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Business Ideas Planning, First Screen and Competitor Data Collection Plan

Individual Project: Report 1

  • Final submission due in Unit 6
  • Worth 20% of the final grade
  • To be submitted online (Turnitin). Please resubmit ALL materials needed as part of this project to the “Report Part 1” Turnitin assignment Unit 6.

Objectives

On successful completion of this assignment, students should be able to

  • define the legal forms a business may assume,
  • understand the advantages and disadvantages of the various legal forms of business and how to make an appropriate choice,
  • define the roles of his or her new business’s management team, and
  • develop strategies for motivating the management team.

Brief Description

Organizations have legal and management structures that guide the way they operate, make decisions, and determine the relationships between functions and the roles employees fill. This unit will assist you in determining the form, personnel, and functions of the business.

Submission Instructions

Submit Part 1 of the individual project which includes the work from the first five units which are the business idea, concept statement, first screen analysis, business model and competitor analysis Using the feedback you received prepare a document that includes the details in the rubric for this assignment.

Late Submission Policy

This assignment is subject to the Late Submission penalty policy, namely 5% per day for three days.

This page will close and will not allow further submissions after this Late Submission period has expired.

In the event of an emergency situation preventing you from submitting within this time frame, special permission must be obtained from your instructor. Documentation substantiating emergency is required. In such a circumstance, if the extension is granted, the professor will reopen the submission function for you on an individual basis.

Please do not email your submissions to your professor, either before or after the due date; all coursework should be submitted through the online course (Moodle).

Evaluation and Feedback

Activity/Competencies Demonstrated% of Final Grade
Clearly identifies the purpose of the business and the key stakeholders/15
Discusses the target market and how this product/service satisfies needs for this group/15
Evaluate key issues using the PESTEL model that may impact the business or the target market/15
Identify the financial requirements to launch the business and your plan to secure the funds/15
Identify the competition in the market in terms of size, years in business, reputation, cost and other relevant factors/15
Articulate the strategy you will implement to compete in the market/15
Demonstrates good organization, including a strong introduction and conclusion./10
Total/100

Assignment 1A: Business Ideas Planning

Weight ungraded but required

Due later than 11:00 p.m. on Sunday of unit 2 but submitted as part of report 1 in unit 6

Objectives

On successful completion of this assignment, students should be able to

  • define the business plan in terms of a product/service description,
  • identify the potential target market,
  • identify the benefits of the product/service, and
  • create a concept statement and survey three peers on the business idea.

Brief Description

The purpose of the first assignment is to provide you with a vehicle to explore possible business ideas and to select a business to develop through the course. This will be the first step toward building a comprehensive business plan that you could use in starting your business.

Submission Instructions

Provide a 500-word response ranking your three ideas based upon the environmental trend scan exercise. Select the one business idea you intend to pursue this semester. See https://www.ibisworld.com/canada/list-of-industries/ for sources of information and you may use other databases. You will receive feedback from the instructor on your submission. In unit 6 you will be resubmitting this as Part 1 of your project.

Evaluation and Feedback

The Business Idea will be marked in its entirety out of 100. The following rubric indicates the criteria students are to adhere to, and their relative weights to the assignment overall.

Activity/Competencies Demonstrated% of Final Grade
Content: Students are expected to demonstrate competency in regards to critical thinking, communication (spelling and grammar) and APA formatting in their response to the following learning outcomes.
a. Describes the business purpose/20
b. Identifies stakeholders/15
c. Briefly describes the organizational structure/15
d. Lists strategic challenges and advantages/20
e. Research properly completed/15
f. Demonstrates good organization, including a strong introduction and conclusion/15
Total/100

Assignment 1B: Concept Statement

Weight ungraded but required

Due later than 11:00 p.m. on Sunday of unit 3 but submitted as part of report 1 in unit 6

Objectives

On successful completion of this assignment, students should be able to

  • define strengths of the product/service,
  • identify the target market and the customer needs and likelihood to use your proposed product/service,
  • analyze the financial needs and issues related to the startup of the business and the potential financial performance, and
  • analyze the overall potential of your product/service and its likelihood to succeed.

