This is an initial feasibility study of your individual new business idea. NB. This Assessment will not be sufficient to validate your group business idea ie. further feasibility will need to be undertaken, and it will need to be revisited regularly as you Item 1 progress through the broader business plan. – NO PLAGIARISM
Individual Initial/PreliminaryFeasibility StudyThis is an initial feasibility study of your individual new business idea. NB. ThisAssessment will not be sufficient to validate your group business idea ie. further feasibility will need to beundertaken, and it will need to be revisited regularly as youItem 1 progress through the broader business plan.This feasibility study focuses primarily on the market but also begins to explore technical aspects of theidea.PURPOSE: The purpose of this assessment is to provide you with an opportunity to conduct a preliminaryevaluation of your individual new innovation/business idea, to determine whether the idea will be feasibleand warrant the development of a business plan. IndivThe task requires an outline of the core businessstatement, and evaluation of the market and technical and commercial feasibility of your initial concept.PARAMETERS: Feasibility analysis is the process of determining if a business concept is viable. It is thepreliminary evaluation of a business idea, following opportunity recognition, conducted for the purpose ofdetermining whether the idea is worth pursuing providing an entrepreneur with a more secure notion offeasibility before the development of a business plan.OBJECTIVE: The objective is to evaluate the initial concept of a new business venture opportunity byconducting a feasibility study.DUE DATE: Preparatory Details3/26/2020 54041 – Individual Initial/Preliminary Feasibility StudyThishttps://www.australiabesttutors.com/Recent_Question/54041/Individual-Initial-Preliminary-Feasibility-StudyThis 3/5It is suggested that you undertake secondary research to answer the(Friday 11:59pm)gap in the market? What are the benefits of your offering? To whom? How can it be differentiated fromexisting products/services in thefollowing in preparation for writing the feasibility report. Week 6? Research what is the need for your new product/service. Where is theLENGTH: market?2000 words ? Who & what resources are needed?? Research specific considerations including:WEIGHTING: 1. Potential external constraints including logistics, environmental or legal. 20 Marks 2.Similar or substitute existing offerings.? What are the risks? What crucial issues might prevent the project from being successful in themarketplace?? Note that it is each student’s responsibility to keep a copy of each assessment task that is submitted.Detailed Instructions & Structure Guideline start on page 2 **Rubric and Criteria start on page 4This section assesses the Strategic Competitive Advantage (SCA) within the industry, determinescompetitors and the target market. Aim to justify and support your proposed new venture idea and chosenmarkets etc with secondary evidence and research, such as government and industry reports, markettrends, relevant News items etc.Address the following:• Who is the customer/target market?• What value are you adding for the proposed customer/s?• What is the market size and trends?• What needs will the initial SCA (strategic competitive advantage) satisfy?• Identify competitors and compare SCA.• How will it be priced?• Determine channel(s) of distribution?• What is the estimated market share you can capture in years 1, 2, and 3?3. Technical Product/Service FeasibilityThis section assesses the technical resources available to the business to produce to the product/ service/experience. It will help you determine whether you have the resources and capabilities to convert the ideainto working business.Address the following:• What is to be produced & how? Technological or facility requirements?• What is the Product, Service, and Experience specifications?• What are the required skills and capabilities?• Who will perform these functions?When all areas have been examined, use your feasibility analyses to identify any constraints the proposedproject may face. Evaluate and determine if the business venture is feasible – viable for furtherdevelopment – or not.Whilst this assessment has not focused on commercial feasibility, based on the outcome of your initialfeasibility study, ensure you state whether you believe your proposed new venture idea has the potential tobe successfully commercialised ie. Discuss and support why/why not your new venture has the capacity togenerate revenue, in addition to any associated risks identified.
QUALITY: 100% ORIGINAL – NO PLAGIARISM.
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