Project 2: Opportunity Feasibility Study
Due in Week 5 Project Purpose
In this project, you will evaluate the idea selected in project one for its viability as a commercial opportunity. Just because the idea sounds good to you doesn’t mean it will make money. The purpose of this assignment is to analyze the idea for its commercial viability. Using the feasibility outline you will collect data, apply evaluation tools (Porter’s Five Forces) and to translate your idea into a money-making business. Along with critical thinking skills, you will develop research, communication and data evaluation skills.
Outcomes You Will Meet by Completing This Project:
apply the basic steps involved in evaluating the commercial viability of a business idea.
describe and explain the environments that businesses operate in—social, economic, political, technological, environmental and legal.
develop your business vocabulary and knowledge of concepts, trends, and current issues by applying them in all course work.
demonstrate the use of software and Internet sources by researching and planning the start-up and operation of your business.
demonstrate the use of a marketing assessment process to develop a marketing plan and a marketing strategy.
analyze and explain projected financial performance, using selected financial ratios.
Instructions:
Complete a Feasibility Study of your selected idea from assignment one.
Step 1: Review the business feasibility study assessment form and rubric before completing the assignment.
Step 2: ** Use the four sections highlighted below as your headings and answer the suggested questions in your analysis of the heading topic. Step 3: Answer in complete sentences, make sure to define your terms, and give the reasons behind the conclusions that are drawn. Be thorough and clear in your analysis.
Step 4: Research is required for all four heading topics. STUDENTS ARE ADVISED to use Hoovers.com (in the UMGC virtual library) for both market and industry information. Each section of the paper should be well-cited. A minimum of two relevant sources are required. Summarize the data points collected from the research when answering the question.
Step 5: Review to make sure all elements have been answered, and instructions followed.
Step 6: Create a separate Title Page (Class Name, Instructors Name, Students name and Date) and Reference Page.
Four Topic Headings
Type of Company You Will Create. Here you should describe your future company as you envision it. Who will benefit from your business? Why do you want to start this company? What skills or interests do you have that make this company likely to succeed? Where do you want to locate the company and why do you want to locate it there? Do you plan on rapid growth or moderate growth? Are you financially able to start your company?
Industry Analysis. Here you look at the industry. You should describe how the industry is structured. Are there a few main companies that dominate the industry? Who are the major companies in the industry? What are their earnings, revenues, and other financial data? Will there be large start-up costs? Look at possible suppliers as well. Does the industry have lots of room for growth? Is the market shrinking, growing, or growing quickly? Have major failures in the industry occurred? What are the risks of operating in this type of industry? What opportunities or threats exist in the industry?
Competitive Analysis. Using Porter’s Five Forces Model analyze the industry in which your business will compete. Be sure to think about online as well as face-to-face competitors (e.g. if you are making socks for instance, think about who is selling online and who is big in retail stores) Identify at least 3 major competitors, who are selling many of the same products or services that you will offer which the research tells you will be the most likely to be your strongest competitors. Who are the industry leaders? Which of your products/services will be the most competitive and which will be least competitive? How will you compete? Will you be a follower, a challenger, or a nicher (define the terms)? Will you concentrate on a specific market segment? Why or why not? MOST IMPORTANTLY WHAT MAKES YOUR IDEA UNIQUE AND THEREFORE COMPETITIVE?
Product or Service Offerings. This is where you consider your market analysis or plan. You should conduct a market analysis using the course reading for this part. How will you promote your product or service? What marketing strategy will you pursue? How will you price the product? What distribution channels will you pursue? This section is about marketing your products and your company.
GO OR NO GO DECISION: In this section, using your information and analysis in sections 1-4 to support your decision, explain whether your idea is commercially viable and why it should be pursued. Do not be afraid to say it should not be pursued. If you choose not to pursue the idea as you envision it, does the data suggest how you might change it to become viable? Remember you will be using all the information collected in this assignment and more to create your business plan going forward in the class so if your idea isn’t working now it will never make it later on. Include a minimum of 2 relevant sources to support your work.
Review the Rubric for this Project.
Submit the paper in the Assignment Folder NOTE: All submitted work is to be your original work.
