Assessment: Reflective Report (3000 words)
As a part of the course you have been involved in completing a formative assessment called the ‘Reflective Report Formative Assessment’ (details of this are available in a guidance documents which you will find on the moodle site for the course). In this formative assessment you have been involved in developing an original business idea and designing Powerpoint slides explaining this idea. Your task for this assessment is to reflect on this experience and, in addition, to develop this idea through completing industry and competitor analysis and a marketing idea for the product / service.
Please note that during the academic year 2020–21 it has been recognised that due to the challenges of the Covid pandemic some students might find it difficult to complete the formative assessment (please see the guidance document on this on Moodle). If you have not completed the formative assessment then please complete Question 3 (Team Work) and Question 4 (Presentation Experience) below explaining the benefits you would have obtained if you had participated in these activities.
This process of reflection and development is divided into seven different questions, each of which you can find described below with guidance on the word count for each question. The total word limit for this assessment is 3000 words (the list of references that you will include at the end of the last question is not included in the word count).
In completing the’ Reflective Report Formative Assessment’ you will have been given the option of either working in a group or working individually. Both those that have worked in groups or individually will submit PowerPoint slides on their ideas at the end of Term 1. Whichever option is chosen a full range of marks will be available and students will be judged in an equal way.
It is a possibility that there might be some students who have worked in a group who would like to change the business idea they discuss when they come to the summative (final) submission of the Reflective Report assessment in March 2021. While this would not be allowed in normal circumstances, because of the challenges of the Covid pandemic, this will be permitted for the academic year 2020 / 21. If you decide to take this option you will need to explain this when you submit the final (summative) version of the Reflective Report assessment in March 2021. You will need to explain this when you complete the Question 2 (Analysis of the Business Idea), Question 3 (Team Work) and Question 4 (Presentation Experience) parts of the ‘Reflective Report’ assessment.
You can find useful information on the various parts of a business plan in both of the main books recommended for this course (Barringer and Ireland, 2012 or 2016, and Stokes and Wilson, 2010 or 2017). Both of these sources are available as paper or online versions. You can also find guidelines on relevant sources in the individual sections below. At the end of your work please provide a list of references, using the Harvard referencing style, for sources that have been used. Please also note that you can find the marking rubric for the ‘Reflective Report’ in the appendix of this handbook.
Question 1 – Executive Summary (250 words)
Please write an executive summary which would form an introduction to a full business plan. An executive summary is probably the most important part of a business plan as it is the part that potential investors read first. It needs to be written concisely and explain to the reader the most important points of the business idea and how it adds value to the customer. It also needs to try to convey the excitement, originality and potential of your business idea (no references are required for this section).
Question 2 – Analysis of the Business Idea (250 words)
You should outline, in your own words, the process by which the business idea was developed by your group or individually, including what other ideas were considered and how it was decided to proceed with the selected business idea. In addition you need to analyse what you feel to be the strengths and weaknesses of the plan (include in this section, and in your bibliography, any academic or other references to small businesses and the start-up process that you feel are relevant. You can also include in this section information on any points that you have learnt from existing entrepreneurs, including visiting speakers on the course where relevant although the opportunities for this are likely to be restricted in the 2020/21 session)
Question 3 – Team Work (250 words)
If you have worked in a group then please reflect on the roles, specializations, and contributions of team members during the development of your business idea and the planning and delivery of the Dragons’ Den presentation. Please discuss the team forming process, the efficiency of team work and how the experience of working in teams can aid your future career development
If you have completed the task individually then for this section you should write a general explanation (even though you have not worked in a team on this occasion) of some of the advantages and challenges that working in a team can bring. You can also include analysis of your own personal strengths and weaknesses (include in this section, and in your bibliography, any academic or other references to team working that you feel are relevant in this section).
Question 4 – Presentation Experience (250 words)
Please provide concrete examples of what you learned, both in terms of presentation effectiveness and issues concerning your business idea, from preparing and delivering your Dragons’ Den slides. If you have worked individually and have not done a presentation then please answer this section by giving a general explanation of what can be gained by presenting a business idea and what skills you would have in doing this (include in this section, and in your bibliography, any academic or other references to pitching a business and delivering effective presentations that you feel are relevant).
