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starting up a business

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Introduction

BTEC FIRST DIPLOMA IN BUSINESS UNIT 9: STARTING UP A NEW BUSINESS TASK 1 (P1) Describe the level of market knowledge a new entrepreneur would need for your chosen type of business to survive for at least one year in a selected market. I am planning on starting a personal tutoring business. Before I do start this business I would need to find about the market that it is in. to find out about this market I need to carry out a market research to research what customer wants, what their buying habits are. There are two main types of marketing research which are Primary and Secondary research. Primary Research: this is concerned with obtaining information directly from customers by interviewing them. When primary research is being carried out it is necessary to describe the type and number of people the business is trying to attract as customers. For customer market the demand can be known by age, gender, income, lifestyle and marital status. ...read more.

Middle

It is important for them to know about the market it is entering otherwise the business will not survive; everything in a business needs to be taken into consideration. TASK 2 (M1) Explain how a potential new entrepreneur might plan for entry into that particular market. In order to complete this assignment I will need to explain what the business does, then I will explain if there is a demand for my service, who my target market and my competitors are, I will carry out a SWOT analysis on my competitors. I will also explain where the business will be located and where my competitors will be located. I will talk about the premises and other things connected to the location. I will describe the legal structure and decide when I will start the business, what resources I will need to start the business, how I will get the funds, how I will promote my business and lastly I will explain other staff that I can talk about to open the business. ...read more.

Conclusion

SWOT stands for strengths, weakness, opportunities, and threats. This technique is used for the development of marketing plans. The role of the SWOT analysis is to get information from the community/ environment and divide the issues into internal and external issues. Strength and weakness are internal factors that can affect the value by increasing or decreasing it. This relates to product or the business. Opportunities and threats are external factors that the business can not control. This relates to market or competitors actions. Factors of the SWOT analysis of SA Tuition Centre:- For strengths:- * Financial support from father * Location of business * good communicational skills * work experience in the same field For weakness:- * Lack of business knowledge * What if the owner is away * lack of market knowledge * not easy to expand * Competition For opportunities:- * developing market * attractive market segment * Centre based on main street For threats:- * a competitor in the same market * competitor has a better service * new rules change in customers taste ...read more.

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