20.5 ACTIVITY You can now carry out this process to complete a cost–beneýt analysis using the case study. Complete the activities that follow to practise this skill. CASE STUDY: Uncle Bill’s You have been asked by a friend who has their own catering business whether they should start to offer a delivery service. The business makes cakes and sandwiches, and serves workers in a busy city location. 1. Complete a cost–beneýt analysis of this idea — you may need to do some extra research to establish whether your cost–beneýt analysis is accurate. 2. Offer advice to your friend as to what they should do. You will need to write this as a recommendation and base it on evidence. Make sure you can present your analysis in an appropriate format.
LESSON 20.6 SkillBuilder: Communicating
LEARNING INTENTION By the end of this lesson you will be able to prepare, research, structure and write a pitch for a new product or business idea.
20.6.1 Tell me When you use the skill of communicating and reþecting in Economics and Business, you will be presenting your ýndings or information using an appropriate format to suit a particular audience. You will also need to use terminology that is used by economists and businesspeople. For example, when writing a case study on a business, you would be expected to use business terminology and write as if your audience are people who are interested in studying businesses. A pitch is a speech or presentation given by a prospective business owner, whereby they attempt to persuade an audience (often a group of investors) to see that their idea for a product or a business is a good one. With a good pitch, the business owner would hope that the investors would choose to invest in the new product or business idea.
20.6.2 Show me Elements of a good business pitch A good business pitch:
• has an introductory statement that will grab attention • clearly deýnes the problem the business owner is solving • explains what the new product is or what the business idea is about • outlines why the new product/business idea is unique and/or better than the competition • is easy to understand • is well-presented.
Jacaranda Humanities Alive 8 Victorian Curriculum Third Edition
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