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Select a U.S. city and a specific address for the proposed business

Select a U.S. city and a specific address for the proposed business

Assignment Details

Clients hire professionals to research market behavior and industry  trends, which are paramount to assessing the viability of establishing a  new business, expanding one, or closing one in a specific geographic  area.

Because a business plan requires a significant investment of time and  capital, a business often undertakes an initial study to  determine whether the market is ripe for a new idea. You will create a  feasibility study for a client that provides research to either support  or question the viability of a business start-up. Usually, a feasibility  study includes a financial analysis, but the client already completed  that assessment and finds the project viable from a monetary  perspective. Follow these guidelines:

  • Geography: Select a U.S. city and a specific address for the proposed business.
  • Type of business: Select a simple, small business (it should be in an industry with which you have familiarity).

You are not permitted to use a business concept or any research that  was completed in a prior course or done in real life. The goal of the  project is to create an entirely original report.

Your final report should include the following:

  • Background: Give a very short, 1-paragraph  description of the geographic location (use the city’s Web site or other  government source for this section).
  • Define the market: What are the trends in the market? What is the current and projected demand for the proposed product or service?
  • Define the target market: Include its common  characteristics and the area’s population of this specific market. Is  there competition? Can you differentiate or establish a niche market?

This section of the paper will be 3–4 pages in length. For this  section, you must use a combination of information from Census data,  BLS, Hoover’s Pro, and articles from the library’s full-text databases. Note:  The library’s Proquest newspapers may be particularly helpful. Do not  provide content without solid research to back up each statement.

  • Organizational and technical issues
    • How does a company register a corporation in the target state?
    • Describe the costs and process to set it up in the state, and include a link to the required paperwork.
    • A Small Business Administration (SBA) licensing and permitting database may be found here.

This section of the paper will be 1 page in length.

  • Feasibility Analysis
    • Analyze the research, and formulate a decision on viability.

This section of the paper will be 1.5–2 pages in length.

The assignment requires the use of articles from the library’s  full-text databases. Articles are found in periodicals. These are not to  be confused with e-books or reference books.

Your report must include a reference list. All research should  be cited in the body of the paper. In-text citations and corresponding  references should be included in your paper. The paper should be written  in third person; this means words such as “I,” “we,” and “you” are not  appropriate.

Your assignment should contain a cover page, an abstract page, and a  reference page in addition to the body. The body of the paper should be  6–7 pages in length (excluding graphics), starting with a brief  1-paragraph introduction and ending with a short conclusion. The entire  submission will vary in length based on the number and size of tables  and charts included.

Please submit your assignment as a Word document in APA format using the attached template.

For assistance with your assignment, please use your text, Web resources, and all course materials.

References

U.S. Bureau of Labor and Statistics. (n.d.). Home page. Retrieved from https://www.bls.gov/

U.S. Census Bureau. (n.d.). Home page. Retrieved from https://www.census.gov/

U.S. Small Business  Association. (n.d.). Apply for licenses and permits. Retrieved from  https://www.sba.gov/business-guide/launch-your-business/apply-licenses-and-permits

Grading Criteria

MKT 655 Unit 2 Individual Project

Background (1 paragraph)

Define the market (all components of this section will total 3–4 pages)

Define the market: Trends

Define the market: Current and projected demand

Define the target market

Define the target market: Common characteristics

Define the target market: Area’s target population

Define the target market: Competition

Define the target market: Differentiation or niche market?

Organizational issues: State corporate registration (costs, process, link); 1 page in length

Feasibility Analysis (1.5–2 pages, requires research)

Cover Page, Abstract, Reference Page, Introduction, Conclusion (0 or 5)

Grading will be based on Content, Application, Research, Mechanics  (APA format, spelling and grammar, punctuation) and Style (organization,  readability, using your own words).

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