Project Brief
It’s a fast changing world and entrepreneurs and organisations constantly
need to keep a watchful eye on the market place. They need to anticipate
change and be on the lookout for new opportunities to constantly develop,
refresh and modify their products and services. It is essential that you are
aware of innovation within as well as outside your sector, to be ready to
meet the needs of current and future markets.
In this project, you are asked to apply your specialist knowledge along with
market research to develop a business idea. You will
a) identify an opportunity for an innovative new product, service or
organisation
b) shape your ideas into a business concept proposal underpinned by
appropriate research
c) create a selling presentation of your business concept
The project will give you and your team the opportunity to try out your
creative capabilities in new contexts and pit your wits against fellow teams.
For assessment and grading in this project you will be expected to:
1 Research the opportunity to see what the potential is
a) identify an opportunity for an innovative new product, service or
organisation
b) shape your ideas into a business concept proposal underpinned by
appropriate research
c) create a selling presentation of your business concept
The project will give you and your team the opportunity to try out your
creative capabilities in new contexts and pit your wits against fellow teams.
For assessment and grading in this project you will be expected to:
1 Research the opportunity to see what the potential is
2 Build a rich customer profile
3 Provide evidence of your research and analysis of the intended target
market and competitive context
4 Develop a brand and marketing strategy by which to attract and retain
that market, including:
- the USP of the product, service or organisation
- the benefits and features of your product or service or organisation
- how you will reach your target market considerating the 4 Ps (product,
price, place, promotion)
- an outline budget for accomplishing your proposed solution
- an action plan to achieve your solution
You will give a group presentation in the form of a sales pitch with a
specific audience in mind. The presentation should also be uploaded in
Moodle in the form of a PPt, PDF or other appropriate medium along with
any explanatory notes, supporting facts and information sources.
You will answer an individual questionnaire about the process you have
gone through to reach your conclusions, what research you have done and
how you have contributed to the groups work. You are required to keep a
personal project log or blog throughout the project to document your
learning process. You should include what you learn at Industry Day.
Learning
Outcomes
In order to pass this unit, students must demonstrate the following learning
outcomes have been achieved:
A1 Understand the role of branding and marketing strategy in competitive
strategy
B1 Demonstrate resourcefulness, persistence, adaptability and confidence
to make decisions with incomplete data
C1 Identify and prioritise key issues in complex scenarios
D1 Gather company and market intelligence from a wide range of sources,
exercising a critical mind. Synthesize these to generate insight.
D2 Demonstrate the ability to profile customers/audiences in diverse
contexts
E1 Demonstrate emotional intelligence through working collaboratively in a
team
Assessment
Criteria
You will be assessed on the following criteria:
- Ability to gather and synthesise company, industry and market
intelligence, turning it into insights that drive creativity and innovation
( D1)
- Evidence of the identification of a target audience, using traditional
and/or emergent market research techniques, and the generation of
insights that support innovation (B1, C1, D2)
- Evidence of the understanding of how brands and marketing
strategies are created and managed to build sustainable advantage
(A1, D1, D2)
- Ability to communicate ideas persuasively to diverse audiences and
drive action (B1, D1, E1)
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