3.1 Give ONE term for EACH of the following descriptions of a business plan:
3.1.1 The section that describes the pricing, marketing and promotion of the product
3.1.2 The section that describes the operation or manufacturing
3.1.3 The section that describes the employees
3.1.4 This section is also used to identify the internal and external factors that are favourable or unfavourable to achieve your goals
3.2 Name FIVE advantages of a business plan for a farming enterprise - NSC Agricultural Management Practices - Question 3 - 2018 - Paper 1
Question 3
3.1 Give ONE term for EACH of the following descriptions of a business plan:
3.1.1 The section that describes the pricing, marketing and promotion of the product
... show full transcript
Worked Solution & Example Answer:3.1 Give ONE term for EACH of the following descriptions of a business plan:
3.1.1 The section that describes the pricing, marketing and promotion of the product
3.1.2 The section that describes the operation or manufacturing
3.1.3 The section that describes the employees
3.1.4 This section is also used to identify the internal and external factors that are favourable or unfavourable to achieve your goals
3.2 Name FIVE advantages of a business plan for a farming enterprise - NSC Agricultural Management Practices - Question 3 - 2018 - Paper 1
Step 1
Give ONE term for EACH of the following descriptions of a business plan:
3.1.1 The section that describes the pricing, marketing and promotion of the product
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Marketing plan
Step 2
3.1.2 The section that describes the operation or manufacturing
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Production plan
Step 3
3.1.3 The section that describes the employees
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Human resources plan
Step 4
3.1.4 This section is also used to identify the internal and external factors that are favourable or unfavourable to achieve your goals
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SWOT analysis
Step 5
3.2 Name FIVE advantages of a business plan for a farming enterprise.
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Provides clear strategies and goals.
Guides the business towards goals and objectives.
Helps to reposition the business.
Facilitates risk management.
Assists in determining competitive advantages.
Step 6
3.3.1 List THREE factors that contribute to a successful manager.
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Knowledge of the enterprise.
Networking skills.
Leadership skills.
Step 7
3.3.2 Use the information below to draw a flowchart that illustrates the phases of the entrepreneurial process.
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Identifying and evaluating the opportunities
Determining the resources required
Developing the business plan
Starting and managing the enterprise
Step 8
3.4 State THREE requirements of good business records.
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Clear and simple/easy to understand.
Specific/accurate.
Relevant.
Step 9
3.5 Describe the importance of a Balance Sheet for a farm owner.
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The Balance Sheet provides a financial snapshot of the farm's assets and liabilities, helping the owner assess the farm's financial health and make informed management decisions.
Step 10
3.6 Distinguish between the following terms and give an appropriate example of each:
3.6.1 Diversification
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Diversification involves having various production units that contribute to the total income of the farm. For example, a farm could diversify by producing dairy, beef, sheep, and crops.
Step 11
3.6.2 Specialisation
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Specialisation occurs when a farmer focuses on one commodity by optimizing farming methods for that specific product. For example, a farmer specializing in the production of organic vegetables.
Step 12
3.7.1 Name and discuss the THREE roles of product organisations in the agricultural sector.
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Collecting and distributing production and market information to assist farmers.
Facilitating market development and product promotion.
Providing research and technology transfer for the benefit of all relevant stakeholders.
Step 13
3.7.2 State TWO disadvantages of product organisations.
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Limits individual initiative of farmers.
Membership fees may create financial burden.
Step 14
3.8 Name FOUR modern methods of advertising agricultural products that are not mentioned in the list above.
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Social media advertising.
Company websites.
Email marketing campaigns.
SMS promotions.
Step 15
3.9 Explain FIVE factors that influence the consumer's willingness to buy an agricultural product.
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Price of the product.
Competition from similar products.
Consumer preferences for specific brands.
Advertising and promotions that raise product visibility.
Availability of the product in local markets.
Step 16
3.10.1 Choose a label for each graph from the list below. Write the label next to the letter (A, B and C) in the ANSWER BOOK.
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Graph A - Fixed cost
Graph B - Variable cost
Graph C - Total cost
Step 17
3.10.2 Give the term for the point marked D.
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Break-even point
Step 18
3.10.3 Explain the economic importance of point D, before point D and after point C, as marked on the graph.
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Point D represents the break-even point where total income equals total costs. Before point D, the farmer incurs a loss, while after point D, the farmer starts to make a profit, highlighting the importance of achieving efficiency in production.
