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 FACULTY OF BUSINESS STUDIES B322 – INVESTIGATING ENTREPRENEURIAL OPPORTUNITIES 1st 2016/2017 B322 - TMA (FALL 2016)

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مُساهمةموضوع: FACULTY OF BUSINESS STUDIES B322 – INVESTIGATING ENTREPRENEURIAL OPPORTUNITIES 1st 2016/2017 B322 - TMA (FALL 2016)   الأحد نوفمبر 13, 2016 9:14 am

ARAB OPEN UNIVERSITY
FACULTY OF BUSINESS STUDIES 
B322 – INVESTIGATING ENTREPRENEURIAL OPPORTUNITIES 1st 2016/2017

B322 - TMA (FALL 2016)
_____________________________________

Please read these instructions carefully, and contact your tutor if you require any further clarifications. You should submit your completed assignment to your tutor to arrive no later than week 11.
Please use standard A4 size paper for submitting the hard copy of your TMA. Your name, personal identifier, course and assignment numbers must appear at the top of each sheet. A soft copy of your TMA must be uploaded to the university moodle within the indicated cut-off date. The hard & soft copies must be identical. Please leave wide margins and space at the end of each sheet for tutor comments. It is better to use double spacing so that you can easily handwrite corrections to your drafts and tutors have space to include their feedback on the script. Start each question in the assignment on a new page. Any extended text should ideally be word-processed, but, diagrams and accompanying notes may be hand drawn and hand written and on an A4 paper.
_____________________________________________
Completing and sending your assignments
When you have completed your TMA, you must fill in the assignment form (PT3), taking care to fill all information correctly including your personal identifier, course code, section & tutor, and assignment numbers. Each TMA and its PT3 form should be uploaded on the AOU branch moodle within the cut-off date. Late submissions require approval from the branch course coordinator and will be subject to grade deductions. All assignments are treated in strict confidence.
If you feel that you are unable to meet the cut-off date of the TMA because of unusual circumstances, please contact your tutor as soon as possible to discuss a possible extension to the cut-off date.
Plagiarism
The Arab Open University Definitions of cheating and plagiarism
According to the Arab Open University By-laws, 
“The following acts represent cases of cheating and plagiarism: 
• Verbatim copying of printed material and submitting them as part of TMAs without proper academic acknowledgement and documentation.
• Verbatim copying of material from the Internet, including tables and graphics.
• Copying other students’ notes or reports.
• Using paid or unpaid material prepared for the student by individuals or firms.
• Utilization of, or proceeding to utilize, contraband materials or devices in examinations.”
Penalty on plagiarism
The following is the standard plagiarism penalty applied across branches as per Article 11 of the university by-laws:
1) Awarding of zero for a TMA wherein more than 20% of the content is plagiarized.
2) Documentation of warning in student record.
3) Failure in the course to dismissal from the University.
All University programmes are required to apply penalties that are consistent with the University by laws.

Examples of Plagiarism
Copying from a single or multiple sources, this is where the student uses one or more of the following as the basis for the whole, or a good part, of the assignment: 
1. Published or unpublished books, articles or reports
2. The Internet
3. The media (e.g. TV programs, radio programs or newspaper articles) 
4. An essay from an essay bank
5. A piece of work previously submitted by another student
6. Copying from a text which is about to be submitted for the same assignment

Introduction
This TMA has four questions. You should answer all of them. The questions in this assignment are mainly about developing entrepreneurial ideas. The last 2 questions (3 and 4) are the only questions based on the case study below (page 5). 1 is namely to be able to propose your idea in connection with business concepts given in Block I. In Q2) you should show understanding and insight into important concepts such as the knowledge pyramid to justify the success of your venture. Q3) seeks to reflect on the students’ approach to understanding market research. In Q4) you should show understanding and insight into the reasons why market research can reduce the risks of a new product launch in relation to the case study.

