Business Model Feasibility Study Assignment Revised 2018

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UNIVERSITY OF TECHNOLOGY, JAMAICA

COLLEGE OF BUSINESS AND MANAGEMENT
JOAN DUNCAN SCHOOL OF ENTREPRENEURSHIP, ETHICS & LEADERSHIP
COURSE: INTRODUCTION TO ENTREPRENEURSHIP

ASSIGNMENT ONE: BUSINESS MODEL AND MARKET RESEARCH/FEASIBILITY
STUDY PROJECT
THE ASSIGNMENT
As a group of entrepreneurs, you are required to develop a business model for an innovative
product/service which responds to a significant market opportunity and conduct a research on the
market feasibility of the product/service identified. Your research should utilize both primary and
secondary data relevant to the product or service. You should analyze the findings and then make
appropriate recommendations.
THE OBJECTIVES
This assignment will enable students to:
1. Develop a business model which responds to a significant market opportunity
2. Understand the importance of research in determining the feasibility of a product or service.
3. Distinguish between primary and secondary data relevant to research.
4. Select appropriate research instruments and procedures required to conduct research.
5. Apply research findings in decision-making.
METHODOLOGY
The assignment should be carried out using the following methods:
1. Conduct research to identify significant market opportunities at the national, regional or
international levels
2. Specify each element of the business model using the “Business Model Canvas”
3. Conduct a survey in the market segments identified.
PRESENTATION
The proposed business model and the market feasibility study report are to be submitted under the
following headings:
1. Introduction (2 Marks – ½ page)
2. Proposed business model Canvas (18 Marks – 1 page)
Updated January 2018 by Novelette Cooke

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3. The Research Objectives (approximately 5) (5 marks – ½ page)

4. Target Population and Selection of sample (4 marks – ½ page)
5. Methodology (2 marks – ½ page)
6. The Questionnaire (6 marks – 2 to 3 pages; use between 10 and 20 questions)
7. Findings (15 marks – 5 to 10 pages, two charts per page)
8. Analysis of Results: Product characteristics. Definition of Market, Expected Sales trends,
Customer analysis, Promotional Strategy, Pricing Strategy, The Nature and Level of
Competition (35 marks – 3 to 5 pages)
9. Conclusion and Recommendation (5 marks – ½ page)
10. Appendices, copy of survey instrument, secondary data sources, exhibit of product design,
etc. (3 marks – 1 to 2 pages)
11. Presentation of the business idea to the class (5 marks)

APPRAISAL
The Business Model and Market Feasibility Study (including oral presentation worth 5%) will
constitute 20% of the overall module grade. Marks will be allocated to the various sections of the
assignment, as outlined above. Please note, you must actually attend and participate in your
group’s presentation to earn marks out of the 5% for this part of the assignment.
The focus is on quality, rather than quantity. Please use between fifteen (15) to a maximum of twenty
(20) pages for the entire report. Going beyond this limit will not necessarily add to the report and may
result in loss of marks.
FORMAT OF THE ASSIGNMENT

This should be done as a group assignment. The group should not exceed 5 members unless
otherwise permitted by your tutor. Each member of the group should include a sheet with details of his
or her individual contributions to the written report and sign it, before submission. No allowance will
be made for students whose names were not on the feasibility report after it was submitted.
The group should select a business name, slogan, logo, etc. relevant to their role as a prospective
business enterprise.
DUE DATE: Refer to the assignment schedule on the module outline.

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GUIDELINES FOR BUSINESS MODEL AND FEASIBILITY STUDY PROJECT

Introduction
An outline of the proposal: business idea, the business name, type of business, location, etc.
Business Model Canvas elements:
Value Propositions
 The different products/service bundles which the company intends to deliver to its
customers
Customer Segments
 The different customer groups which the company intends to serve
Key Activities
 The main activities which the company needs to carry out in the creation and delivery of
its value proposition
Key Partners
 Partners (strategic alliances) which the company can use to support the creation/delivery
of its value proposition
Channels
 The different ways in which the company intends to deliver its value proposition to its
customer segments
Revenue Streams
 Identifies the various ways which the company can earn income form its assets and
operations.
Cost Structure
 Identifies the main items and processes which contributes to overhead and operational
cost
Key Resources:
 The resources that are necessary to create value for the customer
Customer Relationships
 Specifies the type of relationship that needs to be created with customers to delight and
retain them.
Please utilize the following steps in developing your Business Model Canvas:
1) Each of the nine elements must be specified and validated.
2) Begin with an hypothesis (a statement making a prediction about some aspect(s) of
business activity with limited evidence to be proved by further investigation or testing)
3) Testing of the hypothesis.
4) Validation/Invalidation of the hypothesis.
5) Report on learning from the testing.

