Business feasibility study

Business report based on an Innovation Proposal already made which is attached. All the information for this report is carefully described in the “Innovation Assignment 2” document.

 

 

 

Innovation Assignment 2

 

Business feasibility study

 

Developing your business model and writing-up your feasibility study from Assignment 1

 

It’s a Business report based on the implementation of the LightStrike Germ-Zapping robot for the Mercure in Oxford, UK

Robot Company website:https://xenex.com/light-strike/

Mercure Oxford Hotel Website:https://all.accor.com/hotel/6668/index.en.shtml?utm_campaign=seo+maps&utm_medium=seo+maps&utm_source=google+Maps

Innovation Proposal: The LightStrike Germ-Zapping robot for the Mercure in Oxford, UK

Notes:

• Don’t do the part that is highlighted in blue.
• Read Assignment 1 “ Innovation Proposal” attached
• Use Excel for financial spreadsheet attached
• Leave the Competitor analysis Sector (250 words) for the end, until I provide more indications.
• I will be providing more guidance and information throughout the week.
• I will send you updates and comments from the module leader.

 

General information

 

• Use Academic resources and valid non academic resources like well known websites or News site

 

• The length of an assignment is 1900 main body plus 300 words for financial spreadsheet year 1.

 

• You will need to think carefully about how best to explain your case within the permitted number of words, using, for example, an appropriate mix of text, drawings, diagrams and tables, supplemented by information contained in appendices.

 

• Placing all tables and drawings in appendices can hamper the flow of discussion.

 

• The specified word count refers to the main body of the report and does not include front cover, title page, contents page, executive summary, reference list, bibliography or appendices.

 

• Inappropriate use of appendices will be taken into consideration when awarding the final mark.

 

 

The goal is to assess whether the idea has sufficient potential to warrant the further investment of your time and effort

 

 

 

 

 

 

 

Structure

 

Structure: Cover – The cover should include the business name and contact details.

 

Table of contents – This is a list of sections and subsections, with page numbers.

 

Executive summary (approx. half page1)

 

– It should only be written after the full plan is complete. It must be a summary of the plan – not an introduction. It should highlight the nature of your product/service, target customers, value proposition and competitive advantage. It should appeal to the reader by highlighting the uniqueness of the innovation and how it contributes to the goals of the chosen organization.

 

1. The new venture product or service and business details (approx. 300 words)

 

Key features and benefits • How customers will use it • In a table, summarise key strengths and weaknesses of the chosen business. • How your idea accounts for main strengths and weaknesses (e.g. does it build on strengths or minimise weaknesses

 

– Explain the venture idea describing its key features and benefits. Briefly explain how customers will use it. In a table, summarise key strengths and weaknesses or the chosen business. Explain how your idea accounts for main strengths and weaknesses (e.g. does it build on strengths or minimise weaknesses?).

 

2. Industry and Market analysis (approx. 500 words for sections 2.1 and 2.2)

– Provide background information on your industry sector and the market segments within it by addressing sections below

 

 

 

. 2.1 Macro environment trends (approx. 250 words)

 

– Identify one key macro market trend that is favourable to the venture and one that threatens its success. Explain why this is the case by focusing on potential impacts of supply of your product/service or demand for your product/service.

 

 2.2 Competitor analysis (approx. 250 words)

– Identify two direct competitors and compare with your organization on a set of three most important success factors. Success factors will depend on the business you chose.

 

3. Marketing Strategy (approx. 900 words for sections 3.1 and 3.2)

 

3.1 Customers and value proposition (approx. 400 words)

 

Describe customers, value proposition – focus on problems you solve and gains you create for customers

 

– describe your customers (consider demographic, psychographic and behavioural factors) and the value proposition for your product/service. In describing value proposition, focus on problems you solve and gains you create for your customers. Articulate what is unique about the value you create for customers, and highlight to what extent this provides differential advantage over competitors (think of section 2.2. competitor analysis). The more points of difference and the stronger and more sustainable these differences, the better.

 

3.2 Marketing mix (approx. 500 words)

– provide details about how you propose to deliver sales (or make people use your service). Contents of the section will depend on your proposal but should contain at least one of the following aspects of the marketing mix

 

. Ø Price – identify price of the product/service and other relevant elements of price (e.g. promotions, discounts). In case of services which customer does not pay for directly (e.g. mobile application) explain how revenue will be captured (e.g. higher room prices, subscription).

 

ØCommunications – explain how you propose to move people from awareness to purchase/use (Consider AIDA model).

 

Ø Distribution – in case your product service has distribution implications, describe any changes to how the product/service will be made available (e.g. new opening times, expansion to mobile food provision).

 

4. Operations plan and resources (approx. 200 words)

 

Key operational activities of the venture and resources needed

 

• explain key activities of the venture that will need to be performed to deliver your service. This will depend on your proposal. For example, a restaurant introducing a new menu will need to ensure availability of supplies, or that staff are knowledgeable. Think beyond generic description e.g. deliver good service: do you mean on-time delivery, one-to-one customer attention etc.?

 

5. Financial projections (approx. 100 words)

 

Simplified profit and loss statement in appendices

 

– provide a summary of financial projects for the first year or your product or service. Include a simplified profit and loss statement in appendices.

 

 

 

 

Important! Assessment Criteria

 

• Venture and business details

 

Exceptionally strong evidence of ability to identify a new venture that clearly corresponds to chosen organization’s strengths and weaknesses. Features are described in detail and clearly linked to and differentiated from benefits. Creativity is very clearly expressed through a unique idea.

 

• Industry and market analysis

 

Exceptionally strong ability to identify current and relevant macro-trends. This is clearly justified and the implications for demand and supply are explained. Competitor analysis is based on relevant success factors correct and professionally executed. Excellent depth of analysis that is underpinned with very strong evidence. A strong independent research effort is evident.

 

• Marketing strategy

 

Exceptionally strong ability to provide relevant details of target segment underpinned with very strong evidence. Value proposition is clearly linked to customer problems and the extent of differential advantage is clearly articulated and linked to competitor analysis. Excellent detail of marketing mix elements that are relevant to proposed venture. An exceptionally strong independent research effort is evident

 

• Operations, resources and financial projections

 

Exceptionally strong effort to identify key activities andresources. Sections provide sufficient and actionable detail. Financial projections demonstrate clear awareness of elements of a profit and loss (P&L) statement, and independent research. P&L statement is provided in appendices and correctly executed.

 

 

• Presentation

 

The report is professionally and logically structured. Executive summary clearly reflects key aspects of the plan.

Complies with presentation criteria, with accurate referencing within the text and clear acknowledgement of sources used. Accurate and complete

bibliography.

 

Module Leader Comments:

 

Student question:

For the table of strengths and weaknesses of the business in section 1, are we putting it as an appendix or in the main body of the report? Also when explaining if our innovation adds to the strengths or weakness of the business, is that in the same table or written in the paragraph?

Module Leader Comment:

I suggest placing it in text to avoid breaking flow for the reader. Emphasise how your innovation builds on strengths and weaknesses in text by making references to relevant aspects of your strengths and weaknesses table.