Portfolio Task for Business Idea - General Guidelines and Tasks

Introduction to the Portfolio Task

Students will be issued with a set of four discrete tasks and students must hand in a portfolio of all four tasks together.� More than four tasks will be issued (probably six) but you will still be required to submit exactly four tasks, including the first task which is compulsory. Word count and �size� information will vary from task to task but guidelines are specified later in this document. The overall word count is 2000 words (+/- 10%)

All submission of coursework will be online via Turnitin on the module's Moodle site. For formative assessment (informal feedback) you should bring them to your seminars to discuss with your seminar tutors.

The Roehampton Harvard Referencing system should be used for any resources used as part of your research.

The final submission of the four tasks should be as a single MS Word file containing all four tasks, along with a title page and contents page that lists each task. Please consult the module handbook for rules and regulations regarding submissions.

Please ensure your document is saved as: �student number and project title� as the name of the file before you upload it to Moodle, for example:

• Main text Arial font Size 12
• MS Word document (not a pdf)
• 1.5 point line spacing

Note that as indicated in the marking schema, it is expected that you will use references to support your work and you will be taught about this in your English Academic Skills module. These references may be in the form of examples of similar work that you have used and based your own work on (for example another marketing plan), theory discussed in articles or text books, a relevant case study that has helped inform your answer or something else that has helped inform your answer.�

These references may be found in a variety of places but you are expected to use at least one non-web-based reference per task as well as any number of additional references that may be useful. These should be listed and referenced using the standard Harvard referencing system you will have been taught in your English classes but your seminar tutor will also be able to help with this. Failure to reference correctly will result in substantial loss of marks.

In your seminars, you will be invited to develop a business idea that in some way involves the university. This can be anything at all and you are encouraged to build your idea around something you are interested in and already have some understanding of � perhaps a hobby, a family business or a business sector where you have some employment experience.�

Task 1

The business may be based anywhere (does NOT have to be sited on university premises) but you might, for example, wish to set up a business that targets students or perhaps supplies something of importance to the university.� It is essential that your business could, if successful, be scaled up across other universities both in this country and abroad, so avoid any ideas that truly rely on something unique about your current place of study.��

You are encouraged to think creatively but be realistic.�

You may make any reasonable assumptions. For example, if you wanted to set up a Krispy Kreme franchise stall somewhere on the campus it would be reasonable to assume that A) you can get the franchise from Krispy Kreme and B) that the University would allow you to do so and it does not conflict with its existing catering contracts. In practice this may or may not be true but it is would be acceptable for you to assume these things for the sake of carrying out this assignment. All assumptions MUST be clearly stated in your assignment submissions.

The tasks that follow, all relate to this business idea and build upon each other to produce a set of outputs that form a portfolio/report of structured outputs that could be of some use to someone launching this business for real.

Please note that once a business idea has been chosen, it cannot be changed. The same business ideas has to be used for all portfolio tasks that follow.

What is your business idea? Clearly state with justification the business, the sector, location, how the business is going to operate (e.g. online, high street, both). Also, briefly state the reasons you think the business is a good idea, how it is going to meet the needs of its customers in a new and innovative way that is not already met by existing businesses. Include a table that identifies some of your key competitors, explaining why you consider them competition. Note that this first part is all about justifying WHY you want to do this and should be supported with evidence wherever possible.

What are the four most important objectives for your new business?

• Objectives should start with the word to. For example: To make it easier for people to find copies of older books and specialist literary novels
• Objectives should be relevant to your business idea. Each objective needs to be briefly explained and the justification of the importance of each objective should also be given.

Out of the different forms of ownership (e.g. sole trader, partner), which ones is the most suitable for your business and why?

• State why this form of ownership is the most suitable, giving at least two referenced examples to support your justification. Failure to do so will not score a pass mark

As part of portfolio task 1, you have clearly defined what your business is, its objectives and the form of ownership it will have. The next step is to complete a PESTLE analysis.

Task 2

Complete a PESTLE analysis for your chosen business. For each of the PESTLE headings, one or two or factors that could potentially influence how your business will operate need to be identified. However, only writing a list of factors would not be acceptable, discussion regarding impact and significance that each factor could have on the organisation is needed.�

This assessment builds upon the activities assigned for portfolio tasks 1 and 2, where business ideas and objectives were established and a PESTLE analysis of the external environment was carried out.

This task is concerned with the launch event of a business. This is the moment you introduce the market and the media to your business, what it does and what it has to offer. This type of event can be very expensive, however, and it is important that you keep a tight control of costs.� To help achieve this it is important to establish a budget for the event.

It would be helpful for you to review the lecture and seminar on budgeting and managing cash flow.� Both the lecture and seminar contain example budget templates that you could use to guide your launch event budget.

Consistency with previous portfolio tasks is needed. For example, if one of your objectives was about high quality then you should make sure that your marketing plan is consistent with this objective. It is recommended that you re-read the portfolio submissions for tasks 1 and 2 before starting this task.

You should write a statement that describes the launch event you intend to hold.� This should include what format the event will take (e.g. what form of social gathering, will there be a business presentation and or a celebrity opening, will food be served), when (day time evening weekend) and where the event is going to take place (on site off site).

You should make sure that you justify the choices you make in the context of your business description and its objectives that you submitted in assessments 1 and 2.�

• If you intend to spend a lot of money on food and entertainment, for instance, how is this compatible with the business objectives and image?
• If you chose to invite a celebrity, for example, why have you invited them and how they will help you achieve your business objectives?

You should also explain whom you intend to invite, including overall numbers, and why they should be invited.

Answers that just describe will not score high marks.� It is really important that you justify your choices in relation to your proposed business.

