Class notes
Matric CAPS Consumer Studies Entrepreneurship & Clothing Notes
- Course
- Consumer Studies
- Institution
- 12
Notes covering the Entrepreneurship and Clothing Modules of the Grade 12 CAPS Consumer Studies Curriculum.
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Consumer StudiesTopic 1: Entrepreneurship
Unit 1: From Idea to Production and Marketing of a Product
STEP 1: Identify a profitable home-based opportunity:
• Generate income & enough to put back into business = profitable
• Profit = measure of success of business
• Opportunities = ideas that work and can be turned into a successful and profitable business
• Conduct research regarding:
o Target market
o Industry in which product/service will be sold
o Price
o Production process or how services will be rendered
o Marketing process and point of sale
• After business is set up market research should be done to maintain competitive advantage
and keep up with constant changes in market trends
Requirements for a successful and profitable business:
• Passion
• Target market
• Product or service
• Competitive advantage
• Price
• Location
• Test the business concept
• Start-up finance
*profit threshold: (break-even point) the min no. of sales necessary to cover all expenses.
STEP 2: The Formulation of the Idea:
Identify idea, analyze it, investigate possibilities and then write the concept statement including
information such as:
- Description
- Explanation of benefits to the customer
- Unique qualities
- Information about how customers can obtain product
- Information regarding the trustworthiness of product
- Information regarding packaging (NB for food product)
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