
make business decisions
● Leadership-decisive, empathetic, promotes a culture of open
feedback, and motivates the team
LESSON 5: The Essentials of
Business Strategy: Market Research,
SWOT Analysis, and the 7P's
What is Market
Research?
● Market Research is the process
of gathering, analyzing, and
interpreting information about a
market.
● It helps to understand the target
customers and their needs.
● Why do you think knowing your
customer is crucial in business?
Four (4) Common Research Techniques
1. Surveys
Surveys ask users a short series of
open- or closed-ended questions, which
can be delivered as an on-screen
questionnaire or via email.
Four (4) Common Research Techniques
2. Interviews
Interviews are one-on-one conversations with
members of your target market. Video conferencing
is a solid second choice. Regardless of how you
conduct it, any type of in depth interview will
produce big benefits in understanding your target
market and customers.
Four (4) Common Research Techniques
3. Focus Groups
Focus groups bring together a carefully selected
group of people who fit a company’s target market.
A trained moderator leads a conversation
surrounding the product, user experience, and/or
marketing message to gain deeper insights.
Four (4) Common Research Techniques
4. Customer Observation
During a customer observation session, someone from the
company takes notes while they watch an ideal user engage
with their product (or a similar product from a competitor). It’s
not only less expensive, but you’ll see people interact with
your product in a natural setting without influencing each
other.
SWOT Analysis
● SWOT stands for
Strengths,
Weaknesses,
Opportunities, and
Threats.
● It's a framework for
evaluating a company's
competitive position.
Strengths in SWOT
Analysis
● Strengths are internal attributes
that give a business an
advantage over competitors.
● Examples include a strong
brand, loyal customer base, or
exclusive access to the best
resources.
● What strengths do you think are
most valuable for a startup?
Weaknesses in SWOT Analysis
● Weaknesses are internal factors that place the
company at a disadvantage.
● They could be things like high costs, limited
resources, or poor online presence.
Opportunities in
SWOT Analysis
● Opportunities are external
chances to improve
performance in the
environment.
● They can be trends, changes
in regulations, or
technological advancements.
Threats in SWOT
Analysis
● Threats are external factors
that could cause trouble for
the business.
● These include competition,
market changes, or negative
press.
● Can you identify a recent
threat that businesses are
facing today?
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The 7P's of Marketing
● The 7P's are a set of recognized marketing
tactics.
● They help businesses to align their strategies
with their customers' needs.
● The The
7P's are a set of recognized
7P's of Marketing marketing
tactics.
● They help businesses to align their strategies
with their customers' needs.
1. PRODUCT
● Product refers to what
you are selling, including
all of the features and
benefits.
● It's important to have a
clear understanding of
your product's life cycle.
2. PRICE
● Price is what your
customer pays for the
product.
● Strategies include
competitive pricing,
discount pricing, or
premium pricing.
3. PLACE
● Place is where your product is sold and
how it is delivered to the market.
● It involves choosing the right distribution
channels and locations.
4. PROMOTION
● Promotion encompasses
all the ways you tell
customers about your
products and persuade
them to buy.
● This includes advertising,
sales tactics, and public
relations.
5. PEOPLE
● People refer to everyone
involved with the business,
from employees to
customers.
● They are essential in
delivering a good customer
experience.
6. PROCESS
● Process is the procedure, mechanisms,
and flow of activities by which services
are consumed.
● Having a streamlined process can
enhance customer satisfaction.
7. PHYSICAL
EVIDENCE
● Physical Evidence is the
environment in which the service is
delivered.
● It also includes any tangible goods
that help to communicate and
perform the service.
● EXAMPLE: Packaging, Internet/web pages.,
Brochures, Furnishings, Uniforms and
Employee Dress, Interior Design, etc.