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BTEC Unit 36 Starting A Small Business P1 (Pass)
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BTEC Unit 36 Starting A Small Business P1 (Pass)
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P1: Present the initial business idea by using relevant criteria.In this unit I am going to introduce a new business idea. So the idea which I have
is starting my own sports shoe company. The brand will be called Bluestone
sports shoe and it will start with manufacturing one of the most innovative
football boot in the market as of today. The boot which my company will offer is
called the; Baller PRO V1. What makes this product so unique is that it will be able
to measure the person’s performance on the pitch, because of the data capturing
chip that will be put in the outsole of the boot. It will be able to measure the
following things of a players; distance covered on the field, maximum and average
speed and work rate. The data recorded will be sent to the players profile on the
website which he/she made when purchasing the product.
Product Attractiveness
The product my company will produce will only be available to my business.
Customers will feel attracted to this product, because it is nowhere else sold. They
can track their speed and performance during a game which could help them
improve their performances. Other than that the product is made out of synthetic
fibers which make it comfortable and very lightweight to wear. The Unique Selling
Point of the product is its chip. Football boots with this type of technology are not
available yet and that is what my product separates itself from the competitors.
The information which will be recorded trough the chip underneath the boots will
help young players as well as the biggest stars improve their performances on the
pitch to make them even better.
Market Attractiveness
It is important to find out if the market is attracted to this new product. That is
why research must be conducted. It is important potential customers are
reviewed on whether they like the product and if they can afford it. It is also
important the competition in the market is analyzed. At the moment there are no
football boot manufacturers that offer the same product as I do. There are
however big brands like Nike, Adidas and Puma who already have a large existing
customer base which regularly buy the boots the company produces. This means
it will be hard to convince these customers to buy my boots instead of the boots
they have been buying and wearing for years, but I believe that if the product is
good as well as the price for it I can still succeed. I think the demand for this
product is pretty high, because people like the latest technology and this product
, could change the performances of players, because they will be able to see their
records between matches and compare them to see on what they can improve. It
is also important I am aware of the latest trends in the market because if you
don’t change with the trends throughout the years you will always stay behind. So
for example if I release my product and it is a success I cannot depend on it for
more than 2 years because it is important the product gets renewed and goes
with the time because new technology can be developed which customers would
like to see on my product. That is why it is important I am aware of the latest
trends in the market.
Product Life Cycle
All products have life cycles. Products that were put in the market a while ago get
older and become less popular while the demand for a new version or completely
new product increases. It is important companies understand the different
product life cycle stages, so that they can keep renewing. My products will have a
product life cycle of 4 stages like usual. The 4 stages will be; introduction o the
product, growth stage, maturity stage and the decline stage. The first stage will be
the hardest and most expensive to get through because no one is familiar with my
brand or product so it will take a lot of time and money to create brand
awareness. The growth stage will start when the revenue in sales and profit starts
increasing. This will make it possible for me to introduce new products and
services beside my football boots as well as upgrade them. After the brand has
been established successfully it is important the market share is maintained. A lot
of competitors will try to take in my place but it is important my product keeps
standing. Eventually the market or product will shrink during the decline stage;
from here it is important I bring something new into the market which starts this
process all again.
External Influences
PESTLE Analysis Influence on business
Political Political influence which might affect my business could be in tariff
increases or changes in rules and regulations, because I will be
doing business with foreign countries and it’s important that the
tariffs rates are fixed, because if they increase in the future I will
have to increase the price of my product. Another political decision
which might influence my business could be changes in regulations,
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