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6) Pivot or scrap the idea if needed.

7) State the cost and benefit of the validation process (cost may be time or monetary)
Objectives
A list of the objectives within the specified categories that the business would like to meet by means
of the questionnaire
Population and Sample

To whom the business will administer the questionnaire. Population size, demographic and
psychographic characteristics. How sample was chosen, e.g. random, non-random, stratified,
stratified-random.
Methodology
An explanation of how the questionnaires were administered, e.g. face to face interviews, telephone
interviews, by mail, etc.
The Questionnaire
A copy of the questionnaire containing a between ten to twenty questions designed to meet the
stated objectives above. Take into consideration:
- the form of questions, a mix of open-ended and close-ended
- the wording of questions, sequencing of questions (lead questions first, difficult and personal
questions last.
Findings
A summary of completed Questionnaires. A frequency of responses and a narration of the
frequency. Use of statistical tools to illustrate findings.
Analysis of Results
 Product Characteristics (5 marks)
Describe the physical features of the product that will be offered, the added services and
benefits, the quality and uniqueness.
 Market Analysis (5 marks)

Describe the market size, market share, potential or opportunities for growth as well as the
threats that might pose a risk.
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 Sales Analysis (5 marks)

Potential yearly sales (Number of potential customers multiplied by the average amount to be
spent. Use your sample as a guide to those potential customers based on those who are
interested in products/services and those who are willing to pay specific amounts of money,
as outlined in your questionnaires, interviews, etc). Sales trends (seasonality, etc.) and
potential for increases in annual sales should also be stated.
 Customer Analysis (5 marks)
Who are your customers: Industrial buyers, consumers; demographic (age, income group,
gender, marital status, etc.); psychographics (life-style, interests, activities, opinions, buying
habits? How best can you satisfy their needs?
N.B. Do not assume that all the respondents are to part of your target market. Instead,
examine respondents’ response to key questions asked and determine which respondents
are interested and able to afford your products. E.g. If 65% of respondents were female, this
does not necessarily mean that 65% of your customers will be female.
 Promotion and Advertising (5 marks)

What is the most effective way to inform customers (Radio, television, press; sales promotion
and freebies, fliers, telemarketing, internet, etc.)?
 Pricing Strategy (5 marks)

What is your suggested retail price, what level of discounts will you give for wholesale and
volume purchases? Will you adjust your prices based on seasonality of demand? What will
be your policy on bundling, price flexibility and price discrimination?
 Competition (5 marks)
Who are the competitors? Is the market fragmented (many small sellers) or is it concentrated
(few large sellers), or is there a combination of these scenarios?
Who are the main competitors? What share of the market do they have? What is their
competitive advantage? Evaluate the strengths and weaknesses of their product, price,
promotion and place. How do you propose to compete? What will your competitive edge
be?
Conclusions and Recommendations
A report on actions to be taken based on your analysis above. The conclusion should make clear
statements on the perceived viability of the project based on secondary research, as well as primary

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data collection, which includes brief statements about the level of interest in products/services being
offered and the willingness of participants in the sample to pay for those products/services.
This is a quantitative research . Survey questionnaires were distributed online to collect data.

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1

UNIVERSITY OF TECHNOLOGY, JAMAICA

COURSE: INTRODUCTION TO ENTREPRENEURSHIP

Updated January 2018 by Novelette Cooke

3. The Research Objectives (approximately 5) (5 marks – ½ page)

FORMAT OF THE ASSIGNMENT

DUE DATE: Refer to the assignment schedule on the module outline.

Updated January 2018 by Novelette Cooke

GUIDELINES FOR BUSINESS MODEL AND FEASIBILITY STUDY PROJECT

Updated January 2018 by Novelette Cooke

6) Pivot or scrap the idea if needed.

Population and Sample

 Market Analysis (5 marks)

 Sales Analysis (5 marks)

 Promotion and Advertising (5 marks)

 Pricing Strategy (5 marks)

Updated January 2018 by Novelette Cooke

Updated January 2018 by Novelette Cooke

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