Question 1 (30 marks)
Suggest an idea that could turn into a business proposition using the business competition chain as illustrated in session I and II. Word count: 700 words (30 marks)

Question 2 (30 marks)
The key to innovation and entrepreneurial success lies in the ability to make effective use of individual and shared knowledge. Discuss and justify the success of your idea using the ‘information – knowledge pyramid’. Word count: 550 words (30 marks)

NOTE: The following questions (3 and 4) are based on the case study below (page 5). However, students are required to use external sources (in addition to the case study) to find and use relevant concepts and examples in their answer.
Question 3 (20 marks)
Describe the purpose of market research and analyze the difference between primary research and secondary research. Word count: 400 words (20 marks)

Question 4 (20 marks)
Analyze the reasons why market research can reduce the risks of a new product launch. Word count: 350 words (20 marks)

………………………………………………………………………………………………
Deductions (20%)
• PT3 Form (5% marks) 
• Report Presentation and Structure, and word count (5% marks)
• Referencing (10% marks)

Guidance to Question 01
Keep in mind that this question is intended to test your ability of being innovative. Try to express your idea logically and creatively using the business competitive chain. Your tutor’s feedback will be helpful in clarifying to you any misconceptions you might have about the idea you are proposing and how it can be articulated.

Guidance to Question 02
You should be able to connect the knowledge pyramid concept to your proposed ideas in order to show your reader an understanding of related materials given in session V. Keep in mind that this question is intended to test your ability of being reflective and practical. Try to express your idea in an effective and practical manner using the information-knowledge pyramid (figure 5.2, page 84).

Guidance for Question 03 
The students ought to provide the tutor with evidence of good understanding of market research and analyzing the difference between primary research and secondary research. The students can refer to session 7 (Workbook 2) for some helpful ideas/concepts, but it’s insufficient. They are required to use external sources (in addition to the case study and the workbooks) to find and use relevant concepts and examples.

Guidance for Question 04
The students ought to provide the tutor with evidence of good understanding and insight into the reasons why market research can reduce the risks of a new product launch in relation to the case study.

CASE STUDY (related to question 3 & 4)
“New products from market research”

Introduction 
The Kellogg Company is the world’s leading producer of cereals. Its products are manufactured in 18 countries and sold in more than 180 countries. For more than 100 years, Kellogg’s has been a leader in health and nutrition through providing consumers with a wide variety of food products. These are designed to be part of a balanced diet and meet the different tastes of consumers. Kellogg’s focuses on sustainable growth. This involves constantly looking for ways to meet consumer needs by growing the cereal business and expanding its product portfolio.
Market research is a specific area of marketing that informs businesses like Kellogg’s about the things consumers need, how best to design products to answer those needs and how to advertise those products to consumers. Market research goes beyond finding out what consumers are thinking today. It can identify what consumers might want in the future. In this way market research helps a business to make more informed choices. This reduces the risks for any new product development (NPD). It also increases the likelihood that products will be well received by consumers when they are launched.
Kellogg’s launched Crunchy Nut Cornflakes in the UK in 1980. Since then, it has become one of the most important brands for Kellogg’s with a sales value of £68 million*. In 2003 the Crunchy Nut brand created a brand extension. This involved using the Crunchy Nut name to launch a new product called Crunchy Nut Clusters. This variant has two varieties, Milk Chocolate Curls and Honey and Nut. Both of them have enabled the brand to reach a wider group of consumers. This brand extension is now worth £21 million in annual value sales.* This case study focuses on the importance of market research during the development and launch of Crunchy Nut Bites, a more recent extension to the Crunchy Nut brand. The objective of this innovation was to provide a new flavour and texture for consumers, helping Kellogg’s extend its share of the breakfast cereals market.
Why carry out market research? Many organizations are described as product orientated. This means they develop a product and then look for a market to sell to. Kellogg’s is market orientated. This means that the whole organisation focuses on the needs of its consumers. It is therefore essential that it identifies and anticipates changing consumer needs before the development of new products.


