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UNIT 2
MODULE 2: NEW VENTURE PLANNING AND CREATION (cont’d)
CONTENT
1. Market Research (venture opportunity screening)
(a) Purpose of market research.
(b) Benefits of conducting market research.
(c) Key elements of market research:
(i) product characteristics;
(ii) definition of market;
(iii) expected sales trends;
(iv) customer analysis;
(v) promotional strategy; and,
(vi) nature and level of competition.
(d) Cost-benefit analysis approach to market research.
2. Feasibility Analysis
(a) Purpose of a feasibility analysis.
(b) Benefits of a feasibility analysis.
(c) Key elements of a feasibility analysis:
(i) personality feasibility (individual’s SWOT profile);
(ii) management feasibility;
(iii) operational feasibility;
(iv) financial feasibility;
(v) marketing feasibility;
(vi) time feasibility;
(vii) industry feasibility; and,
CXC A31/U2/13 24 www.cxc.org