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Assessment 2

Idea Generation



Task Description:


The objective of this individual assessment submission is to learn how to develop a business idea, complemented by brainstorming and leveraging the insights and skillsets of others. Assessment comprises two parts: Please submit a 5-page briefing paper of your business idea, its essential business model components, and aspects that will influence its success. A business model canvass can be included as an appendix.

The second part of the assessment is how constructively and collaboratively you have worked with others during the workshops scheduled for Assessment 2.

The assessment criteria for both components are detailed below.



Referencing Style:

American Psychological Association (APA)


Submission Instructions:

Please submit online via Moodle



Return Date to Students:

Week 10 Friday (18 May 2018)

Result and remarks will be available in Moodle through Feedback Studio. Please click on the blue Pencil to access feedback.



Weighting:

30%



Assessment Criteria:


Business Idea:

  1. Effective explanation of the customer/market problem that needs solving and/or the reason the innovation is required. (10%)
  2. Persuasive argument of the benefits to be generated by the idea (10%)
  3. Discussion of the proposed business model (15%)
  4. Critical success factors to be managed during execution of the idea (15%)
  5. Evaluation of the feasibility of the idea (10%)
  6. Quality of written submission, referencing (10%)


Quality of contribution and collaboration

  1. Individual student has demonstrated they worked productively in the team, including the ability to brainstorm with others to generate a viable idea set and to solve project problems collaboratively (10%)
  2. Evidence that the individual student has helped the group reach consensus on the most viable idea to take forward for Assessment 3 (10%)
  3. Evidence that the individual student has been proactive in ensuring the the successful completion of the portfolio of materials for the pitch in Assessment 3 (10%)



Learning Outcomes Assessed:

  • Investigate cases of disruptive innovation in different business and social contexts by applying lean entrepreneurship principles
  • Develop ideas using conceptualisation frameworks, innovation personas and horizon thinking in different business and social contexts
  • Demonstrate an understanding of and apply the stages of the innovation process, including learn how to forecast the success and market diffusion of your innovation using business model design logic




Graduate Attributes:

  • Knowledge
  • Communication
  • Cognitive, technical and creative skills
  • Research
  • Self-management
  • Ethical and Professional Responsibility
  • Leadership
Answered Same Day May 01, 2020 MGMT20143 Central Queensland University

Solution

Meenakshi answered on May 03 2020
140 Votes
Running head: BUSINESS IDEA
(
6
)BUSINESS IDEA
Business Idea
Name of the Student:
Name of the University:
Authors’ Note
Introduction:
    Innovative skill of entrepreneurs plays an important role to develop business idea. Identification of the problems faced by these individuals is also considered to address necessary steps that need to be followed to develop the business plan successfully. The aim of the paper is to mention proposed business model considered for introducing diet chocolate in Australian market. Inclusion of innovative business plan is beneficial to introduce this product in target business scenario. Detailed analysis of success factors has also supported in addressing strategies that need to be followed to manage business function of the organization. Feasibility of collected data has also been evaluated that influences success of the newly proposed business plan.
Identification of problem visible in the industry:
    The cu
ent study has focused on the business idea of introducing diet chocolate named Sweet Bite in Australian market. Increasing health awareness among young population and their changing lifestyle have increased the popularity of these dietary chocolate. Controlling the usage of sugar and other chemicals has drawn attention of large number of modern age customers towards these items. However, there are certain challenges that are faced in introducing new business plan in FMCG sector of the target country market (Ramanathan, Bentley & Pang, 2014). Lack of financial resources creates an obstacle to introduce the product in the market. Financial scarcity reduces the chances of recruiting skilful marketers to address the demand of such diet food products in the market (Ramanathan, Bentley & Pang, 2014). Rigid trade policies of the government would also restrict export of this food item in internal market that influences profitability ratio along with sakes growth. Lack of recruitment of expert professionals can also cause trouble to maintain the quality of the product (Ramanathan, Bentley & Pang, 2014). Training sessions must be included to make the professionals aware of the necessary steps that need to be followed to introduce this chocolate in the market successfully. Lack of involvement of financial investors also generates trouble to gain initial capital that is required to maintain the productivity of such food item.
    Low financial stability of the organization has created issue to install advanced quality control equipment that must be installed to maintain the quality of product offered to the large number of consumers existing in target market. Lack of involvement of project management team also reduces the scope to manage
eak even time that is required to accomplish the project work successfully (Ramanathan, Bentley & Pang, 2014). Therefore, innovative business plans need to be considered to manage this financial matter. Inclusion of unique ideas is beneficial to control the cost of the chocolate that is...
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