HOSP2003: Checklist for Feasibility Analysis Assignment

Market Analysis
The market is the number one concern for an organisation / business owner. It consists of the people who will appreciate the product or service, those who have the means to pay for it and those who should be offered the opportunity to do so. It is therefore essential that prior to launching a new innovation, entrepreneurs have a solid understanding of who their primary target market is.

• Have you identified the ideal market segment for this innovation? Is this justified using reliable secondary research from the Library databases  - for example; IBISWorld, Euromonitor. etc
• Have you described the socioeconomic, demographic and psychographic characteristics of the segment/s?
• Have you discussed the different needs, requirements and information search behaviours that may exist among the segment/s.
• Have you discussed and justified the viability of this market segment? (e.g. accessibility, size)
  
  

External Environmental Forces  
Tourism and Hospitality businesses are susceptible to external Political, Economic, Societal and Technological forces. Such uncontrollable externalities can often determine the success or demise of their business. As such it is important at this 

External Environmental Forces 

• Tourism and Hospitality businesses are susceptible to external Political, Economic, Societal and Technological forces. Such uncontrollable externalities can often determine the success or demise of their business. As such it is important at this stage that we scan our external environment in a bid to identify those forces likely to have an impact on your client’s business innovation. Your week 5 lecture presents details regarding the 4 elements of the PEST environment.
• Have you identified a minimum of 4 relevant external force that are likely to hinder or support the success of your client’s business innovation?
• Have you provided clear reasoning as to why these forces pose a threat or provide an opportunity for this business innovation? 
• Have you provided guidelines for your client as to what measures they should take to minimise the impact of these forces and/or leverage the opportunities they present to enhance the success of their business innovation?

Business Model Canvas

• In week 3 we learnt about the importance of a visual representation of a business innovation. A common model is the Business Model Canvas. Based on your learning of how to complete a business model canvas in Week 4 tutorial, complete a visual representation using this model of your client’s business idea. TIP: remember to complete the right hand side first! 
• Have you inserted the Business Model Canvas in the body of the report?
• Have you provided a brief explanation for your client as to what the BMC is and its purpose?
• Have you briefly explained each of the nine elements in relation to your client’s business innovation?