The unit will allow for learners to work in a team to investigate new business formats and a feasibility assessment for a potential knowledge-based product or service opportunity identified by the team. This might be undertaken for a new income stream within an existing business or for a new enterprise. The core unit material will focus on Refining an Idea, Research and Presenting the Plan.
All learners will be involved with refining the idea and individual learners will be responsible for doing market research, building a finial plan and creating an operational plan.
The aim of this unit is to provide the learner with the knowledge and skills to research a market and plan a development strategy such as the launch of a new business model, new enterprise, product or service line. Learners will need to fully develop and pitch their business development strategy.
Learning Outcomes and Assessment Criteria
On successful completion of this unit a learner will be able to:
|1. Analyse the role that planning has in developing new business streams
|1.1 Use the TOWS matrix to identify a response to a future opportunity or threat
|1.2 Identify the business planning links between marketing, finance, HR and operations
|2. Conduct research into demand and assess market potential
|2.1 Produce an ‘opportunities matrix’ that supports strategy development and responses to external threats
|2.2 Use primary and secondary research to define the size of an opportunity
|2.3 Identify both tangible and intangible resources that exist and those required to support a development strategy
|3. Prepare a business model and present a business sales plan
3.1 Develop a business model to support a
|3.2. Produce sales measures and key success factors
|3.3 Prepare and deliver a pitch to raise support and finance for a development strategy
|3.4 Take feedback on their development strategy and make improvements