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Posted: November 28th, 2022
Intro to Business Online Team Project
With your team, you will create a basic plan for a business around your product idea (good, service, or idea). The steps include Idea Generation, Team Organization, SWOT Analysis, Describe the Target Market, Product, Promotion, Distribution, Implementation Plan, Financial Estimates, and Business Summary Final Project Paper.
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1. Idea Generation
Keep a journal of inspirational products (goods and services).
Keep a list of “what makes me frustrated” unmet needs in daily life or “This daily frustration would be easier if…”.
Share your idea journal and list of product ideas with team and brainstorm more possibilities.
Then as a group narrow the idea list and search for similar products/competitors online. The list and final chosen idea should be included in the final written project.
2. Team organization
Establish a team structure and leadership roles. If you are doing this as an individual, what other people will you need to startup and run the organization? What are their strengths and weakness? What skills do they have? How will you compensate for the missing skills?
3. SWOT
Conduct a SWOT analysis on the external and internal environment of your team as they venture into creating a new business centered around the product idea developed in the Idea Generation stage. Your individual team member strengths and weaknesses that you outlined previously will make up a part of the this.
4. Target Market Customer Description
Find out what current (or potential) product users think of your idea. Survey friends, family, and strangers if you like. What’s good about it? What’s bad? Why?
Describe in detail your primary intended customer and their needs.
How do they learn about products like yours?
How and where might they get your product?
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5. Product Description
Describe in detail the following items.
Problem (that your product solves):
User:
Solution (in what ways the product solves the problem):
Features – describe what the product characteristics are: If it is a product, what it looks like, how it feels, what is the size, materials used to make it, etc. If it is a service, what exactly is being done for the user, in what setting, by whom, etc.
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How is your product different from others? What’s unique about it? How is it better than the competition?
Price the customer will be charged (range estimate).
Describe customer interaction with your business when there is a problem.
6. Promotion - How will you tell about and sell your product?
Message – What will be your message/s to the potential customers (target market)? This is where you can create a slogan and choose colors and images that represent what you want to tell people about your organization or product.
Media – Will you use social media, word-of-mouth, salespeople, brochures, videos, radio, etc., or a combination? What might some of these look or sound like?
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7. Distribution - Where will you sell?
How will you get your product to customers (retail stores, online, direct sales, wholesale)?
Who can help you?
8. Implementation
This is the detail of the plan for getting things started. You do not actually have to do all of these – just imagine the process. For example: You are not required to create a prototype, just estimate how long it will take, the cost (if any), and who in the organization is responsible for researching and making sure this is done.
Timeline: Cost Estimate: Who is responsible?
Test product idea with friends. (ex. – 1 week) (ex. - $100 for printing and wages of surveyors) (ex. - all members of team)
Test product idea with customers.
Make a prototype/example (if it is an item). (ex. – 1-3 months) (ex. - $1000 for wages and supplies to make candy bar samples) (ex. – head of manufacturing or operations)
Test prototype.
How will we develop the product and where will we make it? (make in-house or outsource production)
What raw materials are needed?
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What facilities and equipment are needed?
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Labor needs?
How many people /hours?
Permanent or temporary?
What advertising do we need? (social media, word-of-mouth, brochures, videos, etc.)
What sales force is needed?
Will you pay them salary or a percentage of what they sell, or hire outside sales service?
9. Financial
Operations cost (cost of just being in business – building rent, utilities, etc.) estimates for first month/s? Year?
Marketing cost estimates – What will you spend on advertising or sales promotions the first month/s? Year?
People expenses – What do you plan to pay your employees?
Product Cost estimates – How much will it cost to make one (if it is a good) or provide (if it is a service)?
Price of product - What will you charge the customer?
Sales estimates - How many/much will you sell in the first month or so? Year?
Estimated profit/loss – (Product sold x price charged) – (costs and expenses) = Profit or Loss
Example 1st month: 5,000 candy bars sold X $2.00 each = $10,000
Chocolate, nuts, packaging, labor wages = -$5,000
Rent, utilites, etc. for first month = -$4,000
Total Profit for first month = $1,000
How much money might you need to borrow to start up? How much of your own would you invest?
10. Business Startup Summary Final Project Paper
Compile the previous sections in a 6 page double-spaced paper (not including the title page and appendices such as graphics). The content is already created in previous sections, simply pull it all together into one document (minus the guiding questions). Be sure to use proper citation of outside sources. You will be graded on spelling, grammar, and punctuation as well as professionally written content and use of course concepts.
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