Essay Help: Product management

Allessays.net is an academic exchange platform for students and writers: order Dissertations, Essays, Research Papers, and other assignments. 1 Title Taxation Assignment type Research Proposal Discipline Accounting More details 2 Title new business idea, Start your own business/service Assignment type Coursework Discipline Business Description Start your own firm that provides a unique service/product .It doesn’t have to be new but it can be a modification of an existing product/service. Describe the business idea: – what is your product or service? – How new/different is it? How does it compare to competitors’ offerings? This submission will not be graded and will not be returned to you. Methodology Leading to the Final Report The project will require some fieldwork and will rely on the use of personal interviews to obtain feedback on the proposed business model. Face-to-face (or telephone interviews) tend to work much better for this project than email or CHAT interviews because they almost always yield much richer information. (Note: A written questionnaire/survey is NOT appropriate for this project.) Each stage (stage 1 & stage 2) of the project will require at least five interviews – four with potential customers (i.e. members of the target group) and one interview with a businessperson (entrepreneur or manager). The latter interview should be used to obtain a businessperson’s perspective; potential suppliers, distributors and competitors all represent good interview candidates here. During the consumer interviews you should present your original business idea (as described on your business model canvas) to the interviewee and solicit feedback, both positive and negative. For example, how does the consumer satisfy these needs now? (how often do they purchase, where, what purchase criteria do they use, how much do they spend, etc.) How satisfied are they currently? Does your business offer added value? How much? (i.e. what is the consumer willing to pay for it?) Does it seem realistic? What changes could enhance its value? How strong is their interest? The interview with the businessperson should focus less on the product itself (don’t ask them the same questions as the consumers) and more on the broader issues facing you as an entrepreneur. For example, what are the key challenges facing you with respect to business startup, business operations and overall business viability… and what advice does the entrepreneur offer in addressing them? The feedback obtained from the first round of interviews should serve as the basis for preparing a revised and possibly fuller version of the business model canvas. The revised canvas should then be subjected to another round of interviews (minimum 5). Again, four of the interviews should be with potential buyers and one interview should be with a business expert. Do not interview the same people in the second round as you did in the first round. Final Report The final report is due in dropbox (see course schedule). Late submissions will be penalized. The report should include a title page, table of contents and at least one appendix which lists and describes each interviewee. Do NOT include their names (they should remain anonymous in your report) but do discuss the capacity in which you interviewed them (e.g. potential customer or business expert) and why they were a good candidate for your sample. (i.e. – clearly representative of your customer group or an entrepreneur that has some logical connection to the type of product or service you are pursuing). The report should be typed and double-spaced using Times New Roman 12 point. The body of the report should include five major sections. Use descriptive headings to help organize the report. 1: The first section should briefly describe the original business idea and hypothesized business model you submitted in the original proposal. 2: The second section will: a) summarize the results of the first round of interviews, b) evaluate these results, and c) indicate what revisions you’ve decided to make to the business model, and why. 3: The third section will: a) summarize the results of the second round of interviews, b) evaluate the feedback, and c) indicate what revisions you’re incorporating, and why. 4: The fourth section of your report should deal with the implications of your findings. Here you should elaborate on the implications of your findings for the business model canvas and complete the entire canvas. Describe how you would implement this business. Be sure to discuss all sections of the business model canvas. Business Model Canvas Template. Creating your own business model canvas. 5: The fifth and final section of the report will be evaluative and should provide your estimation of the overall viability and market potential (e.g. growth, profitability, longevity) of the concept. How attractive is this opportunity? How will the business grow (new customer segments, new products/services, distributors, franchise, company stores, etc.)? You should also note what additional information you would want to collect before proceeding with the venture. Dragons’ Den Presentations Each team will have 10 minutes to present the project concept, summarize their research, outline the business implementation strategy, and provide their assessment of the overall attractiveness of the opportunity. These presentations will be uploaded to D2L. This will be followed by a Question & Answer session involving the class “dragons,” who will also assess the presentations through an online forum. Dragons will assess and the ventures/presentations in terms of: Opportunity Attractiveness Quality of research & analysis Selling effectiveness & believability Willingess to join the management team or invest in the business Project Marking Report + Presentation Total: 30 marks Project Guidelines Avoid hypothetical situations and non-existent technology (e.g. a tire that lasts twice as long as any tire currently available). However, new combinations of existing technology may be appropriate. Work with technology you understand. When you describe your idea to your interviewee, try to provide as much concrete detail as possible. If your description is vague your feedback will be vague. The more concrete your description, the more concrete and valuable the feedback they are likely to offer. Solicit your business perspective from entrepreneurs and managers in the private sector. Do not substitute advice from professionals (e.g. lawyers, accountants, consultants), business professors, or individuals in government departments and agencies. Use the business perspective to get feedback on business start-up, production and operating issues associated with your business model. Remember you need to assess the feedback you’re receiving. You can’t have the perfect product that will please everybody. It’s usually a bad idea to incorporate every suggestion. Try to achieve depth in your interviews. If you feel the answers you’re getting are superficial or simplistic, try to probe further. Why does the person feel the change is needed? How important is it to the person? Would they consider accepting the weakness if other changes were made? Each interview should last 15-30 minutes. More details 3 Title Product management Assignment type Coursework Discipline Management More details