Andes
Thank you so much
Introduction
Aim
The aim of this Unit 54 Business Skills for Proposals and Pitches is to provide learners with an understanding of the concepts and skills involved in the development and implementation of a business idea through the practical application of relevant theories.
Unit abstract
This is a broad-based unit which focuses on the application of business concepts in a practical context. Learners will understand the academic and business skills involved in researching a market, analysing data and making informed decisions. In this unit, learners will consolidate understanding of the concepts developed in units 1–4, for example management and leadership theories and the elements of the marketing mix. Firstly, learners will be required to develop a business idea by identifying a gap in the market. Through this process, learners will practice and further develop skills in market research and data analysis. Learners will then consider the market environment for their chosen product/service using a variety of business tools, for example PESTEL analysis and Porter’s Five Forces. Next, learners will understand how to critically evaluate a number of business ideas in a formal context and assess their feasibility. Learners will also, therefore, develop an understanding of how to conduct a business meeting, in addition to enhancing communication and debating skills. Finally, learners will consider the elements of the marketing mix and prepare a pitch for their chosen business idea.
Learning outcomes
1 Understand ways of researching and analysing a market
- Business sectors: food and drink; leisure; media & technology; travel; fashion; beauty and health; finance; product; service; country of operation
- Market research: market share; growth; market trends; market reports; industry profiles
- Analysis of business information:current tends in markets; strengths and weaknesses of products and services; SWOT analysis; production; competitors
2 Be able to apply analytical tools when assessing the feasibility of a business proposal
- Macro-environment: PESTEL analysis; political; economic; social; technological; environmental; legal; external factors; market potential
- Target market: market segmentation (geographic, demographic, psychographic and behavioural); positioning
- Micro-environment: Porter’s Five Forces; barriers to entry; supplier power; buyer power; threat of substitution; threat of new entry; competitive rivalry
- Business proposal: factors to consider for robustness; competitors: direct; indirect market share; strengths and weaknesses; research and analysis of proposal.
3 Be able to participate in formal business meetings
- Preparation for a business meeting: drawing up an agenda; allocation of roles; communication of information; methods of communication; format of communication; pre and post meeting documentation; timings; attendance; invitees
- Conducting a business meeting: taking minutes; role of the chair; turn-taking; debating skills; recording decisions; critical evaluation; making judgements
4 Be able to participate in a group business pitch using verbal and visual methods
- Verbal communication: presentation skills; time management; teamwork; effective business communication; language of persuasion; evaluation of pitch and group work
- Visual communication: graphics; presentation slides; promotional video; advertising (leaflets); body language and gestures
Resources
Essential requirements
Learners individually research a proposal, which they then individually present at a meeting. One suggested approach is for the meeting then to decide which proposal to take forward, this is then the proposal that the group take forward and pitch. There are no essential or unique resources required for the delivery of this unit, although it may be beneficial to use a video camera to record the pitch.
