business project

BUSINESS PROJECT

Aims of this unit:

• Develop your enterprising capabilities, knowledge and confidence

• Apply academic study in the key business areas such as marketing, finance, and management

• Helping you to identify opportunities and to create your own business

FIRST TASK

- To choose a relevant mode of business -

BUSINESS PROJECT

BUSINESS PROJECTGenerally, in the early history of business models, there are two modes of business

1) Brick and mortar business (bricks and mortar business/ B&M business) is defined as:

- a company that possesses a building or store for operations

- this business model is used by companies that have a physical presence and offer face-to-face customer experiences

- Hence, considerations about foot traffic, storefront visibility and appealing interior design is significant

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2) E-commerce is defined as: buying and selling of product or service is

conducted over electronic systems such as the Internet and other computer networks

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E-commerce can be divided into:- E-tailing on websites with online catalogues/ "virtual mall"- The gathering and use of demographic data through Web contacts and social media- Electronic Data Interchange (EDI), the business-to-business exchange of data- E-mail and fax and their use as media for reaching prospective and established customers (for example, with newsletters)- Business-to-business buying and selling

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BUSINESS PROJECTModern business models:

1) Bricks and clicks model - Business model by which a company

integrates both offline (store) and online presences

- One example of the bricks-and-clicks model is when a chain of stores allows the user to order products online, but lets them pick up their order at a local store

BUSINESS PROJECT 2) Collective business model - Business system- typically composed of large

numbers of businesses or professionals in the same fields of endeavour, which pools resources, shares information or provides other benefits for their members

- For example, a high-tech campus provides shared resources (e.g. lab facilities) to the firms located on its premises, and in addition seeks to create an innovation community among these firms and their employees

BUSINESS PROJECT 3) Cutting out the middleman model - The removal of mediator in a supply chain:

"cutting out the middleman“ - Instead of going through traditional

distribution channels, which had some type of intermediate (such as distributor, wholesaler, broker, or agent), companies may now deal with every customer directly, for example via the Internet

BUSINESS PROJECT 4) Direct sales model - Direct selling is marketing and selling

products to consumers directly, away from a fixed retail location

- Sales are typically made through party plan or one-to-one demonstrations, and other personal contact arrangements

- definition is- The direct personal presentation, demonstration, and sale of products and services to consumers, usually in their homes or at their jobs

BUSINESS PROJECT 5) Fee in free out model - Business model which works by charging the

first client a fee for a service, while offering that service free of charge to subsequent clients

- The model is appropriate in business environments (for example, digitization services) where there is a one-time cost to develop a product or service but little or no cost involved in its following distribution

BUSINESS PROJECT 6) Franchise - Franchising is the practice of using another

firm's successful business model - For the franchisor, the franchise is an

alternative to building 'chain stores' to distribute goods and avoid investment and liability over a chain

- The franchisor's success is the success of the franchisees

- The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business

BUSINESS PROJECT 6) Fremium business model - Business model that works by offering basic

Web services, or a basic downloadable digital product, for free, while charging a premium for advanced or special features

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CLASS EXERCISE- As business students, are you interested in establishing your own business?

- If you are given an opportunity to establish your own business, what types of products do you want to sell? Are you going to sell the products that you personally like OR are you going to sell products that your potential customers want?

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CLASS EXERCISE

- Do you guys know who Tony Fernandes is?

SECOND TASK

- Form a soletradeship/ partnership -

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SOLE PROPRIETORSHIP/ SOLE TRADER/ PROPRIETORSHIP

- a type of business that is owned and operated by one individual and there is no legal distinction between the

owner and the business

- The owner receives all profits

- unlimited responsibility for all losses/debts

- Every asset of the business is owned by the proprietor

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Advantages

- Easy to organize

- small amounts of capital to start and run

- High flexibility for the owner (he/she is the company’s own boss)

- Due to the owner's unlimited liability, some creditors are more willing to extend credit

- The owner receives all the profit of the business

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Disadvantages

- Banks are reluctant to grant loans due to its small assets and high mortality rate

- The owner is responsible for paying all debts and damages of their business

- If business is not successful, creditors may force the sale of the proprietor's property/ business property to

satisfy creditors’ claim

- When owner dies, the continuation of the business is difficult, because a new owner must typically accept

business’ liabilities

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PARTNERSHIP

- A business organization in which two or more individuals manage and operate the business

- Both owners are equally and personally liable for the debts from the business

- A partnership is formed between one or more businesses in which partners (owners) co-labour to

achieve and share profits and losses- Definition according to Civil Law:

‘A partnership is a nominate contract between individuals who, in a spirit of cooperation, agree to carry on an enterprise; contribute to it by combining property,

knowledge or activities; and share its profit’

BUSINESS PROJECTAdvantages

- Due to the nature of the business, the partners will fund the business with start up capital (more partners

there are, the more money they can put into the business, which will allow better flexibility and more

potential for growth)

- A partnership is generally easier to form, manage and run

- Partners can share the responsibility of the running of the business

- Partners share the decision making and can help each other. More partners means more brains that can be

picked for business ideas and for problem solving

BUSINESS PROJECTDisadvantages

- Danger of disagreements between the partners

- Because partnership is jointly run, it is necessary that all the partners agree with things that are being done. This means that in some circumstances there are less

freedoms with regards to the management of the business

- Ordinary Partnerships are subject to unlimited liability, which means that each of the partners shares the

liability and financial risks of the business. Which can be off putting for some people

- Partners share the profits equally. This can lead to inconsistency where one or more partners aren’t putting a fair share of effort into the running or management of

the business, but still reaping the rewards

Activities regarding partnership

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THIRD TASK

- Name your company/business -

BUSINESS PROJECT- The company name you select for your small business

has numerous branding, marketing, and web implications so needs careful consideration

- Your company name goes before you, needs to be memorable and also needs to be work on the internet for SEO marketing. Search engine optimization (SEO) is the process of affecting the visibility of a website or a web page in a search engine's "natural" or un-paid ("organic") search results

- This guide will help you decide on a strong name for your small business:* First impressions* Impressing investors* Making your name web-friendly

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FIRST IMPRESSIONS- When you're deciding on a name, consider whether you want it to explain what the business does, or whether you want a more abstract name- Also decide what you want it to convey, for example, 'The Fine Cheese Co' reflects traditional, quality values, 'Smarta' has a more modern sound- Make sure your final name doesn't mean anything else in any other languages - if you decide to trade overseas, you may regret it- Is an abstract name appropriate, or would an explanatory one be more suitable?- What values do you want it to reflect?

