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Business Ideas

Business Ideas. You are going to put together a plan for a business that you think would be suitable for Ryton. Lesson aims and objectives. Today I will learn: What information someone might consider or what someone might do before setting up a business. I will be successful if I can:

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Business Ideas

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  1. Business Ideas You are going to put together a plan for a business that you think would be suitable for Ryton

  2. Lesson aims and objectives Today I will learn: What information someone might consider or what someone might do before setting up a business. I will be successful if I can: • AO1: List what someone might find out before setting up a business State different ways to break down a market Explain the difference between features and benefits of a product / service

  3. Researching the market and identifying gaps or opportunities Every successful business has carried out research before setting up to see if there is a gap or an opportunity. • What sort of research might you do before setting up a business in Ryton? • Why might you carry out research rather than just going ahead and setting up the business?

  4. Selecting a product or service Have a look at the two links. Sinclair C5: http://i.telegraph.co.uk/multimedia/archive/01714/sinclair-c5_1714703c.jpg • Crystal Pepsi: http://farm4.static.flickr.com/3059/2335189910_8d956ba33c_o.jpg • Why do you think these did not work? • Can you come up with any other examples of businesses that have not been successful, this can be national or local – think of businesses that have closed down in the metro centre or near where you live. Identify the business and say why you think it was unsuccessful.

  5. Targeting customers by age, location, interests or concerns • What is target market / target audience? (pg22 will help you) • How might the market be broken down? (Use the text book pg22 to help you)

  6. Ways to break down a market This is a check list - did you identify all of these? • Age (babies, toddlers, preschool, teenagers, young adults, older or retired adults) • Gender (male or female) • Location (local, national, international) • Interests (lifestyle, hobbies, health, culture) Give an example of a product or business that aims at each category. Note you don’t’ have to do baby, toddler etc. just age, gender etc.

  7. How a selected product or service will meet the need or demand of targeted customers Businesses must ensure that their product or service is actually wanted. This will mean that there will be a demand for the product or service being sold which will lead to a profit. This is linked with research prior to setting up the business as it would not make sense to try and sell something no one wants.

  8. Difference between ‘benefits’ and ‘features’ of a product or service When products and services are marketed the business will want promote the “features” and “benefits”. • What is the difference? (pg23 will help) • For an existing product of your choice ie: think of a product that already exists, list it’s features and benefits. (If struggling with a product – think of a mobile phone or head phones)

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