Your task in this assignment is to think of a business idea, and develop your idea into a business concept statement

2025-01-10 14:48:07

NEW VENTURE CREATION INDIVIDUAL ASSIGNMENT

  1. The due date for the assignment is 9th March 2023.
  1. The word count for the assignment is 2500 words (+ or - 10 %) which does not

include referencing

  1. This assignment will constitute 50% of the module mark.
  1. Assignments are to be submitted through Turnitin in Blackboard under the assessment tab, only one submission attempt is possible.
  1. 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 center.
  1. Assignments should be submitted by 23.59 UK time.
  1. Before submitting your assignment, please ensure that it is properly referenced, to guard against accusations of malpractice. Guidance on referencing can be found by clicking on the link below and choosing “Harvard Referencing Guide”

http://www.bangor.ac.uk/library/help/guides.php.en

Additional information on avoiding allegations of malpractice can be found in the Student Handbook.

You are reminded not to copy material from any sources without properly referencing it, as this constitutes plagiarism: cases of plagiarism will be referred to the Business School Academic Integrity Officer and will be subject to a deduction of marks, which can result in an overall mark of 0%.

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 Rubric

An outstanding assignment demonstrates excellence in:

 

Structure and presentation

Its aesthetic presentation including front cover, contents page and appropriate use of headers and sub-headers are excellent and error-free

Excellent ability to determine what is relevant and the omission of superfluous information to provide a thorough and focused analysis. The work presented will be concise and coherent.

Key assignment criteria are met to an excellent standard word count, deadline (or approved extension) and adhering to Harvard citation and referencing style

Its use of figures, tables and charts are exemplary; these are clearly legible,reproduced to a high aesthetic standard (not cut and pasted), include titles, and are cited, including page numbers

Evaluation of Concept and analysis

A clear and excellent unique selling proposition supported by thorough research to support the proposition of the business model presented in the business description

A clear and strong excellent understanding of the industry evidenced by clearly articulated thorough and relevant research and use of relevant assessment techniques

A clear and strong excellent understanding of the market evidenced by clearly articulated thorough and relevant research and use of relevant assessment techniques

A clear and strong excellent understanding of the competitive landscape evidenced by clearly articulated thorough and relevant research and use of assessment techniques

Inclusion of a well-researched estimate of start-up costs evidenced by a rationale of assumptions

Citations, Referencing and Turn-it-in

Throughout the assignment, excellent and consistent, plagiarism-free citations that adheres to BBS regulations and Harvard style. Evidence of conducting primary and secondary research.At the end of the work, a substantial list of references, that match to citations within the work.

The references evidence a wide range and variety of relevant sources which will include but not limited to industry reports and reports by professional bodies

Appendices Optional

An excellent but limited set of appendices; work included here is meaningful and relevant and includes titles and rationale for inclusion. Any information which is vital but may impede the flow of the concept statement should be included here.
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