Description
In this project, you will evaluate the idea selected in project one for its viability as a commercial opportunity. Just because the idea sounds good to you doesn’t mean it will make money. The purpose of this assignment is to analyze the idea for its commercial viability. Using the feasibility outline you will collect data, apply evaluation tools (Porter’s Five Forces) and to translate your idea into a money-making business. Along with critical thinking skills, you will develop research, communication and data evaluation skills.
Outcomes You Will Meet by Completing This Project:
apply the basic steps involved in evaluating the commercial viability of a business idea.
describe and explain the environments that businesses operate in—social, economic, political, technological, environmental and legal.
develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all course work.
demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business.
demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy.
analyze and explain projected financial performance, using selected financial ratios.
Instructions:
Complete a Feasibility Study of your selected idea from assignment one.
Step 1: Review the business feasibility study assessment form and rubric before completing the assignment.
Step 2: ** Use the four sections highlighted below as your headings and answer the suggested questions in your analysis of the heading topic.
Step 3: Answer in complete sentences, make sure to defining your terms, and giving the reasons behind the conclusions that are drawn. Be thorough and clear in your analysis.
Step 4: Research is required for all four heading topics. STUDENTS ARE ADVISED to use Hoovers.com (in the UMGC virtual library) for both market and industry information. Each section of the paper should be well cited. Summarize the data points collected from the research when answering the question.
Step 5: Review to make sure all elements have been answered, instructions followed, writing mechanics and APA are sound.
Step 6: Create a separate Title Page (Class Name, Instructors Name, Students name and Date) and Reference Page.
Four Topic Headings
Type of Company You Will Create. Here you should describe your future company as you envision it. Who will benefit from your business? Why do you want to start this company? What skills or interests do you have that make this company likely to succeed? Where do you want to locate the company and why you want to locate there? Do you plan on rapid growth or moderate growth? Are you financially able to start you company?
Industry Analysis. Here you look at the industry. You should describe how the industry is structured. Are there a few main companies that dominate the industry? Who are the major companies in the industry? What are their earnings, revenues and other financial data? Will there be large start-up costs? Look at possible suppliers as well. Does the industry have lots of room for growth? Is the market shrinking, growing, or growing quickly? Have major failures in the industry occurred? What are the risks of operating in this type of industry? What opportunities or threats exist in industry?
Competitive Analysis. Using the Porter’s Five Forces Model analyze the industry in which your business will compete. Be sure to think about online as well as face to face competitors (e.g. if you are making socks for instance, think about who is selling online and who is big in retail stores) Identify at least 3 major competitors, who are selling many of the same products or services that you will offer which the research tells you will be the most likely to be your strongest competitors. Who are the industry leaders? Which of your products/services will be the most competitive and which will be least competitive? How will you compete? Will you concentrate on a specific market segment? Why or why not? MOST IMPORTANTLY WHAT MAKES YOUR IDEA UNIQUE AND THEREFORE COMPETITIVE?
Product or Service Offerings. This is where you consider your market analysis or plan. You should conduct a market analysis using the course reading for this part. How will you promote your product or service? What marketing strategy will you pursue? How will you price the product? What distribution channels will you pursue? This section is about marketing your products and your company.
GO OR NO GO DECISION: In this section, using your information and analysis in sections 1-4 to support your decision, explain whether your idea is commercially viable and why it should be pursued or not. Do not be afraid to say it should not be pursued. If you choose not to pursue the idea as you envision it, does the data suggest how you might change it to become viable? Remember you will be using all the information collected in this assignment and more to create your business plan going forward in the class so if your idea isn’t working now it will never make it later on.
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