Your task is to write a Business Idea report using traditional business planning tools and design thinking to create a solution to a business problem. This should represent significant effort and can take the form of a business idea report following the sections below. All project proposals must be approved in advance by your lecturer. You will need to complete the following: I. Description of the business II. Illustrate the concept of empathise, define and ideation processes III. Identify the customer and the markets IV. Describe the brand V. Create a plan for social media marketing You are encouraged to be creative and original in this assignment. You are also expected to use pictures, photographs, graphs, tables and any other visual representations that might best explain your ideas. There is no word limit for this report but rather you must answer all the areas in detail. 1. Introduction and background (overview) 1.1 Description of the business 1.2 Products/Services you plan to use 1.3 What is unique about your business? 1.4 Geographic location and reasoning for this choice 1.5 How do you plan to sell your products/services eg online, shop, direct selling etc 2. Empathise, define and Ideation Process This is the process that you have completed to come up with your business idea. We are interested to see the process not just the answer. 2.1 Describe and illustrate the empathise process for your business idea. You must use at least one of the tools discussed in class or in the dSchool handout. 2.2 Define the problem that your business will help solve. How did you decide this idea? (define process) 2.3 Describe and illustrate the ideation process. You must use at least one of the tools discussed in class or in the dSchool handout. 2.4 Conduct an informal survey (or interviews) with family and friends (only) about the viability of your business idea. Report on your findings and how it affects your final idea. 3. Market Analysis 3.1 Overview of the industry that you have decided on – for example it might be the fashion industry. How do you stand out from all the other fashion businesses? 3.2 Who is your target market (customer)? Define who your target customers are and how they behave. You can include age, gender, social status, education and attitudes. What are their lifestyles, activities, values, needs, interests or opinions? Where are they located? Use your design thinking tools 3.3 A summary of your competitors (at least two) – describe the business and the products/services, how do they compare on product, price, how they sell. In comparison to your business what are their strengths and weaknesses. How important is your target market to your competitors? 3.4 What are your competitive advantages? Include pricing and your customer value proposition. 4. Branding and logo 4.1Complete the branding brief 4.2 Create and describe your brand 4.3 Describe your logo and explain your thinking behind its design 4.4 Explain your tagline 5. Marketing strategy on social media 5.1 Communication strategy. How are you going to reach your customers using social media? Make a list of the platforms you will use and explain why they will work for your business 5.2 Then design a six month calendar of what you plan to do on social media to make the business grow. What sort of content will you share and how often? Give examples for each platform Assessment criteria You will be assessed on the following criteria: • Evidence of in-depth understanding of the business • Concepts and ideas in introduction are well explained and appropriate • Level of development and evidence of Empathise stage • How well was the problem defined? • Level of development and evidence of Ideate stage • Results, analysis and discussion of informal research survey • Understanding of customers and evidence of customer profile • Level of development of competitor analysis • Understanding of competitive advantage • Branding brief is completed and appropriate to the business • Evidence of in-depth understanding of the brand • Design and justification of logo • Design and justification of Tagline • Level of analysis of appropriate Social media platform • Six month calendar plan is strategic and appropriate to the business • Content design and examples illustrate deep business understanding • Demonstrated understanding of the business as a whole (eg is it viable) • Evidence of research to support ideas • Demonstrated an integration of course materials • High level use of visual representations of information (eg pictures, graphs etc) • Adherence to presentation requirements & word limit • English usage & writing skill, succinctness, editing • References (quality and correct method of presentation) The business idea is a rented toy website which lets parents rent toys instead of purchasing them. The idea is inspired from toygaroo which is an established business already and follows on the same line. Our business is called Kingdom of Toys.
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