Market research adds value to businesses like Kellogg’s by identifying consumers’ needs. It helps Kellogg’s to plan ahead, for example, looking at what products or extensions it should develop and for whom. It focuses the business on the needs of its consumers. An organisation that does this can improve its competitive advantage.
In an established market, such as breakfast cereals, there is little room to increase the overall sales in the market. Kellogg’s is therefore always looking for ways to strengthen its own portfolio. Designing new products is a good way of doing this. However, this can take a long time and may involve considerable costs. In addition to the resources required during development, suppliers must produce an advertising campaign to raise awareness of the product among consumers and encourage retailers to stock the product. Launching a new product can be a risky business. Of the hundreds of products launched every year in consumer goods markets, very few reach significant market share. In order to reduce risks, market research is, therefore, essential. A product extension is a less risky way of increasing market share by providing consumer products with new features under an existing brand. New product extensions give more choice to consumers and help them to feel more favourably about the existing brands.
Types of research 
To develop a new Crunchy Nut brand extension, Kellogg’s commissioned primary research. This is research gathered firsthand to answer questions that are specific to the project. Although primary research is often time-consuming and expensive, it is considered as a reliable source of information because it is directly from the consumer and is specifically designed to meet the objectives of a project. There are a number of different ways of collecting primary data. Sometimes agencies are employed to collect data using, for example, street interviews or a questionnaire. This is a systematic list of questions that obtain feedback from the consumers. For the development of Crunchy Nut Bites, Kellogg’s used various different methods of primary data collection. Primary market data may involve qualitative research or quantitative research. Both types of data are valuable in understanding what consumers want or need. Qualitative data is concerned more about opinions, feelings and attitudes. Quantitative data is in numerical form and is usually gathered from a large sample of respondents.


