BUSINESS PLAN FOR THE WADROBE

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  1. INTRODUCTION

The current technological advancements affect the performance of any business due to increased competition. The most competitive companies are highly innovative and thus, to succeed in the fashion industry the players must focus on developing new and highly innovative products and services. The Wadrobe is a highly innovative product that could ensure that fashion and retail companies improve their performance levels drastically. The Wadrobe is a software designed to help purchasers to make the right colour choice when buying make- ups, jeweller, cosmetics, dressing, handbags, and hairstyles among others by suggesting the best dress match code for users. The software is the best for the modern market because it has the most recent fashion trends and hence it reduces time wasted by purchasers in making decision for the perfect colour match. The aim of this business plan is to evaluate and analyse the external and internal environment of the software in order to understand how can be business idea best perform in the market. Additionally, this plan evaluates and discusses the risks and benefits of implementing the business idea and the ways in which the identified risks and benefits can be mitigated and embraced respectively. The business idea is based in the fashion industry.

Category:

Description

Assessment 2 Information
Subject Code: MBA601
Subject Name: Fundamentals of Entrepreneurship
Assessment Title: New venture short business plan (2500 words)
Weighting: 50% – Individual
Total Marks: 50
Due Date: Monday of Week 11 at 11:55pm AEST
Report to be submitted on Turnitin

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Assessment Description.
You are to prepare a new venture short business plan. This assessment is to be presented in a
business plan report format and should not exceed 2500 words excluding appendices. This
assessment will focus on LO 2 and 4 and will draw from Workshops 5 to 11.
Assessment Details
 This is an individual assessment and you are to generate a new venture, product or service idea
business plan.
 Your plan should use the idea you identified in Assessment 1.
 Your business plan will follow the format given in class in Week 7 and 8.
 You will then make a recommendation for the future development of your new idea.
 The word limit for this subject is 2500 words maximum and you are to choose your own preferred
written format.
 Your document, however, must contain standard business reporting components such as a title
page, executive summary, introduction and conclusion. You should also support your business
plan using figures and tables and offer secondary source evidence where required.

2

Short Business PlanMarking Rubric
Criteria HD (High Distinction)
85%-100%

DN (Distinction)
75%-84%

CR (Credit)
65%-74%

P (Pass)
50%-64%

NN (Fail)
0%-49%

Introduction o Comprehensive
statement of aims and
scope.

o Sufficiently detailed
statement of aims and
scope

o Solid outline of aims
and scope

o Brief outline of aims or
scope

o Does not state aims or scope

Research and analytical skills
Material supported by secondary
sources.
Conducted market scanning and
analysis

o Critically analyses and
interprets business
specific information to
an excellent level of
understanding.
o Analysis clearly
identifies, defines and
applies relevant
theories and concepts.
o Extensive research is
evident; quality
selection and range of
scholarly sources
employed.

o Analyses and interprets
business specific
information to a high
level of understanding.
o Analysis convincingly
identifies, defines and
applies relevant
theories and concepts.
o High degree of
research effort evident;
quality selection and
range of scholarly
sources employed.

o Analyses business
specific information to a
good working
knowledge.
o Good working
knowledge of relevant
theories and concepts.
o Research is focused,
drawn from an
appropriate range of
scholarly sources,
however could be more
extensive in nature.

o Analyses business
specific information to a
limited degree.
o Analysis identifies,
defines and applies
limited relevant theories
and concepts.
o Research effort limited

however evident; both in-
text referencing and

reference list employed.

o Analysis lacks depth, and
interpretation lacking or
irrelevant.
o Analysis does not identify,
define or apply relevant
theories and concepts.
o Research is either absent or
lacks focus due to unsuitable
choice of sources.

Argument, conclusion and
justification – developed
objectives for business
functions.
Offered strategy and actions for
each of these

o Draws together the key
findings of the analysis
comprehensively and
convincingly.
o Excellent evaluations
with succinct & highly
developed plan of
action.

o Draws together the key
findings of the analysis
comprehensively.
o Very good evaluations
with a number of
credible items in the
action plan.

o Draws together the key
findings of the analysis
in a well-written
manner.
o Good evaluations with
several reasonable
items in the action plan.

o Draws together the
findings of the analysis in
an acceptable manner.
o Acceptable evaluations
with limited items in the
action plan.

o Does not draw together the
key findings of the analysis.
o No real evaluation or action
plan apparent.

Business plan structure –
covered all components of the
BP

o Writing is consistently
cohesive and of
excellent academic and
professional standard.
o Grammar and spelling
are flawless (or close
enough) t.
o Seamless flow between
discussion points and
sections.
o Business plan is
professionally
presented to required
formatting standards.

o Writing is cohesive and
of high academic and
professional standard.
o Grammar and spelling
are of excellent quality.
o Logical and rational
flow between
discussion points and
sections.
o Formatting is well
presented with only
minor errors.

o Writing is easily
readable but not always
cohesive.
o Grammar and spelling
are very good.
o Ideas/themes
developed, but
connections not always
obvious.
o Flow and readability
have opportunity for
improvement.
o Format chosen is
mostly appropriate.

o Writing is understandable
but infrequently cohesive.
o Grammar and spelling
contain some errors.
o Format chosen is good
enough but requires
improvement.

o Writing mostly disjointed,
demonstrating little or no
structure.
o Spelling and/or grammar
impact on flow and
readability.
o Format chosen lacks
structure and cohesion.