Assignment:
An important part of determining the feasibility of a new idea involves careful research of what is currently available in the marketplace. Ideas for products and services that will fulfill a specific need or occupy an unaddressed niche have the highest probability of success. However, an innovative idea will not always create a successful business, especially in the long term. There are many other factors to consider when evaluating the feasibility and long-term profitability of the idea behind a potential business venture.
You were introduced to Porter’s Five-Forces of Competition in an Industry, which provides a framework for analyzing the marketplace in a meaningful way. In this Assignment, you will apply Porter’s analysis to the business ideas to determine the superior choice for a business venture. Next, you will develop a preliminary budget.
For this Assignment:
- Using Porter’s Five-Forces Analysis as your lens, research the marketplace for the two ideas you developed. Based on these criteria, which of the ideas is the better option? Write a one-paragraph summary of how and why you selected one option over the other.
- Research the potential costs of launching your venture, and use this research to develop a 1-page start-up and marketing budget for your venture. Your budget should account for marketing and development costs as well as pricing for your goods or services and operational costs (lease, payroll, etc.)
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format.