Brief Description

The purpose of this assignment is to prepare a Concept Statement identifying the features of your product/service, target market, benefits or value of your product/service, and who will make up your management team

Submission Instructions

Prepare a Concept Statement of no less than 500 words that address the following concepts:

Product or Service description that details the features of the product or service

Target Market description listing the consumers or businesses who are expected to buy the product or service

Identify the benefits or value of the products or service and how this will add value or solve a problem

Identify the management team you will assemble.

You will receive feedback from the instructor on your submission. In unit 6 you will be resubmitting this as a party of Part 1 of your project.

Evaluation and Feedback

The Concept Statement will be marked in its entirety out of 100. The following rubric indicates the criteria students are to adhere to, and their relative weights to the assignment overall.

Activity/Competencies Demonstrated% of Final Grade
Content: Students are expected to demonstrate competency in regards to critical thinking, communication (spelling and grammar) and APA formatting in their response to the following learning outcomes.
a. Identifies new business idea and provides details of the product/service/20
b. Differentiates between an idea and a realistic opportunity/15
c.. Identifies the projected target market for the product/service/15
d. Identify the benefits or value of the products or service and how this will add value or solve a problem for the target market/20
e. Identifies the management team the organization will assemble/15
f. Demonstrates good organization, including a strong introduction and conclusion./15
Total/100

Assignment 1C: First Screen

Weight Ungraded but required

Due later than 11:00 p.m. on Sunday of unit 4 but submitted as part of report 1 in unit 6

Objectives

On successful completion of this assignment, students should be able to

  • describe how the industry is organized and how companies in the marketplace compete,
  • identify problems and concerns consumers have with the competitors, and
  • describe the barriers to entry a new venture faces and ways to overcome these.

Brief Description

In this unit, you will assess your business idea and its feasibility as a successful business venture.

Submission Instructions

Complete the First Screen template found in the text and prepare a summary of your findings and what you are thinking about the proposed business. See the rubric to prepare your summary. You will receive feedback from the instructor on your submission. In unit 6 you will be resubmitting this as a party of Part 1 of your project.

Evaluation and Feedback

Activity/Competencies Demonstrated% of Final Grade
Demonstrates the strength of the business idea according to the elements found in the First Screen template15
Identifies key issues in the industry that will impact the business15
Assesses trends and behavior of the target market15
Identifies the background, experience, and strengths of the management team15
Describes the financial requirements to launch the business and time to break even15
Rates the overall potential of the venture and its score using the First Screen template15
Demonstrates good organization, including a strong introduction and conclusion.10
Total/100

Assignment 1D: Competitor Data Collection Plan

Weight ungraded but required

Due later than 11:00 p.m. on Sunday of unit 5 but submitted as part of report 1 in unit 6

Objectives

On successful completion of this assignment, students should be able to

  • articulate the mission statement of the firm and its core strategies,
  • identify the core competencies of the business,
  • describe the target market by identifying the customers and individuals the business will address, and
  • develop a pricing structure in line with the marketplace and industry.

Brief Description

Students will develop a business model which is a firm’s plan for how it competes in the market. A business model is a company’s core profit-making plan which defines the products or services it will sell, its target market, and any expected costs.

Submission Instructions

  1. Complete the Competitor Data Collection Plan identifying the major competitors and the Competitive Analysis Worksheet found on pages 14 & 15 of the Score Business Plan Template Score Template

When you have completed these worksheets, step back and evaluate the data you compiled. This should clearly tell a story about how your offering is different from the competition. Prepare a document where you draw conclusions based on the Market and Industry Analysis that you have just done.

Describe succinctly what the opportunity is and make a compelling case for you business including these points:

Why have you chosen the particular entry point to start your venture?

What is a compelling need for your product/service?

Is a real problem being solved?

What indicates you will be able to compete successfully in the industry?

Evaluation and Feedback

You will receive feedback from the instructor on your submission. In unit 6 you will be resubmitting this as part of Part 1 of your project

Activity/Competencies Demonstrated% of Final Grade
Identifies how the business will compete in the market and its core strategy/20
Identify target customers, how you will go to market and your pricing strategy/15
Develops a mission statement and vision statement/20
Discusses how the firm will acquire and use resources/15
Identifies suppliers, key relationships the firm will develop/15
Demonstrates good organization, including a strong introduction and conclusion./15
Total/100

 

Last Updated on May 16, 2022

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