Assessment Pack BUS 508 Industry Based Project BUS 508: Industry Based Project Course Aim: This course enables the student to generate a piece of original work that tests his or her ability to apply the cumulative knowledge and skills gained from the taught papers, in particular the application of principles and concepts underpinning, Budgets and Financial Plans, Manage People Performance, Manage Projects, Marketing, Introduction to Business Communication, Introduction to Business and Manage Quality Customer service, centred on any business product, service, venture or facility, for which they develop and present an initial business plan. NQF level Level 5 Credits 15 credits Pre-requisites Completion of papers: 501,502,503,505,506,507and509. ASSESSMENT WEIGHTINGS Learning outcomes Assessment weightings % Students will develop the business profile for a small business. 15 Students will analyse and develop strategies with respect to both the external and internal environment for a small business. 15 Students will identify and conduct a stakeholder analysis for a small business. 5 Students will develop a marketing plan for a small business 20 Students will identify and highlight the mode of communication for a small business 5 Students will identify an appropriate recruitment method for a small business 10 Students will develop a risk management plan for a small business. 10 Students will develop the implementation plan for a small business. 10 Students will compile and present the documented business plan 10 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 Highlights 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 A minimum of two direct and indirect competitors are identified and competitive strategy formulated. 2.3 Political, economic, social, technological, environmental, legal factors are identified and analysed. 2.4 A minimum of two strengths, weakness, opportunities and threats (SWOT) highlighted for the selected business concept. Outcome 3 Identify and conduct a stakeholder analysis Performance criteria 3.1 A minimum of five key stakeholders are identified for the selected business concept. 3.2 Stakeholder analysis conducted for a minimum of five identified fivekey stakeholders. Outcome 4 Develop a marketing plan for a small business. Performance criteria 4.1 A minimum of one customer group identified and value proposition created. 4.2 A minimum of two marketing objectives meeting the SMART criteria are formulated with Key performance indicators. 4.3 Marketing mix developed. Range may include but is not limited to - product, price, place and promotion. Product – Described how their product or service is going to meet the three levels of product. Price – A minimum of one pricing strategy and tacticfor 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. 4.4 An annual promotion budget, supported with a timeline for the highlighted promotion activities is developed. Outcome 5 Students will identify the mode of communication for a small business Performance criteria 5.1.1 The preferred mode(s) of communication is discussed and supported by providing three advantages for each selected mode of communication for theselected business concept. Outcome 6 Students will identify the recruitment method for a small business. Performance criteria 6.1 Identified the most appropriate recruitment method for the selected business concept and discussed a minimum of two advantages for the selected recruitment method. Outcome 7 Students will develop a risk management plan for a small business Performance criteria 7.1 A minimum of five critical risks to the business are identified and impact of each risk discussed with the probability of occurrence. 7.2 A risk management strategy isformulated and supported by an action plan for each identified risk. Outcome 8 Students will develop the implementation plan for a small business Performance criteria 8.1 Objective based action plan including milestones and deadlines outlining how the business concept can be achieved is developed. Outcome 9 Students will compile and present the documented business plan Performance criteria 9.1 Business plan compiled and presented as per the presentation criteria. Marking Guide BUS 508: Industry Based Project CANDIDATE: STRATEGIC BUSINESS PLAN ELEMENTS 5 4 3 2 1 Marks Total Develop a Business profile 15 1 Business concept introduced - (2marks ) 2 Developed the Business Vision, Mission, Goals and Objectives - (3 marks) 3 Developed legal structure, highlighted the importance of key contributing services and location – (3 marks) 4 Identified the business offering to its customers and the competitive advantage intended to capture – ( 2 marks) 5 Described the personal or business background (s) - ( 3 marks) 6 Described the purpose of the business plan and identifies the critical success factors for the business - (2 marks) Section comments: Conduct an external and internal environment scan 5 4 3 2 1 15 6 Identified the characteristics of the industry and important trends - (4 marks) 7 Analysed competition including strengths and weakness of competitors which help to draw up a competitive strategy – (4 marks) 8 Identified and analysed the PESTEL factors – (4marks) 9 Undertaken a SWOT analysis - ( 3 marks) Section comments: Stakeholder Analysis 5 4 3 2 1 5 10 Identified five key stakeholders and discussed interest of each stakeholder in continuation of the selected business concept – (5 marks) Section comments: Marketing Strategies 5 4 3 2 1 20 11 Identified the customer groups and value proposition created - (5 marks) 12 Developed marketing objectives and key performance indicators – (5marks) 13 Developed marketing mix including, place, product, pricing, and promotion strategies. Service, distribution and location elements addressed where applicable – (5marks) 14 Developed promotion budget and timeline – (5 marks) Section comments: Communication 5 4 3 2 1 5 15 Discussed the mode(s) of communication and supported by providing three advantages for each selected mode of communication. – (5 marks) Section comments Recruitment method 5 4 3 2 1 10 16 Identified the most appropriate recruitment method for the selected business concept and discussed a minimum of two advantages for the selected recruitment method. – (10 marks) Section comments: Risk Management 5 4 3 2 1 10 17 Identified the critical risks for the business and discussed