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DO NO HARM-It’s better to have a neutral name, that’s easy to remember, easy to style, easy to pronounce, with no obvious negative connotations or limitations

- A name that can’t be confused with competition

-Think of your name as a blank canvas that can be styled to your messaging and the product experience itself

- Don't worry about coming up with a name that is going to express everything that your business does

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GIVE THE RIGHT IMPRESSION- Think about the company that you want to launch

- Make sure that you are getting it right in terms of category, the target and the tone

- This is pretty basic, but you wouldn’t want a light hearted, silly name for something that’s very serious and vice versa

- And at the same time, you wouldn’t want something dry for a fun company

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A winning business name has to be memorable – but easy to spell- Obviously, your potential customers and clients need to be able to remember your business name

- But they also need to be able to find it easily if they’re looking for it in a phone book, directory or online

- So choosing a business name such as “Crychalwellyn” is a bad idea. Unique is good but difficult spellings are a bad idea.

BUSINESS PROJECTA winning business name needs a visual element

-Generally we are hard-wired to “see” images when we read or hear language, and incorporating a visual element into your business name can be a powerful aid to customers’ memory (and a powerful advertising tool)

-So you want your business name to have a strong visual element to it

- For example, a boutique selling feminine clothing is name as FEMME ME – (FEMME literally means women and being feminine and ME means the customers who are wearing clothing from this boutique is seeing themselves as being feminine)

BUSINESS PROJECTA winning business name has to have positive

connotation- When you create a business name, you need to choose words that have the positive connotations that you want people to associate with your business – and make sure these connotations are suitable for your business

A business name has to be fairly short-It is vital because you want customers to be able to remember your business’s name - It’s also important for promotional purposes. You want a business name, for example, that will fit well on a business card, look good displayed on a sign or in an ad, and perhaps even a business name that will serve well as a domain name and show up well in search if you have an online business. So keep it as short as possible

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BUSINESS PROJECTACTIVITYWrite on a piece of paper: 2 possible names for your company and the ‘meaning’ behind those names

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FOURTH TASK

- Appoint personnel-

BUSINESS PROJECTThe importance of a good organization and management

team

- The reason that you need to make sure that you have a good organization and management team for your business is that it will keep things running smoothly

- It will ensure that everybody knows what they are supposed to be doing and what the goals of the business

are

- This will keep everyone on the same page and working towards the same goals

BUSINESS PROJECTThe importance of a good organization and management

team

- Creating the organizational structure of your company should be fairly straightforward

- What you need to make sure of is that you have clear lines of both communication and responsibility

- Everybody has to know who is responsible for what, this is the only way to ensure that things get done properly

- This has to be a two way street, it can't just be about management telling employees what to do, there has to

be a way for employees to bring issues to the attention of management

BUSINESS PROJECTHOW TO BUILD A MANAGEMENT TEAM

STEP 1Determining Which Management Team Members are

Necessary1) Examine the state of your company

2) Understand your own weakness3) Asks help from professional network

STEP 2

1) Promote from within2) Look for talented leaders in your industry

3) Network4) Get professional help

Recruiting Members of your Management Team

BUSINESS PROJECTHOW TO BUILD A MANAGEMENT TEAM

STEP 3Developing your management team

1) Setting up meeting2) Consider developing a strategic plan

3) Delegate necessary tasks/responsibilities4) Give management team the necessary

authority

BUSINESS PROJECTCLASS ACTIVITY

MATCHING JOBS WITH ITS RESPONSIBILITIES

BUSINESS PROJECT

MANAGER-Making sure that all members know about their responsibilities-Lead group members to co-operate with each other-Ensuring that members are doing the works on time-Solve any issues/difficulties that might be faced by business-Helps other group members -Making sure that business operation is running smoothly

ASSISTANT MANAGER-Assisting manager as well as other members-In case of any issues/difficulties, responsible to report those issues to manager-Sharing ideas/opinions with other members

BUSINESS PROJECTFINANCIAL MANAGER-Preparing transaction records of business-Continuously updating accounts-Keeping cash (in/out)

ASSISTANT FINANCIAL MANAGER-Keeping all receipts/any financial documents-Helping financial manager in preparing transaction records-Collecting business’ funds-Validate records’ accuracy-Handling wages and salaries of members

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MARKETING MANAGER-Promoting business (through creative advertisements)-Conducting survey-Develop ideas in attracting customers

ASSISTANT MARKETING MANAGER-Assisting marketing manager in creating creative ideas in promoting business-Printing any promotional materials for business-Giving out business’ leaflets, business cards, etc-Updating social media of business (Facebook, blogs, Twitter, Instagram, etc)

BUSINESS PROJECTHUMAN RESOURCE MANAGER

-Develop, advise on and implement policies relating to the effective use of personnel within an organisation

PRODUCTION MANAGER-Keeping records of goods ordered and received-Controlling purchasing budget

PURCHASING MANAGER-Searching and dealing with suppliers for business’ products-Building fruitful relationship with suppliers

OPERATION MANAGER-Taking attendance of group members (during business operations)-Preparing business’ schedule-Responsible in preparing booth (every week)

BUSINESS PROJECTHOMEWORK

• Form a group• 1 group= 6 students• Finalise your company’s name• Decide on each member’s job

BUSINESS PROJECTCREATING LOGO FOR YOUR COMPANY

Your logo is a visual representation of everything your company stands for. Think of McDonald's golden arches or the Nike swoosh-these two impressive logos embody

these companies well.

