200911 Enterprise Innovation and Markets
The Entrepreneurship Report (ER) is an important team building project and a learning component within the unit’s formative assessment framework. Moreover, ER requires the application of various theoretical and conceptual domains sourced from the unit’s prescribed textbook, i.e. chapters 1-11, and to take into practical considerations the critical elements of innovation, marketing, economics and entrepreneurship when dealing with the various tasks of this project.
Team formation will take place during week 5 tutorial. Each team will be randomly assigned to a one enterprise set comprised of ’Brand name, & Product category’ currently operating in the Australian marketplace. The allocated set will be the basis of the team’s ER project. No two teams are allowed to have the same enterprise set and no changes to a team’s set will be permitted from week 5 onward.
Assume you are a team of consulting entrepreneurs hired by a leading enterprise/brand to critically examine, develop and launch a new innovation for their allocated ’Product category’ within the Australian marketplace. Your team’s new innovation must comply with one of the four (4) ’Dimensions of innovation’ model, see Chapter 1, Table 1.5. Your team is required to prepare an Entrepreneurship Report ’ER’ by completing the following six (6) tasks:
Warning: A team must NOT assign an individual team member to complete any one task from the list of ER tasks! Remember, this is a team project. Therefore ALL team members MUST collaborate in completing each task AND must complete each task in their sequential order, as listed below. Breaking up the team project into a collection of individual efforts/reports is an assessment violation! NO assistance will be given to the team nor to an individual team member if found violating this critical rule.
Task 1. Evaluation of current innovations: Critically evaluate any two current innovations selected from your allocated ’Product category’ within the Australian marketplace.
Hints: Apply theoretical/conceptual understanding from chapter 1. Based on your ’Product category’, critically evaluate & apply any aspect/s of innovation, consider the source/s of innovation, identify and argue in favour of the type of innovation, explore the dimensions of innovations, ...etc. You may compare and contrast any two successful innovations, or one successful innovation versus one failed innovation, ...etc. The aim is to illustrate good innovation insights, understanding and critical thinking about the current innovation effort within your allocated ’Product cate- gory’ in the Australian marketplace.
Task 2. Current marketing analysis: Critically analyse the current marketing activities of your allocated ’Brand’ and two of its competitors, within the allocated ’Product category’ in the Australian marketplace.
Hints: Apply theoretical/conceptual understanding from chapters 3-5. Critically analyse current marketing en- vironment, construct and evaluate SWOT analysis for each brand, evaluate the three brands’ perceptual positions, compare & contrast the target market/s for each brand, critically analyse each brand’s current application of their marketing mix, ...etc.
Task 3. Current microeconomics analysis: Critically analyse the current microeconomics conditions facing the three brands, as per task 2, within the allocated ’Product category’ in the Australian marketplace.
Hints: Apply theoretical/conceptual understanding from chapters 6 & 8. Critically evaluate each brand’s cur- rent patterns of demand (e.g. expressed in Sales, Revenue, Turnover, ...etc.) and supply (e.g. expressed in Output, Production, ...etc.) and if such data is not available, then replace with Product Category or Industry specific data. Explain the factors causing shifts to left and right of demand, apply same explanations to supply, analyse price elasticity of demand for each brand, evaluate the various aspects of the current market structure of the ’Product category’ and its consequence on the three brands, ...etc.
Task 4. Problem identification: Link your team’s research findings in tasks ’1-3’ to identify and explain only one (1) problem facing your allocated brand’s ’Product category’ in the Australian marketplace.
Important: Team must conclude this task with a one (1) precise problem statement. The problem must be linked to the team’s research findings in Tasks 1-3.
Hints: What has your team learnt, from your research in tasks 1-3, about your three brands and the ’Product category’ in the Australian marketplace? Is there a market gap or a missing opportunity? An unmet demand from a specific market segment? If yes, then you must explain & justify by relating it to your team’s research effort in tasks 1-3.
Task 5. The new Innovation & Target market profile: Apply creativity to transform the (1) problem, identified in Task 4, to one (1) new innovation for your allocated ’Product category’ and for one (1) profiled target market. Your new innovation must comply with one of the four (4) ’Dimensions of innovation’ model, see Chapter 1, table 1.5.
Important: Team must conclude this task with a one (1) clearly presented innovation and one (1) specific target market statement.
Hints: Apply theoretical/conceptual understanding from chapters 2, 1 & 4. Your problem statement (see Task 4) needs to be dealt with. This is your opportunity to present and justify your creative thoughts (ideas & opportunities) and conclude with a clearly developed and justified one (1) new innovation in the same ’Product category’ - apply chapters 2 & 1. Also, your innovation must be clearly linked to one (1) specific target market segment - apply chapter 4.
Task 6. The new marketing mix strategy: Develop a marketing mix strategy to support the launch of your allocated brand’s new innovation in the Australian marketplace.
Hints: Apply theoretical/conceptual understanding from chapters 4 & 5. Analyse and justify your application of the marketing mix elements and tactics used to create the desired positioning (a revised perceptual map would be very useful!) for your new innovation and for it’s one (1) target market (see Task 5). Remember, marketing is about focusing on the target market and not only on your innovation - your marketing strategy should highlight this!
directed to speak with their team members. Remember, ER is not an individual report, thus individual team members must consult with and assist each other!
ER Writing Guidelines:
Your team is responsible for integrating various conceptual/theoretical materials, from chapters 1 to 11, in writing the Entrepreneurship Report. Please note the following:
The application of Referencing is important when writing the ER project. The Harvard WesternSydU Referencing is the only acceptable style, see the ER marking grid. Please consult with the library staff for any assistance regarding the application of the Harvard WesternSydU Referencing style. Referencing requires the dual application of ’In-text citations’ AND a list of ’References’.
To assist in formatting the ER, please adhere to the following structure and headings:
the word count)
Note: ER final mark, after SPARK moderation, together with project feedback will be posted on vUWS during weeks 14/15.
For solution, connect with our online professionals.