Due on Jun 18, 2024 11:59 PM
Hide Rubrics
Rubric Name: Project 2
Criteria Excellent
Proficient
Sufficient
Needs Improvement
Did Not Achieve
Criterion Score
Evaluation Summary draws conclusions as to the commercial strength of the idea, supported by research and class material concluding in a clear statement of whether the idea is viable and able to be pursued.
25 points
Executive summary gives the results of the opportunity evaluation succinctly and thoroughly. It details the elements reviewed and the conclusions drawn for each element and states a clear recognition as to the potential commercial viability of the idea whether negative or positive.
20 points
Executive summary gives the results of the opportunity evaluation accurately. One or two elements were either mentioned but over or under developed. The overall introduction was not as concise as a result.
17.5 points
Every element was mentioned but the discussion was over broad and not concise in its statement of conclusions drawn. 15 points
Summary was attempted but it did not state most of the conclusions drawn as to the elements and or no recommendation as to viability of idea.
0 points
Student did not achieve the minimum level
Score of Evaluation Summary draws conclusions as to the commercial strength of the idea, supported by research and class material concluding in a clear statement of whether the idea is viable and able to be pursued.,/ 25
Content Discussion shows geniune understanding of what makes the idea unique
20 points
Idea of product “genuine demand” and uniqueness were evaluated thoroughly and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed an insightful understanding of the importance of uniqueness and genuine demand to a commercially successful product or service.
16 points
Idea of product “genuine demand” and uniqueness were evaluated and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed understanding of the importance of uniqueness and genuine demand to a commercially successful product or service but some conclusions were underdeveloped.
14 points
Idea of product “genuine demand” and uniqueness were evaluated in a general way; most salient conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed a sufficient understanding of the importance of uniqueness and genuine demand to a commercially successful product or service but one major conclusion was missing or conclusions were generally underdeveloped. 12 points
Idea of product “genuine demand” and uniqueness were under evaluated; most conclusions as to viability of the product or service were illogically reasoned and or failed to use ideas and data obtained through research and course material to support.
0 points
Student did not achieve the minimum level
Score of Content Discussion shows geniune understanding of what makes the idea unique,/ 20
Content: Shows understanding of the prices the product/service can demand, size of the market and the potential to make enough money (pages 2,5,6)
20 points
Idea of product prices, size of market, and investment return were evaluated thoroughly and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed an insightful understanding of the importance of prices, size of market, and investment return to a commercially successful product or service.
16 points
Idea of product prices, size of market, and investment return were evaluated and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed understanding of the importance Idea of product prices, size of market, and investment return to a commercially successful product or service but some conclusions were underdeveloped.
14 points
Idea of product Idea of product prices, size of market, and investment return were evaluated in a general way; most salient conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed a sufficient understanding of the importance Ideas of product prices, size of market, and investment return to a commercially successful product or service but one major conclusion was missing or conclusions were generally underdeveloped.
12 points
Idea of product prices, size of market, and investment return under evaluated; most conclusions as to viability of the product or service were illogically reasoned and or failed to use ideas and data obtained through research and course material to support. 0 points
Student did not achieve the minimum level
Score of Content: Shows understanding of the prices the product/service can demand, size of the market and the potential to make enough money (pages 2,5,6),/ 20
Content: Shows understanding of competitors and competition in marketplace, ability to protect your idea or uniqueness (pages 2,4,10)
20 points
Competition in Marketplace, competitors and, product protection were evaluated thoroughly and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed an insightful understanding of the importance knowing the Competition in Marketplace, competitors and, product protection to a commercially successful product or service. 16 points
Competition in Marketplace, competitors and, product protection were evaluated and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed understanding of the importance of knowing the Competition in Marketplace, competitors and, product protection to a commercially successful product or service but some conclusions were underdeveloped. 14 points
Competition in Marketplace, competitors and, product protection were evaluated in a general way; most salient conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed a sufficient understanding of the importance of knowing the Competition in Marketplace, competitors and, product protection to a commercially successful product or service but one major conclusion was missing or conclusions were generally underdeveloped.
