15 Explain the principles of market segmentation Principles of market segmentation Importance of segmentation Niche, target, mass marketing Bases of segmentation: demographic, geographic, behavioural Consumer buying behavior: the buying process, factors influencing buying behaviour Students choose a good/service to market to segments Consumer buying behavior illustrated while purchasing a new PC 2014Q3A 2011Q4B,C 2010Q4 30JUNE2008Q4B,C 2006Q3 TERM 2 1 Explain the principles of product management Product Management the concept of product: core, formal/actual, augmented dimensions of the product mix: product line and product extension Boston matrix new product development process product life cycle branding and packaging characteristics of services compared to goods Students create a product to illustrate concept, dimension Videos Group presentations Case study 2014Q3B 2005Q4 2002Q3B 2 Evaluate various pricing strategies Pricing decision Introduction to pricing: definition, role and importance Factors influencing pricing decisions (elasticity of demand, demand, income, consumer preference) Pricing strategies: cost plus, competition, perceived value, going rate, penetration pricing and price skimming Discussion Presentation by Economics students 3 Discuss the major principles of distribution Distribution management Role of distribution in an organisation Factors influencing distribution decisions Types of distribution channels (direct, indirect) Introduction to logistics strategy Types of distribution strategies (intensive, selective, exclusive) Discussion 2014Q4A 2012Q4 2009Q4 2004Q4 4 Examine the major tools of promotion and their implications Promotion strategy Objectives of promotion Tools of promotion and their relative advantages: advertising, personal selling, sales promotion, publicity Students role play tools of promotion 2014Q4B 2013Q3 2012Q3 2009Q3 2JUNE2008Q3 2007Q3 2005Q3
2004Q3 2002Q4 5 Discuss the importance of internet marketing decisions Internet Marketing Development of internet marketing Opportunities created by internet marketing Challenges posed by internet marketing Importance of ecommerce to business organisations Student written research project MODULE 3: Small Business Management Week Objectives Content Teaching/learning strategy Assessment 6 Explain the nature and characteristics of entrepreneurship The nature and characteristics of entrepreneurship Definitions of entrepreneurship Intrapreneurship Corporate entrepreneurship Social entrepreneurship Characteristics of successful entrepreneurs Nina Programme PPTs Brainstorming Past papers 2002-2014 Q5,6 7 Explain the relationship between business organisations and the economic system in which they operate Business and economic systems Economic systems in which businesses operate (free economy, mixed economy, planned economy) The impact of the economic system on business decision making Economics students in class present on economic systems Video Discussion 8 Assess the criteria for measuring size and growth of business Size and growth of business Criteria for measuring size and growth: output, labour force, market share, capital structure Advantages and disadvantages of small vs large firms: size and financial requirements, economies of scale, strategies for growth, management and control, lack of record keeping, working capital deficiencies, poor management skills, regulation and legislation Comparison of a small and large firm
9 Assess the challenges and opportunities faced by small businesses Major challenges and opportunities faced by small businesses Identifying successful business opportunities Sourcing capital (finance) Selection of business types (sole trader, partnership, company) Determining a location Globalization and trade liberalization Ecommerce Intellectual property Interviewing a small business owner in their community (reporting) 10 Describe the types of assistance agencies offer to small businesses Types and nature of assistance available to small firms Agencies that assist small businesses: government, financial institutions Types of assistance offered to small businesses: financial, technical, education and training Leaflets and information booklets from existing organisations 11 Develop a business plan Preparation of a business plan for a small business Executive summary Business description: legal establishment, start up plans Business environment analysis: target market, customer needs, location Industry background Competitor analysis: who are your competitors Market analysis: customer needs, where they are, how to reach them Marketing plan: pricing strategy, promotion strategy, distribution strategy Operations plan: cost of production, machinery Managerial summary: management personnel, staffing Financial plan: profit and loss, cash flows, break even analysis, source of funds, business ratios, assumptions Preparation of a business plan by each student TESTS EVERY THREE TOPICS