Premium Essay

Business Unit 10

In: Business and Management

Submitted By 06randeepkaur
Words 5080
Pages 21
Content page * Introduction

* Business Idea

* Market Research

* Suppliers

* Advertising

* Legal Implication

* Finances

* Evaluations

Introduction setting up a business When you start a business you should be fully prepared and you should have in mind of what business you want to do, why you want to do that business to gain profit or just to provide service as well and how you are going to do by following areas are important to the success of our small business such as properly trained and motivated employees, clean and appropriate looking business, quality products and pricing, choice of location as well as proper promotion and customer service. Not just that but you should know what kind of business you are doing and whether you are doing in a partnership or by your own. If you are doing it by yourself then will you be able to take the responsibility of everything by yourself or do you need any financial support by bank or by your parents. However if you doing in partnership you can’t just do what you want to have even take advice from your partner as well. The skill you need to have for a good and order to be successful entrepreneurs is Good health and lots of energy. A good entrepreneur must have high energy and stamina to with stand the physical and emotional stress. Emotional stability is important too because you have to be able to combat stress and keep moving ahead....

Similar Documents

Premium Essay

Btec Business Unit 10 D1

...BTEC BUSINESS LEVEL 3 | UNIT 10 | D1 (D1) Evaluate the effectiveness of the use of techniques in marketing products in one organisation  In this assignment I will evaluate how effective the techniques are when used for the new McDonalds products. Marketing techniques is a useful tool to market McDonald’s products; however their usefulness can be criticized. I will also discuss the validity and reliability of the data used to evaluate the effectiveness of the marketing techniques. Market Penetration McDonalds uses market penetration technique to market its products to existing target markets. The whole point is to sell more of the existing products to current market segments. McDonalds is a fast food outlet and provides goods at a very cheap price therefore its main target market is students and young professionals, McDonalds has used market penetration to encourage its market segment to buy more and has therefore introduced offers such as a free hamburger, cheeseburger or McFlurry with the purchase of an extra value meal. McDonalds also offers saver menu meals which come at a cheaper price and are offered to all customers. The advantage of this technique is that customers will buy McDonalds products more regularly and in bigger quantities, which will increase sales and therefore profit. The offers mentioned above will generate demand for the products and increase market share, however there are drawbacks to this type of marketing strategy. The disadvantage of such a......

Words: 1589 - Pages: 7

Premium Essay

Unit 10 M2 Business Enterprise

...In this assignment I will be explaining the reasons for selecting the particular method of data collection for a selected product/service. The selected product that I will be collecting data for is an anti-depression medication made my HML (Hutchinsons Medical Limited). The data collecting method I’ve chosen is face to face interviews in order to get the respondents full attention and collect data without any distractions. I intend on finding out the respondent’s age, whether they suffer from depression/anxiety, whether they take medication for their depression/anxiety, and which form of our product they would prefer to purchase (roll on, cream, liquid, pills). The sampling method that I chose was probability sampling. I chose this method because it means everyone gets the chance to be picked meaning that the results will represent the whole group of interest. Another example of the fairness in this method is someone reaching into a box full of names and picking one out. The selection process ensures that everyone has a chance of winning. The advantages are that it’s not bias and as aforementioned it represents the whole group of interest. The results can also be used to calculate any further statistical analysis. I rejected non random sampling as it’s an unfair selection process as you get to pick people which makes in an unequal selection process. The people that are picked out might not represent the rest of the group and unlike probability sampling you can’t use the......

Words: 595 - Pages: 3

Premium Essay

Btec Business Level 3 Unit 10

... | |Assignment front sheet | |Qualification |Unit number and title | |BTEC Level 3 National in Business (QCF) |Unit 10 Market Research in Business | |Learner name | Assessor name | | |Duncan Llewelyn | |Date issued | Hand in deadline |Submitted on | |23rd April 2015 |19th June 2015 | | | | | |Assignment title |Unit 10 Market Research | |In this assessment you will have opportunities to provide evidence against the following criteria. | |Indicate the......

