PMGT706 - Assignment #2

PMCTTIJIE - Assignment #2 In this assignment you will start on your group term project by proposing ideas for starting a small business in Toronto. You will need to submit one business idea per person in your group, i.e. if you have 4 members in your group, you will submit 4 business ideas. If you have 5 members in your group, you will submit 5 business ideas. Upon your submission, I will choose one of the ideas to be used by your group in the group's term project. Your business idea will be for offering a group of the population or other business a product or a service. You will discuss all business ideas within your group and decided on ranking the ideas in terms ofpreference of the group. Consider that you are submitting the ideas to investors, i.e. your idea must have a good chance of success and making prots. Include all ideas in one document with a cover page in order of preference. The proposal of each idea will consist of one page only. Each idea will start with l} a title that explains the purpose of the business. e.g. \"Home Repair services", or \"Eth nic Food Restaurant", etc. 2} Right below the title you will include the student name who proposed the idea along with histher student number. Only one person responsible for each idea. Each proposal will include answers to the following questions: I} Who is your target market and their wantse'neecls? 5 marks ln V1 a page, you need to determine the following items and support them with numbers. If you don't have numbers, you don't have a business idea, you only have an opinion. a. A company can not sell products or services to everybody. The new business will have to focus on selling a product or a service {or both} to a specific market segment. You will need to address the segment's demographics, financial capability, behaviour, and purchasing habits in a particular geographical location. b. In assignment # I, you have learned about the demographics ofpeople and companies. Use the same websites or other reliable websites for the province of Ontario or the City of Toronto to select a more focused group of people or companies. c. Whoever you pick, find what they are buying, how often they buy it and how much they are willing to pay for it. 2} What products auditor services that your company may be offering your selected market 3 marks This should be covered in one paragraph. 3} Determine the competition [or each of your target markets 2 marks List tJv'Ll" the Homes of 4 competitors in Toronto. Any good idea will have competitors. Having competitors confirms that there is a market for your idea and that target market customers are willing to pay for it. This should be covered in 4 lines