Guidelines on Learning Aim B
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Learning Aim B: Develop a business plan for a viable micro-business start-up
B.P3. Explain your marketing plan for a selected micro-business
Note:
- Ensure you have introduced the report (using the assignment brief scenario) clearly and completed the cover page correctly (with a suitable picture that represents your business idea).
- Include the aims of your micro business activity to include both financial and non-financial aims.
- Include information about the product or service to be sold- regarding features, benefits and USP, its cost, and how much you will sell it for and the current competition in the market.
1. You should have explained the marketing mix (4Ps)/ extended marketing mix (7Ps) and applied it to the business (a paragraph needed for each P).
- You should have evaluated your business’s marketing mix using a SWOT analysis and explanation of SWOT.
- You should have defined your target market and justified this choice covering the segment your product or service is aimed at, how and why the product or service will appeal to this target market, how the product or service will reach customers, and how you will establish and sustain sales to the target market.
- You should have a completed market research (primary research) and analysed the findings.
- You should have explained at least two pieces of secondary market research that you have found and clearly stated how they are relevant to your business.
- You should have completed detailed Porter’s 5 Forces Analysis and concluded the industry strengths and weaknesses.
- You should have completed detailed PESTLE Analysis (A paragraph needed for each topic).
- You should have explained and justified your business’s unique selling points (USP).
B.P4. Explain how legal and financial aspects will affect the start-up of the business
(Legal Aspects): Choose any 4 for pass.
1. You should have explained the business legal form and explained why you will buy liability insurance.
2. You should have explained how different consumer protection legislations impact your business.
3. You should have explained how employment legislation could impact your business.
4. You should have explained how health and safety legislation could impact your business.
5. You should have explained how data protection legislation could impact your business.
6. You should have explained how environmental protection legislation could impact your business.
(Financial Aspects):
7. You should have justified your pricing policy (as well as defining it)
Of the below, choose any 3 for pass, 6 for merit and all for distinction
8. You should have completed 12 months worth of sales forecasts and explained it.
9. You should have listed and justified your projected costs/capital (set-up, fixed and variable or capital structure)
10. You should have completed break-even forecast.
11. You should have completed a cash flow forecast.
12. You should have completed a forecast opening and closing statement.
13. You should have completed a forecast income statement.
14. You should have evaluated your financial position using a liquidity, profitability and sensitivity analysis.