Ideally, your company logo enhances potential customers and partners' crucial first impression of your business. A good logo can build loyalty between your

business and your customers, establish a brand identity, and provide the professional look of an established

enterprise.

With a little thought and creativity, your logo can quickly and graphically express many positive attributes of your

business, too.


Logo TypesThere are basically three kinds of logos. Font-based

logos consist primarily of a type treatment. The logos of IBM, Microsoft and Sony, for instance, use type

treatments with a twist that makes them distinctive.

Then there are logos that literally illustrate what a company does,

such as when a house-painting company uses an illustration of a

brush in its logo


And finally, there are abstract graphic symbols-such as Nike's swoosh-that become linked to a

company's brand



• Before you begin sketching, first articulate the message you want your logo to convey. Try writing a one-

sentence image and mission statement to help focus your efforts

• Look at the logos of other businesses in your industry. Do your competitors use solid, conservative images, or flashy graphics and type? Think about how you want to differentiate your logo from those of your

competition

• Focus on your message. Decide what you want to communicate about your company. Does it have a

distinct personality-serious or light-hearted? What makes it unique in relation to your competition? What's the

nature of your current target audience? These elements should play an important role in the overall design or

redesign


• Make it clean and functional. A good logo should be scalable, easy to reproduce, memorable and distinctive. And be sure to create a logo that can be reproduced in black and white so that it can be faxed, photocopied or used in a black-and-white ad as effectively as in colour.

• Your business name will affect your logo design. If your business name is "D.C. Jewelers," you may wish to use a classy, serif font to accent the letters (especially if

your name features initials). For a company called "Lightning Bolt Printing," the logo might feature some creative implementation of-you guessed it-a lightning

bolt.


Use your logo to illustrate your business's key benefit. The best logos make an immediate statement with a picture or illustration, not words. The "Lightning

Bolt Printing" logo, for example, may need to convey the business benefit of "ultra-fast, guaranteed printing

services." The lightning bolt image could be manipulated to suggest speed and assurance

Don't use clip art. However tempting it may be, clip art can be copied too easily

Avoid trendy looks. If you're redesigning your old logo, you run the risk of confusing customers-or worse,

alienating them


Watch Your ColoursOne thing you need to be careful of as you explore colour

options is cost. Your five-colour logo may be gorgeous, but once it comes time to produce it on stationery, the price won't be so attractive. Nor will it work in mediums

that only allow one or two colours. Try not to exceed three colours unless you decide it's absolutely necessary.

Your logo can appear on a variety of media: signage, advertising, stationery, delivery vehicles and packaging,

to name just a few. Remember that some of those applications have production limitations. Make sure you

do a colour study. Look at your logo in one-, two- and three-color versions.


HOMEWORK (after holiday)

1)Create a logo for your company2)Give Miss three designs (of your logo)3)Digitally done (using Photoshop, etc)

NO hand-drawn images4) Give the details of your logo (colours,

fonts, font size, slogan and meaning behind your chosen colours, fonts, etc)

BUSINESS PROJECT

FIFTH TASK

- Generate several business opportunities -

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6 Steps for Generating New Business Opportunities

Entrepreneurs often live with the hope that if they build it, customers will come. But in today's economy, it takes

a lot more than hope to get people to purchase your products or services: New business-building practices are

a must if you want to expand

Another necessary element is a clear-cut plan for growth. But many entrepreneurs get obsessed with creating the perfect plan. Or they never get around to putting one

together

BUSINESS PROJECTSTEP 1

Focus on your core product

- It's common in small, service businesses that the entrepreneur feels he or she must do everything the "big

guys" do to compete

- The truth is, small-business owners can really never compete in the same way

- So it's essential for small businesses to differentiate themselves by focusing on the unique capabilities and

core products they bring to prospects

- Specialization is the entrepreneur's greatest asset


Stay true to who you really are- Knowing who you are and what gets you excited will help you

reach your goals. Nothing can derail a growth plan more than discomfort and procrastination-it's simply human nature to

procrastinate over things that cause discomfort

- And there are dozens of daily business requirements that every business owner detests. If you're finding yourself putting things

off, it's time to start delegating

Stay true to who you are and what you do best: Hand off those tasks that will blow you off course because you don't like doing

them, so you don't

- Stretch and grow your capabilities in alignment with your interests and expertise. If accounting is your nemesis, hire a

bookkeeper. If your personal organization is out of control, hire a temp to set up a new filing system. Always make sure that you're

focused on your priority "A" tasks and delegate your Bs and Cs


Map it

- Mapping your capabilities with your target clients' needs is an excellent way for you to determine your service strategy. You'll

find that while you may be perfectly skilled in many areas, you're going after customers who don't need your particular expertise

- One common trait among many entrepreneurs is the urge to "cast a wide net" by being all things to all companies. In almost

every case, however, a small business flourishes because it has a narrower service offering. Remember, a small company's value is

that it can specialize in unique, top-quality services

- Develop a list of decision-making criteria that you expect your clients to use when choosing a provider in your industry. Then rank yourself in terms of where you'd be positioned in each

category


Utilize the best marketing tools for you

- When deciding on a marketing strategy, implement one that fits your personality and the customers you serve. For instance, if you're terrified of getting up in front of a

crowd, don't schedule yourself to participate on a panel in the hopes of generating business

- Identify the top two marketing tools you've used in the past that have worked for your company. Let's say that's cold calling and a Web site. Then start adding new ideas

for a fresh perspective

- When selecting your marketing tools, also evaluate them from a financial and cost basis. Decide what will yield the best return on your efforts. Each tool should

lead to a revenue-producing result in one way or another

STEP 5Implement a plan of action

BUSINESS PROJECT

- Your action plan will also give you the map you can use to measure your progress

- Establish goals that can be reviewed at three and six months. At incremental points within each three-month period, keep checking your plan to see if you're meeting your goals. If you find you're missing the target, ask why

- Were the tools appropriate for your target customer? Did you integrate the strategy, or did you just focus on

one of the tools?

