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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 pivotal role in the South African economy. They contribute to:
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Economic Growth: The hospitality sector significantly contributes to the GDP of South Africa, generating income that is taxed and reinvested into the economy.
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Job Creation: The demand for products and services leads to an increase in employment opportunities, not only in their businesses but throughout the supply chain.
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Local Income Generation: As businesses thrive, local incomes increase, which helps improve the overall living standards in communities.
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Infrastructure Development: Entrepreneurs invest in infrastructure and services, enhancing the quality of life and the environment.
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Foreign Currency: By attracting tourists, they provide valuable foreign currency to the economy, aiding in South Africa's economic balance.
Step 2
Suggest THREE self-employment opportunities available in the food preparation sector in South Africa.
Answer
- Baking: Entrepreneurs can start a home-based bakery.
- Catering Services: Offering services for parties and events.
- Food Truck Business: Operating a mobile food service that can cater to various events.
Step 3
Outline FOUR aspects that should be included in the operational plan that will assist young entrepreneurs to complete their business plans.
Answer
- Costs for Manufacturing/Running: Understand the financial implications of running a business.
- Supplier Information: Who provides raw materials, including their credit terms.
- Personnel Plan: Detailing roles and responsibilities within the business.
- Stock Control and Storage: Methods to manage inventory effectively.
Step 4
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Step 7
Evaluate the effectiveness of the advertisement with regard to the marketing mix.
Answer
The advertisement effectively employs several elements of the marketing mix:
- Product: Clearly highlighted offerings, including accommodation, dining, and spa services.
- Price: Competitive pricing showcased with clear package deals.
- Place: Sufficient contact information and location provided while emphasizing accessibility.
- Promotion: Visually appealing with a focus on special deals, enhancing customer attraction.
Step 8