Words: 1226 - Pages: 5

Premium Essay

Business Level 3 Unit 10 P1

...for visit, frequency of visit/purchase and reasons for and against purchase. The ‘shopping bag’ survey – the JD research team monitors what carrier bags customers entering JD stores are carrying. This helps identify what other stores JD customers use and are spending money in. It provides competitor insight and an idea of which retailers attract a similar customer profile to JD, a variable that can influence the location of new JD store openings. On-site fieldwork – JD’s dedicated Site Research team invests significant time researching new locations. This involves defining the extent of a location’s catchment area, reviewing the presence and quality of the competition and assessing the pitch and visibility (i.e. how busy the area is) of a unit. This helps build a detailed SWOT analysis of each new site. Qualitative research Qualitative information is a primary form of market research which focuses on consumer feelings and opinions on a product or service. This type of research illuminates the facts and figures collected through quantitative research. Examples of qualitative research at JD include: Focus groups – by speaking at length...

Words: 634 - Pages: 3

Premium Essay

Btec Business Level 3 Unit 10

...market research: * Quantitative research: collecting information from a broad population sample e.g. by conducting extensive surveys, used when Coca Cola GB wants to gauge appeal across a wide audience * Qualitative research: working with small 'focus' groups. This involves far more detailed investigations, e.g. gathering a small group of 'typical' consumers to taste test products or to talk about their preferences and experiences of using different products. Qualitative research, whilst not representative of the views of the general population, provides greater insight into 'why' people think what they think.  P2- Explain how different market research methods have been used to make a marketing decision within a selected situation or business. Coca cola divide their market category’s into segments, businesses can identify different groups of consumers wants. It is then possible to design products to meet those requirements. Each segment within the overall range of coca cola meets specific consumer wants. Coca cola carries out extensive market research to identify consumer wants in every segment of category in which it operates. For example market research analysis of the...

Words: 309 - Pages: 2

Premium Essay

Unit 10 - P3 Starting a Small Business

...For my restaurant its imperative for me to use primary research to conduct my research, therefore all my data I’ve collected is correct and accurate. I will have to this plan in place in order to know how I’m going to conduct. Objectives: -Find out whether people would want a Sicilian restaurant in Northamptonshire. -To find out whether the potential customers would want a classic Sicilian menu or a more modern menu. -I will use social media introduce and get people interested in my restaurant. -Attract new customers from a particular place. -Low food waste and maximize my resources. -Break down the sales in order to maximise the revenue. I am going to collect using a single survey, the reason im going to use a single survey rather than multiple surveys is that if I can include everything in single surveys then there is no need to use loads of different surveys, because it will save me time and money on printing keeping my costs low. I will set out my survey so that as the survey goes on it filters through so that it narrow down the answers. I can also incorporate a time frame for my data. My questionnaire has to narrow down in order to get the best possible responses out of the people I will ask. This means that there should be no questions left to be ask by the people that I questioned. So therefore my survey will be done by me meaning it will be primary data. I think my survey will consist of part qualitative and part quantitative. I am going to present......

Words: 604 - Pages: 3

Free Essay

Agrium Research Paper

...while maintaining their vertical control from their headquarters in Calgary; by analysing Agrium’s history, corporate structure, and three key business units. At the end of this case study we hope other Canadian organizations will adopt the Agrium model when they consider expanding operations globally. Keywords: Agrium, Agro-food, , clusters, global, mining, and vertical integration Table of Contents Introduction.................................................................................................................................................. 1 History .......................................................................................................................................................... 1 Corporate Division ...................................................................................................................................... 2 Governance ............................................................................................................................................. 2 Board of Directors .................................................................................................................................. 3 Chief Executive Officer .......................................................................................................................... 3 Code of Business Conduct and Ethics................................................................................................ 4...

Words: 5988 - Pages: 24

Premium Essay

Strategic Business Units

...The Case Study for PROJ587 will place the student in the role of a senior manager in charge of one of your company’s Strategic Business Units (SBU). Your first task in this new position is to develop a project portfolio management process and then use this process to select projects for your SBUs portfolio. The Case Study will involve the application of the tools and techniques of multi-project/program management and will deal with the analysis and establishment of project management systems based on the structure of the project. The expected outputs from this Case Study will be in the form of a two part written report due week five. Background The senior management of your company has already made the strategic decisions to allocate annual funding to each of the Strategic Business Units (SBU) within the company. You have been hired to manage one of the companies SBUs. Your new company is a mid cap company with revenues of approximately $350 million dollars a year. This company, like many others, is struggling in today’s economy. It realizes in order to survive it needs to both expand and control costs at the same time. You are new to this industry. This company’s vision is to become the “go to” support or the “provider of choice” for the cruise ship industry throughout the world. This company currently is in the travel and hotel support industry. As such, you supply support services to the travel and hotel industry such as linen services to...

