Fundamentals of Business in Canada

Summer 2020
BUSI 1110 Fundamentals of Business in Canada
Individual Assignment (Instructions)

The purpose of this assignment is to integrate what you have learned in this class for application into the real world, while maintaining a manageable work load for the course as a whole. By completing this assignment, you will become familiar with analyzing business processes while developing business planning skills. This project is worth 20% of your overall course grade.
A. OVERVIEW
In 2020, the world experienced an unprecedented global pandemic of coronavirus disease 2019 (COVID-19), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). More than 1.3 million cases of COVID-19 have been reported in at least 184 countries and territories worldwide. This has in turn also lead to massive economic disruptions around the world – whole countries have locked down and many industries have suffered massive layoffs and loss of business.
Fortunately, Canada’s strong fiscal position means that the country is well positioned to respond to the challenges of COVID-19. Canada’s coordinated approach to supporting the economy includes the Governor of the Bank of Canada cutting the interest rate to 0.75% and the Superintendent of Financial Institutions announcing an additional $300 billion in lending capacity by the major banks. Canada’s Regional Development Agencies (RDAs) are also helping to address key economic challenges posed by COVID-19 by providing federal funding to small or medium sized businesses.
People all around the world are also starting meaningful businesses in response to the crisis. For instance, LVMH has started altering their manufacturing facilities to produce hand sanitary gels. Online delivery businesses are thriving. Stocks for Zoom Video Communications (ZM) has gained 200% in less than a year. Imagine that you are interested in becoming an entrepreneur in British Columbia. What business can YOU can develop in 2020, to help revive the Canadian economy during this challenging moment in time?
Write a business proposal to pitch your idea for federal funding in British Columbia. You are free to choose whichever industry the business will operate in, but the company itself must be original and operate in Canada (i.e. Do not choose companies that already exist like McDonalds, Google etc.).
B. ASSIGNMENT FORMAT
The business proposal should be written using Times New Roman (font size 12) and double- spaced, with incorporation of images or diagrams where appropriate. Please limit to a maximum of 3,750 words or 15-pages double-spaced (Not including appendix and references).
The assignment must be submitted electronically via the Course Moodle Submission Link at the beginning of class Week 12:
• S15 – July 28 10:00am
• R11 – July 30 10:00am
• R13 – July 31 10:00am
• R14 – July 31 1:00pm
Each student can only upload one file for this assignment submission. Please submit using Adobe PDF format (max 2MB). There is also no chance to re-submit draft changes, so please make sure you will only upload the final version of your document.
NOTE: No late submission will be tolerated, even if there is a technical error. Therefore, I suggest earlier submission to prevent any technical mishaps that may prevent prompt submission. Student will automatically receive “0” marks in the event it occurs.
C. TOPICS TO COVER

1) Business Name: What is the name of your business?
(Hint: When you think of the name of your business, make sure that it captures the spirit of the business you’re creating)

2) Mission Statement: Provide a mission statement for your business.
(Hint: What are the core values of your business? Refer to the discussion of mission statements in Chapter 6. Be sure to include the name of your business, how you will stand out from your competition, and why a customer will buy from you.)

3) Business Objectives: Briefly describe the goals and objectives of your business
(Hint: What are your short-term and/or long-term goals? Remember to set SMART goals.)

4) Ownership Plan: What form of business ownership (sole proprietorship, partnership or corporation) will your business take? Why did you choose this form? What are some features to consider? Any advantages and/or disadvantages?
(Hint: For more information on the types of business ownership, refer to the discussion of the different forms of business ownership in Chapter 4.)

5) Marketing Mix (Product / Service Description)

• Product/Service Description: Briefly describe the core features of your product/service. What does it look like and what does it do? How will you make it stand out amongst competitors? There are many ways to stand out in the crowd, such as a unique product, outstanding service, or a great location. What makes your “great idea” special? Does it fill an unmet need in the marketplace? How will you differentiate your product to make sure that it succeeds?
• Price Strategies: How will you intend to price your product/service accordingly?
• Place Strategies: How will you distribute your product/service to the customer? Remember, not all businesses utilize a “physical place”. If your business operates remotely, you still need to consider how you are going to get your product/service delivered to the end customer.
• Promotion Strategies: Describe the different promotion methods you will use to get your message to customers.

(Hint: Refer to Chapter 12 and 13 for more information about the Marketing Mix)

6) Target Market Analysis: Describe the target customer base that will be targeted, and how the business will service those customers. Why did you pick this market segment? How does this align with your Marketing Mix strategies?
(Hint: Define the target market(s) for your business. How did you come to this decision? How will you cater to their needs and wants? Refer to Chapter 12 for more information about market segmentation strategies)

7) SWOT Analysis: Identify the main strengths, weaknesses, opportunities, and threats for your business. Use the results to provide an overview of the future prospects for your business and industry.
(Hint: Refer to Chapter 6 on details on how to conduct a proper SWOT analysis. Consider how you can use the results of SWOT to derive actionable strategies for your company.)

8) Organization Structure: Create a simple organizational chart for your business. Make sure that your organizational chart indicates what each person’s job title and hierarchy in the company.
(Hint: Most businesses start off quite small. However, as you create your organizational chart, consider what your business will look like in the future. What different tasks are involved in the business? Who will each person report to in the organizational structure? Refer to the discussion of organizational structure in Chapter 7 for information to get you started.)

9) Corporate Incentives: Incentive programs are special programs designed to motivate high performance. What incentives will you use to motivate your workforce given the situation the economy is facing due to COVID-19?
(Hint: Regarding incentives, be creative and look beyond a simple answer such as giving pay increases. Ask yourself, who are my employees and what is important to them? Refer to Chapter 8 for more information on the types of incentives you may want to consider.)

10) Corporate Social Responsibility: How can your business ensure that products/services are served with integrity and honesty, given the difficult challenges faced during COVID-19?
(Hint: How important are environmental standards, consumer/employee rights and investor protection? What are some programs that your business can implement to ensure ethical practices? Refer to Chapter 3 for more information about corporate social responsibility)

D. GRADING GUIDELINE

Rubric Scoring Scale OUT OF 100
Overview
• Mission statement
• Business Objectives
• Ownership Plan
20
Marketing Mix
• Product (Core features, Competitive Advantage, Uniqueness of Product)
• Price
• Place
• Promotion
30
Target Market Analysis
10

SWOT Analysis 20

Corporate Incentives
10

Corporate Social Responsibility
10

TOTAL
100
Other Requirements

All information present, including:
• Cover page
• Business name
• Company logo (optional)
• Name(s) of the owner
• Table of Contents
• Appendix/References

Professionalism, including:
• Ability to integrate theories discussed in class
• Professional and consistent format
• Spelling, grammar, sentence structure
• APA Citations (minimum 5 academic sources – Hint: Do NOT cite my slides/materials directly as sources! Refer to more formal sources such as academic journals, newspapers, textbooks or other similar references)
• Does not exceed 15 pages (excluding References and Appendix)
– (5-30)
** Remark: With over 200 submissions to evaluate from 5 sections, I cannot guarantee everyone will receive individual/detailed comments but you will be able to access your Assignment score via Moodle. Please note that only your Individual Assignment score will be posted here (Your final course grade will NOT be uploaded here, as it will be directly inputted into the KPU student gradebook).