MB1 MB2 MB3 MB4. A partial explanation of the business

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2 Hw much is this cursewrk wrth? Unit 8 Unit 10 Unit 12 Business Planning (Cursewrk Assessment) 1/3 f the A2 level Prmtinal Activities (Cursewrk Assessment) 1/3 f the A2 Level Managing Peple (Exam) 1/3 f the A2 Level Hw yur wrk will marked MB1 MB2 MB3 MB4 AO1 A descriptin f the business prpsals activities, aims and bjectives, frm f wnership and key persnnel. Outlines examples t illustrate sme f these. A partial explanatin f the business prpsals activities, aims and bjectives, frm f wnership, and key persnnel. Examples are used in cntext t illustrate sme f these. An explanatin f the business prpsals activities, aims and bjectives, frm f wnership, and key persnnel. Realistic examples are used in cntext t illustrate these. A thrugh explanatin f the business prpsals activities, aims and bjectives, frm f wnership, and key persnnel. Realistic and detailed examples are used in cntext t illustrate these. AO2 AO3 AO4 (1-4 marks) (5-8 marks) A business plan which includes A business plan which cntains aspects f the marketing, peratins marketing, peratins and financial and financial plans. A descriptin f plans. A basic explanatin f hw hw these supprt the aims and these cntribute t achieving the bjectives f the business prpsal. aims and bjectives f the business prpsal. (1-5 marks) Cllects sme up-t-date data frm a limited range f surces. Uses numerical and/r nn-numerical techniques n the cllected data t prvide a partial analysis f the requirements f: the marketing plan the peratins plan the financial plan. Uses the results f the analysis t identify sme relevant elements f the business plan. A judgement, based upn limited evidence, f the viability f the business plan, taking int accunt sme f the fllwing evidence: relevant financial ratis pay-back perid.what if. analysis cntingency plans. Ideas are cmmunicated in a way that is adequate t cnvey meaning with limited use f technical terms. There are nticeable errrs in accepted cnventins f written cmmunicatin. (6-10 marks) Selects sme up-t-date data frm a limited range f surces. Uses numerical and/r nn-numerical techniques n selected data t prvide a partial analysis f the requirements f: the marketing plan the peratins plan the financial plan. Uses the results f the analysis t utline a relevant business plan. (9-12 marks) A business plan which cntains develped marketing, peratins and financial plans. An explanatin f hw these culd achieve the aims and bjectives f the business prpsal. (11-16 marks) Selects relevant and up-t-date data frm a range f surces. Uses apprpriate numerical and/r nn-numerical techniques n selected data t prvide a partial analysis f the requirements f: the marketing plan the peratins plan the financial plan. Uses the results f the analysis t develp a relevant business plan, which cnsiders the aims and bjectives, frm f wnership and key persnnel required. (13-16 marks) A business plan which cntains cmprehensive marketing, peratins and financial plans. An indepth explanatin f hw these culd achieve the aims and bjectives f the business prpsal. (17-22 marks) Selects relevant and up-t-date data frm a wide range f surces. Uses apprpriate numerical and/r nn-numerical techniques n selected data t analyse the requirements f: the marketing plan the peratins plan the financial plan. Uses the results f the analysis t develp a cnsistent and integrated business plan, shwing detailed cnsideratin f the aims and bjectives, frm f wnership and key persnnel required. (1-3 marks) (4-6 marks) (7-10 marks) (11-14 marks) A judgement, with sme An evaluatin f the viability f the A cmprehensive evaluatin f the justificatin, f the viability f the business plan, based n an viability f the business plan, based business plan, having priritised assessment f: n a detailed assessment f: sme f the fllwing evidence: relevant financial ratis relevant financial ratis relevant financial ratis pay-back perid pay-back perid pay-back perid.what if. analysis.what if. analysis.what if. analysis cntingency plans. cntingency plans. cntingency plans. Ideas are cmmunicated using a Ideas are cmmunicated in a Ideas are cmmunicated with sme lgical structure with sme cherent structure with cnsistent structure evident with ccasinal apprpriate use f technical terms. and apprpriate use f technical use f apprpriate technical terms. There are ccasinal errrs in terms. There are few errrs in There are sme errrs in accepted accepted cnventins f written accepted cnventins f written cnventins f written cmmunicatin. cmmunicatin. cmmunicatin. (1-4 marks) (5-8 marks) (9-13 marks) (14-18 marks) 2

