Reference no: EM133835046 , Length: word count:2000
Becoming an Effective Leader
Assessment Brief
As part of the formal assessment for the module Becoming an Effective Leader, you are required to submit the assessment that is described in this assessment brief.
Learning Outcome 1: Explain a suitable business idea and outline the preferred business structure.
Learning Outcome 2: Select and justify appropriate leadership and management techniques, supported by relevant theories.
Learning Outcome 3: Demonstrate an understanding of marketing and pricing strategies, applying these to a business idea.
Learning Outcome 4: Graduate Attribute 2 Contextually Innovative. Develop a structured business plan to assess the feasibility of their proposed idea.
Guidance
Your assignment should include: a title page containing your student number, the module name, the submission deadline and the exact word count of your submitted document; the appendices if relevant; and a reference list in (see referencing section for more information). You should address all the elements of the assignment task listed below. Please note that tutors will use the assessment criteria set out below in assessing your work.
Assignment Task
In this module assessment, you will show your understanding of what is needed to effectively lead and manage a new start up business.
You are an entrepreneur looking to start a new business, and you come across a competition where entrepreneurs can pitch a new business idea to investors who want to invest in business startups. They are looking for future business leaders. Get Fast, Top-Rated Expert Assignment Help!
The investors are interested in business ideas that help make everyday life easier.
Entrepreneurs are encouraged to be creative within this theme, but the business idea must relate to it in some way or form.
To enter the competition, you need to write a 2000-word business plan. The plan will pitch your idea. It must persuade the investors that you have a good understanding of what is needed to effectively lead and manage a new start up business.
Below is the template for your business plan that you need to fill in to enter the competition. A Microsoft Word template is available on iLearn for you to write up your plan.
Your plan should showcase your business idea, so your plan needs to give as much detail as possible about your specific business idea.
Description of your business idea (350 words) LO1 & LO4
Describe your business idea.
Explain how your business will make everyday life easier?
How do you know your business idea will work?
Unique selling point (USP) (100 words) LO1
Summarise your business's unique selling point.
Business structure (250 words) LO1
Select one of the following for your business:
Sole trader
Partnership
Private Limited Company (Ltd)
Community Interest Company
Describe how your business will be structured and explain why this is the best structure for your business.
Your leadership skills (700 words) LO2
The investors want to know what you are like as a leader.
Complete the leadership audit you will find on iLearn lesson 3 within the face- to-face materials, or in My Assessments on iLearn. Discuss the results. What have you learned about your leadership style?
Which of the following leadership styles would you adopt (choose one)? Explain why this would be the best choice for both you and your business.
Autocratic
Democratic
Laissez-Faire
Transactional
Which motivational theory would you use for your employees and why?
Maslow's hierarchy of needs
Mayo's theory of motivation
Herzberg's two factor theory
Marketing plan (600 words) LO3
The investors want you to prepare a short talk explaining your marketing plan. Write the text for your talk - write in full sentences. Your talk should include the following:
A description of who your customers are.
A description of who your competitors are (you will need to research real life competitors and discuss them here)
Briefly discuss what you would plan to do to market your idea for each of the 4Ps. Give reasons for your approach.
Product: The product element refers to the products or services the business sells. A business should conduct market research. to find out the needs and wants of its target market.
Promotion: Promotion is the methods a business uses to create interest in its products and services among its customers and potential customers. The main aim of promotion is to either persuade customers to purchase or inform about products.
Types of promotion includes:
TV adverts
use of billboards social media activity
Price: Price is the amount a business charges its customers for its product or service. Prices are set according to how much a customer is willing and able to pay. Customers want value for money, and this may mean a business needs to set low prices to generate high levels of sales.
Place: Place refers to where the customer can purchase the product or service from such as online, retail store and directly from the manufacturer. Place can also include the channel of distribution used to get the product from the manufacturer to the final customer. Types of distribution include: manufacturer → customer
manufacturer → wholesaler
→ customer
manufacturer → wholesaler → retailer
→ customer
References: Include a reference list of all sources referred to in your business plan in the Harvard style of referencing.