12 points
Competition in Marketplace, competitors and, product protection were under evaluated; most conclusions as to viability of the product or service were illogically reasoned and or failed to use ideas and data obtained through research and course material to support. 0 points
Student did not achieve the minimum level
Score of Content: Shows understanding of competitors and competition in marketplace, ability to protect your idea or uniqueness (pages 2,4,10),/ 20
Content Discussion shows understanding the ease of entry into the market, funds needed and ability to raise them (pages 7 & 9)
20 points
Funds availability and ease of market entry were evaluated thoroughly and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed an insightful understanding of the importance of funds availability and ease of market entry to a commercially successful product or service. 16 points
Funds availability and ease of market entry were evaluated and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed understanding of the importance of Funds availability and ease of market entry to a commercially successful product or service but some conclusions were underdeveloped. 14 points
Funds availability and ease of market entry were evaluated in a general way; most salient conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed a sufficient understanding of the importance funds availability and ease of market entry to a commercially successful product or service but one major conclusion was missing or conclusions were generally underdeveloped. 12 points
Funds availability and ease of market entry were under evaluated; most conclusions as to viability of the product or service were illogically reasoned and or failed to use ideas and data obtained through research and course material to support. 0 points
Student did not achieve the minimum level
Score of Content Discussion shows understanding the ease of entry into the market, funds needed and ability to raise them (pages 7 & 9),/ 20
Content: Discussion reflects comprehension of the demand that the business would have on you personally and an assessment of your ability to meet those demands (page 8)
20 points
Personal ability and business demands were evaluated thoroughly and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed an insightful understanding of the importance of Personal ability and business demands to a commercially successful product or service. 16 points
Personal ability and business demands were evaluated and conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed understanding of the importance of Personal ability and business demands to a commercially successful product or service but some conclusions were underdeveloped. 14 points
Personal ability and business demands were evaluated in a general way; most salient conclusions as to viability of the product or service were logical reasoned by using by ideas and data obtained through research and course material. Discussion showed a sufficient understanding of the importance of Personal ability and business demands to a commercially successful product or service but one major conclusion was missing or conclusions were generally underdeveloped. 12 points
Personal ability and business demands were under evaluated; most conclusions as to viability of the product or service were illogically reasoned and or failed to use ideas and data obtained through research and course material to support. 0 points
Student did not achieve the minimum level
Score of Content: Discussion reflects comprehension of the demand that the business would have on you personally and an assessment of your ability to meet those demands (page 8),/ 20
Content: Outside Research Selection: materials used show academic validity and are appropriate for the topic intended
10 points
Excellent sources were used to support the ideas and conclusions drawn throughout the paper and they were of academic quality and demonstrated appropriate application to the topic under discussion.
8 points
Good outside sources were used to support the ideas and conclusions drawn throughout the paper and they were of academic quality and demonstrated appropriate application to the topic under discussion.
7 points
Poor outside sources were used to support the ideas and conclusions drawn throughout the paper and they mostly were of academic quality and demonstrated appropriate application to the topic under discussion.
6 points
Little to no academic sources were used to support the ideas and conclusions drawn throughout the paper and/or the academic quality was not valid or failed to be appropriate to the topic under discussion.
0 points
Student did not achieve the minimum level
Score of Content: Outside Research Selection: materials used show academic validity and are appropriate for the topic intended,/ 10
Writing Mechanics, Organization and Format
15 points
Includes clear and concise language that uses appropriate style, has a rich vocabulary, and is free of grammatical & spelling errors. 12 points
Includes clear and concise language, but the style and vocabulary are inconsistent or imprecise at times. The writing has some minor errors. 10.5 points
Includes some clear and concise language, but the style and vocabulary are very inconsistent or imprecise at times. The writing has many minor or major errors. 9 points
Includes language that lacks clarity and/or is not concise. There is no evidence of proofreading or an attempt at applying conventional writing mechanics, style, or vocabulary. 0 points
Student did not achieve the minimum level
Score of Writing Mechanics, Organization and Format,/ 15
Total
Score of Project 2,/ 150…..
The post Opportunity Feasibility Study: Evaluating the Viability of a Business Idea
Type of Company You Will Create
The company that I will create is a subscription-based meal delivery service that specializes in healthy and customizable meals. This company will benefit individuals and “Assessing Commercial Viability: Evaluating and Marketing a Unique Business Idea” “Understanding the Importance of Uniqueness and Genuine Demand in Commercial Success” “Evaluating Competitors, Product Protection, and Personal Ability in the Marketplace for a Successful Product or Service” “Assessing Business Viability: Evaluating Personal Capacity and Utilizing Research to Make Informed Decisions” appeared first on get essay fast.