Create a feasibility and competitive analysis report to determine the likelihood of success for a proposed new venture. Include the macro environment affecting your venture’s industry, the value proposition, the main customer segments, and a competitive analysis for your new venture.
This assessment examines ways to identify customers and target markets as well as how to conduct a feasibility and competitive analysis report for a new venture. You will conduct a feasibility and competitive analysis that:
Analyzes the macro environment affecting your venture’s industry.
Specifies the value proposition.
Identifies the main customer segment.
Conducts a competitive analysis for your new venture.
A bootstrap marketing plan can be used to identify customers and target markets for a new venture. The goal of marketing is to create and deliver desired goods and services to customers, and it includes all of the activities for winning and retaining loyal customers (Scarborough & Cornwall, 2019). These activities include identification of the customers who are most likely to buy products or services from your business and focusing marketing efforts on these customers. A competitive and feasibility analysis can be used to identify the viability of a business idea. This analysis is the first step in determining if there is a market for the new venture’s product(s) and/or service(s), and determines how much the product(s) and/or service(s) appeal to potential customers.
Reference
Scarborough, N. M., & Cornwall, J. R. (2019). Essentials of entrepreneurship and small business management (9th ed.). New York, NY: Pearson.
Overview
Conduct a feasibility and competitive analysis to ascertain the viability of your proposed new venture and determine if it will have sufficient likelihood of success. Draft a 5–6 page report that:
Analyzes the macro environment affecting your venture’s industry.
Specifies the value proposition.
Identifies the main customer segments
Conducts a competitive analysis for your new venture.
Instructions
Use the Feasibility Analysis for New Venture [DOCX] template to complete this assessment.
Your paper must cover the following (these are all listed on the template):
Macro Environment Analysis.
Determine how attractive the industry is/will be in which your new venture will operate. Identify opportunities, threats, and risks. Evaluate potential niche(s) in the industry your new venture can profitably focus on. Cover at least four of these factors:
Economic forces.
Socio-cultural forces.
Technological forces.
Demographic forces.
Political and legal forces.
Global forces.
Value Proposition.
Explain why customers will purchase your product(s) or service(s). Are you providing new value or solving a problem for your customers? Are you helping them save money, time, et cetera? Questions to consider:
Will the product or service provide new or unique designs, features, or functionality?
Will the product or service help your customers save time?
Will the product or service improve the lives of your customers?
Will the product or service solve a particular problem that customers currently face?
Will the product or service add value to existing product/service?
Will the product or service optimize resources or reduce waste?
Main Customer Segments.
What is the key target market?
What are the main customer segments?
What are the demographic characteristics of each customer segment?
Competitive Analysis.
Identify direct competitors.
What differentiation strategies will address direct competitors?
Identify indirect competitors.
What differentiation strategies will address indirect competitors?
Consider the potential threat of new entrants in your industry.
Formatting Guidelines
Length of paper: Use the template linked above. The body of your paper must be 5–6 full single-spaced pages, not including References list or Appendices.
Section headings: Follow the template linked above.
Written communication: Your paper should demonstrate graduate-level writing skills and should be free of errors that detract from the overall message.
References: Support your paper with at least 3 academic resources from the Capella library. You must follow current APA style to list your references. Refer to the Capella Writing Center’s APA Style and Format module for more information
Formatting: This assessment is a professional business document and should therefore follow the corresponding MBA Academic and Professional Document Guidelines, which can be found in the MBA Program Resources in the courseroom navigation panel.
Font and font size: Times New Roman, 12 point.
Evaluation
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment scoring guide criteria:
Competency 3: Analyze financial considerations for new ventures based on risk, environmental considerations, and business objectives.
Describe different types of risk for an entrepreneur.
Competency 4: Develop a feasibility analysis for an entrepreneurial venture.
Analyze the environment for the proposed venture.
Analyze competitors to the venture and their differentiation.
Analyze viability of the identified customer segments.
Recommend the feasibility of the entrepreneurial venture with justification for the recommendation.
Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business professions.
Develop written communication that is professional, clear, concise, grammatically correct, and well-organized.
Communicate appropriately for identified audience.
Apply citations appropriately in recognition of intellectual property.