Assessment Pack BUS 781 Industry Based Project BUS 781: Industry Based Project Course Aim: This unit enables the student to complete an extended piece of original work that tests his or her ability to Identify, Analyse and explain a viable, applied business plan, underpinned by sound theoretical constructs relating to a new business product, service, venture or facility solving a problem. NQF level Level 7 Credits 45 credits Pre-requisites Completion of papers: ASSESSMENT WEIGHTINGS Learning outcomes Assessment weightings % Students will develop the business profile for a small business. 21 Students will analyse and develop strategies with respect to both the external and internal environment for a small business. 21 Students will develop a marketing plan for a small business 19 Students will identify the Human Recourses requirements for a small business. 15 Students will develop a risk management plan for a small business. 6 Students will develop the implementation plan for a small business. 8 Students will develop and present business plan overview 5 Format and presentation 5 Total 100 All learning outcomes must be evidenced; a 10% aggregate variance is allowed. Learning outcomes and evidence requirements Outcome 1 Develop a business profile for a small business. Performance criteria 1.1 Business concept introduced. 1.2 Vision and mission developed for the selected business concept. 1.3 A minimum of two goals and two objectives for each goal meeting the SMART criteria are formulated. 1.4 An actual or intended underlying legal structure of the business, key suppliers or customers and the physical location or e- location of the business is identified and developed. 1.5 Describes the business or personal background (s). Range may include but is not limited to candidate’s previous work experience and qualifications or trading history of the business. 1.6 Highlighted the purpose of the business plan. 1.7 Identifies the critical success factors for the business. Outcome 2 Conduct an external and internal environment scan for a small business. Performance criteria 2.1 The characteristics of Industry are identified and any important trends outlined. 2.2 Direct and Indirect competitors are both identified and competitive strategy formulated. 2.3 Political, economic, social, technological, environmental, legal factors are identified and analysed. 2.4 Analysis conducted using the Porter’s five forces framework. 2.5 Strengths, Weakness, Opportunities and Threats (SWOT) analysis undertaken. Outcome 3 Develop a marketing plan for a small business. Performance criteria 3.1 A minimum of one customer group identified and value proposition created. 3.2 Marketing objectives meeting the SMART criteria are formulated with Key performance indicators. 3.3 Marketing mix developed. Range may include but is not limited to product, price, place and promotion. Product – Candidate has described how their product or service is going to meet the three levels of product. Price – A minimum of one pricing strategy and tactic for the product or service is developed. Place – The type of distribution channel or intermediary used to place their product or service in the market is identified and discussed. Promotion – A minimum of two means of promoting their products or service to the customers are identified and discussed. 3.4 An annual promotion budget, supported with a timeline for the highlighted promotion activities is developed. Outcome 4 Students will identify the required Human resource requires for the selected business Performance criteria 4.1 Forecast of Human resourcing requirements 4.2 Establish a pro forma staff roster 4.3 Demonstrate the information flow within the business between business and the outside environment. 4.4 Establish how critical tasks will be assigned and monitored and outline any gaps in the team skills or numbers. Outcome 5 Students will develop a risk management plan for a small business Performance criteria 5.1 A minimum of five critical risks to the business are identified and impact of each risk discussed with the probability of occurrence. 5.2 A risk management strategy is formulated and supported by an action plan for each identified risk. Outcome 6 Students will develop the implementation plan for a small business Performance criteria 6.1 Objective based action plan including milestones and deadlines outlining how the business concept can be achieved is developed. Outcome 8 Presentation and format Performance criteria Business plan compiled and submitted as per the presentation criteria Content Guide Bus: 781- Strategic Business Plan for an SME Combined 45 credits Elements Content Develop a proposal A proposal is put together for the business idea and presented to Lecturer for approval A clear written proposal containing The business idea, reasons why this business is chosen, type of research that will be undertaken to ensure its viable. Develop a Business Profile Develop a business Vision & Mission statement An original Vision & Mission statement must be developed relevant to the business Develop Business goals & objectives using SMART SMART model must have been used and