btec

Topics: Target market, Target, Corporation Pages: 3 (386 words) Published: November 3, 2014
Assignment: Starting a small business
Unit: 36 - Task:3 = M1: (Merit Criteria)

Scenario

You have decided that you would like to investigate how it would be possible to establish your own business after you complete your BTEC National.
Your investigation will enable you to investigate and identify the skills needed to run a successful small business.
The term ‘small business’ is related to people operating on their own as sole traders or partnerships, and limited companies employing 10 or fewer staff.
The business you select should be one that could provide a source of income (sales revenue), ranging from £50,000 - £300,000 + a year. Therefore, the assignment for this unit requires you to prepare and present a business plan for a new business of your choice. The assignment is split into four parts

Full official assignment
Slide 1

Continues on next slide:

Unit 36: Task 3 – Starting a new Business.

Unit: 37 - Task:3 = M1: (Merit Criteria)
‰ Explain and justify methods used to identify the target market for the proposed business
a) Select three methods to identify the target markets for your business and explain why you have chosen each one.
b) Use each method to identify the target market for your business. c) To justify the methods you selected, explain how the results of each method identified the target market for your business.
d) Present the evidence you have produced for tasks 3a, 3b and 3c to your lecturer using a Mind-map and a Report of a minimum of 3 x A4 sheets. For guidance see linked: Example methods, outcomes and justifications Tasks 3a, b, c and d provide evidence for grading criterion M1.

Slide 2

Continues on next slide:

Unit 36: Task 3 – Starting a new Business.

‰ GUIDANCE NOTES
9

In task 3 you need to explain the three methods that you actually used.

9

This obviously requires you to use them!

9

You need to explain what you found out when you used each
method.

9

You then need to explain...
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