Page 29 - THE CARIBBEAN ADVANCED PROFICIENCY EXAMINATIONS

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