Words: 2232 - Pages: 9

Premium Essay

Tesco

...a grocery and general merchandising chain in the United Kingdom and across the world. So far, it is the largest British retailer in term of sales and market share with, according to Thomson one banker, a total net income of £ 2,161.00 for the year 2009. It is also the third largest global retailer group in term of revenue after the American group Wal-Mart and the French group Carrefour. With a main activity of food global retailer, it has diversified his activity into clothing, home, financial services, car insurance, health, telecoms and internet services and software. However in this report we are focusing on its clothing unit which operates online. So to better know this Tesco clothes retailing, this report will bring an overview of the company and will analyse its current strategic position, the same as its fitness with the other business units. This report will also analyse the Tesco clothes retailing’s macro environment, the competitive environment, the strategic capability and also the future strategic options. Tesco clothes retailing’s brief overview: The Tesco clothes retailing company is among the biggest clothing retailer by volume in the United Kingdom as it was ranked at the third place in 2008 and had to juggle this place with Asda Direct online retailer behind Mark & Spencer and Primark (Hall, J.). Tesco clothes retailing is committed to bringing a wide range of clothes to men, women and kids. Its website has grown very fast and sales have risen by......

Words: 2668 - Pages: 11

Free Essay

Internship Report

...NORTH SOUTH UNIVERSITY BUS 489-Internship Submitted To: Adnan Habib (Intern Faculty) Lecturer School of Business North South University ACI Agribusiness Submitted By: Mushfiqur Rashid Chowdhury ID: 111 0195 030 North South University Date of Submission: 25th April, 2015 INTERNSHIP R E P O R T Table of Contents Contents | Page No. | Overview of the organization, department and people | 05 | Contribution to the organization | 06-07 | Lessons Learned | 08-09 | Interaction with supervisors | 09 | Dealt with difficulties encountered | 09-10 | Difference between expectation and experience | 10 | Influence in career plans | 10-11 | What would I do differently if I had to redo this internship | 11 | Appendix | 12-21 | Letter of Transmittal April 25, 2015 To Adnan Habib Lecturer North South University, Dhaka, Bangladesh. Subject: Submission of Internship Report Dear Sir, It is a great pleasure for me to have the opportunity to prepare my internship report which is prepared as a partial requirement of the Internship Course BUS 489 of BBA program under Department of Business Administration, North South University. In this internship report I have tried to come up with the experiences I have gathered from my three month stay in ACI Agribusiness under the Strategic & Planning department. I would like to thank you for giving me the opportunity to have the chance to prepare my internship report under you. ...

Words: 4902 - Pages: 20

Premium Essay

Portfolio Models & Abc Cheese Factory

...tool for diverse companies to review: – – – all businesses together; where growth is expected (resources needed); and returns generated (cash produced). It provides the decision maker with a starting point for decisions regarding: – – – strategic business units (SBU) retention or deletion general strategic direction (growth, maintenance, deletion) for each SBU resource allocation/redistribution decisions. 2. Using the BCG model: a. Draw and label all parts of the model HIGH 20% STARS QUESTION MARKS MARKET GROWTH (position in the product category life cyle) MED. 10% CASH COWS LOW 0% 10X 1.0X DOGS 0.1X RELATIVE MARKET SHARE (SBU’s market share compared to the largest competitor in the same market) BSBMKG514A – Implement and Monitor Marketing Activities BSBMKG515A – Conduct a Marketing Audit 2 Jovie Alvarez ID No. 3109617 b. Explain each quadrant in terms of market share and market growth  Cash cows: – – Units with high market share in a low (slow) growing industry Units typically generate cash in excess of the amount of cash needed to maintain the business.  Dogs: – – – Units with low market share in a mature, low (slow) growing industry. Units typically "break even", generating barely enough cash to maintain...

