Objectives
To describe how the industry is organized and how companies in the marketplace compete
To identify problems and concerns consumers have with the competitors
To describe the barriers to entry a new venture faces and ways to overcome these
To articulate the mission statement of the firm and its core strategies
To identify the core competencies of the business
To describe the target market by identifying the customers and individuals the business will address
To develop a pricing structure in line with the marketplace and industry
Description
Students will assess their business idea and its feasibility as a successful business venture.
Instruction
Complete the First Screen template found on the Moodle site and prepare a summary of your findings and what you are thinking about for your proposed business. This analysis will help you understand how the industry is organized and how companies in the marketplace compete. This assignment should help you identify aspects of their business that differs from the competition and what makes their product/service unique. When you have completed the First Screen template, step back and evaluate the data you compiled. This should clearly tell a story about your business and what makes it unique and capable of competing in the market.
Describe succinctly what the opportunity is and make a compelling case for your business including these points:
Why have you chosen the 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?
Review your First Screen Template response and identify the strengths of your business and the key issues in the industry that can impact your business. Describe your target market in detail and why you think your product/service will appeal to this or these markets. Ensure you can support this with a source verifying your belief. At this point, you must have a mission and vision statement, so indicate what these are for your business.
This will be our first look at the financial aspects of the business, so make sure you identify the costs associated with the business and your projected revenue and break-even point in terms of time and sales.
The last part asks you to identify your core strategy in the marketplace. Use the data you compiled from the Competitive Analysis Worksheet to help you determine this. Make sure you follow the rubric below.
Demonstrates the strength of the business idea according to the elements found in the First Screen template
/15
Identifies key issues in the industry that will impact the business
/15
Assesses trends and behavior of the target market
/15
Develop a mission statement and vision statement
/15
Describes the financial requirements to launch the business and time to break even
/15
Identifies how the business will compete in the market and its core strategy
/15
Demonstrates good organization, including a strong introduction and conclusion.
You should also make use of the Competitive Analysis Worksheet and attach it to your response. You can find that on page 15 of the SCORE Business Plan Template.