3 Task 1: Prpsal Yu are ging t write a business plan, it culd either be fr a ttally new business f yur chice OR fr the launch f a new prduct r service fr an existing business. Befre yu begin yur cursewrk, yu are required t write a shrt prpsal utlining yur ideas. It must be checked ver befre yu get started n the prject. Yur prpsal may include: Yur business name A prpsed lcatin fr the business A brief verview f the prducts/services that yur business will sell Yur unique selling pint Sme understanding f yur target custmers Sme understanding f yur cmpetitrs This is a draft dcument and des nt need t be included in yur final versin. Task 2: Getting started Set up a single wrd dcument t write yur business plan in, it shuld cntain the fllwing: Header/ Fter- All pages MUST be numbered, include yur name and the unit number Frnt cver with business lg Cntents page Please d nt use task numbers t divide up yur wrk. Set up a Drpbx/ Ggle dcs type accunt t ensure that yu have a back up cpy (Yu prbably dn t want t dwnlad the sftware as it will slw dwn yur system, use it nline) Remember this business plan is targeted t an investr fr yur business and shuld reflect this in presentatin and cntent. Yur research/ write up needs t be psitive t attract investment!! AO1: Explains the activities f the business prpsal, its aims and bjectives, frm f wnership and key persnnel required. Task 3: Business descriptin and purpse Write an intrductin t yur business plan. This will be an verview f what yu will be ding and culd draw n what was written in yur prpsal. Yu shuld include the fllwing: What exactly will yur business d? Describe the gds/ services that the business will ffer. Be as specific as pssible abut the kind f business that yu are starting up. If yu are ging t pen a restaurant, fr example, will it be a family restaurant serving gd quality, lcal fd at cmpetitive prices in a family friendly envirnment? Or will it be mre upmarket, serving gurmet dishes t discerning custmers in an intimate setting? An idea f wh yur cmpetitrs are and hw yu will stand ut/ yur USP Yur target custmers Yur lcatin- if nline the platfrm and delivery services that yu will use Prices charged Suppliers wrked with Branding and image f the business The resurces that yu will require t start yur business up Yur skills and expertise which will ensure that the business is successful Any backgrund research that yu have dne Yu shuld include diagrams/ images/ pictures t supprt yur wrk, e.g. yur lg, the layut f yur shp/ website, examples f prducts that yu will sell

4 Task 4: Aims and bjectives Describe clearly the aims and bjectives f yur business. These shuld be clear and quite challenging- yu shuld try t explain hw yu think yur business will reach these bjectives. Yu will have t refer back t these thrughut yur cursewrk. Yu shuld have 3 aims and at least 2 bjectives fr each aim, saying hw the aims will be met. Task 5: Frm f wnership Describe clearly the frm f wnership that yu intend t have. Yu will need t shw the fllwing: Yu must include the features f the frm f wnership The main advantages t yur business f that frm f wnership. Sme reference t the disadvantages f the frm f wnership, but hw yu wuld vercme them Use the Cmpanies Huse Name Checker- Ggle Cmpanies Huse Webcheck t access it Infrmatin abut self emplyment status if perating as a sle trader/ partnership- link n mnfruit Yur Natinal Insurance status, use the links n mnfruit t describe this Any licenses/ laws that yu need t cmply with, use COBRA t help with this, there is a link frm mnfruit t access this Task 6: Key persnnel plan Describe in detail the staff that yur business will require. Describe the key rles and respnsibilities fr each f yur members f staff Add COBRA infrmatin such as training r qualificatins that yu staff will need Design Jb Descriptins fr yur staff- What are their rles and respnsibilities?- Yu culd use the jb centre plus website t help with this Calculate the hurs that they will wrk and the pay that they will receive- draw up a shift pattern fully justifying why yu have planned it t be the way that it is. Research the wages n cmparepayscales.cm t ensure that they are realisticinclude print screens in yur wrk Create a shift pattern fr yur staff Hw will yu recruit yur staff? Will the require any training & develpment; wh will d this? Hw much will it cst? Use COBRA t help with this Will the staff get any privileges? Again what is the cst? AO3: Analyses key research findings f the fllwing t quantify and develp an integrated business plan: Marketing plan, Operatins plan and Financial plan. Task 7: Research Methdlgy Yu need t write up a summary f the research which yu have carried ut fr yur business plan The primary research which yu have dne and why Discussed the type f questins which yu have used- qualitative vs quantitative, pen vs clsed, and why Discussed the sampling methd which yu have used- discussing why it is apprpriate t yu Discuss hw many peple yu have asked Discuss the secndary research which yu have carried ut, and why Task 8: Market Research Questinnaire designed- 3 t 4 questins fr each P f the marketing mix and sme relevant demgraphic questins Questinnaire cmpleted- likely t be ver 100 respnses Graphs made fr each questin f the questinnaire Analyse each graph What des it shw? Be specific- e.g. 33% said. What is the impact f this? Hw will this impact upn yur aims and bjectives? Draw 2 t 3 pieces f evidence ut f each graph Ftfall / Traffic Cunt in ptential lcatins- if nline this shuld be research int pssible hsting sites, traffic, etc 4