- Don't forget to plug in specific actions that you'll do every day to help you meet your goals. That daily strategy will keep the goals of the plan top of mind

STEP 6Exercise the plan

BUSINESS PROJECT

- This final step is to implement all the ideas in your plan. Complete the daily actions, and then do

something extra to accelerate your success plan. If you approach your plan and you have doubt, either

get over it or substitute an action that you're comfortable with so you stay on course.

- Don't let unplanned tasks waste precious time that should be applied toward reaching your goal

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CLASS ACTIVITY

GENERATION OF BUSINESS IDEAS 1

HOMEWORK

GENERATION OF BUSINESS IDEAS 2

FEASIBILITY OF YOUR BUSINESS IDEA

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CHECK THIS1. IS YOUR BUSINESS IDEA A GOOD

ONE?

2. ANALYSE THE BUSINESS IDEA

3. MARKET ANALYSIS

4. ADVANTAGE ANALYSIS

5. FINANCIAL FEASIBILITY ANALYSIS

IS YOUR BUSINESS IDEA A GOOD ONE?

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It's important to look critically and impartially at your business idea when determining whether or not it's worth investing your

time and money.

It can be difficult to remain impartial about an idea you're passionate about, so talk to a business advisor to get a qualified

and objective perspective.

It's important to remember that what is considered feasible may differ greatly from person to person depending on the return on

investment they want and the risk they're willing to take on.

In your feasibility study you should analyse your business idea, market and competitive advantage as well as the financial

feasibility of the business.

ANALYSE THE BUSINESS IDEA

BUSINESS PROJECT

In this first stage of your feasibility study you need to look objectively at the idea and determine its profitability. This

objective analysis would include:

1) assessing the market size2) assessing the competitive advantage of your

idea3) assessing capital requirements

4) considering your management ability5) finding out if anyone else has tried your business

idea, and if they failed - why?

MARKET ANALYSIS

BUSINESS PROJECT

Once you have determined there is a market for the product or service you are planning to supply, you need to conduct some

more research which should include the following:

1) Demand analysis: here you determine the type of demand that exists for your product or service (eg: consumer,

distributor), and establish the size of the market and its growth capacity

2) Supply analysis: look at the life cycle of the industry. Is it the right time for you to be entering it? Also study the way the industry is structured and think about how that will affect your

business

3) Relationship analysis: how do the various groups within the industry interact? What is the bargaining power of buyers and

suppliers? Is there a threat of substitute products or new entrants?

COMPETITIVE ADVANTAGE ANALYSIS

BUSINESS PROJECT

Now that you've established that your idea is a good one and that there is a market for what you are offering, you need to determine what makes your product or service

special. Ask yourself these questions:

1) How is my product or service different to those offered by my competitors?

2) Why will customers purchase the product or service from me rather than my competitors?3) Are there any barriers to me entering the

market?What makes my competitors successful?

FINANCIAL FEASIBILITYANALYSIS

BUSINESS PROJECT

The final part of your study should address the financial feasibility of the business idea which

involves the following:

1) preparing a sales forecast

2) estimating start-up and working capital requirements

3) estimating profitability

4) assessing financial viability

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HOMEWORK

Building up a business plan

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MARKET RESEARCH

Effort to gain information about markets/customers

WHY?

To get advantages over competitors

Provides information to identify market need, market size and

competition

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MARKET RESEARCHWHAT CAN BE GAINED? = Discovering what people want and need

PRIMARY RESEARCHCollection of original data (not from other

sources)Eg: questionnaires,

telephone interviews, face-to-

face interviews

SECONDARY RESEARCHSummary of data from primary research (done

by other people)Eg: gaining info from

academic books, academic journals, newspapers, etc

THROUGH

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ASSIGNMENT 1

..........................

Choose:1) One business idea (what products

do you want to sell and who is your target customers?)

2) One back-up business idea

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SOCIAL RESPONSIBILITY OF A BUSINESS

DEFINITION

Acting with concern and sensitivity, aware of the impact of

your actions on others, particularly the disadvantaged

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SOCIAL RESPONSIBILITY OF A BUSINESS

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- Does your business use recycled paper products or donate to a homeless shelter?

- A growing number of consumers consider such factors when deciding whether to patronize your business- If you think getting involved in social causes would work for your business, there are some things to consider

- Customers can smell "phony" social responsibility a mile away, so unless you're really committed to a cause, don't try to exploit customers' concerns to make a profit

FEW STEPS TO MAKE SOCIAL RESPONSIBILITY WORKS

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Set goalsWhat do you want to achieve?

What do you want your company to achieve? Do you want to enter a new market?

Introduce a new product? Enhance your business's image?


