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Marketing Assignment Question
In developing a new business venture, the process begins with recognizing an opportunity from a business problem and creating a business concept that articulates it. For the first steps, the entrepreneur (1) builds a concept to solve the business challenge; (2) fashions a story that conveys the meaning of the new venture, and (3) prepares a presentation that tells the story and explains the concept to potential customers, investors and partners. After testing the concept with stakeholders, the entrepreneur may go on to develop a complete business plan.
To help you build these skills you will be required to undertake the entrepreneurial process of opportunity recognition and concept development. You will be asked to identify possible commercial opportunities for a particular innovation and then articulate the opportunities into a new business concept. You will submit a 1000-1200 word business concept report that identifies and describes your innovative business idea. You will develop your business concept into a full business plan in assignment 3.
Some of the issues that will help you in developing and evaluating your business idea are:
• the problem or need and identification of the customer/s and market
• the proposed solution and the uniqueness of the solution
• why the customer will pay for the solution
• feasibility, marketing, finance and operational issues
In your business concept report you should:
• Identify the problem and recognise a business opportunity to solve it.
• Assess the business opportunity. (This is where you undertake a feasibility analysis. The textbook on pages 67-71 and the week 3 lecture slides will give you information on how to assess feasibility.)
• Identify and explain the business model/strategy, based on the assessment of the business opportunity (see textbook pp.161-172 for guidance).
Your business concept report may be structured around all three elements above or you can devise your own approach. See below for a suggested approach:
1. The business opportunity: The problem and solution
(Identify the 'problem' and discuss the business opportunity that may address it, showing an understanding of the particular market and potential customers.)
2. Business opportunity assessment
(This is your feasibility analysis. In this section, assess the feasibility of the business idea in relation to the following: industry/market, product/service, and the organisation and its management.)
3. Business model/strategy
(Based on your assessment of the business opportunity, explain the business model/strategy that you will use to realise the opportunity.)
Here are some questions to help GUIDE you in developing your business concept (and later when expanding it into a full business plan). Remember that your concept report is only 1000-1200 words so you don't need to consider ALL of these questions.
• What are the key factors in determining if your idea is a viable business opportunity? Is this just an idea or a real business opportunity? Can the new product or service work?
• What contextual (economic, regulatory, industry) factors should you be aware of? What markets and market drivers should you focus on? What are the specific competitive advantages will the product or service offer? Who are the customers likely to be?
• Who would make up the team? In your opinion, what is the greatest risk? Why and how should this risk be mitigated? What resources you will need? Who is going to finance it?
• What would be the business strategy? Briefly describe your business strategy. What partners and alliances (important stakeholders) will you need in order to be successful in production, distribution, marketing, and overall? What distribution channels will be used?
Read more in the complete solution PDF document at the end of this page.
Marketing Assignment Solution
'Necessity is the mother of Invention'. As an entrepreneur, one always looks for opportunities for a start-up. In the following business concept, I will be evaluating a current target area and proposing a plan not to solve an issue in particular, but to engage customers in a new way and pave way for a new business idea. The sole purpose of entrepreneurship is to contribute towards the progress of society. The key is to identify the opportunity, mobilize the available resources in the right direction and drive progress.
Tourism is a prime industry for the Australian economy. The vast wilderness, magnificent beaches and the cuisine are things that tourists look forward to when they visit Australia. Being blessed with breathtaking beaches, the coastal life of the country is more than just the beach or the food. It is a part of the culture and a way of life. Tourists always look forward to something relaxing and fresh. It is the experience that draws them towards the country and its coastline. There is a need to bring together the combination of serene waters and mouth watering delicacies to deliver an experience that they remember and cherish. (Corporate, 2015)
Attracting tourists has been easy considering the rich heritage and nature of Australia. What I propose is an amalgamation of two beautiful concepts; firstly, the coastal view and calm beaches and second, the experience of having good multi-cuisine restaurants. The idea is to have a chain of boat restaurants where one can sit back and enjoy a boat ride and be able to eat at the same time. It will be a multi-cuisine restaurant with a kitchen away from the shore. Tourists can place their orders at the stall located near the beaches and take a seat in their respective boats. Once the food is ready, the serving boat can help the waiters reach the tourists who placed the order and serve them. Any further orders can be placed via a boat phone that can connect to the counter at the shore. One boat can have approximately space for 6-8 chairs and 2-3 tables. An apt name for this idea would be 'Snack-n-Sail' which is pretty much self explanatory. To begin with, the menu can be a limited one with a couple of snacks and dishes to go with. Special attention will be paid towards hygiene and ensuring that none of the waste is disposed anywhere by the shore. The speciality of this idea is that it is not only a service but an experience to remember. (Corporate, 2014)
An idea will prove to be profitable only if it is feasible in the first place. We need to set very realistic goals and build on them. It is essential that the market and the customers are identified beforehand. The dominant value of Snack-n-Sail is the service and the food. The differentiating value is the experience that it delivers. (Friederike Welter, Robert Blackburn, Bjorn Wiley, 2013)
Read more in the complete solution PDF document at the end of this page.
