Clients hire professionals to research market behavior and industry trends, which are paramount to assessing the viability of establishing a new business, expanding one, or closing one in a specific geographic area.
Because a business plan requires a significant investment of time and capital, a business often undertakes an initial study to determine whether the market is ripe for a new idea. You will create a feasibility study for a client that provides research to either support or question the viability of a business start-up. Usually, a feasibility study includes a financial analysis, but the client already completed that assessment and finds the project viable from a monetary perspective. Follow these guidelines:
- Geography: Select a U.S. city and a specific address for the proposed business.
- Type of business: Select a simple, small business (it should be in an industry with which you have familiarity).
You are not permitted to use a business concept or any research that was completed in a prior course or done in real life. The goal of the project is to create an entirely original report.
Your final report should include the following:
- Background: Give a very short, 1-paragraph description of the geographic location (use the city’s Web site or other government source for this section).
- Define the market: What are the trends in the market? What is the current and projected demand for the proposed product or service?
- Define the target market: Include its common characteristics and the area’s population of this specific market. Is there competition? Can you differentiate or establish a niche market?
This section of the paper will be 3–4 pages in length. For this section, you must use a combination of information from Census data, BLS, Hoover’s Pro, and articles from the library’s full-text databases. Note: The library’s Proquest newspapers may be particularly helpful. Do not provide content without solid research to back up each statement.
- Organizational and technical issues
- How does a company register a corporation in the target state?
- Describe the costs and process to set it up in the state, and include a link to the required paperwork.
- A Small Business Administration (SBA) licensing and permitting database may be found here.
This section of the paper will be 1 page in length.
- Feasibility Analysis
- Analyze the research, and formulate a decision on viability.
This section of the paper will be 1.5–2 pages in length.
The assignment requires the use of articles from the library’s full-text databases. Articles are found in periodicals. These are not to be confused with e-books or reference books.
Your report must include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. The paper should be written in third person; this means words such as “I,” “we,” and “you” are not appropriate.
Your assignment should contain a cover page, an abstract page, and a reference page in addition to the body. The body of the paper should be 6–7 pages in length (excluding graphics), starting with a brief 1-paragraph introduction and ending with a short conclusion. The entire submission will vary in length based on the number and size of tables and charts included.
Please submit your assignment as a Word document in APA format using the attached template.
For assistance with your assignment, please use your text, Web resources, and all course materials.
References
U.S. Bureau of Labor and Statistics. (n.d.). Home page. Retrieved from https://www.bls.gov/
U.S. Census Bureau. (n.d.). Home page. Retrieved from https://www.census.gov/
U.S. Small Business Association. (n.d.). Apply for licenses and permits. Retrieved from https://www.sba.gov/business-guide/launch-your-business/apply-licenses-and-permits
Grading Criteria
MKT 655 Unit 2 Individual Project
Background (1 paragraph)
Define the market (all components of this section will total 3–4 pages)
Define the market: Trends
Define the market: Current and projected demand
Define the target market
Define the target market: Common characteristics
Define the target market: Area’s target population
Define the target market: Competition
Define the target market: Differentiation or niche market?
Organizational issues: State corporate registration (costs, process, link); 1 page in length
Feasibility Analysis (1.5–2 pages, requires research)
Cover Page, Abstract, Reference Page, Introduction, Conclusion (0 or 5)
Grading will be based on Content, Application, Research, Mechanics (APA format, spelling and grammar, punctuation) and Style (organization, readability, using your own words).
