TOPIC.NINE: SMALL BUSINES INNOVATION. Definition

Transcript:TOPIC.NINE: SMALL BUSINES INNOVATION. Definition:
TOPIC.NINE: SMALL BUSINES INNOVATION. Definition of small businesses These are independently owned and operated enterprises that have a relatively small number of employees and annual revenue. Characteristics of small businesses. Flexibility and adaptability Limited market share Independent ownership and decision making They employ a maximum 50 people Often serves a local market or community. Encourages creativity and innovation. Personal touch. TYPES OF SMALL BUSINESSES. Sole proprietorship (one owner) Partnership Small cooperation's Home based businesses. Micro businesses Online businesses IMPORTANCES OF SMALL BUSINESSES Employment opportunities. Innovation Local economic growth Easy decision making Community development Flexibility Specialization Owners have control CHALLENGES OF SMALL BUSINESSES. Limited resources Limited market research Limited access to credit Limited benefits Insecurity Higher labour costs Higher risks Limited technology Limited internationally LARGE BUSINESSES. DEFINITION, It refers to a category with above average size, large operations and high economies of scale. CHARACTERISTICS OF LARGE BUSINESSES. Large number of employees Multiple departments and divisions High annual revenue Diversified products and services IMPORTANCE OF LARGE BUSINESSES Economies of scale Increased resources Technological innovation Export potential Inrastructure development Job creation Diversified risk Professional expertise CHALLENGES OF LARGE BUSINESSES Slow decision making Infrastructure challenges Potential for corruption Environmental impacts Competition Taxation Shortage of skilled labor CUSTOMER IDENTIFICATION Definition is the process of determining and understanding who your ideal customers are, what are their needs and pain points are and how they behave. KEY AREAS OF CUSTOMER IDENTIFICATION Market research, gathering data through surveys Customer segmentation, dividing customers into distinct groups based on demographics Buyer person creation, developing details profiles of ideal customers Customer journey mapping, visualizing the customers experience across touch points. BENEFITS OF CUSTOMER IDENTIFICATION. Improved targeting and personalization Enhanced customer experience Increased customer satisfaction and loyalty. More effective marketing and sales efforts Better product or service development. COMMON CUSTOMER IDENTIFICATION METHODS Online surveys and polls Social media listening Customer interviews and focus groups Market research reports and studies Customer relationship management Web analytics tools Customer feedback forms and reviews ENTREPRENEUR AND MARKET RESSEARCH. Definition, Market research is the systematic process of gathering, analyzing and interpreting information about a target market, competitors and customers to inform business decision. COMPONENTS OF MARKET RESEARCH PRIMARY COMPONENTS Problem definition Research design Data collection Data analysis Reporting and recommendation SECONDARY COMPONENTS Literature review Market segmentation Competitor analysis Customer profiling Product or service METHODS OF ENTREPRENEUR MARKET RESEARCH Online survey Social media listening Customer interviews Competitor analysis