MARKET, CUSTOMER & INDUSTRY
The industry to be mentioned here is not only the tourism industry, but also food as an industry. As per statistics of Jan 2014, there was an increase of 15% in the number of tourists visiting Australia as compared to the previous year. The industry is ever growing. As a target audience, people always look for something new and exciting when they visit a new place. This concept will not only attract those coming from out, but also be something that will catch the attention of locals. A lot of families spend their weekends and holidays admiring the natural beauty of the coasts. Snack-n-Sail will be something they will look forward to for dates, family dining as well as small parties. Being a niche service, it will definitely be priced a little above average to begin with. The idea is to cater to a target audience who look for a change. Being a unique proposition, Snack-n-sail will have the first mover advantage. Accommodating very few people on board at a time will ensure that there is no problem of crowding which can take away from the peaceful ride.
In the process of testing this concept, it is important to note that as human beings we are all inherently curious. We will not hesitate in trying out something new if it ensures satisfaction. When good food is served and one likes what he/she has eaten, there is always a second time. Happy customers do come back. They intend to try out something else on the menu and speak about their experiences to friends and family. The desirability automatically increases.
Considering Snack-n-sail has 3 boats and is operational from 11 am to 6 pm daily and on weekends from 9 am to 6 pm (special breakfast menu for the weekends), we can estimate an average daily footfall of at least 50 customers on a weekday and 70+ customers per day on weekends. These numbers will gradually increase as promotion increases and a lot of customers will certainly come back.
ORGANISATION AND MANAGEMENT TEAM
There is a high demand for management expertise. (Thomas Byers, Richard Dorf, Andrew Nelson, n.d.) Handling orders of different boats and getting the food delivered to the boat in time is not an easy task. There will be an initial requirement of one counter staff, at least 2-3 chefs and a minimum of 5 serving assistants. In addition to this, we need people who will man the boats safely. Being a niche service, quality is of utmost importance. Cleaning staff is also required.
THE BUSINESS MODEL/STRATEGY
The main elements of a business model are as follows:
• The Customer: Tourists, Locals who spend their leisure time at the beaches, People looking out for new places to eat at.
• Value Proposition: Freshly cooked, multi-cuisine, served in the form of a beautiful dining setup on a boat.
• Differentiation: Uniqueness. It is different from a usual restaurant. Out in the open and in tune with nature.
• Scope of Activities: Provision for prior bookings of a boat for an occasion. Future prospects can include a live musical performance on the boat.
• Organizational Design: Divisionally organized
• Value capture for Profit: Niche service, customer oriented approach, value for money.
• Value for Talent: Opportunity to work in a setup that is not only unique but also challenging.
Every successful business was initially a small idea. It is definitely a challenging task and even if we begin with one boat taken on rent, it does require a good amount of initial investment in terms of the fuel, the rent and the food preparation. But once the business gets the right kick start, it will certainly prove to be popular among the target segment. The benefits will roll over to the restaurant culture as well as to the tourism industry as more and more people will want to come and dine. The expansion possibilities are massive considering the number of beaches in Australia. A lot of tie ups are also possible in terms of the boats and other facilities. It is the logistics of such businesses that ensures its success. And why just Australia, this is one concept that can be taken across borders and be given a worldwide presence in due course of time.
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