MNE2601
ASSIGNMENT 3
SEMESTER 1
2023
, Product/Service Feasibility (13 marks):
Aim: The aim of the product/service feasibility analysis is to determine whether the bakery
business idea is viable in terms of meeting the needs of the target market and the overall
demand for bakery products.
Steps:
1. Define the bakery products to be offered: artisan bread, cakes, pastries, sandwiches,
coffee, and tea.
2. Identify the target market: the surrounding high-density residential areas, office
workers, students, and tourists.
3. Analyze the market size and growth potential: based on census data, there are over
100,000 people residing within a 3-mile radius of the proposed bakery location, and
the population is projected to grow by 5% annually for the next 5 years.
4. Evaluate the competition: there are 3 existing bakeries within a 1-mile radius of the
proposed location, but each bakery has a different specialty and target market, and
there are still unmet needs for high-quality, artisanal baked goods.
5. Assess the resources required: skilled bakers, quality ingredients, commercial kitchen
equipment, point-of-sale system, and delivery vehicles.
6. Evaluate potential risks and challenges: price competition, ingredient cost
fluctuations, and labour shortages.
Components: The components of the product/service feasibility analysis include market
analysis, competitive analysis, customer analysis, and technical analysis.
Secondary vs. Primary Research: Both secondary and primary research can be used to assess
product/service feasibility. Secondary research can provide useful information on the bakery
industry, such as industry reports and market trends, while primary research can provide
direct feedback from potential customers through surveys and focus groups.
Concept Statement (10 marks):
A concept statement is a brief description of the business idea that provides an overview of
what the business is about, what products or services it will offer, and who its target market
ASSIGNMENT 3
SEMESTER 1
2023
, Product/Service Feasibility (13 marks):
Aim: The aim of the product/service feasibility analysis is to determine whether the bakery
business idea is viable in terms of meeting the needs of the target market and the overall
demand for bakery products.
Steps:
1. Define the bakery products to be offered: artisan bread, cakes, pastries, sandwiches,
coffee, and tea.
2. Identify the target market: the surrounding high-density residential areas, office
workers, students, and tourists.
3. Analyze the market size and growth potential: based on census data, there are over
100,000 people residing within a 3-mile radius of the proposed bakery location, and
the population is projected to grow by 5% annually for the next 5 years.
4. Evaluate the competition: there are 3 existing bakeries within a 1-mile radius of the
proposed location, but each bakery has a different specialty and target market, and
there are still unmet needs for high-quality, artisanal baked goods.
5. Assess the resources required: skilled bakers, quality ingredients, commercial kitchen
equipment, point-of-sale system, and delivery vehicles.
6. Evaluate potential risks and challenges: price competition, ingredient cost
fluctuations, and labour shortages.
Components: The components of the product/service feasibility analysis include market
analysis, competitive analysis, customer analysis, and technical analysis.
Secondary vs. Primary Research: Both secondary and primary research can be used to assess
product/service feasibility. Secondary research can provide useful information on the bakery
industry, such as industry reports and market trends, while primary research can provide
direct feedback from potential customers through surveys and focus groups.
Concept Statement (10 marks):
A concept statement is a brief description of the business idea that provides an overview of
what the business is about, what products or services it will offer, and who its target market
