Develop Business Practice
Develop Business Practice
Develop Business Practice
This unit specifies the outcomes required to establish a business operation from a planned
concept. It includes researching the feasibility of establishing a business operation, planning the
setting up of the business, implementing the plan and reviewing operations once commenced.
Opportunities are positive or favourable factors in the environment which the entrepreneur
should make use of or which make his project idea potentially viable.
They are, however, mostly beyond the control of the entrepreneur. They are different from
strengths in the sense that strengths are positive internal factors of the business.
opportunities available
market competition
timing/ cyclical considerations
skills available
resources available
location and/ or premises available
risk related to a particular business opportunity, especially
in regard to Occupational Health and Safety and
environmental considerations
11. What marketing strategy is needed to ensure that sales forecasts are achieved?
I – Planning Stage
A – Questionnaire Elaboration
3. Sample definition
5. Question contents
6. Question configuration (open questions, close questions, speech fitness for target
group)
7. Question sequence
9. Final elaboration
Suggestions:
· It is important to avoid questions which shall lead the responding person's answer, or those
which are less likely to be negatively answered;
· You should select only those questions which are really important to reach research objectives;
· It is advisable to place more delicate questions in the final part of the questionnaire;
· You should use colloquial and clear speech, proper for the target group;
· Place some initial questions to establish contact with the person you interview (“break the
ice”);
Field researchers should be allocated, and work should be distributed according to:
- functions;
- geographic criteria;
- contents.
1. Introduction
B – Research Execution
distribution/selling
Balance between cost of information and its additional value for decision
making
TECHNIQUES
1. Secondary Information
1.4. Data type: data on education, lifestyle, economic and professional data etc.
2. Content Analysis
3. Observation
4.1. This technique allows a more accurate contact with behaviours, opinions and
perceptions
b) stimulate answers
Households Self-administrated
Telephone Panel
Show a prototype of the product, or describe the selected product, to the possible persons
responding to this survey and note down their answers to the following questions:
1. PERSONAL INFORMATION
(a) 15 to 20 (d) 41 to 50
(c) 31 to 40
1.2. Sex:
(d) College
2. MARKET INFORMATION
_____________________________________________________________
_____________________________________________________________
2.3. Do you own a similar product?
________________________________________________________________
3. PRODUCT INFORMATION
3.3 What changes would you like incorporated in the product design?
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
4. COMPETITORS’ INFORMATION
_______________________ ______________________
_______________________ ______________________
_______________________ ______________________
_______________________ ______________________
Other Information:
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_________________________ _____________
(Name of Interviewer) Date
Note: This is only a sample questionnaire. The trainees are encouraged to design their own
questionnaires that suit their specific products and target markets.
Will continued in Level III
1.4 Seeking Assistance With Feasibility Study of Specialist and Relevant Parties
Chamber of commerce
Financial planners and financial institution representatives, business planning
specialists and marketing specialists
accountants
lawyers and providers of legal advice
government agencies
industry/trade associations
online gateways
business brokers/business consultants
2.1 Identifying and Taking into Account Financial and Business Skills Available when
Researching Business Opportunities
2.2 Assessing and Matching Personal skills/attributes Against those Perceived as
Necessary for a Particular Business Opportunity
2.3 Identifying and Assessing Business risks According to Resources Available and
Personal Preferences
Business risks may be affected by and may include but are not restricted to:
staff
money
time
equipment
space
office location staffed with required personnel and equipped to service and
support business
home-based site or other location such as leased or owned property
4.6 Contractual procurement rights for goods and services including contracts with
relevant people, negotiated and secured as required in accordance with the business
plan