5 Analysis f MINTEL infrmatin Analyse each graph What des it shw? Be specific- e.g. 45% f custmers said. What is the impact f this? Hw will this impact upn yur aims and bjectives? Draw 2 t 3 pieces f evidence ut f each graph Analysis f ACORN infrmatin Analyse each graph What des it shw? Be specific- e.g. 64% abve natinal average said What is the impact f this? Hw will this impact upn yur aims and bjectives? Draw 2 t 3 pieces f evidence ut f each graph Task 9: Summary f the key characteristics f yur target market Using yur research frm Task 8 define the characteristics f the target grups f custmers that culd buy frm yur business. T d this, think abut the type f peple r businesses that are likely t benefit frm using yur prducts r services and why they wuld use them. Summarise yur research findings t shw the tp 10 things that yu knw abut yur target market Think abut the benefits that yur custmers are lking fr and then think abut the features that yur prduct r service ffers Build up a demgraphic picture f yur target custmers fr example if relevant: age, gender, incme, lcatin, lifestyle and marital status Research hw many custmers there are in yur target grup, hw much they spend and hw ften they buy Identify trends that tell yu whether this grup is grwing r shrinking Task 10: Analysing the cmpetitin in the area Yu shuld carry ut the fllwing cmpetitr analysis: Gegraphical Mapping Market Mapping Prter s Five Frces Bstn Matrix- which sectr is mst relevant t yu? What will yur cash cws be? Hw will yu avid Prblem Child r Dgs? Ansff s Matrix- which sectr des yur business fit int? What are Ansff s recmmendatins fr businesses that are in this sectr? AO2: Develps the marketing, peratins and financial plans, explaining hw these achieve the aims and bjectives f the business prpsal. The Marketing Plan Task 11: The Marketing Mix Using yur research yu will need t put tgether a marketing strategy (Marketing Mix). Price The prices that yu will charge fr yur prducts- with links t apprpriate pricing strategies This shuld link back t yur market research This shuld link back t yur aims and bjectives Prmtin The prmtinal strategies chsen and why- linked t yur research and linked back t yur aims and bjectives Research t shw why the chsen methd(s) is apprpriate t yur business plan. E.g. If yu are recmmending using Facebk, then wh are FB s target market, hw will this help yur business? The csts f the chsen strategy 5

6 The timings f the strategy- prduce a Gantt chart, justify this with yur research Lgistics f the strategy- Wh will carry ut yur prmtin e.g. if yu are recmmending leaflets, hw many will be printed? Wh will deliver them? Where will they be delivered Apply Ansff s Matrix This must all link back t yu aims and bjectives and market research Prduct The detailed range f prducts/ services that yu will prvide- this must be linked t yur research and yur aims and bjectives Apply the prduct life cycle Apply Bstn Matrix Place Identify 2/3 ptential lcatins/ nline platfrms, carry ut a SWOT n each. Use LSH and Hadlands links n mnfruit t help with this- link t research, link t aims as much as pssible Chse a final lcatin- hw des yur research supprt this lcatin? Hw will this help yu t achieve yur aims? Channels f distributin- identify and describe yur suppliers- are there any relevant cntracts r licences that yu will need t sign in rder t sell these gds? COBRA shuld help with this. AO2: Develps the marketing, peratins and financial plans, explaining hw these achieve the aims and bjectives f the business prpsal. The Operatins Plan Task 12: Prductin prcess & Stck Cntrl Methds Yu nly have t d this task if yu are ging t prduce a prduct Describe the methd f prductin that yu will use- e.g. Jb, Batch and Flw prductin. Link this back t yur research and aims and bjectives Desribe the methd f stck cntrl that yur business uses- e.g. LIFO r FIFO. Link this back t yur research and aims and bjectives Task 13: Quality Hw quality will be ensured- the quality methds yu will use e.g. TQM, quality circles. This must be linked back t yur aims and bjectives Task 14: Resurce Requirements The human resurces required- this links t AO1, and includes; the cst, the skills required, the training need, the pssible csts f training. If already cmpleted in AO1- d nt red this task. Cst Calculatr- fllw the link n mnfruit t cmplete the Santander Cst Calculatr. Take print screens thrughut each stage. Paste them int yur wrk and describe the key items that yu are purchasing, link this t the aims and bjectives and research where apprpriate. 6

