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 Ratings
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| Reviewed: |
May 18, 2007 by Business Editorial Board |
| Overview: |
The module challenges students to develop a memorabilia business in Waco, TX, and requires consideration of marketing, financial, operational and management concepts in this entreprenuerial effort. |
| Learning Goals: |
To understand the rigor and planning necessary to successfully start a new business. It forces students to incorporate knowledge from multiple disciplines. |
| Target Student Population: |
It should be a capstone business class or upper-level business class such as Entrepreneurship, although marketing and accounting is rudimentary. |
| Prerequisite Knowledge or Skills: |
Due to its comprehensive design, this module is best geared for upper level college students who have taken introductory marketing, operations, management and financial courses. |
| Type of Material: |
Case |
| Recommended Uses: |
As written, the module is left wide-open for usage. It can be adapted as a class project, an individual effort or a team effort. Depending on how it is structured, it can have multiple deliverables throughout the semester and/or be a comprehensive final-project. |
| Technical Requirements: |
A basic Internet connection, word processing and spreadsheet programs are sufficient. |
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| Strengths: |
The module provides a good initial foundation for completion of the project, and defines a focus (memorabilia business in Waco, TX). It provides students with items to consider in budgeting, and outlines parameters for store-type and financing options. |
| Concerns: |
Little guidance is provided; yet much is required. The process must start with a detailed segmentation and competitor analysis. You must be able to forecast demand and create an Income Statement. My reading reveals a mixed message: Done properly this is a complicated, time-consuming process; yet it appears that students have little background in this. |
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Potential Effectiveness as a Teaching Tool |
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| Strengths: |
The module has the potential of being an extremely effective teaching tool. It incorporates many aspects of business, and forces the student to work through the interrelation and impact of departmental decisions in overall business strategic planning. Students should walk away with a much better understanding of business than if asked to do a project only focusing on their major of choice. |
| Concerns: |
The module as written does not address the knowledge base that must either be in place or in progress before a project of this type is performed. Likewise, it places much more emphasis on the financial and operational component, i.e. how to get financing, what costs are incurred in a start-up, what sales channel to use, etc. The module doesnÂ’t adequately walk the student through determining any unfulfilled needs in the market or who the target market even is. In fact, marketing components such as product, pricing and promotion decisions seem sparse or missing completely and must be identified alongside operational and financial options if a business is to be successful. At present, the module does not identify these interrelationships. |
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Ease of Use for Both Students and Faculty |
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| Strengths: |
The module provides a basis for student instruction, giving several topical points for consideration, particularly for operations and finance. It is a project that students would find very educational, and it would impact their overall understanding of business is a dramatic way. |
| Concerns: |
The module is not user-friendly or ready to implement tomorrow. Instructors need to do a bit of preparation prior to assignment depending on the usage and the targeted students. Requires understanding of Accounting, Finance, and Marketing. |
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