For this Market Research assignment, you will be finalizing the selection of your sole proprietorship for your Project. Before beginning this assignment, please read the Project Overview. Here are the steps required:

 

1. Identify a business type that is of interest to you.

 

2. Conduct research to understand better the regulations and requirements necessary to open a sole proprietorship in your area of interest. (if necessary)

 

3. Provide a detailed description of the product(s) or service(s) your chosen business offers to the market and answer the following questions:

 

·

 

· What benefits to the market does your product or service provide?

 

· How is your approach better than the competition?

 

· Submit your business idea for your final Course Project and the answers to the questions above to your professor in a 2 – 3 page paper.

 

This assignment is intended to finalize your business selection.

 

Course Project overview:

 

Course Project Part 1 

 

Outline

 

· Section A: Business Concept

 

· Section B: Industry Analysis

 

· Section C: Regulation and Legal Review

 

· References

 

Details

 

Section A: Business Concept: 

 

Please describe the purpose of the selected company, including a detailed description of the product(s) or service(s) it offers to the market. Please answer the following questions in this section of your business plan: What benefits to the market does your product or service provide? How is your approach better than the competition?

 

Section B: Industry Analysis 

 

Based on your market research and using the DeVry Library, complete an analysis of the industry related to your chosen business. The week 2 lesson can help you understand an industry analysis and its importance. Please include the following in your analysis:

 

· size of the industry in units and dollars.

 

· growth rate of the industry.

 

· prospects for the industry.

 

· average gross and net margins on sales in the industry.

 

· major companies in the industry

 

Each section of your business plan should be about 500 words.

 

Section C: Regulation and Legal Review

 

A part of the research you need to conduct includes researching laws and regulations specific to the industry in which your business will compete. In this section, please answer the following questions in this section:

 

· Briefly describe laws and regulations that apply and explain how your business will meet those conditions.

 

· How do you set up a local sole proprietorship within your community?

 

· Address any legal, zoning, and licensing concerns your business will face. Address any pending regulations which may have an impact on your business.

 

Paper/References 

 

The Paper should be written using APA 7 format guidelines.

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