Scenario: Students are to either undertake the role of an entrepreneur or a marketing strategist. In your chosen role identify a product/service that you are interested in creating/developing or a new existing product/service you think would be profitable. NO products/services/businesses over 10 years.
Instructions: Address the questions below in essay format.
- Conduct research on your product/service idea by using the online business data bases available on the BMCC Library website:
o(https://lib1.bmcc.cuny.edu/find/databases-by-subject/business/), then click IBIS; o Login using your BMCC Portal access information/WiFi Campus Access
o In "Start your search here:" click on US Industry Reports (NAICS)
- First, state in a couple of sentences, your product/service idea for which you are conducting industry research.
- Conduct research for your product/service idea, and report on: in essay format
1. What is the NAICS code of the industry that you are researching?
If your product is totally new and doesn't fall neatly into one industry, you may find that multiple industries are relevant. In this case, report information on the relevant industries.
2. Size of the industry (in dollars).
3. Recent revenue growth statistics (the data should not be older than 5 years preferably).
4. Trends in the external environment of the industry: Identify three trends in the external environment based on research that you conduct. State if these are social, demographic, economic, technological or political-regulatory trends. Make sure that research sources are cited for each trend, both in-text as well at the end in the references section.
5. Identify three main competitors (state if direct or indirect). What competitive advantage will your product have over their products?
6. Cite your research sources - include both References (bibliography, in the end) and In-text (parenthetical) citations. Use American Psychological Association or APA style for these.
1. In-text citations are in parenthesis within the text next to where you are presenting the information or data from the cited source. This gives the reader the ability to decide whether to trust the information you present - based on whether the source can be trusted, and also they can verify the info themselves).
2. References or Bibliography - Provide full information about the source at the end.
3. Use APA citation style refer to the citation tool at
Format:
- .7" margins all around;
- Double space
- No more than 1 page (not including citation page)
- Submit in: Industry Analysis link
- Due: Saturday, July 2, 2016