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What is your business concept that will satisfy a consumer need?

What is your business concept that will satisfy a consumer need?.

Overview

The final project in your Entertainment Business degree program will guide you through a four-week process of selecting an industry sector that interests you, researching a real-world business in that sector, and conceptualizing how you might work within that business as an intrapreneur or as an entrepreneur. If you select the intrapreneur track, you will recommend a plan for improvement or growth within the company that you have chosen. If you select the entrepreneur track, you will create a new venture to serve an unmet need either in partnership with that business, or as a direct or indirect competitor.

Regardless of which track you select, you will bring together the knowledge and skills you have gained in areas such as marketing, management, finance, business law, ethics, and entrepreneurship to assemble a polished presentation of your entertainment business proposal in a form that could be delivered to prospective employers, partners, clients, or investors.

What You’ll Need

  • Your MacBook Pro laptop
  • Internet access
  • Project 1 Outline Template (Download section)
  • Company Profiles (Download section)
  • Supporting Examples for Project 1 (Download section)
  • Microsoft Office Suite

Prepare

Download the Company Profiles.

Download the Supporting Examples for Project 1.

Download the Project 1 Outline Template.

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Create

Part 1

Read each of the company profiles provided. The profiles are categorized into industry sectors. Select one industry sector, then choose a company from that sector. Once you select a company, you will choose between the intrapreneur track and the entrepreneur track.

  • Intrapreneur Track: Select this track if you determine there is an opportunity for improvement in the company of your choice. This might be a proposal for a change in products or services, an internal organizational change or improvement, a new division, or a new marketing idea. You will be researching various aspects of this company each week and it will be the basis for your final presentation.
  • Entrepreneur Track: Select this track if you determine there is an unmet need not being served by the company you have chosen to research. You may propose an entrepreneurial venture to create your own company, either in partnership with the company you are researching, or as a direct or indirect competitor.

The track you select in Week 1 will be the basis of the four-week process to create your final project presentation. If you are interested in researching a company that is not in the company profile list, you must receive approval from your instructor by Wednesday of Week 1.

Part 2

Conduct research to provide information on the following topics. Enter your research findings, ideas, and plans directly on the Project 1 Outline Template provided.

Concept

1. What is your business concept that will satisfy a consumer need? (1–3 paragraphs)

2. Write a mission statement for that concept. (Refer to the Supporting Examples for Project 1 download document.)

Current State

1. Discuss the key trends in the entertainment business sector you chose.

2. Define the current state of the sector you chose.

3. Explain the strategic opportunities and potential for future growth in this sector.

Competitive Advantage

1.     Identify direct and indirect competitors of the company you chose.

2.     Explain the competitors based on products, price, promotion, and

distribution.

3.     What are the strengths and weaknesses of the competitors?

4.     Explain the opportunities for competitive advantage based upon  your analysis.

Marketing Strategy

1.    Identify the target consumer groups for the venture.

2.    Explain the product, price, place, and promotion of the venture.

3.    Explain the key features, benefits, and differentiators of the venture.

(Refer to the Supporting Examples for Project 1 download document.)

4.   Create a brand positioning statement.

While researching, go beyond simple web searches, and utilize academic and professional sites. Here are some examples:

Yahoo! Finance

Nasdaq Stock Market

If you have any questions regarding specific websites, contact your instructor.

Submit

1. Save your Project 1 Outline Template as either an MS Word document.

2. Name your document as follows: LASTNAME_FIRSTNAME_Project 1

3. Upload your file to LAO and submit.

  • attachment

    EBS490_Project1OutlineTemplate.docx
  • attachment

    CompanyProfiles.pdf
  • attachment

    SupportingExamples.pdf

What is your business concept that will satisfy a consumer need?

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