1. Business
  2. Economics
  3. part a for this task you are to consider a...

Question: part a for this task you are to consider a...

Question details

Part A

For this task, you are to consider a new small business you can develop. Be sure to consider:

Your areas of your expertise, 

Your available finance

The type of lifestyle you are seeking

Your family / community expectations

Your competitors

The potential demand

Your expected / required returns 

 

Once you have identified your potential business, you are to determine its viability. Is there a demand? Do customers actually want or need this product / service? This will require you to research:

What your product or service is

The purpose of your business 

The demand for your business

Current competition / market size

Your fees and charges

Your set-up, outgoing and ongoing costs

Any current or emerging market trends for your business

Is the market growing or shrinking (and other associated risk factors)

You must utilise both primary and secondary sources in your research, detailing each source and data identified.

Be sure to detail the process undertaken to identify your final business opportunity (other business ideas you considered, why you settled for this one, etc)

 

Part B

Not that you have identified and clarified your business concept, you are to consider potential impacts that would affect your businesses longevity. This research should:

Consider changes to your customer base (change in population, financial status, employment) and how it would impact on your business

Identify the historical movement in prices (have your competitors raised or lowered their prices recently – why?), and how it affects your bottom line

Explore the trends identified in Part A, and review how these trends will impact on your business

Identify what ethical and cultural requirements relate to your business (trust, explanation of products, suitability of products / services, codes of practice; cultural expectations and influences; ethical principles; government policies and guidelines; societal expectations; social responsibilities, for example protection of children, environmental issues - etc) – and how you would respond.

 

Part C

You are to present your research in the form of a short presentation to your group (or assessor). The purpose is to sell your business idea to your audience.

 

Presentation tips:

Be prepared

Practice you presentation prior to delivering it

Have handouts and supporting information available for your audience

Be prepared to answer questions

Dress to impress

Use presentation aids (hand-outs, overheads, charts, pictures, etc)

Talk clearly and confidently

 

To be handed in:

A copy of your presentation plan

A copy of your research, covering the requirements outlined above

A copy of your primary and secondary market information

Any supporting documentation you have gathered during your research

 

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