Qualitative research establishes a conversation with consumers. It prompts consumer reaction to, for example, a new product idea and helps researchers understand what they think of it, how it makes them feel, why they find it interesting or not. Qualitative research may be obtained through focus groups, where a moderator captures feedback from a group of six or seven consumers to the ideas shown to them. Those ideas may take the format of drawings or having new food prototypes to taste.
Quantitative research may use questionnaires administered to large numbers of respondents. This allows statistical analysis, such as the calculation of a mean score or percentages. It aims to give a representative picture of what consumers think of a new product idea or a new (real) food. It may involve the use of scales, so numbers get associated with a particular meaning – for example, on a evaluation scale of 1 to 7, where 1 means ‘very poor’ and 7 means ‘excellent’. Crucially those numbers need to be interpreted to enable the business to understand the consumer’s overall response. 
In addition, Kellogg’s used secondary research which is existing research that has already been collected by other organisations. Sources of secondary data include books, journals, the internet and government statistics. Market research agencies collect a range of data which they process and use to provide organisations like Kellogg’s with research. The benefits of secondary research are that it is quicker and often less expensive than primary, although it may not always be completely related to the needs of a specific project.
Information gathering – discovery to selection 
For Kellogg’s, the order in which the information is gathered is as important as the type of information being gathered. In order to develop the new Crunchy Nut Bites, Kellogg’s undertook four distinct stages of research.
Stage 1: Discovery 
Initial research aimed to identify a set of new food ideas that would be suitable for developing a new Crunchy Nut product. Secondary research from Mintel and Datamonitor was used to find out about innovation trends in the cereal market. It was also used to find out about new products, flavours and foods from around the world. Food developers at Kellogg’s used this information to come up with a number of new food ideas. 
Focus groups were used to provide qualitative research. These were used to show consumers the new food ideas in the form of a number of different (real) food prototypes, including a mini crispy lattice product and a nutty triangle. The focus groups captured the attitudes and feelings of consumers towards the new foods. This primary research helped Kellogg’s to find out how new product suggestions could be developed and still fit in with the Crunchy Nut brand. It helped Kellogg’s to establish what consumers were looking for in terms of potential new flavours and textures. 
The results allowed Kellogg’s to discard some ideas. Other ideas were appealing for consumers but needed refining and further development. At the end of this stage, Kellogg’s had a number of new food ideas that all seemed to appeal to consumers.
Stage 2: Selecting the best idea 
This stage aimed to select the best idea arising from the stage 1 research. Kellogg’s put the ideas from the focus group on boards. The boards had pictures showing product ideas and a description of what the new product would be like. These boards were then shown to a large group of representative consumers in a quantitative survey. They were asked to rate those ideas against a number of scales, so Kellogg’s could identify which product ideas consumers liked best or disliked. The quantitative data created specific statistical information that indicated that a new Crunchy Nut Bites idea was perceived as the most appealing amongst all the ideas tested. 
• It established what proportion of people liked the new product idea enough to buy it. 
• It also identified those product ideas that had the best or least sales potential.
Information gathering – development to launch 
Stage 3: Crafting the idea into a complete new product 
Once the best idea had been selected from stage 2, Kellogg’s needed to make this idea become a real product. The Crunchy Nut Bites food prototype recipe was refined using the feedback from another qualitative and quantitative survey. The qualitative research helped Kellogg’s food technologists to explore the taste and texture of the new food idea in more detail. Kellogg’s needed to understand the ‘eating experience’ of the consumer before a decision could be made about how to develop the recipe in more detail. Following this stage, four product recipes were developed and these prototypes were then tested with representative groups of consumers in a quantitative survey to see which product consumers preferred. This enabled Kellogg’s to select the best one.
Also, at this stage, the pack design for the new Crunchy Nut Bites was developed. Several designs were developed aimed at giving the new product the same look and feel as the rest of the Crunchy Nut family. The packaging designs were tested with consumers, which enabled Kellogg’s to select the final packaging design for Crunchy Nut Bites.
Stage 4: Forecasting sales for the new Crunchy Nut Bites 
At Kellogg’s, every product has to undergo one final test prior to a new product launch. This is called the ‘In Home Usage Test’. The consumers are given the product to try for several days and this enables Kellogg’s to capture how consumers interact with the product for the first time. At the end of the trial, consumers complete a report on what they thought of the food in the form of a questionnaire. This final survey measures how appealing the new product is to consumers and how likely they would be to buy it in real life. The data collected also helped to calculate a sales forecast for the new product for the first and second year in market. The forecast was used by the finance department to set budgets, organise the supply chain and to schedule food production. Once the data was analysed and the product concept tested, Kellogg’s was able to make the strategic decision to go ahead with the new product. Production could then take place.
Conclusion 
Kellogg’s used market research throughout the whole development process for a new product for the Crunchy Nut range, from the initial idea to the planning of production and delivery. During the earlier stages of research, consumer responses helped Kellogg’s to explore lots of different ideas in an open way. It then crafted some ideas in more detail and screened those ideas with consumers to select the one which seemed to have the highest appeal. The idea became real by testing several recipes, refining the food prototype selected and developing the design for packaging. Once the food and packaging elements for the new product had been developed, the whole product was tested with consumers to ensure it met their needs. The data also provided a sales forecast to predict the first two years of sales of Crunchy Nut Bites. Crunchy Nut Bites has extended the Crunchy Nut family of products. In doing so it has brought new consumers to the brand and increased its consumption. Kellogg’s launched Crunchy Nut Bites in September 2008. Sales data shows it was one of the best performing brands to launch in the breakfast cereal category with a sales value of £6.9 million in its first full year of sales.* This illustrates that the detailed market research undertaken during the planning stages was valuable. It helped to ensure that the product extension hit the spot with consumers straight away.
Soutve: http://businesscasestudies.co.uk


Harvard Style - References / bibliography
How -to guide

Note: It is a requirement that all students include a header/footer of the following information on every single page of the TMA: Name, ID, Course Code, TMA #, Tutor name, section, and semester.
• You have to use the Times New Roman Font Size 12 (except for the cover page).
• Line spacing should be 1.5
• All pages should be numbered
• Keep wide margins for your instructors' comments
• Align your text to the left. Don’t justify leaving spaces between words