Words: 1636 - Pages: 7

Premium Essay

Low Employee Morale

...------------------------------------------------- Josephine Malesheka Mathole ------------------------------------------------- ------------------------------------------------- Student No. 271199 ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- To be submitted in part fulfilment of the requirements for the ------------------------------------------------- BBA Honours degree ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- at ------------------------------------------------- ------------------------------------------------- SOUTHERN BUSINESS SCHOOL ------------------------------------------------- ------------------------------------------------- Supervisor: Prof. Louw ------------------------------------------------- ------------------------------------------------- Date: 30 June 2013 ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- TABLE OF CONTENTS...

Words: 2690 - Pages: 11

Premium Essay

3m Corporation

...CHAPTER I INTRODUCTION 1. Background of Case Study Selection Differentiated strategy is the strategy pursued by the company to produce products that are different or unique compared to competitors' products. Researchers are interested in doing research on the company because researcher wanted to learn more about controls for differentiated strategies, both theoretical and practical. Minnesota Mining & Manufacturing Corporation (3M) is one of the companies that have successfully implemented differentiated product strategy that gives priority to innovation as a competitive advantage offered. This company believes that innovation to be the cornerstone of 3M’s future success. Current management has continued to embrace and expand these policies and philosophies. That is why researchers interested in evaluating policies and 3 M that philosophy is based on the innovation in the implementation of the strategy of differentiation 2. Motivation Motivation researchers conducted a study of control for differentiated strategies in Minnesota Mining & Manufacturing Corporation (3M) because the researchers wanted to know more about the factors that influenced the design of the system and also the policies and philosophy rooted in the innovations made by 3M Corporation. By studying and examining the existing policy and philosophy that is rooted in innovation from the company, researchers can get a clearer picture of how to do a proper evaluation and what......

Words: 3697 - Pages: 15

Premium Essay

Marketing Map

...Leadership” Flexible, Innovative Solutions One Stop Accountability Deliver Comprehensive Solutions “Operational Excellence” Consistently Meets Expectations Customer Perspective Lifelong Advisor Proactively Deliver Value Easy to do business with Internal Perspective Build Lifelong Relationships Capture and Leverage Knowledge Solutions Grow InterEnterprise Solutions Improve Resource Allocation WellManaged Leverage 3rd Party Relationships Provide Integrated Business Processes Effective Solution Processes Effective Cost Management MARKET SEGMENTATION MODEL Learning & Growth Perspective Relationship Management Skills Solution Management Skills Operational Management Skills Successful Career Planning Accountability Industry Expertise Knowledge Management Entrepreneurial/Innovative Leverage Solutions Identify, Attract, & Retain Skilled Employees  2 ©2010 Palladium Group, Inc. Healthcare Strategy Map “Maximize the Quality of Life and Dignity of Older Adults” Increase Shareholder Value Financial Create Cash Flow Grow Revenue Create EBITDAR Manage Expenses Customer Trust Choice Consistency Pay For Service “Customer Satisfaction Through...” Business Process “…Quality Service” Excel at Quality Resident Healthcare “Operational Efficiency” Optimize Rate and Occupancy Management Leverage the Right Assets Aggressively Manage Residence Expenses Manage Media Exposure “…Quality......

Words: 1122 - Pages: 5

Premium Essay

Padini Management Strategies

...Accessories, Tizio, Padini Authentics, PDI, Padini, Seed, Miki, and P&Co, all of which are owned by the Group except the Tizio label. In addition, the Group also utilises a number of lesser known house brands to market. It offers for sale in its Brands Outlet stores. The Group has arrived at five reportable segments, which are determined by each of its subsidiaries. These companies are the strategic business units of the Group. The strategic business unit possess various types of brands. From different brands, it provide distinguished and different theme of products to cater different customer segments. These strategic business units are managed separately because they require different business and marketing strategies. For each of the strategic business units, the Managing Director of the Group and brand managers collectively review internal management reports at least on a quarterly basis. * Nice trend in terms of Revenue and Profit. In fact, it shows a good consistent trend in this area; * Margin is also consistent with gross margin around 50% while net margin is between 10% to 14% with consistent improvement; * Return on Equity is consistent with slight growth...

Words: 565 - Pages: 3