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:

  1. PEST(EL) Analysis

Complete a PESTEL analysis and discuss which external factors may impact your product/service launch, both positively and negatively.

  1. Target Market

UNIT 8 - BUSINESS SKILLS FOR PROPOSALS AND PITCHESA 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.

  1. 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.

  1. 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:

  1. Product – describe the characteristics of your product (e.g. packaging, branding, logo, slogan)
  2. Price – what pricing strategy will you apply and why?
  3. Place – where/how do you plan to sell your product?
  4. 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.

  1. Short-term action
  2. Long-term action

Submission Guidelines

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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