Fluent Essays

TECHNICAL WRITING ASSIGNMENT ON THE INDUSTRY You are going into the Bed and Breakfast business in Texas. One of the biggest mistakes people make when starting a business is not understanding the dynamics of the industry. This lesson will teach you how to conduct basic research.     For Students Using a Reader The Industry Overview Model is my interpretation of Michael Porter’s work on industry forces. On the homework and exam, I will ask you about Porter’s Five Forces. We can’t use the exact model due to copy right issues, yet let me explain with audience participation. Place the fingers and thumb of your dominate hand with the tips touching your chest. Now, press your thumb into your chest until it hurts. We will call that high or significant pressure or influence. Ease the pressure somewhat and we will call that moderate pressure or influence. It follows that barely touching your chest is low pressure or influence. The diagram depicts five sources of environmental pressure faced by all members of the same industry. The sources of pressure are depicted as five sharp darts held at ceiling height. The darts are released with gravity driving them down to a fresh wooden floor.  The floor is pictured as a rectangle at the base of the diagram, which represents the industry or firm. Purpose The purpose of this assignment is to explore the different possibilities of a business venture before spending money. The feasibility study (test) typically has five parts included in one report to investors, key partners, and select employees. These include the 1) Industry/ Market, 2) Product/ Service, 3) Business Model, 4) Organization/ Self, and 5) Financial feasibility. This class breaks these into five individual assignments throughout the semester. To this point, we have only time invested and can change the plan (pivot) if a better opportunity arises. Example For instance, my brother-in-law holds several Federal and State water licenses and can operate a water supply system for a city. He started by repairing the plumbing for water systems. The problem is that his income was limited because he is only one man actually doing the work. I suggested a pivot (change) in his business plan. He is now teaching skills and test taking strategies to plumbers and irrigation specialists. Picture a room with 20 students paying $450 each for a two day course and lab. He purchased a new Chevrolet 2500 with cash this year. The Assignment Start by reading chapter 5 in the textbook and then look at pages 92-96 . Look at the lesson module material and the Industry report. (Please submit assignment as Lastname.Firstname.Industry.docx.) The assignment is about the entire industry and not about you. 72119 Bed - Breakfast - Hostel Accommodations in the US Industry Report.pdf . Use the IBIS World Report to answer the questions below. Remember the Industry/ Market feasibility assignment is about the Industry (not you). Use the provided IBIS World report and tell me what you see by using the header categories on the assignment page. I have even placed them in header level one and two order. You will need to create some level three headings while completing the assignment. Be sure and look for the clues I provided in the report and don’t get sucked in by the author. One last thing. This is all about technical writing. Your educated opinion is asked for at the end of the assignment based on expert research. Don’t shoot from the hip.  Your written report (Technical writing) should be key boarded, utilize the American Psychological Association (APA) citation format, and be 5 pages in length (including exhibits and tables). Use 12 point Ariel font, 1/4 inch indentions, headings, page numbers, and single line and character spacing. I am expecting a professional report that (a) demonstrates a command and understanding of the topic, (b) uses sound presentation logic and well thought through justifications, and (c) displays use of appropriate graphs, charts, and tables. I have provided you with levels one and two headings to get started. Turn in your Word files to Canvas for submission to www.turnitin.com (Links to an external site.) . Do not send me assignments in PDF, HTML, Pages®, Word Perfect®, linked to Microsoft 365®, linked to Sharepoint.com®, or linked to Google Docs®. All submissions will be graded as to following instructions, content, punctuation, grammar, citations, and sentence structure. Late submissions will not be accepted (unless covered by University policy). Please view the videos below (citations and headings) and answer the following questions in paragraph form. Resources IBIS World Industry report, UNT class library pages, class notes, supporting material, and textbook. Industry Research - MGMT 3850/4100: Entrepreneurship & Business Planning for Entrepreneurs - Guides at University of North Texas (unt.edu) (Links to an external site.) In-Text Citations Made Easy (APA) (Links to an external site.)   Headings and subheadings tutorial: APA 7th edition format - YouTube (Links to an external site.)   Headings (apa.org) (Links to an external site.) Industry/ Market Feasibility Analysis (level one heading) 1. Factors That Have Shaped The Industry  Sociocultural, technological, demographic, economic, political and legal, and global. You may use a PEST analysis here. (IBIS Report, Technical writing) 2. Industry Background And Overview, Significant Trends, And Growth Rate (IBIS Report, Technical writing)  3. Porter’s Five Forces (1980)  Remember that you are looking at the entire Industry (not just us). Buyers (customers) are those that purchase from any Industry member and vote with dollars. Suppliers (not us) supply the entire Industry. Also, good substitute products have several qualities. 1) Are materially different, 2) perform the same function, 3) place a ceiling on the prices you can charge, and 4) are perceived to be of similar quality. Do the forces have low, moderate, or high influence on the Industry as a whole? Share your evidence and don’t worry about constructing a matrix as shown on page 166. (IBIS Report, Technical writing)  4. Rivalry (competition) 5. Buyer Power 6. Supplier Power 7. Threat of Entry 8. Threat of good Substitutes 9. Drivers of Change  There are (3-4) are covered in chapter five-b PPT slides and result from using the Porter’s Five Forces Model. I have provided you a list of 13 generally agreed upon drivers of change. Also, driver number 10 is also known as “Customer Preferences.” Because the customer will tell you what they want by spending dollars. (IBIS Report, Technical writing) 10. Barriers To Entry Or Exit  Once again, look at the competition, costs to play, special permits or equipment needed, etc. (IBIS Report, Technical writing)  11. Key Success Factors (3-5)  These come from Porter’s Five Forces and the Industry drivers of change. They come from chapter five PPT slides and are common sense. For instance, retailers need friendly employees, convenient locations, overall low costs, favorable image/ reputation, and clever advertising. (IBIS Report, Technical writing and critical thinking) 12. Outlook For The Future (based on analysts’ reports). (IBIS Report, Technical writing)  13. Niche’s To Be Exploited and How (IBIS Report, Technical writing and critical thinking)  14. Final Thoughts And Conclusion  Should we enter this business? (Critical thinking and your opinion)  Rubric  Students coring less than 80\% will receive a detailed rubric. Students scoring 80\% and above will receive comments in Speed Grader located in Canvas. Otherwise, choose your grade from the attached menu. https://guides.library.unt.edu/c.php?g=69757&p=6145898 take one industry yourself of your own choice