Core Portfolio Item

 This is a word-processed document of words in length.  The is a plan for an enterprising activity which a student (or group) intends to organise, or an action which a student (or group) intends to take.  The plan should be in the future tense.  However you must show that you have already undertaken some research, and analysis thereof, as part of the initial investigation prior to completing the plan.  Therefore, these parts of the plan – notably ‘Research methods’ – should contain some details in the past tense.

 Where group work is involved, it is very important to highlight your own individual contribution to the enterprise/action – you must include personal objectives  Examples of enterprise/action plans ◦ A plan for a local area investigation ◦ A plan for a visit to an enterprise ◦ A plan for a careers, information evening ◦ A plan for a fundraising event ◦ A plan for a mini enterprise ◦ A plan for learning a new skill ◦ A plan for organising a work placement

 The enterprise/action plan will assess the student’s ability to ◦ Generate a document with a clear and consistent layout ◦ Set objectives ◦ Select and conduct relevant research ◦ Analyse the results of selected research ◦ Devise a logical plan of action ◦ Identify and quantify required resources ◦ Estimate required time and costs ◦ Propose methods by which the success of the plan will be measured

TITLEState the document is a plan and indicate its purpose OBJECTIVES Include 3/4. Refer to what the group expects to achieve or hopes to learn. You should also include a personal objective. RESEARCH METHODS Include 3. Indicate the research that has been carried out in order to develop a plan. Research might include writing or telephoning for information; library or internet search; seeking advice from adults or peers; canvassing opinion; using a questionnaire. You should also identify the particular piece of research you carried out. GAP IN TIME – STOP AND DO RESEARCH ANALYSIS OF RESEARCH Summarise the outcome of each research method by recording the relevant information obtained and how it will influence the plan ACTIONS An outline of the steps that you intend to take to implement the plan – chronological order. Again, clearly indicate your personal contribution to the plan of action. SCHEDULE OF TIME Indicate how much time will be allocated to each part of the activity and the dates of any deadlines that must be met in order to carry out the plan. RESOURCES AND COSTS Include the itemised and estimated cost of materials/expenses. EVALUATION METHODS How you will evaluate whether each of the specific objectives has been achieved. You should include a method of evaluating whether or not your own personal objective was achieved also.

 When developing a product or service, a number of stages need to be completed. These can include the following: (1) Generating Ideas (2)Product/Service Screening (3) Concept Development (4) Concept Development (5) Feasibility Study (6) Prototype Development (7) Manufacture/Supply

1) Generating ideas – these can come from a variety of sources; a)Copy existing products/services that are available b)Improve on existing p/s c)Identify a gap in the market where no suitable p/s exists d)Suggestions from employees or customers e)Research and development within the business might generate ideas f)‘Brainstorming’ – when a group of people, sharing a common objective, expertise and knowledge, come together to generate ideas 2) P/S Screening – picking out the best idea(s) for development 3) Concept Development – deciding on what you want the p/s to do. What is its USP (Unique Selling Point) 4) Feasibility Study – can it be made/provided? Will it be profitable? Are raw materials/machinery/skills/etc. available 5) Prototype Study – do you need to make a model? Do a test run? It identifies any problems with the product. 6) Manufacture/Supply – production and marketing of the new p/s

 This can be defined as the management process responsible for identifying, anticipating and satisfying the needs of customers profitably  An essential element of marketing is market research – this is the collection, recording and detailed examination of all the information relating to the transfer of goods or services from the producer to the customer ◦ This is essential as it identifies what the public wants therefore increasing the likelihood of success; reduces the risk of costly mistakes; identifies essential marketing information for advertising

Desk Research –  Information is gathered by doing research on data already available within the organisation or from outside agencies.  Sources include the Internet, telephone, existing records, publications etc.  The information gathered is known as ‘secondary information’. Field Research –  Find out first-hand information relevant to your enterprise e.g. people’s likes/dislikes, price they are willing to pay etc.  This is called ‘primary data’.  Field research usually involves face-to-face interviews, telephone interviews/research, questionnaires etc.

Product ◦ Find a gap in the market, satisfy customer needs and generate sales ◦ Create an attractive and safe design for the product ◦ Give the product a unique name ◦ Use attractive and appropriate packaging ◦ Have a U.S.P. to attract potential customers ◦ Find out if there is competition Price ◦ Cover its direct costs (e.g. raw materials and labour) ◦ Cover marketing and distribution costs ◦ Take account of your competitors price ◦ Be in line with customer demand and what they’re willing to pay

Promotion ◦ What methods of advertising will you use to advertise your target market ◦ Will you give any sales promotions offers e.g. 3 for the price of 2 ◦ Enterprises also have to deal with public relations issues such as complaints and press releases ◦ Will you employ direct marketing e.g. a flyer or e- mail to each student Place ◦ Where is your market actually situated? ◦ How will you transfer your goods to the market? ◦ How will you distribute your goods? Will you sell the goods direct to the customer or will you sell through an agent/retailer?