- The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
- Students are advised to make their work clear and well presented; marks may be reduced for poor presentation. This includes filling your information on the cover page.
- Students must mention question number clearly in their answers.
- Read carefully Grading Rubric below for specific criteria: 0-5 Marks.
- Late submission will NOT be accepted.
- Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
- All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Assignment Objectives & Requirements:
a. Your Business Name, Address, E‐Mailundefined
2. General Business Description (300 – 500 words)undefined
A. What business will you be in? What will you do?undefinedMission StatementundefinedCompany goals and objectivesundefined
B. Business Philosophyundefined
a. What is important to you in your business?undefinedTo whom will you market your product?undefinedDescribe your Industry: Is it a growth industry? What long term or Short-term changes do you foresee in the industry? How will your company take advantage of it?undefinedDescribe your most important company strengths and core competencies: What factors will make the company succeed? What do you think your major competitive strengths will be? What background experience, skills, and strengths do you personally bring to this new venture?undefinedLegal form of ownership: Sole proprietor, Partnership, Corporation, Limited liability corporation (LLC)? Why have you selected this form?undefined
3. Products and Services (300 – 500 words)undefined
a. Describe in depth your products or services. (Technical specifications)undefined
b. What factors will give you competitive advantages or disadvantages? Examples include level of quality or unique or proprietary features.undefined
4. Marketing Plan (300 – 500 words)undefined
a. Market Research- Why?undefined
b. Market Research- How? Primary or Secondary Data?undefined
c. In your marketing plan, be as specific as possible; give statistics, numbers, and sources. The marketing plan will be the basis, later on, of the all‐important sales projection.undefined
Facts about your industryundefinedWhat is the total size of your market?undefinedCurrent demand in target market.undefinedTrends in target market—growth trends, trends in consumer preferences, and trends in product development.undefinedGrowth potential and opportunity for a business of your size.undefinedWhat barriers to entry do you face in entering this market with your new company?undefinedHow will you overcome the barriers?undefinedHow could the change in technology, change in government regulations, change in the economy, change in your industry, affect your organization.undefined
ProductundefinedDescribe the most important features. What is special about it?undefinedDescribe the benefits. That is, what will the product do for the customer?undefined
CustomerundefinedIdentify your targeted customers, their demographicsundefined
CompetitionundefinedWhat products and companies will compete with you?undefinedHow will your products or services compare with the competition?undefined
StrategyundefinedOutline a marketing Strategy.undefined
PromotionundefinedHow will you promote your Product?undefinedWhat will be your promotional budget?undefined
Method of setting pricesundefinedCompare your prices with those of the competitors. Are they higher, lower, the same? Why?undefinedHow important is price as a competitive factor?undefinedDo your intended customers really make their purchase decisions mostly on price?undefinedWhat will be your customer service and credit policies?undefined
How do you sell your products or services?undefined
• Licensing and bonding requirementsundefinedHealth, workplace, or environmental regulationsundefinedSpecial regulations covering your industry or professionundefinedInsurance coverageundefinedTrademarks, copyrights, or patents (pending, existing, or purchasedundefined
PersonnelundefinedNumber of employeesundefinedType of labor (skilled, unskilled, and professional)undefinedWhere and how will you find the right employees?undefinedQuality of existing staffundefinedPay structureundefinedTraining methods and requirementsundefinedWho does which tasks?undefinedFor certain functions, will you use contract workers in addition to employees?undefined
InventoryundefinedWhat kind of inventory will you keep: raw materials, supplies, finished goods?undefinedAverage value in stock (i.e., what is your inventory investment)?undefinedRate of turnover and how this compares to the industry averages?undefinedSeasonal buildups?undefinedLead‐time for ordering?undefined
Identify key suppliers.undefinedCredit and delivery policiesundefined
5. Financial Plan (300 – 500 words)undefinedundefined
The financial plan consists of a 12‐month profit and loss projection, a cash‐flow projection, a projected balance sheet, and a break‐even calculation. Together they constitute a reasonable estimate of your company’s financial future.undefined
6. Conclusion (300 – 400 words)