The lecture on budgeting and cash flow introduced you to the concept and importance of budgeting. Using the budget templates provided to you in this lecture and its accompanying seminar, please construct a budget for your event. These templates are only a guide and you will need to modify them to make sure the budget items included are relevant to your event.

Task 3

Your budget will be judged on both whether it includes all of the major cost items your event will incur together with whether the costs you include are realistic.� You will need to carry out research to find realistic costs to include in your budget.

You might then have a note at the bottom of your budget that stated:

Food costs based on an average cost of �50 per head based on a mid-range catering firm (www.Eat Well.com/prices).

The lectures will have introduced you to marketing, marketing plans and how the marketing mix (the 4Ps and the 7Ps) could be used to drive sales. It would be helpful to review this material, particularly the exercise on building a marketing plan and the exercise on constructing a marketing mix.

In the lectures you were introduced to the key sections of a marketing plan. In this assessment you are going to develop content under some of the key headings for your proposed business.

The headings are

Marketing objectives

Target Markets

Marketing Mix

Marketing strategies for each target market

Below are some notes to help you with each of these headings.� You should note that for all of the headings it is really important that you explain why you are making the choices you are. Answers that just state what you are doing will not score highly.

How do you intend to position your product/service in the market?� Is it a luxury or a mass market offering?� What are the key brand messages you want to convey to customers, e.g. quality, service, low cost, value?

You should make sure that what you write here is consistent with your business description and objectives as stated in assignments 1 and 2.

What are your target markets and why?� Are you, for instance, targeting young people, people with a particular belief (e.g. green consumers) or is the targeting based on wealth or gender (e.g. luxury clothing for men).� If you are going to be offering products that target all segments in a market then please state why.

For ONE of your target markets please explain your marketing strategy.� How are you going to communicate with customers in your chosen market segment and why?� What forms of promotion and advertising are you going to use and why?� Do you need to make any specific modifications to the marketing mix to reach the customers in this segment and why?

For each element of the marketing mix describe what your approach is going to be.� You should also explain for each element why your chosen approach is the right one.

You might find it helpful to set up a table like the one below (an example is given for place for a business selling pizzas that are delivered to your door within 15 minutes).

Research shows that many customers will want to order pizzas on their way home so that the food will be waiting for them on their return. Customers will want to be able to order whilst on the move and won�t really want to stop off at a shop on their way home.�

The lecture on business information systems introduced you to the nature of operational, tactical and strategic decision making and the information systems available to help support each type of decision.� Before tackling assessment 5 you are advised to recap on this lecture and its associated seminar activities.

In this assessment you are required to identify the following:

1. One operational business decision
2. One tactical business decision
3. One strategic business decision

For each decision you need to explain why it important to the business and to detail the information needed to make the decision, together with its source and characteristics. You are then required to identify the type of business information system that is needed to provide this information and why is it is the correct system to use.

An example of a tactical decision is given below to guide you on what you need to produce.

A book store needs to make regular decisions regarding the type and quantity of books to be stocked in the shop.� Every three months the book store managers should analyse a summary of book sales by type (e.g. crime novels, travel books, gardening books and so on).� This is important as a summary of sales by type will help the management team to identify what is selling well and from this to plan their future procurement of books from its suppliers.� This will improve stock management and reduce the risk of buying large quantities of books of a type that the store then struggles to sell or has to sell at a loss.

This section of the answer clearly states what the decision is and why it is important.� It also clearly states the frequency of the decision and how the decision could enhance business performance.

This information will be in summarised form as there is no need to detail every single sale.� Data will be entirely sourced from internal sources. Sales figures will be available from the sales order processing system (a transaction processing system).� However, to make the information easier for management to use, it should be displayed using a management information system that has the ability to create summary reports in graphical format that can be easily interpreted.� Most transaction processing systems lack sophisticated facilities to analyse and present information.

This section of the answer states where the information is coming from and its nature and the type of information system that should be used and why.

Word limit: a limit of 200 words for each decision: operational, tactical and strategic (so the guided word count is �approximately� 600 words in total)?

As a result of completing assessments 1 to 5 your business ideas will be starting to develop. You should have a clear idea of what your business is going to offer and its external environment, together with its objectives.� You will also have established how you intend to launch the business and the cost the launch event, together with developing key elements of a marketing plan.

The supply chain suggestions must be compatible with your business objectives and business plan. Before tackling assessment 6 you are advised to recap on this lecture and its associated seminar activities.

By now you have a really good idea of your what your business is to offer, together with the marketing plan you would use to generate interest and ultimately sales.� At this point, however, the details of the supply chain to support your business remain undefined.�

In the lecture and seminar on supply chains you were introduced to the concept of the supply chain from raw materials to delivered product/service. In addition the seminar discussions explored some of your different business ideas and the types of suppliers they require.

For assessment 5 you are required to identify the main categories/types of supplier and how your business intends to develop each element of the supply chain.

From where do you intend to source your products or raw materials and why?

What information could you and the supplier share to enable them to support you better?

How are you going to support your customers post sale?

For each element of the supply chain you need to explain what you are intending to do and why it is the best option for your business.

It would be helpful for you to set up a table similar to the one below. The first row is filled in with an example to illustrate the kind of answer you need to produce.

Online education platform: With the rise of remote work and learning, creating an online education platform that offers courses, tutorials, and certifications could be a lucrative business idea. Subscription-based service: Developing a subscription-based service that delivers a product or service on a recurring basis could be a profitable business venture. Examples of this could include meal delivery services, monthly subscription boxes, or streaming services.

E-commerce store: Starting an e-commerce store that specializes in a specific product niche could be a viable business idea. This could include anything from handmade crafts to niche electronics. Personalized services: Offering personalized services that cater to specific customer needs could be a successful business model. For example, offering personalized styling services, nutrition coaching, or fitness training.