review the instructions attached
Week 2: Course Project: Market Research
For this Market Research assignment, you will be finalizing the selection of your sole proprietorship for your final Course Project. Before beginning this assignment, please read the Course Project Overview and Chapters 7, 8, 9, 10, and 15 of the Successful Business Plan textbook. Here are the steps required:
· Identify a business type that is of interest to you.
· Conduct research using the DeVry University Library to understand better the regulations and requirements necessary to open a sole proprietorship in your area of interest.
· Provide a detailed description of the product(s) or service(s) your chosen business offers to the market and answer the following questions:
· What benefits to the market does your product or service provide?
· How is your approach better than the competition?
· Submit your business idea for your final Course Project and the answers to the questions above to your professor in a 2 – 3 page paper.
This assignment is intended to finalize your business selection.
Action
Select the Start Assignment button to begin.
Once you have uploaded your files, select Submit Assignment.
Rubric
BUSN460.Peregrine.Market.Research.MAY23
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BUSN460.Peregrine.Market.Research.MAY23 |
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Criteria |
Ratings |
Pts |
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This criterion is linked to a Learning OutcomeResearch You must use research as described in the Week 2’s assignment Market Research to support your chosen business that will support your plan. Section A: Business Concept in the course project. Faculty will confirm research and chosen business. |
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46 pts |
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This criterion is linked to a Learning OutcomeUGB.PLO.D.RESEARCH UGB.PLO.D.RESEARCH maps to: BBUS 5. Apply comprehensive research using appropriate technologies to solve business problems in the global workforce. BSM 2. Apply comprehensive research using appropriate technologies to solve business problems in the global workforce. BSTM 1. Apply comprehensive research using appropriate technologies to solve business problems in the global workforce. threshold: 3.0 pts |
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4 pts |
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Total Points: 50 |
Course Project: Own T-Shirts Business Idea The idea of starting a Custom T-Shirts business is quite interesting to me because it combines creativity, innovation, and business. Custom apparel is always in demand; it is used by businesses, for events, or as fashion accessories. With the development of e-commerce and print-on-demand services, this business can be scaled while maintaining low overhead costs.
Control:
A great advantage of launching a custom T-shirt business is the ability to control the branding, marketing, and product designs. As an entrepreneur, I would be in a position to determine the prices, customers, and the directions in which the business is to grow with no constraints of corporate policies.
Challenge:
The custom T-shirt business has great potential but there are some issues to consider, such as trends, competition, and quality of production. Customer tastes and product promotion will be important issues that I intend to address as I implement my venture.
Creativity:
A custom T-shirt business is greatly influenced by creativity because coming up with new designs and marketing strategies is part of the business. I think the idea of creating various designs for different logos, events, and concepts is fun.
Cash:
Since cash flow is always an issue, a custom T-shirt business has minimal start-up costs and high markup potential, particularly if print-on-demand is used. This business model minimizes inventory issues and can be expanded gradually. If properly branded and marketed, it has the potential to generate steady income.
This business is compatible with my personal objectives in entrepreneurship. It is a freedom, creative, and financial opportunity, which is perfect for anyone who wants to be his or her own boss.
