Innovative Business / Product Plan

This assignment will assess your systematic understanding of issues relevant to Creativity Innovation and Entrepreneurship. It will encourage and develop your

entrepreneurial skills, self-motivation and analytical abilities through the creation of a new product/service, an investigation of a specific market, and the

production of a professional business/product plan. This will help you to develop the skills necessary to engage in entrepreneurial / intrapreneurial activity.

1) PITCH (25%): As a Team of approximately 4 members, you will have 15 minutes to pitch your Product and business idea to your peers. Together you must create an

innovative product or service opportunity. From this you are required to create a scenario that clearly describes the Product, Organisation, Market and Marketing

Strategy for your Business start-up (entrepreneurship), or for an existing organisation (intrapreneurship).
• Description of the business (Trading Name, Logo, Slogan, Legal classification, Mission statement & Objectives).
• Description and illustration of the Product/service idea (what exactly are you offering, How is it different to other offerings USP).
o Be creative with your pitch, you can use a Poster, flyers, prototype, audio or video to support your presentation.
• Explain the Target Market and justify the need for the product/service.
• How will you reach the Market (4ps).
• How will the product be produced and distributed.
• Potential investors and partners.
• Personnel required.
o Respond to questioning from the audience (5mins).

2) REPORT (75%): Individually you are asked to write a Business/Product-plan that describes in detail your own commercial idea. This will be different to the Group

concept and will allow you to express your own creative and innovative spark.

The business plan should include details relating to issues such as:

1. Description of the Product/Business opportunity
Trading name & Logo, Legal classification, Mission Statement & Objectives, Values.
Product / Service (what exactly are you offering? How is it different to other offerings?).
Product Design (Model sketch / drawing, Graphic illustration and description).
2. The market and competitors (based on primary and secondary market research)
Industry description, market size, growth potential, etc. Who are your competitors, products, price, USP?
Analysis of the macro/micro environment using frameworks such as SLEPT, SWOT, Porter’s 5 forces.
Who are your target customers?
3. The marketing plan
How will you price, distribute and promote the product/service? Examples of promotional media?
4. Management and human resources plan
Management (who will run the business? Required Skills?)
The team – how will you recruit?
Document Professional Legal and Ethical considerations e.g. Code of Conduct and Legal considerations.
5. Operation and production plan
Location/business premises, production facilities, IT requirements, IPR considerations.
6. Financial Plan
Sources of finance, costs of production of the product/service, breakeven analysis, cashflow forecast, P & L forecast.

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