Understand the Learning Outcomes
Read the entire assignment brief carefully, including the learning outcomes:
LO3 Address new approaches to market research and product development in relation to changing audience/consumer trends identifying sustainable strategies in response to shifts in production and consumption, economic modelling and revenue.
-think about innovations in how market research is collected (you could talk about using social media statistics/insights to route a tour/campaign)
-consider changing trends/how to keep on top of them/changes in demand/ how a business must flexible to adapt to shifts in supply/demand
1.Identify new approaches to market research and product development - how are these different from more traditional methods?
2.In terms of tech innovations/consumer perception, what has changed to allow new approaches to market research and product development to exist?
3.Why is being adaptable to changing audience/consumer trends important? For example, what happens when there is no flexibility within a business in the event of an unexpected shift in consumer behaviour?
4.A shift in any area of the supply chain has consequences. Define how a business can have sustainable strategies in response to these shifts. Remember, responses that are even slightly miscalculated can be catastrophic for business.
LO4 Use supply chain analysis and other operational methods to follow the key revenue/value streams and licenses, communications and organisational models.
-what are the building blocks for your product/service
-how will you deliver your product/service to the consumer
-what organisation is involved
-who is the target audience
-do you need licenses?
-where is the revenue coming from?
-is the revenue generated through business to business interactions (b2b) or business to consumer (b2c)?
You will be presenting a brand new idea for a business within the music industry. You will be supporting your argument that your business is sustainable with various case studies.
When you have presented your idea for a business, you must explain how that business is going to run.
- Define the suppliers, define the target audience (and why you believe this is an appropriate target audience for this business).
-Define how the business is going to get it’s product/service to the consumer - what is the delivery method? (Is it an app that needs to be hosted on an app store etc).
-What needs to be in place for the business to run? (If you are presenting a new streaming service, what permissions do you need to distribute music etc).
-Define how you are going to monetise your business’ product/service - your busi- ness MUST have the potential (at some point) to turn a profit - and be sustain- able. What area(s) of the product/service are you going to monetise and where is the revenue coming from?
Your supply chain analysis:
‘Supply chain analysis is the process of evaluating every stage of a supply chain starting from the time the business acquires raw materials or supplies from its suppliers to the delivery of final products to the customers. The purpose of the analysis is to determine which part of the supply chain can be improved or shortened to deliver the product more quickly and efficiently to the customers. The philosophy behind supply chain analysis is that the more flexible a business can be, the faster its growth rate will be.’
Conducting a supply chain analysis involves the following steps:
1. Mapping the Supply Chain:
- Identify all the organisations, people, activities, information and resources involved in the supply chain.
- It may be useful to create a flowchart to obtain an overview of the chain, the flow of raw materials and product, the position and interactions within the business.
2. Identify the interactions within the Supply Chain:
This involves following the flow of materials both in physical and monetary terms. (In business, this helps the analyst assess the importance of the actor in the chain and to point out where the weaknesses lie and how they can be rectified.)
You are not being asked to do a full, accurately quantified, monetary breakdown of the supply chain. However, you must show the flow of materials/revenue, and identify all of the people/companies involved within your supply chain. If you are able to provide rough estimates on revenue/scale of consumer interest in the product/service, that would be very useful, however this is not essential.
If you are unsure if your business is sustainable or if you think that the business might face challenges due to the supply chain, it is always better to identify these within your essay. In this case, discuss sustainable strategies or safeguards that could be put in place to protect the business from collapsing.