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Decide what cause you want to align yourself

withThis may be your toughest decision, considering

all the option out there: children, the environment, senior citizens, homeless people, people with

disabilitiesYou might want to consider a cause that fits in

with your products or services


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Choose a non-profit or other organization to

partner withGet to know the group, and make sure it's sound,

upstanding, geographically convenient and willing to cooperate with you in developing a partnership


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Design a program, and propose it to the non-profit

groupBesides laying out what you plan to accomplish, also

include indicators that will measure the program's success in tangible terms


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Negotiate an agreement with the

organization Know what they want before you sit down, and try to address their concerns upfront


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Involve employees

Unless you get employees involved from the beginning, they won't be

able to communicate the real caring involved in the campaign to

customers


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Involve customersDon't just do something good and tell your customers

about it later Get customers involved, too

Make it easy for customer to do good; then reward them for doing it

SOCIAL RESPONSIBILITIES OF BUSINESSES (HOMEWORK)

BUSINESS PROJECT

Find a newspaper article (can be from real newspaper or newspaper article from the internet) about businesses conducting their corporate social responsibilities (CSR).

Then, write in about 150-200 words on the details of your chosen company’s corporate social responsibilities activities.

Note: The companies/businesses can be in the form of banks or retail companies.Choose one corporate social responsibility’s activity to you want to embed in your company. Explain in 100 words (minimum) of what CSR activity is your company planning to do

HOW TO WRITE A SHORT BUSINESS PROPOSAL

BUSINESS PROJECT- Short business proposal provides an opportunity to examine your project, anticipating challenges and identifying opportunities

- A short business plan should include two basic elements: a description of the business, including goals and operational plans, and a budget

- It can also be used as away to introduce the company to potential investors and lenders

HOW TO WRITE A SHORT BUSINESS PROPOSAL (simple version of business

plan)

BUSINESS PROJECT

STEP 1Business Description

1) Start your business description with a Statement of Purpose. This is a one- to two-

sentence description of your business and its purpose.

2) Describe the nature of your business. Tell detailed information on product or service you

will offer3) Analyze your market (industry that you want to enter), especially regarding your

competitors4) Brief company’s history

5) How are you going to market your products?

HOW TO WRITE A SHORT BUSINESS PROPOSAL

BUSINESS PROJECT

STEP 2Financial Projection

1) Estimated sales and profits

STEP 3Management Team

1) Members’ names, responsibilities and experiences

STEP 4Funding

1) Where do you get your fund from?

BUSINESS PROJECT

Homework:1) Short business proposal

You guys have to do it individually (even though, your content is going to be the same, since you guys are in groups)

BUSINESS PROJECTTIPS ON ORAL PRESENTATION

(FOR SHORT BUSINESS PROPOSAL)

• Speak loudly but do not yell• Speak slowly and clearly

• Smile, maintain good posture, and make eye contact with audience

• Be succinct: keep your presentation simple but make your words count

• Be engaging. How can your audience be interested in your presentation if you aren’t?

• Vary your tone, don’t “read” your script; even if you are actually reading it, it doesn’t have to sound that

way• Don't step back and forth, pace, or dance



•DO NOT put your entire script in the slides• DO NOT read your slides as you present• Use slides for what they are: visual aids.

Include pictures, make them aesthetic. Use them to highlight ideas, words, or concepts

• Don’t use fancy transitions and effects, they will only make your slideshow look cheesy and

will draw away from your presentation• Spell-check your slides, but have someone else

look them over, too



• If you have a verbal tic (“um,” “like,” “so, yeah,” “uh,” etc.) practice is especially important

• Try to pace your breathing in rehearsal so that you do not speed up, run out of breath, panic, and

get flustered• Rehearsal is not optional prep – and you must do it in front of real people. Rehearse twice minimum• Make sure to time your rehearsals so that you

will stay within/meet your time limit• Conclude your presentation so that your audience knows it’s over, don’t just trail off or get to the last

slide and say “that’s it”

BUSINESS PROJECTWHAT TO PUT ON YOUR SLIDES

SLIDE 1

1) NAME OF YOUR COMPANY2) GROUP CODE

3) LOGO (IF AVAILABLE)4) TYPE OF BUSINESS (FOR EXAMPLE:

RETAIL BUSINESS- FOOD AND BEVERAGES, ACCESSORIES, ETC)


SLIDE 21) NATURE OF BUSINESS (DETAILED

INFORMATION ON PRODUCTS/SERVICES YOU WILL

OFFERED)2) PICTURES OF PRODUCTS (SAMPLES)


SLIDE 31) ANALYZATION OF YOUR MARKET

(COMPETITORS, HOW BIG IS YOUR MARKET?)


SLIDE 41) HOW ARE YOUR GOING TO MARKET

YOUR PRODUCTS? (MARKETING)


SLIDE 51) FINANCIAL PROJECTION (ESTIMATED

SALES AND PROFITS FOR THE THREE MONTHS BUSINESS OPERATION)


SLIDE 61) MEMBERS’ NAMES, RESPONSIB ILTIES

AND EXPERIENCES


SLIDE 71) WHERE DO YOU GET YOUR FUND

FROM?

BUSINESS PROJECT

Next step:1) Presentation for your

short business proposal (group by group)

2) 1 presentation= 7-10 minutes

BUSINESS PROJECTAPPROPRIATE RESEARCH TOOLS

FOR MARKET RESEARCH

FIVE BASIC METHODS OF MARKET RESEARCH

• While there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus groups, personal interviews, observation, and field trials

• The type of data you need and how much money you’re willing to spend will determine which techniques you choose for your business


FOR MARKET RESEARCH

SURVEYSWith concise and straightforward questionnaires, you can

analyze a sample group that represents your target market. The larger the sample, the more reliable your

results will be

1)In-person surveys2)Telephone surveys

3)Mail surveys4) Online surveys


FOR MARKET RESEARCH

ONLINE SURVEYS

1) Keyword search2) Read blogs

3) Conduct online surveys


FOR MARKET RESEARCH

FOCUS GROUPS• In focus groups, a moderator uses a scripted series of questions or topics to lead a discussion among a group of

people

• These sessions take place at neutral locations, usually at facilities with videotaping equipment and an

observation room with one-way mirrors

• A focus group usually lasts one to two hours, and it takes at least three groups to get balanced results


FOR MARKET RESEARCHPERSONAL INTERVIEWS

• Personal interviews include unstructured, open-ended questions. They usually last for about an hour and are

typically recorded.

