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DSGN6030 Design Economies Assignment - Laureate International Universities, Australia

Assessment - Business Plan

Learning Outcomes -

1. Assess and research primary and secondary sources to obtain the data required to support a prospective business plan.

2. Generate a conceptual base from which to develop a business plan.

3. Generate a 3000 word business plan.

4. Appraise characteristics of new economic models in contexts.

Context: The final step to the development of your conceptual base is the preparation of a business plan. In this document will be gathered all the knowledge acquired from your previous assessments. The business plan is singled out as core documentation that imparts the scope of your product/service in preparation for external interest/s, i.e. the 'selling' of your value proposition: to prospective partners, financiers, and/or other important stakeholders. When completed, you will be better prepared to meet the demand/s of your market (its 'need'), substantiated by investigation into new economic framework/s.

Instructions: As an important 'external' document, the business plan frames the attractiveness of your venture opportunity. While there exist varying opinions as to the comprehensive nature of the plan, as you research further into the creation of your document, be aware that planning in a business context, one that meets the demands of new and fluctuating needs and economies, is a positive thing. It serves as a blueprint, assesses new potential opportunities, defines objectives and describes action plans to achieve those objectives.

Plans are not only prepared to initiate a business concern, they are also updated with regularity to respond to shifts in markets and in the management of your growing product/service. Your business plan is about extensive market research and aggregating relevant information to support the strategic planning process.

While a template has been provided (below), and is in line with the social sector, make certain to research a number of options as your business plan should be specific to your venture and will only be an abridged version as compared to other business plans in the field. You may use and adapt your own.

State the key elements:

1) Executive Summary: Usually the last to be written but the first to be read by potential investors, partners, stakeholders. It should sell the 'opportunity,' paying close attention to include all the benefits to customers and its context in the market underpinned by your economic framework. Don't forget the value proposition.

2) Business Overview: A mission statement providing the context of your product/service, its purpose and its future direction. When, why and how was your product or service formed. Vision for the product/service, setting aspirational and quantifiable goals for your future (say 3 years), and finally your business objective.

3) Description of Product/Service: This is not technical detail as much as an overview of how the customer engages with your product, its unique selling points, competitors, benefits. Describe the production process briefly, materials, sources, and don't forget to consider cost.

4) Market Analysis: Target market and industry. Identify strengths and weaknesses against those of your competitors. Talk about how your plan to position yourself in the market.

Reveal the research activity which has helped inform your position, thinking strategically on how to maximise your selling position. Describe your marketing strategy.

5) Team/Design/Management: Background and experience. In formal business plans, the management team is one of the first things an investor will look to determine team qualities and leadership. In this case nominate your expert areas, skills in terms of design of the product/service and management, attributes of one other colleague or partner with whom you work, with specific disciplines or specialities complimentary to yours - industrial design maybe or I.T. - something that builds competency into the product/service. As a hypothetical, describe the imagined business partner that will compliment your team.

6) Risks: Make known the risks associated with the opportunity of your product/service: regulatory, manufacturing, marketing, distribution, management, operations, design, financing, legislative, (think of Uber and the regulatory responses they have had all over the world). Address any strategies you might have thought about to offset the risk: contingency plans that might help the situation. This demonstrates you are thinking ahead.

7) Financial: Most plans require extensive forecasts. For this exercise it is only essential that you understand your main costs (fixed and variable). A balance sheet will provide this as will a P & L statement. Provide both.

8) Action Plan: Write out some steps, major tasks and activities required to implement action: either in R & D, or manufacturing or in marketing - what should happen next. You can group tasks with functions that need to eventuate with the design or implementation of your concept/s.

Note -  Need Word doc., 2,000 words, 11 pt. Arial, APA style referencing, evidence of primary and secondary findings articulated in the body of the work, especially as directed towards, markets, contexts, competitors, customer base and risk.

Attachment:- Design Economies Assignment File.rar