Question 5: Industry Analysis (1000 words)
For this section you need to conduct industry analysis on the industry that your product or service is planned to enter. Include data on the size of the industry and on trends within it and explain the particular segment of the industry that your business plans to enter. You also need to explain why it is a good time to consider entering this industry and to highlight any industry risks that will need to be monitored.
For this section you can make use of Pestel analysis to highlight key environmental and business trends within the industry, including the significance of economic, social, technological, environmental and political/regulatory factors. You can also use Porter’s five forces to analyse the competitive environment your firm will face. When using both of these frameworks it is important not just to include vague points but, through the use of relevant references, show evidence of the research you have done on which you base the arguments made.
Question 6: Competitor Analysis (500 words)
In this section you need to analyse the main competitors your product or service will face. Explain how your product / service will be placed in terms of the price, quality, customer service and other relevant criteria in relation to your competitors. You can also discuss the possibility of new firms entering the market and barriers to entry they might face. (For this section include details in your refencing of the sources that you have used to find information on potential competitors).
Question 7: Marketing (500 words)
For this section a full marketing plan is not needed, instead please follow the following two steps. Firstly, provide a description / profile of a typical customer for your product or service which, for example, could include gender, age profile, ethnicity, income profile, their ‘typical’ lifestyle and any other relevant information. Include in this section details of any initial market research that you have done. Secondly, briefly outline one marketing idea that could be used for your product or service, explain what it would consist of, how much it would cost, its duration, medias of communication and whether it would be online/offline or both (for this section you can include any sources you have used to gather relevant information and also reference any relevant marketing theories and frameworks).
Following the completion of this last question you should include a bibliography where you list all of the sources that you have used in your work, following the conventions of the Harvard referencing style.
Assessment: Individual Report (3000 words)
This report is divided into two parts, Question 1 (Franchising Essay: 2500 words) and Question 2 (Franchising Case Study: 500 words). You will need to provide a separate list of references following your answers to both Question 1 and Question 2 (these reference lists will be excluded from the word count). You can find the marking rubric for this assessment at the end of this Module Handbook.
Question 1: Franchising Essay (2500 words)
Please write an essay with the following title:-
One of the growth strategies a small business might consider is becoming a franchisor. From the point of view of a franchisor critically assess two advantages and two disadvantages of franchising as a growth strategy? In addition, explain and analyse three qualities that a franchisor should look for in potential franchisees for their firm.
Your answer should be written as an essay with a length of 2500 words. Please remember that when writing an essay you should include an introduction and conclusion and you should only use headings occasionally in your work. Please also use relevant examples when writing your essay which can be from material that we have covered on the course or from your own research.
To add depth to your answers please use relevant sources and reference these. In addition to using online sources you should also refer to relevant books that have been included in the course guide (accessed via the library or online) or additional relevant books that you have found. Once you have completed this question, before moving on to Question 2, you need to include a list of references for your answer to Question 1 using the Harvard Referencing Style.
Question 2 Franchising Case Study (500 words)
For Question 2 you will need to conduct a case study of a firm that has used franchising as a growth strategy. You will need to select the firm that you wish to study yourself. You can choose either a well-established firm or a firm that has only recently adapted the strategy for your answer to this question.
When completing your case study please cover the following areas:-
i) The reasons that the firm adopted franchising as a growth strategy.
ii) The way in which the firm has organized its franchising strategy.
iii) An assessment of how the use of franchising has helped the firm to grow.
Before deciding on the firm that you intend to study it would be a good idea for you to do some initial research in order to be sure that enough information is going to be available. Some ideas for sources of information that you might use in researching this piece of work are firm websites, firm annual reports and relevant media sources (eg the Economist Magazine, the Financial Times newspaper and other quality media sources). Once you have completed your answer please include a list of references that you have used for this question using the Harvard Referencing System.
Re-sit Assessment Details
If you don’t pass a module at the first attempt, you may be eligible for a re-sit opportunity on the failed assessments. This will be confirmed after the Progression and Award Board (PAB) at the end of the term in which the module was completed. Note that marks on a re-sit assessment are capped at a pass mark unless extenuating circumstances has been applied for and accepted. For further details, see your programme handbook. Full details of the Re-Sit assessments will be provided at a later stage but they will be based very closely on the ‘Reflective Report’ and ‘Individual Report’ which have been outlined above.
See Section G:1,2 & 3 of your Programme Handbook on Academic Regulations. Please see Section D of your Programme Handbook for information on Extenuating Circumstances, Complaints and Appeals.