• This provides more subjective data than surveys. The results are not statistically reliable, which means that

they usually don't represent a large enough segment of the population

• Nevertheless, focus groups and interviews yield valuable insights into customer attitudes and are

excellent ways to uncover issues related to new products or service development.


FOR MARKET RESEARCH

OBSERVATION• Individual responses to surveys and focus groups are

sometimes at odds with people's actual behaviour.

• When you observe consumers in action by videotaping them in stores, at work, or at home, you can observe

how they buy or use a product.

• This gives you a more accurate picture of customers' usage habits and shopping patterns.


FOR MARKET RESEARCH

FIELD TRIALS• Placing a new product in selected stores to test customer response under real-life selling conditions

can help you make product modifications, adjust prices, or improve packaging.

• Small business owners should try to establish rapport with local store owners and Web sites that

can help them test their products.

BUSINESS PROJECT

ASSIGNMENT 1Market research………..

BUSINESS PROJECTHOW TO ANALYSE AND INTERPRET

RESEARCH RESULTS

Always start with your research goals

When analyzing data (whether from questionnaires, interviews, focus groups, or whatever), always start from

review of your research goals, i.e., the reason you undertook the research in the first place.

This will help you organize your data and focus your analysis. For example, if you wanted to know what your potential customers really wants (regarding products),

you can organize data into potential customers’ favourite products and their least favourite products.


RESEARCH RESULTSBasic analysis of "quantitative"

information(for information other than commentary, e.g.,

ratings, rankings, yes's, no's, etc.):

Make copies of your data and store the master copy away. Use the copy for making edits, cutting and pasting, etc.

Tabulate the information, i.e., add up the number of ratings, rankings, yes's, no's for each question

Consider conveying the range of answers, e.g., 20 people ranked "1", 30 ranked "2", and 20 people ranked "3". Put

them in table


RESEARCH RESULTSBasic analysis of "qualitative"

information(respondents' verbal answers in interviews, focus groups,

or written commentary on questionnaires):

Read through all the data.Organize comments into similar categories, e.g., concerns, suggestions, strengths, weaknesses, similar experiences,

recommendations, outputs, outcome indicators, etc and label them according to those categories

Attempt to identify patterns, or associations and causal relationships in the themes, e.g., all people who attended

programs in the evening had similar concerns, most people came from the same geographic area, most people were in the same

salary range, etc.

BUSINESS PROJECT

ASSIGNMENT Analysation of Market

research………..

BUSINESS PROJECTMARKETING MIX (4Ps)• Often referred as 4Ps (product, price, place &

promotion)

• RIGHT product, sold at RIGHT price, RIGHT place and using the most SUITABLE promotion

PRODUCT = look good and work wellPRICE = must be right (hence, healthy profit)

PLACE = Goods arrive to customers (at right time and right place)

PROMOTION = customers need to be aware of products’ existence through promotion

BUSINESS PROJECTMARKETING MIX (4Ps)

PRODUCTS/SERVICES• Must be meeting the requirements of customers

• Appearance is also vital. For example; customers are willing to pay for high-priced Gillette’s razors

• PRODUCT= functions and features of a good

• Should satisfy customer’s needs

• Should have Unique Selling Proposition (USP)

• Products should consider factors such as packaging, quality, warranties, after-sales service and branding


•Development – high costs but no sales•Launch – high expenditure on promotion and product

development, low sales•Growth – sales increase and product should break-even•Maturity – sales stabilise, less expenditure on promotion

needed, revenue & profit should be high•Decline – sales decline, extension strategies can be

adopted or the product withdrawn


Extension strategies should maintain or increase sales

•Modifying the product•Reducing the price•Adding a feature

•Promoting to a different market sector


PLACE•Distribution is a very important element in the marketing mix• Products should be conveniently available for customers to buy•‘Places’ include: 1) Stores

2) Mail order 3) Telesales 4) Internet

• The use of e-commerce (promoting and selling on the internet) has grown massively over the last few years


CHANNELS OF DISTRIBUTION


PROMOTION

• Is the process of communicating with customers. For marketing purposes, communication of products and services contributes to the persuasion process to encourage consumers to avail themselves of whatever is on offer

• The aims of promotion are to:1) Raise awareness2) Encourage sales3) Create or change a brand image4) Maintain market share


PROMOTION

AdvertisingSales promotions

SponsorshipDirect mailing

Public relations


PROMOTION

Awareness - raising awareness of a productInterest – exciting interest in the productDesire – creating desire for the productAction – encouraging a purchase


PRICE • Needs to be relevant to the product/service and the market

• A firm's pricing decision is often aimed at attracting a particular market segment

• The price of a product will depend on: 1) The cost to make it2) The amount of profit desired3) The price competitors charge4) The objectives of the business5) The price customers are willing to pay6) Is there a high demand?7) Is demand sensitive to changes in price?


PRICING STRATEGIES

Cost-plus pricing A common way to make pricing decisions is to calculate how much it costs to do a particular job or activity, and then add on a given

percentage as a return for the job or activity. This is sometimes known as mark-up

Hour-based pricing. Many small businesses are able to work out what their typical costs are for every hour of

work they do, e.g. for gardening, sign writing, photography, etc. The business owner is then able to

charge a standard rate per hour


PRICING STRATEGIES

Penetration pricing. When a firm brings out a new product into a new or existing market, it may feel that it

needs to make a lot of sales very quickly in order to establish itself and to make it possible to produce larger

quantities. It may therefore start off by offering the product at quite a low price. When market penetration

has been achieved, prices can be raised

Skimming. When you bring out a new product, you may be able to start off by charging quite a high price. Some customers may want to be the first to buy your product

because of the prestige of being seen with it, or because they want to be associated with your product before

anyone else.


