PRINCIPLES OF ENTREPRENEURHSIP
ASESSMENT: INDIVIDUAL WRITTEN REPORT – 2,000 Words
Students are required to identify and characterize an entrepreneurial new product or service innovation within the business (B2C) or hospitality sector following the instructions below:
The new product should already be commercialized and should have been launched in the recent past, i.e. within the timeframe of the past 3-4 years, but in any event, no examples of the above that have been introduced to the market less than 5 years ago.
After selecting the product or service based on the criteria above students are required to address the three sections below:
The Concept (discuss using entrepreneurial secondary literature the importance of the concept then answer the questions below regarding the chosen product or service) – 30% of final mark
- The product or service should be clearly described, preferably with an image, illustrating the innovation via its unique features and benefits and discuss what led to the insight to create the product/service
- Please identify the unique value proposition the product/service offered to the relevant consumers. Please also discuss any potential competitors that may have launched a similar product/service in the past and how the product/service you have identified differentiates itself from the nearest competitive offering.
Industry Market Analysis (discuss using entrepreneurial secondary literature the importance of an Industry Market analysis, then answer the questions below regarding the chosen product or service) – 35% of final mark
- Discuss the detailed target market for the new product/service. Please ensure that the target market includes demographics geographics, psychographics and behavioral.
It also worth commenting on whether any competitors targeted their offering to the same or a different target market. Targeting may have a significant effect on an innovation’s performance in the market.
- Critique the marketing of the product/service. This can include, but is not limited to, communication and distribution channels selected (online, offline or both) chosen for the launch of the product/service, pricing, timing of the launch, etc. How well was the product’s/service’s unique value proposition communicated to consumers and did consumers clearly recognize the value of the innovation?
Product/Service Analysis (discuss using entrepreneurial secondary literature the importance of The Product/Service analysis then answer the questions below regarding the chosen product or service) – 35% of final mark
- Further, discuss the sustainability of the innovation, i.e. how well or how poorly was it received by target market, i.e. was the resulting growth (revenue) sustainable and how does the innovation continue to add value to the stakeholders today? What, if any, “barriers to entry” did the providers create to prevent early imitators?
- What are the characteristics responsible for the innovation’s long-term success or failure? Please discuss the key factors that contributed in important ways to the ultimate success or failure of the innovation?
Students are required to present their work according to the prescribed Report writing guidelines contained in the Core Academic Skills Guide available on Moodle. All reports should be correctly referenced following the Manchester Metropolitan referencing guidelines available on Moodle.
Students will be able email or present their initial ideas via an outline or abstract during the 5th week of the term. The instructor will then provide constructive feedback to enable students to improve their draft/outline prior to formal and final submission.