MKT655 Unit 2 Individual Project
Assignment Details
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