To achieve P4, learners are required to produce a business case for a travel and tourism business enterprise within financial constraints. The enterprise should take account of the competition and be planned to gain a competitive advantage and be either a:
- small business venture, eg a visitor attraction,
- escorted walking holidays or
- guest house - see Trip advisor best B&B in UK 2015 here
The financial constraints are set as part of the assignment here
Learners are not expected to run the project; they are expected to put together a business case to gain approval to run the project or small business venture and to present the business case to an accountant or financial advisor in order to judge its feasibility.
Learners must set their objectives and undertake thorough research for all aspects of the enterprise.
Full business case details must be included in the submission including:
- Aims and objectives of your business enterprise see here
- Start up capital required and sources of finance
- Cash flow forecast see here
- The ability to identify a target market from typical market segments
- Details of intended marketing materials to generate awareness of this new venture see here
- Competitive analysis, USP and competitive advantage strategy see here
- Clear time-scales for the setting up and operation of the enterprise.
The business case could be presented verbally with supporting evidence or in a written format. If presented verbally, it could be to a panel of business start-up experts, the panel being made up of external experts and tutors. Learners can achieve P4 even if the business case has room for improvement as long as the evidence includes objectives, timescales, financial and marketing details, a list of actions required, is within the specified financial constraints, has a cash flow forecast and is feasible.
To achieve M2, learners should explain the feasibility of the business case and justify how it will meet the objectives. Assessors can question learners to establish feasibility and check understanding in relation to timescales, financial feasibility and actions required in order to meet objectives. To achieve M2, the business case should be sound and the learners reasonably confident in their approach and their responses.
To achieve D2, learners should present a professional business case responding confidently to questions and justifying its feasibility. It is expected that the business case will have been thoroughly researched, presented in a professional format (written) or within a professional presentation (oral) and with supporting materials to clarify and expand on the details within the business case. Learners will respond confidently and knowledgeably to questions and be able to justify why their business case is feasible in terms of it being well researched, realistic and that it will meet its objectives