Level 2 Enterprise Skills BTEC

This subject is broken down into 35 topics in 7 modules:

  1. Enterprise Skills and Personal Attributes 5 topics
  2. Business Opportunities, Ideas and Planning 5 topics
  3. Finance and Resource Management 5 topics
  4. Marketing and Promotion 5 topics
  5. Sales and Customer Service (Optional) 5 topics
  6. E-commerce and Online Business (Optional) 5 topics
  7. Social Enterprise and Community Projects (Optional) 5 topics
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  • 7
    modules
  • 35
    topics
  • 13,549
    words of revision content
  • 1+
    hours of audio lessons

This page was last modified on 28 September 2024.

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Enterprise Skills

Enterprise Skills and Personal Attributes

Characteristics of successful entrepreneurs

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Characteristics of successful entrepreneurs

Characteristics of Successful Entrepreneurs

Passion and Motivation

  • Demonstrates a deep passion for their business idea, which serves as an internal source of motivation.
  • Shows resilience and maintains motivation, even when faced with difficulties or setbacks.
  • Expresses a strong desire to succeed and continually works towards their business goals.

Risk Taking

  • Willing to take calculated risks that could improve their business prospects.
  • Understands that success may involve failure and is prepared to learn from mistakes.

Self-confidence

  • Displays a sense of self-belief and confidence in their ability to manage and grow a business.
  • Remains confident, even under pressure, and influences others with their positive attitude.

Creativity and Innovation

  • Wields creative and innovative abilities to develop original business ideas.
  • Utilises innovation to solve problems and improve services or products.

Ability to Recognise Opportunities

  • Exhibits a keen eye for spotting business opportunities that others may overlook.
  • Utilises their proactive nature to seize and capitalise on these opportunities.

Goal Orientation

  • Consistently sets clear and achievable business goals.
  • Puts in the necessary effort to ensure these goals are reached.

Problem Solving Skills

  • Applies effective problem-solving skills to tackle challenging business situations.
  • Consistently thinks critically and analytically to devise practical solutions.

Effective Communication Skills

  • Utilises strong communication skills to liaise with employees, customers, suppliers, and investors effectively.
  • Has great listening skills and the ability to interpret information accurately.

Leadership Skills

  • Leads by example and encourages their team to work towards common goals.
  • Demonstrates good decision-making skills, taking full responsibility for the outcomes.

Remember, while these are common traits amongst successful entrepreneurs, not all successful entrepreneurs share these exact characteristics. It is the unique combination of these traits and how they're utilised that tends to lead to success.

Course material for Enterprise Skills, module Enterprise Skills and Personal Attributes, topic Characteristics of successful entrepreneurs

Enterprise Skills

Marketing and Promotion

Pricing strategies

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Pricing strategies

Pricing Strategies

  • Pricing strategies are vital in the marketing process of any business as they help determine the price point at which a product will be sold to consumers.

  • Various factors can influence the chosen strategy, such as the nature of the product, market conditions, competition, and company objectives.

  • Effective pricing strategies balance meeting the company's revenue goals and satisfying consumer expectations.

Types of Pricing Strategies

  • Cost-Plus Pricing: This is the simplest strategy, setting the price at the cost of production plus a certain profit margin.

  • Market-Oriented Pricing: The price is determined by considering what the market is willing to pay, often influenced by what competitors are charging.

  • Penetration Pricing: A low price is set to attract customers to a new product, with the intention of raising it later once a market share has been established.

  • Price Skimming: Used for new or unique products, the initial high price captures maximum revenues before competitors come in, then the price is gradually lowered.

  • Psychological Pricing: This strategy uses the consumer's emotional response to prices, for instance setting the price slightly lower than a round figure (like £9.99 instead of £10).

Effects of Pricing Strategies on Marketing and Promotion

  • Pricing strategies play a significant role in the positioning of a product in the market. For example, a skimming price may position a product as high-quality and exclusive.

  • The chosen price can also impact the promotional methods and channels. For instance, a product with a high price might be promoted in luxury magazines, while a product priced for a mass market might be advertised on popular TV channels.

  • The success of certain promotions may also depend on price. For example, buy-one-get-one-free offers work best when the product's price doesn't deter customers from buying more than one.

Benefits of Effective Pricing Strategies

  • Proper pricing strategies can lead to increased sales volume and higher profit margins.

  • By differentiating your product through pricing, businesses can also achieve a competitive advantage in the market.

  • Effective pricing can also lead to improved customer satisfaction, especially if consumers perceive they are getting good value for their money.

  • Lastly, the right pricing strategy can support a product's branding and positioning, helping to attract the target market.

Course material for Enterprise Skills, module Marketing and Promotion, topic Pricing strategies

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