applied economics module II week VII.pptx
- 1. Creating a successful business requires a combination of principles, tools, and techniques across various domains. Here's an analysis of some key elements: 1.Vision and Strategy: 1.Principles: Clear vision and strategy are fundamental. This involves defining the purpose, mission, and long- term goals of the business. 2.Tools and Techniques: SWOT analysis, PESTLE analysis, Porter's Five Forces, and Balanced Scorecard can help in formulating strategy and assessing the business environment.
- 2. 1.Market Research and Analysis: 1.Principles: Understanding market dynamics, customer needs, and competitors is crucial. 2.Tools and Techniques: Surveys, focus groups, data analytics, and competitor analysis tools aid in gathering insights and making informed decisions.
- 3. 1.Product/Service Development: 1.Principles: Creating value for customers through innovative products or services. 2.Tools and Techniques: Design thinking, prototyping, Minimum Viable Product (MVP), Agile methodology, and Lean Startup principles facilitate iterative development and rapid testing.
- 4. 1.Marketing and Branding: 1.Principles: Building brand awareness, generating leads, and fostering customer loyalty. 2.Tools and Techniques: Digital marketing platforms (e.g., social media, email marketing), content marketing, SEO, PPC advertising, CRM systems, and brand identity design support effective marketing campaigns.
- 5. 1.Operations and Efficiency: 1.Principles: Streamlining processes, optimizing resources, and delivering consistent quality. 2.Tools and Techniques: Lean manufacturing, Six Sigma, Total Quality Management (TQM), process automation, and supply chain management software enhance operational efficiency and minimize waste.
- 6. 1.Financial Management: 1.Principles: Maintaining financial health, managing cash flow, and ensuring profitability. 2.Tools and Techniques: Financial modeling, budgeting, accounting software, cash flow forecasting, and Key Performance Indicators (KPIs) help monitor financial performance and make strategic decisions.
- 7. 1.Human Resources: 1.Principles: Recruiting and retaining talent, fostering a positive work culture, and promoting employee development. 2.Tools and Techniques: Recruitment platforms, performance management systems, training programs, employee engagement surveys, and HR analytics support effective HR management.
- 8. 1.Customer Relationship Management (CRM): 1.Principles: Building strong relationships with customers, addressing their needs, and providing excellent service. 2.Tools and Techniques: CRM software, customer feedback mechanisms, loyalty programs, and personalized communication strategies aid in managing customer interactions and improving satisfaction.
- 9. 1.Risk Management and Compliance: 1.Principles: Identifying and mitigating risks, ensuring compliance with regulations and industry standards. 2.Tools and Techniques: Risk assessment frameworks, contingency planning, insurance policies, and regulatory compliance software help in managing risks and staying compliant. By integrating these principles, utilizing appropriate tools, and employing effective techniques, businesses can enhance their chances of success and sustainability in today's dynamic marketplace
Editor's Notes
- #1: SWOT- STRENGHTS, WEAKNESSES, OPPORTUNITIES AND TREATHS PESTLE - Political, Economic, Sociocultural, Technological, Legal, and Environmental.
- #4: SEO-search engine optimization PPC: Search engine advertising (also known as paid search or search engine marketing) is one of the most popular forms of PPC. It allows advertisers to bid for ad placement in a search engine’s sponsored links when someone performs a search related to their business offering. For example, if we bid on the keyword “google ads audit,” Google Ads is the single most popular PPC advertising system in the world. The Google Ads platform enables businesses to create ads that appear on Google’s search engine and other Google properties. Every time a search is initiated, Google digs into the pool of ads and chooses a set of winners to appear on that search engine results page. CRM : customer relationship management, denoting strategies and software that enable a company to organize and optimize its customer relations.