In groups of 4 or 5, you will create and sell a product or service on a small scale at the Dubai Women’s College annual Bazaar. You will be required to finance your own business and you should aim to make a profit. You will prepare a web site to help promote your business. Year 1 students will be assigned as ‘employees’ to help at each booth/business.
In groups, you are required to submit a mini business plan report in Week 6. The report should be prepared as if you were presenting it to a potential investor. It should be highly professional, conforming to DWC report and reference format.
Your report should include the following:
|1.||Cover Sheet (Title page)||Include the name of your business as well as the names of your group members. Here is an example of a professional cover sheet.|
|2.||Table of Contents||Use the automated Section and Page Number function of Microsoft Word. If you have a number of appendices, you should number these also and reference them appropriately within the document.|
|3.||Executive Summary||This is a summary (approximately half a page) of the report’s content. Briefly explain what you are planning to sell, to whom, why you think your business will be successful and what profit you expect to make. A possible investor should get a good idea of the probable success of your business by reading the executive summary. If it is convincing he/she will read the rest of the report in detail. If an investor is not impressed by the Executive Summary, he/she is unlikely to read on.|
|4.||Introduction||Briefly describe what the reader will find in the report (e.g., description of products/services, business operation, market research results, projected financial figures etc) and what the bazaar is about.|
Business Description and Financial Projections
|5.||Mission Statement||A mission statement is a statement of the purpose of a company and organization, a reason for its existence. For example, the mission statement for Google is "We organize the world‘s information and make it universally accessible and useful". Take a look at this site for guidelines on writing good mission statements.|
|6.||"SMART" Objectives||Include at least two SMART objectives with a discussion of why you chose them and how you will measure them. One objective must be related to either sales or profit. In your Final Bazaar Report you must provide an analysis of how your business performed in relationship to your 2 SMART objectives.|
|7.||Product or Service description||What are you selling? Include a description of your products/services (with pictures if possible), the benefits you expect to offer.|
|8.||Organisational Information (including Org Chart)||Include a discussion on why you chose each person for the position shown.|
|9.||Marketing Strategy||How do you know there is a market for your product or service? Who are the most likely buyers (target market) and why do you think they are interested? Present the findings of a survey assessing demand for the product amongst your target market as well as customer preferences in terms of product, price, place and promotion.|
|10.||Competitive Analysis||A (strengths, weaknesses, opportunities and threats) SWOT analysis of your business.|
|11.||Operations Plan||Explain how your product/service will be produced, supplied, delivered, etc. What facilities and equipment (tables, chairs, fridges, etc) will you need?|
|12.||Financial Projections/Income Statement||Prepare an Income Statement in an excel spreadsheet. Include a
Budgeted Income Statement.
|13.||Appendices||Any additional or background material not covered in the body of the mini-business plan|
Please see the report formatting and referencing document on how to format and reference you Bazaar reports.
During Week 8 your group will present your business plan to a group of Faculty and your Year 1 "employees". Each team member must contribute to the presentation (individual assessment). You must deliver your presentation as if you were presenting to a business investor. Imagine that you are trying to convince the panel to loan you money to run your business. Do you have a unique selling proposition (USP) or competitive advantage? Take a look at the following excellent sites on what an USP is here, here and here.
You will be allowed 20 minutes only for this presentation. Focus on the key points. Try to build credibility in your team, convince the panel that your business idea is good and the financial projections look promising. Do not try to include everything from your report. You should include a sample of your product in your presentation.
|1.||Management team||Briefly explain who will run your business and what positions they will hold and why|
|2.||Product or service description||What do you plan to make or sell; include samples of your products in your presentation; is there anything special or different about your product or service(competitive advantage); what benefits are you offering?|
|3.||Customer demand/market||How do you know there is a market for your product or service; who are the most likely buyers and how do you know they are interested and will buy the product or service you are offering? Present the most significant findings from your marketing research (you may want to talk about the most important results from your survey).|
|4.||Sales and Marketing Plan||If you have chosen a name for your company, designed a company logo, or thought about how you will tell potential customers, you can provide brief details. Don’t worry if you have not made these decisions at this stage. You can include the details in your final report.|
|5.||Operations||A very brief description of how your product or service will be supplied, delivered, etc.|
|6.||Financial Highlight||Projected sales, expenses and net income. Is your idea financially viable?|
|7.||SMART Objectives||Include at least one slide on your SMART objectives and be prepared to discuss them.|
Each group should create and publish a web site to advertise their products. The web site should enable customers to see the products and encourage them to place advance orders.
Each group will be evaluated by their Marketing Fundamentals faculty for:
- Product promotion at point of sale
- Selling/customer service skills used
|Marketing Fundamentals||10%||Week 13|
During the Bazaar, you mush also carry out a customer feedback survey. Aim for 25 respondents. Include the results in your final report.
As well as 1 to 4 as described above (Cover Sheet, Table of Contents, Executive Summary, Introduction) your final report should include the following:
|5.||Organisational Behaviour Reflection||The reflection should contain:
|6.||Financial Results||An Excel spreadsheet, which will include the following:
Marketing Mix (4Ps) and Customer Feedback
|13.||Appendices||Your appendix should include copies of all your correspondence such as faxes, letters, meeting agendas, meeting minutes etc as well as any other supplementary information that you think would be appropriate.
The due date and assessment percentages are:
|Organizational Behaviour||30%||Week 17|
|English Communications III||10%|
|Financial Accounting I||9%|