MNGT2002 Assignment 1
Individual Initial/Preliminary Feasibility Study
This is an initial feasibility study of your new business idea. NB. This 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 progress through the broader business plan.
This feasibility study focuses primarily on the market but also begins to explore technical aspects of the idea.
Purpose:
The purpose of this assessment is to provide you with an opportunity to conduct a preliminary evaluation of your individual innovation/business idea, to determine whether the idea will be feasible and warrant the development of a business plan. The task requires an outline of the core business statement, and an 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 the preliminary evaluation of a business idea, following opportunity recognition, conducted for the purpose of determining whether the idea is worth pursuing, providing an entrepreneur with a more secure notion of feasibility before the development of a business plan.
Objective:
The objective is to evaluate the initial concept of a new business venture opportunity by conducting a feasibility study.
Preparatory Details
It is suggested that you undertake secondary research to answer the following in preparation for writing the feasibility report.
- Research what is the need for your new product/service. Where is the gap in the market? What are the benefits of your offering? To whom? How can it be differentiated from existing products/services in the market?
- Who & what resources are needed?
- Research specific considerations, including:
- Potential external constraints, including logistics, environmental or legal.
- Similar or substitute existing offerings.
- What are the risks? What crucial issues might prevent the project from being successful in the marketplace?
The source of this information will form part of your reference list. (Aim for a wide selection of academic, industry, articles, news, and other current sources to support your discussion.)
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Assessment Item 1
Note that it is each student’s responsibility to keep a copy of each assessment task that is submitted.
Detailed Instructions & Feasibility Structure Guidelines:
Title Page:
Table of Contents:
Introduction:
In this section, you must explain your new business concept. Outline and describe the following two sets of analyses you will be using to conduct your new venture feasibility analysis: Market and Technical Product/Service analyses.
Remember, the idea should be novel, but this does not necessarily mean a ‘New to the World’ concept. For example, it might be a combination of ideas already in the marketplace or an improved offering. However, you will need to justify that your business idea doesn’t already exist in the marketplace.
Market Feasibility
This section assesses the Strategic Competitive Advantage (SCA) within the industry, determines competitors and the target market. Aim to justify and support your proposed new venture idea and chosen markets, etc, with secondary evidence and research, such as government and industry reports, market trends, 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?
Technical Product/Service Feasibility
This section assesses the technical resources available to the business to produce the product, service or experience. It will help you determine whether you have the resources and capabilities to convert the idea into a working business.
Address the following:
- What is to be produced & how? Technological or facility requirements?
- What are the Product, Service or Experience specifications?
- What are the required skills and capabilities?
- Who will perform these functions?
MNGT2002 Business Venturing | Individual Feasibility Study Instructions & Rubric | Assessment Item 1
Conclusion:
When all areas have been examined, use your feasibility analyses to identify any constraints the proposed project may face. Evaluate and determine if the business venture is feasible, viable for further development, or not.
Whilst this assessment has not focused on commercial feasibility, based on the outcome of your initial feasibility study, ensure you state whether you believe your proposed new venture idea has the potential to be successfully commercialised, ie. Discuss and support why/why not your new venture has the capacity to generate revenue, in addition to any associated risks identified.
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Reference List:
- As noted previously, as an academic assessment, you will want to support and justify your decisions and argument with evidence ie. references.
- The source of the information you find and incorporate into your feasibility study will form part of your reference list.
- To create a more robust argument, aim for a wide selection of academic and industry sources, statistics, articles, news, and other current sources to support your discussion.
- Referencing style is APA 6th or 7th – please see Canvas and the Gold Guide for further guidance