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Paper 3

 CASE STUDY

 Almost New 

Finding affordable and fashionable clothing was one of Mary’s biggest struggles until her sister, Agatha, moved to the USA. Agatha started purchasing out-of-season and used clothing and shipping them back home for Mary and her daughters. People started complementing the family on their fashionable attire. Mary and Agatha decided to turn the venture into a business. They plan to name the business Almost New. Agatha would purchase and ship items and Mary would manage the business. They would each own 50 per cent of the business and share any profits or losses equally. Mary would operate the business from her house which is located on a busy street corner near the city. Two of Mary’s daughters would work as shop attendants.


 BUSINESS PLAN


OPERATIONAL PLAN 


1. Nature and Type of Business 


(a) Identify the form of business organization that Mary and Agatha plan to start. .............................................................................................................................................. (1 mark) 


(b) List TWO stakeholders of the business.


2. Internal Structure of Organization


(a) State ONE potential source of conflict that could arise between Mary and Agatha. .............................................................................................................................................. .............................................................................................................................................. (1 mark) 


(b) Outline TWO strategies for effective communication between the owners of the business.


3. Management Functions 


(a) Identify TWO responsibilities that Mary must undertake as a manager of the business.


MARKETING PLAN 

The owners want to make the business attractive to families who operate on a limited financial budget but want to remain in fashion. They plan to set up the store like any other fashion boutique, taking advantage of the busy street on which they will be located. In addition to carrying high-quality products at affordable prices, the owners’ marketing strategy would include seasonal fashion shows, television advertisements, distribution of flyers and special discounts to customers. Mary’s daughters would help to promote sales and do market research for the business by issuing surveys to customers and passers-by and through e-mails to target markets. 


4. Target Market

 (a) State TWO benefits of the location of the business. 


(b) Identify TWO likely targets of the business.


5. Market Research


 (a) State TWO ways in which Almost New may benefit from conducting market research. 


(b) List FOUR factors that are likely to influence consumers’ decision to shop at Almost New.


6. Marketing Activities 


(a) State TWO marketing activities in which Almost New could engage to promote sales. 


(b) Identity TWO distribution channels that Almost New can utilize to get its products to customers.


7. Sales

(a) State TWO terms-of-sale options that Almost New can offer to encourage customers to

purchase its products.

 ..............................................................................................................................................

 ..............................................................................................................................................

 (2 marks)

(b) Explain ONE benefit of having in-house salespersons.

 ..............................................................................................................................................

 ..............................................................................................................................................

 ..............................................................................................................................................

 ..............................................................................................................................................

 (2 marks)

8. Pricing Strategy

Describe ONE strategy that the business could use to price its products. 


FINANCIAL PLAN


The business owners used their own resources to start the business. If the business grows as has been projected, the owners plan to seek financing to open other outlets in the city. The financing would include money for start-up costs, hiring additional employees, paying taxes and paying other recurrent expenses. 


9. Sources and Use of Finance 

(a) Identify TWO sources of financing, other than personal sources, from which the company may obtain funds. .............................................................................................................................................. .............................................................................................................................................. (2 marks) 

(b) State TWO benefits to the owners of using their own funds to start the business.


10. Role of Government 


(a) State TWO ways in which government could assist this new business.

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