the impact for each identified risk – (5 marks) 18 Formulated strategies and developed an action plan to tackle each risk – (5marks) Section comments: Implementation 5 4 3 2 1 5 10 19 Developed an objective based action plan including milestones and deadlines using project management tools - (3 marks) Section comments: Marks Total BUSINESS PLAN ELEMENTS TOTAL 90 PRESENTATION 5 4 3 2 1 10 1 Layout & Formatting – (1 mark) 2 Style – (1 mark) 3 Grammar – (1 mark) 4 Readability – (1mark) 5 Congruence and flow – (2 marks) 6 Mastery of tables and graphs – (2 marks) 7 Clear referencing and citation – (2marks) TOTAL GRADE BUS 508: Industry based project Level: 5 Credits: 15 Assessment Instructions: Please read the instructions carefully  Evidence for this assessment requires you to develop a viable, applied business 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 Task 1: Develop a business plan for a small business Performance Criteria Evidence Judgement criteria 1.1 Develop a Business Profile. 1.1.1 Business concept introduced. 1.1.2 Business Vision and Mission developed for the selected business concept. 1.1.3 A minimum of two goals and two objectives formulated meeting the SMART criteria. 1.1.4 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 discussed. 1.1.5 Identified the business offering to its customers and the competitive advantage intended to capture. 1.1.6 Described the business or personal background (s). 1.1.7 Highlighted the purpose of the business plan. 1.1.8 Identified the critical success factors for the business. 1.1.1 Candidate has introduced and discussed the business concept. 1.1.2 Candidate has developed the vision and mission statement for the selected business concept. 1.1.3 Candidate has formulated atleast two goals and two objectives meeting the S.M.A.R.T criteria. 1.1.4 Candidate has identified and discussed the legal structure, key suppliers or customers and location of the business. 1.1.5 Candidate has clearly identified the service or product offered to the customer and the competitive advantage intended to capture. 1.1.6 Candidate has described the business or personal background (s). 1.1.7 Candidate has described the purpose of the business plan. 1.1.8 Candidate has identified atleast two critical success factors for the business. 1.2 Conduct an external and internal environment scan. 1.2.1 The characteristics of the Industry are identified and any important trends outlined. 1.2.2 A minimum of two direct and indirect competitors are identified and competitive strategy formulated. 1.2.3 Political, economic, social, technological, environmental, legal factors are identified and analysed. 1.2.4 A minimum of two strengths, weakness, opportunities and threats (SWOT) highlighted for the selected business concept. 1.2.1 Candidate has clearly identified the industry in which the business operates and outlined the key trends in the industry. 1.2.2 Candidate has identified a minimum of two direct and indirect competitors and formed a competitive strategy. 1.2.3 Candidate has identified and undertaken the external analysis using political, economic, social, technological, environmental and legal factors. 1.2.4 Internal and external analysis undertaken with atleast two points of strengths, weakness, opportunities and weakness identified. 1.3 Identify and conduct a stakeholder analysis. 1.3.1 A minimum of five key stakeholders are identified for the selected business concept. 1.3.2 Stakeholder analysis conducted for a minimum of five identified key stakeholders. 1.3.1 Candidate has identified a minimum of five key stakeholders for the selected business concept 1.3.2 Candidate has discussed the interests of the identified five ley stakeholders in the continuation of their selected business concept. 1.4 Develop a Marketing plan. 1.4.1 Customer group(s) identified and value proposition created. 1.4.2 Marketing objectives formulated with Key performance indicators. 1.4.3 Marketing mix developed. 1.4.4 Marketing budget and promotion timeline developed. 1.4.1 Candidate has identified a minimum of one customer segment(s)and discussed with offered value proposition. 1.4.2 Marketing objectives and KPI meeting the business goal developed. 1.4.3 Marketing mix developed covering the product, place, price and promotion elements. People, process and physical evidence discussed in addition to the four P’s of marketing for business offering services. 1.4.4 Budget for marketing activities is developed supported by a timeline for promotion. 1.5 Identify the mode of communication for a small business 1.5.1 The preferred mode(s) of communication is discussed and supported by providing three advantages for each selected mode of communication for the selected business concept. 1.5.1 Candidate has discussed a minimum of one mode of communication and three advantages for each communication mode. 1.6 Students will identify the recruitment method for a small business. 1.6.2 Identified the most appropriate recruitment method for the selected business concept and discussed a minimum of two advantages for the selected recruitment method. 1.6.1 Candidate has identified an internal/external recruitment method for an existing business or external recruitment for a new business concept and discussed two advantages for the selected recruitment method. 1.7 Develop a Risk Management Plan. 1.7.1 A minimum of five critical risks to the business are identified and impact of each risk discussed with the probability of occurrence. 1.7.2 Impact of risks discussed, person responsible identified and action plan formulated to tackle 1.7.1 Candidate has highlighted a minimum of five critical risks in priority, classified according to the probability of occurrence and discussed the impact of each risk. 1.7.2 Candidate has developed risk management strategy and an action plan for each identified risk. , each risk. 1.8 Implementation. 1.8.1 Implementation - Objective based action plan including milestones and deadlines created outlining how the business concept can be achieved. 1.8.1 Candidate has created a Gantt chart highlighting the key milestones and deadlines and discussed them in brief. 1.9 Students will compile and present the documented business plan 1.9.1 Business plan compiled and presented as per the presentation criteria. 1.9.1 Candidate has compiled the business plan covering performance criteria 1.1.1 to 1.8.1.