7 AO2: Develps the marketing, peratins and financial plans, explaining hw these achieve the aims and bjectives f the business prpsal. Financial Plan Task 15: Sales frecast A sales frecast shwing expected mnthly revenues taking int accunt buyer behaviur and the impact f cmpetitin. What are yur sales targets and hw will yu achieve them? Set ut yur sales frecasts in terms f: Sales f different prduct types by vlume and value; Sales frm different custmer grups; Sales frm different distributin channels Cpy and paste yur sales frecast int yur wrk and describe the key elements such as average sales per head link this t the aims and bjectives and research where apprpriate. Task 16: Financial frecasts Cash Flw Frecast Break Even Chart Prfit and Lss Accunt Balance Sheet Cpy and paste yur financial frecasts int yur wrk and describe the key elements such as sales, rental, wages, etc link this t the aims and bjectives and research where apprpriate. Task 17: Surces f finance Investigate surces f finance, decide n an apprpriate ne. Yu will need t cnsider the size, duratin and rate f interest f the surce f finance required. Link this t the aims and bjectives and research where apprpriate. AO4: Evaluates the viability f the business plan in rder t supprt a case fr funds, based n an assessment f; Relevant financial ratis, Pay-back perid, What if analysis and Cntingency plans. Task 18: Financial Viability Carry ut the fllwing viability tests n yur business plan: ROCE Grss Prfit Margin Net Prfit Margin Gearing Fr each rati, describe what the rati is, what yur rati shws, what the impact f that is n yur business. Link back t aims and bjectives Task 19: Financial Sensitivity Using the template n mnfruit carry ut a sensitivity analysis n yur business plan, cnsider what might happen t the viability f the plan if key cmpnents are altered. Fr example, it shuld be cnsidered what might happen t the viability f the business plan if: The sales frecast is adjusted up by 10% Describe what might cause this change Cpy and paste the 10% up table int yur wrk Cpy and paste the break even int yur wrk 7

8 Describe the changes that happened as a results f this 10% change What might yu d with this additinal 10% revenue? E.g. yu may pay yur lan back earlier, reducing yur csts lng term? The sales frecast is adjusted dwn by 10% Describe what might cause this change Cpy and paste the 10% dwn table int yur wrk Cpy and paste the break even int yur wrk Describe the changes that happened as a results f this 10% change What might yu d withut this additinal 10% revenue? E.g. yu may need t carry ut additinal marketing, hw much wuld this cst? Yu may need mre finance, culd yu repay it? What wuld the impact be? Hw wuld it impact n yur aims and bjectives? Unit csts increase r fall Describe what might cause this change Change the percentage used t calculate stck, e.g. frm 80% t 90%, what is the impact f this change? Hw wuld this affect yur business? Hw wuld it impact n yur aims and bjectives? Capital csts alter Describe what might cause this change Using a different lan repayment figure frm yur research adjust the lan repayment amunt. what is the impact f this change? Hw wuld this affect yur business? Hw wuld it impact n yur aims and bjectives? Task 20: Marketing & Operatinal Viability What wuld happen if a key cmpnent f the marketing plan fails? E.g. yur leaflets are nt printed n time? Describe the change, describe the impact f it. G back thrugh yur 4P s- Hw viable is yur marketing strategy? Fr each f the 4P s cnsider the cst implicatins, the effect f changes in buyer behaviur, the effect f cmpetitin, the effect n external influences, etc Cnclude the peratins plan- Hw realistic is the peratins plan? Are there any issues which culd impact upn yur peratins plan? E.g. stck cntrl/ suppliers letting yu dwn Hw wuld yu vercme any difficulties that yu will face? Link t research, link t aims and bjectives Task 21: SWOT Analysis Carry ut an SWOT analysis n yur business idea. Draw tgether all cmpnents e.g. a strength might be yur ROCE. GPM may be a weakness, etc T cnclude, carry ut a general evaluatin n yur prpsal, stating why yu think the idea wuld be viable, als cnsider the limitatins f yur reprt- What else might an investr want t knw abut yur business? Remember yur evaluatin needs t shw yur business favurably- therwise the investr will nt invest any mney! Task 22: Bibligraphy & Presentatin State the surces f infrmatin which yu used in yur cursewrk All pages MUST be numbered, include yur name and the unit number Remember this business plan is targeted t an investr fr yur business. And shuld reflect this in presentatin and cntent. Yur research needs t be psitive t attract investment 8