Page 55 - Business Studies 11-12 (2006)

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THE ONTARIO CURRICULUM, GRADES 11 AND 12: BUSINESS STUDIES
Developing and Completing a Venture Plan for the Proposed Business
Overall Expectations
By the end of this course, students will:
• analyse the resources required to run their chosen venture;
• complete the components of an effective production plan for their chosen venture; • complete the components of an effective marketing plan for their chosen venture; • complete the components of an effective financial plan for their chosen venture;
• produce,usingappropriatesoftware,aventureplanfortheirchosenventure.
Specific Expectations
Resource Analysis
By the end of this course, students will:
– determine what land, buildings, capital, equipment, and services are required to operate their proposed business venture;
– identify and describe the applicable insurance and regulatory requirements
that must be met in starting their proposed venture (e.g., liability insurance, principal’s approval, permits, government registra- tions);
– determine the human resource needs (e.g., employees, partners) for their proposed venture;
– compare the various forms of business ownership (e.g., sole proprietorship, part- nership, corporation, cooperative, fran- chise) and determine which form is best suited to their proposed venture.
The Production Plan
By the end of this course, students will:
– describe the process involved in producing a new product or delivering a new service;
– determine the production process that is most appropriate for their chosen venture;
– determine the goods (e.g., raw materials, supplies, equipment) and potential suppli- ers that are required for their chosen venture;
– identify the principles of inventory man- agement and explain the importance of inventory management for an entrepreneur.
The Marketing Plan
By the end of this course, students will:
– compare ways in which a specific good or service can be distributed to customers (e.g., direct channel, indirect channel, party method, vending machines);
– identify the most appropriate method to deliver their good or service;
– compare ways of advertising and promot- ing a venture (e.g., radio and TV commer- cials, print ads, flyers, coupons), and create appropriate advertisements and promo- tional strategies for their chosen venture;
– assess methods used to price a new good or service (e.g., cost-plus pricing, compar- ative pricing, psychological pricing) and determine which method is most appro- priate for pricing their good or service;
– describe the strategy used to determine the price for their new good or service.
The Financial Plan
By the end of this course, students will:
– analyse financial goals that an entrepre- neur might establish for a new business venture (e.g., break-even point, projected profit levels, return on investment, market share);