goals should be relevant and realistic, objectives should have a clear link to the goals and a minimum of 3 goals and 3 objectives Show the legal structure for this business This can contain a structural diagram of any model but the model must be explained and a clear outline of positions given Identify what the business is offering to its customers Identify the competitive edge Describe personal or business background Highlight the purpose of a business plan Identify the critical success factors A good overview of the competitive edge should be given, an insightful overview of background relevant to the business. A good overview of purpose and a clear identification of critical success factors and what this means to the business (affects on business) Conduct an External & Internal environment analysis Elements Content Identify and outline the characteristics of the industry including any important trends Needs to reflect good research into the industry trends and the main characteristics of the industry. It should be clear and easy to read. Identify the key competitors and formulate a competitive strategy Key competitors are identified and a realistic competitive strategy is formulated to overcome competitors Conduct a PESTLE analysis Conduct a Porters 5 forces analysis Conduct a SWOT analysis PESTLE must be thorough and indicate correct research has been done, the same has to be indicated for both Porters 5 forces and SWOT. The student needs to show a good understanding of these analysis by showing good research outcomes Develop a marketing plan Identify target customers and the value proposition that is offered to the target group(s) Show clearly they know Target customer and have a value proposition to make and know the value of this Formulate the overall marketing objectives and there KPI’s Clear Key Performance indictors are listed and reasons why these measurements have been chosen. Develop a price strategy & tactic Develop a place strategy & tactic Develop a product strategy & tactic Develop a promotion strategy & tactic All sections need to be shown to have been researched and good and relevant data collected and recorded. A realistic framework including budget and timelines should be developed. Develop a marketing budget and timeline A realistic framework including budget and timelines should be developed. Develop a Human Resource Plan Forecast the Human resourcing requirements Forecasting HR needs that fit the growth of business are measure and indicated Establish a pro forma staff roster Staff rosters need to be realistic in both hours worked, days worked and staff consistency with accurate measurements of time. Elements Content Demonstrate the information flow within the business between business and the outside environment A good communication plan is shown Establish how critical tasks will be assigned and monitored and outline any gaps in the team (e.g. skills or numbers) A good working policy manual is created (basic is acceptable) must contain identified gaps and critical tasks. Develop a risk management plan Identify the top risks in the business and the probabilities Risks are identified and solutions to minimise/eliminate shown Impact of risks supported with a risk management strategy A clear understanding of impact on business is recorded along with good strategies Monitoring & Implementation An explanation of how this will be monitored & implemented Evaluation and monitoring using benchmarking or resource verses outcome analysis Show an evaluation system for monitoring and outcome analysis is contained in this Implementation of action plan outlining how the business concept can be achieved by setting objectives including milestones and deadlines An action plan is developed which will show clear milestones and deadlines PRESENTATION Learner presents plan to tutor and group BUS 781: Industry based project Level: 7 Credits: 45 Assessment Instructions: Please read the instructions carefully  Evidence for this assessment requires you to develop a viable, applied business and strategic plan, underpinned by sound theoretical constructs relating to a new or existing business product, service, venture or facility.  You must make sure your business plan meets all of the required performance criteria.  Ensure your name, student ID and date is entered on the front page of your project (Please use the first page as the cover sheet)  Please use following formatting guidelines for submitting the completed specialisation project  Font Size : 12  Font Type : Times New Roman, Georgia, Cambria  Line space : 1.5  Headings size: 14, 16 Conditions: Open book assessment.  This is an open book assessment. You must complete each task on your own and are allowed access to workbooks, exercises, hand-outs, notes or help from peers etc.  Any assistance the computer or its programs is able to provide may be used.  Candidate completes tasks. If you are unsure of any question, consult your Supervisor and they will try to clarify the question for you.  Plagiarism and cheating would be dealt with zero tolerance and you would fail the assessment  Appropriate “APA” referencing must be used