Harvard Style Referencing:
• There are various ways of setting out references / bibliographies for an assignment.
• “Harvard Style” is a generic term for any referencing style which uses in-text references such as (Smith, 1999), and a reference list at the end of the document organized by author name and year of publication.
In this guide, we are using a “Harvard Style” which is based on the author-date system for books, articles and “non-books”.
NOTE: When you write your list of references/bibliography, please keep in mind the following points:
• Your bibliography should identify an item (e.g. book, journal article, cassette tape, film, or internet site) in sufficient detail so that others may identify it and consult it.
• Your bibliography should appear at the end of your TMA with entries listed alphabetically.
• If you have used sources from the Internet, these should be listed in your bibliography.

FOR A BOOK
The details required in order are:
1. name/s of author/s, editor/s, compiler/s or the institution responsible
2. year of publication
3. title of publication and subtitle if any (all titles must be underlined or italicized)
4. series title and individual volume if any
5. edition, if other than first
6. publisher
7. place of publication
8. page number(s) if applicable

• One author
Berkman, RI 1994, Find it fast: how to uncover expert information on any subject, Harper Perennial, New York.

• Two or more authors:
Cengel, YA & Boles, MA 1994, Thermodynamics: an engineering approach, 2nd edn, McGraw Hill, London.
Cheek, J, Doskatsch, I, Hill, P & Walsh, L 1995, Finding out: information literacy for the 21st century, MacMillan Education Australia, South Melbourne.
• Editor(s)
Pike, ER & Sarkar, S (eds) 1986, Frontiers in quantum optics, Adam Hilger, Bristol. Jackson, JA (ed.) 1997, Glossary of geology, 4th edn, American Geological Institute, Alexandria, Va.

• Sponsored by institution, corporation or other organization
Institution of Engineers, Australia 1994, Code of ethics, Institution of Engineers, Australia, Barton, A.C.T
• Series
Bhattacharjee, M 1998, Notes of infinite permutation groups, Lecture notes in mathematics no.1698, Springer, New York.

• Edition
Zumdahl, SS 1997, Chemistry, 4th edn, Houghton Mifflin, Boston.

• Chapter or part of a book to which a number of authors have contributed
Bernstein, D 1995, ‘Transportation planning’, in WF Chen (ed.), The civil engineering handbook, CRC Press, Boca Raton.

• No author or editor
Kempe's engineer's year-book 1992, Morgan-Grampian, London.
FOR AN ARTICLE

The details required, in order, are:
1. name/s of author/s of the article
2. year of publication
3. title of article, in single quotation marks
4. title of periodical (underlined or italicised)
5. volume number
6. issue (or part) number
7. page number(s)

• Journal article
Huffman, LM 1996, ‘Processing whey protein for use as a food ingredient’, Food Technology, vol. 50, no. 2, pp. 49-52

• Newspaper article
Simpson, L 1997, ‘Tasmania’s railway goes private‘, Australian Financial Review, 13 October, p. 10

FOR A NON- BOOK
NON-BOOK
The details required are the same as for a book, with the form of the item (eg video recording, tape, computer file, etc.) indicated after the year.

Get the facts (and get them organized) 1990, video recording, Appleseed Productions, Williamstown, Vic
FORM OF ITEM
Dr Brain thinking games 1998, CD-ROM, Knowledge Adventure Inc., Torrance, California

FOR WEB SITES AND OTHER ELECTRONIC SOURCES
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عدد المساهمات : 129
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تاريخ التسجيل : 17/10/2016

مُساهمةموضوع: رد: FACULTY OF BUSINESS STUDIES B322 – INVESTIGATING ENTREPRENEURIAL OPPORTUNITIES 1st 2016/2017 B322 - TMA (FALL 2016)   الأحد نوفمبر 20, 2016 10:12 am

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FACULTY OF BUSINESS STUDIES B322 – INVESTIGATING ENTREPRENEURIAL OPPORTUNITIES 1st 2016/2017 B322 - TMA (FALL 2016)
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