Your task in this assignment is to think of a business idea and develop your idea into a business concept statement (often referred to as a feasibility analysis) where the idea is made more tangible.

BANGOR BUSINESS SCHOOL

4010 / New Venture Creation

Business Concept Statement Individual Assignment

The due date for the assignment is 17/03/2025 at 23:55.

The word count for the assignment is 2500 words (+ or - 10 %) which does not include referencing. Appendices are not included in the wordcount.

Where an assignment exceeds the stated word limit, the following will apply:

Award a mark that reflects deficiencies in the work as submitted, that is in line with explicit marking criteria and is proportionate to the extent to which the word limit is exceeded or

disregard work submitted above the word limit.

• This assignment will constitute 50% of the module mark.
• Assignments are to be submitted through Turnitin in Blackboard under the assessment tab.
• Students may request an extension to the stipulated due date in exceptional circumstances only and where supporting documentation can be offered. Such requests must be via myBangor on the request centre.
• Where an assignment is late without an agreed extension, the following rules will apply without prejudice:

Submitted up to 7 days after the original submission date - Assignment will be capped at the lowest possible passing grade, which at postgraduate level is 50%.

Submitted after 7 days without a valid extension – Assignment will be zero graded.

Before submitting your assignment, please ensure that it is properly referenced to guard against accusations of malpractice. Guidance on referencing can be found at Teaching & Learning Support Resources Gateway and Referencing for Bangor Business School.

1. You are reminded not to copy material from any sources without properly referencing it, as this constitutes plagiarism. Plagiarism is defined as using without acknowledgement another person’s words or ideas and submitting them for assessment as though it were one’s own work. This includes copying materials from the internet, unfair use of generative artificial intelligence software such as Chat GPT, rewriting published material without acknowledging the source and the translation of materials using unauthorised methods or essay mills. Cases of plagiarism will be referred to the Business School Academic Integrity Officer for investigation and may be subject to a deduction of marks, which can result in an overall mark of 0%.

You are reminded that the use of such services to generate work in substitute for your original contributions contravenes Bangor’s Academic Integrity policy. Any detected attempt to use such tools will also result in a referral to the Business School Academic Integrity Officer.  Academic Integrity Procedure: https://www.bangor.ac.uk/regulations/procs/proc05.php.en.

Background

We have looked at ways of discovering business ideas and techniques for creating and spotting opportunities. For entrepreneurs, it is often easier to come up with a variety of ideas for new businesses and more difficult to actually implement those concepts. A business concept statement is a bridge between an idea and a business plan. It focuses one’s thinking so that the entrepreneur can identify the specifics of his/her proposed venture. Converting an idea into a business concept requires thinking about your business model, how the product or service will be sold and who will buy it, the benefits of the product or service, how it is differentiated from similar ones, and methods of delivery. A clear business concept also enables the founder to succinctly describe the precise nature the industry as well as the market.

Assignment Question 

Your task in this assignment is to think of a business idea and develop your idea into a business concept statement (often referred to as a feasibility analysis) where the idea is made more tangible. To do this, you need to conduct both primary and secondary research and include the following analysis 

Business Description

• Values/mission/vision
• What is your Unique Selling Proposition?
• Describe your business model

Industry Analysis

• Discuss and demonstrate a thorough understanding of the industry in which you will operate.
• Trends, growth patterns and opportunities
• Identify factors that influence the industry

Market Analysis

• Pricing strategy
• Thorough analysis of market size
• Identify and analyse target market, market position and market share

Competitor Analysis

• Evaluation of the strengths and weaknesses of your competitors
• Positioning in relation to competitors
• Identify your differentiation strategy

Financial information

• Outline your start-up costs (no need for any financial projections)
• Resource requirements

Marking Criteria

This table breaks down the criteria for the assignment and assigns corresponding weight to each area. It offers a clear view of how each section will be evaluated and the level of detail expected in each category.