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5.1 Study the statement below and answer the questions that follow - NSC Hospitality Studies - Question 5 - 2016 - Paper 1
Question 5
5.1 Study the statement below and answer the questions that follow. South Africa has no shortage of innovative entrepreneurs who contribute to local economic growth... show full transcript
Worked Solution & Example Answer:5.1 Study the statement below and answer the questions that follow - NSC Hospitality Studies - Question 5 - 2016 - Paper 1
Step 1
Discuss the statement above with regard to the contribution of entrepreneurs to the South African economy.
Answer
Entrepreneurs play a vital role in the South African economy by contributing significantly to the Gross Domestic Product (GDP). They create jobs, which not only reduces unemployment but also leads to an increase in personal income and disposable income for households. As entrepreneurs establish businesses, they boost demand for local products and services, stimulating secondary jobs in the supply chain. The income generated can be reinvested into local infrastructure and community development. Furthermore, entrepreneurs attract foreign tourists, bringing valuable foreign currency into the country, which enhances the economy.
Step 2
Suggest THREE self-employment opportunities available in the food preparation sector in South Africa.
Answer
- Catering Services: Entrepreneurs can start catering for events like weddings, parties, and corporate functions, offering customized meal packages.
- Food Trucks: Setting up a food truck can be a popular way to sell meals at various locations, capitalizing on the growing street food trend.
- Home Baking: Home-based baking businesses can cater to the rising demand for specialty baked goods such as cakes for events, pastries, and breads.
Step 3
Outline FOUR aspects that should be included in the operational plan that will assist young entrepreneurs to complete their business plans.
Answer
- Cost Management: Detail the costs for manufacturing, sourcing materials, and establishing suppliers. Understanding the financial layout is crucial.
- Personnel Planning: Identify key roles and responsibilities within the business, and create a staffing structure that outlines job descriptions.
- Inventory Management: Include procedures for stock control and storage, ensuring the business maintains adequate supplies without overstocking.
- Marketing Strategy: Define how the business will attract and retain customers, including promotional strategies, market analysis, and target demographic information.
Step 4
State TWO aspects that should be included in a business plan other than those included in the operational plan.
Answer
- Executive Summary: This should encapsulate the business idea, goals, and strategic approach in a succinct format.
- Financial Projections: Include income statements, cash flow analysis, and projected profits to give a clear picture of the financial viability of the business.
Step 5
Step 6
Step 7
Evaluate the effectiveness of the advertisement with regard to the marketing mix.
Answer
The advertisement effectively addresses several components of the marketing mix:
- Product: Clearly highlights the services offered, such as accommodation, dining, and spa treatments.
- Price: States a competitive price for the stay, drawing attention with enticing discounts for children.
- Place: Provides a specific address, making it easy for potential customers to locate the resort.
- Promotion: Uses engaging language and emphasizes special offers, enticing customers and making the advertisement eye-catching.
Step 8
Suggest TWO audio-visual methods that could be used to expand the marketing of the resort.
Answer
- Promotional Videos: Create engaging videos showcasing the resort's amenities, guest experiences, and special events to share on social media platforms.
- YouTube/Video Clips: Utilize short video clips highlighting key features like food, spacious accommodations, and spa treatments, targeting potential customers searching for vacation options online.