BUSINESS ADVISORY DISCUSSION QUESTION (10 marks)

BEN'S BEARS

Having been stuck at home for the last few months, your friend Ben is excited by a new business idea. He asks for your feedback on the sales section of his new business plan.

Bens Bears will create custom teddy-bears, that will include a small chip holding a selection of recorded voices. When grandparents or other loved ones order the bear, they can upload some short recordings of their voices which the children will hear when they press a button on the bear. Whist some other companies offer custom clothing and lettering on bears, no others allow custom voices to be included. Each bear will sell for $250. The bears will be sold via amazon.com.au This is a trusted website and will therefore allow customers to buy the bears with confidence. Over time, positive reviews will mean that more and more people purchase a custom bear.

Required:

a) Define the Four Ps of a sales plan and briefly state how each applies in this case. (2 marks)

b) Provide four (4) comments as to the strengths and weaknesses of the above sales plan. Your comments should include at least one strength and one weakness. (4 marks)

c) Provide two (2) recommendations for improving the plan AND two (2) low-cost ways that the business idea could be tested before launching. (4 marks)

Please provide your answers in the following space. Label your answer to each part clearly.