This is a solution of UNIT 8 – BUSINESS SKILLS FOR PROPOSALS AND PITCHES Assignment in which we discuss Developing business
UNIT 8 – BUSINESS SKILLS FOR PROPOSALS AND PITCHES
Describe in detail the product/service that you have chosen, explaining why you have chosen:
- this product/service
- this industry sector
- this country
- legal structure (what type of business unit)
Identify the aims, objectives, and rationale for the product/service chosen:
- what are the current trends in the market?
- is there evidence that your product/service is increasing in popularity/success in the market?
- Market Analysis (approx. 500 words)
Before you can assess the potential for the success or failure of your product/service in your chosen country, you need to analyze the market environment there. This analysis should include the following elements:
- PEST(EL) Analysis
Complete a PESTEL analysis and discuss which external factors may impact your product/service launch, both positively and negatively.
- Target Market
A conduct a research project into your market area to clearly define and describe your target market. Apply the process of market segmentation and provide details of the characteristics of your target market – including demographic, psychographic, and behaviouristic factors.
- Competitors in the market
Describe direct and indirect competitors to your product/service. When discussing key named competitors, specify their market share, strengths, and weaknesses.
- Barriers To Entry in the Market
Apply Porter’s Five Forces business tool to reflect on the obstacles that a new entrant to your chosen market must overcome.
- USP of your product/service (approx. 100 words)
Based on the knowledge gained from research into competitors and barriers to entry in the market, explain the Unique Selling Point that your product/service offers to your target market.
- Marketing Plan (approx. 500 words)
Using the information and knowledge obtained from your market analysis, devise a marketing planning for the first year of operation. You should provide a rationale for the actions that you plan to take, supported by the research and analysis completed. Your marketing plan should include the following elements of the marketing mix:
- Product – describe the characteristics of your product (e.g. packaging, branding, logo, slogan)
- Price – what pricing strategy will you apply and why?
- Place – where/how do you plan to sell your product?
- Promotion – what form(s) of promotion do you intend to use and why?
- Conclusion (approx. 200 words)
This section should provide a summary of the key findings of your report and state your position on the feasibility of your product/service. You must draw conclusions on how successful the launch of your product/service is likely to be.
Consider and discuss the possible drivers of growth/contraction related to:
- Market factors – e.g. demand for product/service, competitors, the demographics of your chosen country
- Social factors – e.g. your chosen country’s current economic climate, cultural considerations, environmental impacts
- Recommendations (approx. 200 words)
On the basis of your conclusions, describe the short-term and long-term action that is required to enable the launch of your product/service.
- Short-term action
- Long-term action
The Individual Business Proposal should:
- be written in report format (with headings)
- be submitted with a contents page
- contain a reference list
- include relevant appendices (data, graphs, etc.)
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