The extra 3Ps in your 4Ps (so that 7Ps altogether!)

PHYSICAL LAYOUT- today consumers typically come into contact with products in retail units - and they expect a high level of presentation in modern shops. Physical layout is not only relevant to stores, which we visit, but also to the layout and structure of virtual stores, and websites

PROVISION OF CUSTOMER SERVICE - customer service lies at the heart of modern service industries. Customers are likely to be loyal to organisations that serve them wellPROCESSES - associated with customer service are a number of processes involved in making marketing effective in an organisation

BUSINESS PROJECTDEFINITION OF BUSINESS PLAN

- Business plan exists as a document that captures the details of your proposed business and is a sales tool

for the business owner when applying for outside funding such as small business loans and grants

- The business plans show the lender that you have done your homework in regards to realistic

expectations when starting up your company

- The business plan serves as a single reference document to outline the business goals, marketing

plans and financial objectives of the business

BUSINESS PROJECTWHY DO WE NEED BUSINESS PLAN?

CREATE A NEW BUSINESS- Use a plan to establish the right steps to starting a

new business, including what you need to do, what resources will be required and what you expect to

happen

SEEK INVESTMENT FOR A BUSINESS- Investors need to see a business plan before they

decide whether or not to invest. They’ll expect the plan to cover all the main points

BUSINESS PROJECT

BACK UP A BUSINESS LOAN APPLICATION- Like investors, lenders want to see the plan and will

expect the plan to cover the main points

SELL YOUR BUSINESS- Usually the business plan is a very important part of selling the business. Help buyers understand what you

have, what it’s worth and why they want it

WHY DO WE NEED BUSINESS PLAN?

BUSINESS PROJECT

SHARE AND EXPLAIN BUSINESS OBJECTIVES WITH YORU MANAGEMENT TEAM, EMPLOYEES

AND NEW HIRES- Make selected portions of your business plan part of

your new employee training

DEAL WITH PROFESSIONALS- Share selected highlights of your plans with your attorneys and accountants and if this is relevant to

you, consultants


BUSINESS PROJECT

SET SPECIFIC OBJECTIVES FOR MANAGERS- Good management requires setting specific objectives and then tracking and following up

HIRE NEW PEOPLE- How will new people help your business grow and prosper? What exactly are they supposed to be doing?

The rationale for hiring should be in your business plan


BUSINESS PROJECT

DETERMINATION OF PROFITS- A business plan that lays out details about your

liabilities, assets and cost of goods sold can help you determine of your business can actually turn a profit

- A lender (banks/companies) isn’t going to take a risk on a business that can’t make a profit

ESTIMATE START-UP COSTS- A business plan should include a good, if not exact,

estimate of what you expect your start-up or expansion costs to be. This will help you determine

how much money you will need from a lender

WHY IS IT IMPORTANT?

BUSINESS PROJECTWHY IS IT IMPORTANT?

MARKETING- Your business plan must include a detailed marketing campaign that shows how much money you will need

from a lender

IDENTIFY A STRONG MANAGEMENT TEAM- A business plan always includes brief biographies of your team, as well as their skills and what they intend

to bring to the business is an important detail for investors

MERGERS- If you’re considering a merger, a business plan that

details exactly how you intend to merge both businesses is a necessity if you intend to get financing

BUSINESS PROJECTFACTS OF BUSINESS PLANS

FEATURE

- A business plan is a formal document that demonstrates a professional, businesslike approach to

planning and operating the business

- Having a business plan sets a company apart form those who don’t bother to create one


FUNCTION

- Lenders and investors use business plans to make decisions about financing operations or lending capital

- The business plan helps potential suppliers and partners understand what the company does, what

advantage it offers and why they should work with the company


BENEFIT- Business plans establish creditability for start-up companies by providing the details that validate the

business concept

- They also provide a record of action plans and goals, allowing companies to check their progress periodically

and adjust operations if needed

CONSIDERATION- A complete, updated business plan is mandatory for

merger or partnership discussions

BUSINESS PROJECTTIPS ON WRITING BUSINESS PLANS

- Points made in your business report should be concise, clearly presented, easy, quick to interpret, useful for

money lenders (banks, government institutions) to assess the situations and make decisions (to whether or not, to

borrow their money to you)

- Do not provide over-specified lengths of business reports

BUSINESS PROJECTTIPS ON WRITING BUSINESS PLANS

- You can practice to write your business reports by attaining several samples of reports from big institutions (like banks or big retail chain stores), then, you can follow

their writing style

- To produce ‘reader-friendly’ (fun and easy to visualize) business reports, you should be able to provide not only informative piece of work, but also filled with readable

charts, graphs and colour photos

- For example, you can put images/pictures in every major point that you made

BUSINESS PROJECTCOMPONENTS IN WRITING

BUSINESS PLANS

- Short preview or overview statements

- Shorter than ‘traditional essay paragraphs’ that ‘get the right to the point’

- Lists of main points, as in the previous sample reports, followed by expanded descriptions where appropriate

- Headings to draw attention to major points or new sections

- Selective underlining or highlighting where emphasis is required

- Inclusions where possible of graphs, tables and diagrams

- Expression and justification of your own point of view

- Strong but condensed conclusions with recommendations for action where called for

BUSINESS PROJECTCOMPONENTS IN WRITING

BUSINESS PLANS

- Cut out unnecessary words and lengthy phrases

- Be specific (for example; net profit increased by 15% to $40,000)

- Do not repeat same sentences

- Avoided lengthy introductions, rambling contents and unclear conclusions

- Put just one main idea in each paragraph (to avoid cluster of information)

BUSINESS PROJECTWHEN CHECKING/PROOF-READING YOUR REPORT……….

