Instructions for the Project
Imagine that as an enthusiastic entrepreneurs, you plan to start a new business of your own. Conduct a quick search (online/family/peers) and decide on a business you would like to pursue. Keep in mind that in the long run, you are planning to develop a business viable for launch. So your business idea should be realistic and achievable.
You might be tempted to pick a simple/existing business. But remember, if you’re going to do exactly what everyone else is doing, why should customers come to you instead of anyone else? In other words, how will you succeed if you are exactly the same as the next guy?
In order to succeed, you should focus on a business that you would be passionate in pursuing and you should find a way to make it stand out. If you start a business that has unique features/options, you are more likely to do well.
For your project, you will have to figure out the entire marketing mix (also called the 4Ps) and the Positioning (arguably considered as the 5th P) strategy that you think would best fit your business, as well as the short-term and long-term strategies to launch your business and ensure continuous success.
[You will learn about the marketing mix, positioning, and other applicable concepts/strategies through the lectures. Use your knowledge and learning and implement them to your project.]
You are expected to conduct useful analyses using the various methods taught throughout this course to evaluate and justify your selected strategies (e.g., SWOT analysis, BCG matrix, price/demand elasticity analysis, break-even point analysis, etc.). You are free to select which methods to use and which ones to exclude. You are allowed to use analysis methods learnt in other business courses as well. However, you will be expected to justify your chosen methodologies. Your analyses should result in useful insights that can help in deciding the future of your business.
While the final requirement for this project is only the write-up, it takes time to develop the required strategies, analyze them and fine-tune them. Instead of cramming your entire work at the last minute, you should try to do it step-wise throughout the semester. If required, create a time chart and setup periodical goals to make sure that you are progressing regularly.
I can assure you from my extensive experience, the difference in quality is visibly wide between a gradually developed write-up and a last minute scramble. Your grade will reflect your efforts, so it is in your own interest to do it right.
Instructions for the Project Write-up
The project write-up should consist of the following components (in any order):
- Details about the motivation behind this particular project (Why did you choose this business? Why do you think it is viable/important? Etc.)- required
- Description of the background of the business (what it is, what it offers in terms of products/services, where it will operate, how many employees, setup cost, source of raw materials (if applicable), etc.)- required
- Description of your strategies (both short-term and long-term) regarding the marketing mix (product, price, place, promotion) as well as product/brand positioning (e.g., high end vs. low end vs. in between; niche vs. regional vs. national vs. global; customized/specialized vs. generic; etc.) – required
- Description of the analyses you conducted to support your strategies and how they fit with your strategies. – required
- Recommendations about future steps/activities to sustain/expand your business. – required
- Conclusion/remarks (if any) – optional
The format for the write-up can be as follows:
- Introduction (background of the business, motivation for selecting this business, etc.)
- Main body (background of the business, description of strategy, description of analyses, recommendations)
- Conclusion (recommendations, remarks, end note)
This is just a suggested format. Feel free to expand/retract or rearrange the segments whichever way you prefer. The content described as part of each segment is also a suggestion only. Feel free to include/exclude components under each segment as you like. As long as you cover all required components (see section under header “Components”), any format and order of description is acceptable.
The length of your write-up is irrelevant to your grade. However, do not make it so short that it barely covers anything and do not make it as long as a book with tons of redundant description.
Any font type, color and size is acceptable as long as it is legible without straining my eyes under normal circumstances.
A submission link will be available on Blackboard > Assignment > Individual Project. The deadline to submit write-up is Sunday, April 25, 2021 at 11:59 pm.