Lm6.02 Business Planning- Idea Assessment Answer

Task:

Question One: Presentation

a) Briefly explain your business concept. 

A six-stage checklist for evaluating your business idea could include: Parallel opportunities such as buying a business or imitating existing business; market opportunities such as finding new markets for existing product(s) or buying a franchise; or new product opportunities.

b)Use the six-stage checklist approach to evaluate your business idea.

c)Present yourself and your idea in a professional manner

A marking rubric is provided for your guidance.

Question 2

New business options include parallel opportunities (in one form or another imitating or taking over a business); new market opportunities (exploiting the market in a new manner); or new product opportunities (completely new or alternations to existing products).

a)Describe your business strategy in terms of what new business option you intend to pursue and explain why this is the most realistic approach for your business idea.

b)Briefly explain the skills that you have to launch this strategy and those that you will still need to acquire.

Question 3

a)Describe the market segment you plan to service with your new business idea.

Product, Price, Promotion and Place (the four ‘P’s) is one approach to describing the business marketing strategy.

Describe your marketing strategy in terms of the four P’s (Product, Price, Promotion and Place).