BUSINESS PROJECTWRITING YOUR BUSINESS PLAN

FRONT COVER

Group’s logo (with group’s name)Name (Group’s members’ names)

Group’s codeUnit Title


CONTENTS

List all the sections that are included in your business plan with their page

numbers


EXECUTIVE SUMMARYWhat is an executive summary?

The executive summary is the doorway to your business plan

Your business plan’s executive summary should introduce you, your business and your product

Write it last. Even though the executive summary is at the beginning of a finished business plan, many experienced entrepreneurs

choose to write it after they’ve written everything else. Ideally the executive summary is short—just a page or two—and highlights the points you’ve made elsewhere

in your business plan


EXECUTIVE SUMMARY

The summarization of important sections of your business plan. Have to be done in short paragraphs

1) Overview (short description of business) (70 words)

2) Products/Services (50 words)3) Marketing analysis (50 words)

4) Management (50 words)5) Funds (50 words)

6) Your group’s mission (50 words)


EXECUTIVE SUMMARYHow Long Should An Executive Summary Be?

Never waste words in an executive summary- some experts insist that it takes just a page or two, others

recommend a more detailed summary

The best length for an executive summary is a single or two page- Emphasize the main points of your

plan and keep it brief


DESCRIPTION OF THE BUSINESSDetailed information about your company

DIVIDED INTO SEVERAL SECTIONS

All about the company - What type of business you are? - What do you sell? - Your business model? - Are your products high in quality? Or do you want to sell low-priced products? - Your business location? - Why is it a suitable location for your business?




Company ownership - Who owns the business? (meaning- group members)




Vision, mission, objectives and motto VISION- looks into the future at least five years and defines a desired future state of the company MISSION- A clear and concise declaration of an organization's purpose OBJECTIVES- measurable target of how to achieve a more strategic vision, business or corporate aim MOTTO- A word or phrase that expresses an attitude, ideal, or guiding principle associated with the organization to which it belongs




Opening hours - What time do you open and close your business?

Location - State your business’ location - Why is it a good location? - Do you think your location can attracts high numbers of customers?




Proposed Company’s name - State your company’s name - Explain the reasons behind the formation of your group’s name

Proposed Company’s logo - Give the picture of your company’s logo - Describe it fully




Distribution - Are your going to only sell from your stall? Or online? Or both? - Are you based on B2B or B2C? - Customer payment? Cash or credit? - Return product policy?


DESCRIPTION OF PRODUCTS/SERVICESDetailed information about your products

DIVIDED INTO SEVERAL SECTIONS - What is your main product? - Where do you get your products from? - Are you planning to get your stocks in large numbers? - What other products do you offer? - Are you going to buy your stocks based on your own instincts/preference? - Name the brands/companies that you are going to get your stocks from




Unique Selling Point of Products - What do you think is special about your products? - How are you going to make your products special?

Unique Selling Point of Services - Are you going to provide outstanding customer service? If yes, what are you going to do? - Do you think good customer service is important for your business? Explain further




Pricing strategy - How are you going to be pricing your products? Low or high? - What is your pricing range? - What is your average price point? - Is your pricing range going to be in line with your product’s quality? - Why do you impose your chosen pricing range for your products?




Sales strategy - How many products do you think you can sell to one customer (at one time)? - Are you going to give extra services to your customers? - Are you going to gain your customers’ personal contact data? If yes, how? - Are you going to give good customer service? If yes, state why?




Sales forecast - How many products do you think you will sell? - How much money do you think you can make? - State which products would sell better - State which products would sell less


ANALYSIS OF THE MARKETDIVIDED INTO SEVERAL SECTIONS

Target market segment - Who do you think your customers would be? DEMOGRAPHIC SEGMENTATION - Gender, Age, Income, Family size, Job, etc

GEOGRAPHIC SEGMENTATION - Where they live?

PSYCHOGRAPHIC SEGMENTATION - What is their personality? - Their favourite music? What magazines/newspapers do they read? Television shows/channels they watch? Do they use internet? Leisure time activities?

PURCHASING BEHAVIOUR - Where do they usually shops? - Do they prefer high-priced or low-priced products? Explain - Do they prefer high quality products? Explain


ANALYSIS OF THE MARKET

- State the strengths, weaknesses, opportunities and threats for your business


SWOT ANALYSIS

COMPETITOR ANALYSIS - Who do you think your competitors are? - Briefly state how are you different from your competitors - From the list of competitors that you give, which one do you think is your main competitor?

Competitive advantage - What do you think is special about your business?

Marketing mix (4Ps) - Put all the information regarding your product, place, price and promotion in a table

- Do you conduct any advertising, sales promotions, sponsorship, direct mailing, public relations, etc? - Explain further (together with visuals and its details)


MARKETING ANALYSIS Promotional activities

Short-term strategies - What are your business’ aims that you want to achieve?

Long-term strategies - What are your business’ aims that you want to achieve (after being one year in the business)?

- Your group’s members: names, role in business, I/C No, signatures

Organization Chart - Make an organizational chart (with your names and roles in your business)

Social responsibility plan - Plan a corporate social responsibility activity/activities


MANAGEMENT

Personal details of partners

- How much is your business’ capital? - What is your sales target for each month? - Cash Flow, Profit & Loss account and Balance Sheet (for the period of three months)


FINANCIAL PLAN

- Put all of your visuals here (visuals of your company’s facebook, twitter, blog, instagram, banner, pictures of your booth, customers, receipts/ invoices from suppliers, etc) - Floor plan of your booth


APPENDICES

business project

Documents

model business model

newsletters business

modes of business

business projectaims

significant3 business

selling5 business project

internet9 business project

business exchange of