Goals and objectives are vital components to an organization’s strategic plan. According to Ferrell (2014) not having goals and objectives is like driving a car with no destination. A firm’s marketing plan is an organization’s roadmap for driving marketing strategy and a feasibility plan or study evaluates the larger picture. Marketing plans establish roles and responsibilities of individuals, specific tasks and target completion dates and effectively allocates resources. Feasibility studies analyze the future value while maintaining alignment with the organization’s goals and objectives.
What is a Mission Statement?
Hofstrand (2014) states that the mission statement describes how an organization will achieve its vision. Essentially, it is a roadmap of how the vision will be accomplished and defines the organization’s purpose. Mission statements should include five basic components outlining a firm’s foundation. It should address who the firm is and their target market by identifying core competencies and their competitive advantage. Further, it should emphasize their core values, beliefs and ethical principles that guide their operations and imply their position on corporate social responsibility (Ferrell, 2014).
What is a Vision Statement?
Hofstrand (2016) distinguishes a vision statement as a mental picture of what an organization seeks to accomplish or achieve. The vision statement tends to be future-oriented as it implies what an organization wants to become. It highlights the firm’s aspirations and reveals the desired conditions or strategic position best suited for the future of the organization (Community Toolbox, 2019).
Google Startup Weekend
The purpose of Startup Weekend is to provide an avenue where aspiring entrepreneurs can network and develop the skills needed to get their businesses off the ground. It is a 54 hour event that simulates the challenges of launching a startup and builds confidence among participants looking to take the next steps toward entrepreneurship. The mission is to inspire action in the lives of entrepreneurs through experiential education and to be the world’s single largest starting point for new entrepreneurs (Google Startup Weekend Handbook & Manifesto).
What are the Components of a Marketing Feasibility Plan?
A feasibility plan explores and evaluates the viability of a potential opportunity. Feasibility studies provide in depth research and analysis and assist the strategic decision making process. Essentially it serves to help firm’s decide whether an investment is economically sound and aligned with the goals and objectives. There are several components of a feasibility study that should be analyzed and referenced before a decision is made (Mwanzoni, 2015).
Elements for consideration
A good feasibility plan should begin with the project scope. This provides general direction by incorporating the problem a firm aims to solve. It also considers all stakeholders and how the project can impact areas of the business. The second element provides a market analysis. Firms should evaluate the strengths, weaknesses, opportunities and threats of a potential project. They should analyze whether the idea or investment will benefit the firm and whether it is aligned with corporate initiatives and its potential for success. The third element identifies the requirements or resources needed for the project. Should market analysis entail demand for the proposed project, the firm should identify both the technical and human resources needed (Mwanzoni, 2015).
The next element is to establish the approach or how to meet the requirements of the project and whether it offers to a solution to the problem outlined in the project scope. From here a firm can choose to evaluate a variety of options and whether they are within budget or if the project is cost effective. They should also analyze the return on their investment and when a return can be anticipated. The last element to consider is a final review of all components, weighing a firms options and a decision should made to pursue the project or not (Mwanzoni, 2015).
How can you conduct a Marketing Feasibility Study to this Project?
A feasibility study can be applied to Google Startup Weekend Micronesia in the same manner. The idea of expanding and executing the event should be presented to project stakeholders and project sponsors after thorough research and evaluation of the market is complete. Research serves to build a case and supports the viability of the event by proposing a solution to a problem.
The case for Startup Weekend Micronesia should clearly define the goals and objectives, how the mission and vision aligns, identify the stakeholders and potential impact to various business areas. This includes the members of Cohort XV and the communities of the islands where the event will take place.
The study should include the requirements and resources needed including technical, financial and human resources. It is important to present realistic numbers based off past events and current projections. Accurate figures assist the decision making process as it highlights a realistic estimate of requirements and what the organization must do to meet those requirements.
Evaluation and review should present the overall cost of the project and the return on investment. It should highlight the long-term benefit, value and overall impact to the communities and stakeholders involved.
What do you Anticipate/have the Most Issues With? Why?
The main issue that may arise when presenting this project are the requirements and resources needed to fund this project. Startup Weekend Micronesia is estimated to cost a minimum of $60,000 to execute across the region, specifically 7 islands. This project is funded through in-kind donations and community sponsorships. Seeking cash sponsors poses the first challenge as decisions are based on organizational alignment as well as budget constrictions.
Further, cultural sensitivities can impact whether the project will be received well within the different island communities and how responsive potential community partners will be. Significant research into cultural practices will help the project managers and teams strategize their approach and how they choose to introduce, market and execute this event.
Another major challenge to consider is local competition and whether a similar event is slated for a similar time frame. This poses a threat to Startup as funding from sponsors may be limited and previously committed but also threatens attendance and participation among local communities.
Feasibility studies benefit organizations by evaluating whether an opportunity makes sense for a firm to pursue. It is important to note that not all business ideas will launch and not all investments will materialize. This is essentially the benefit of feasibility studies. They allow organizations to see the larger picture or long term impact and how it might impact their overall business, goals and objectives.
- Community Toolbox (2019). Proclaiming Your Dream: Developing Vision and Mission Statements. University of Kansas. Retrieved on October 29, 2019. Retrieved from, https://ctb.ku.edu/en/table-of-contents/structure/strategic-planning/vision-mission-statements/main
- Ferrell, O.C. & Hartline, M.D. (2014). Marketing Strategy: Texts and Cases. (6th ed., p. 371-379). Mason, OH: South-Western, Cengage Learning.
- Hofstrand, D. (2016, August). Vision and mission statements: a roadmap of where you want to go and how to get there. Ag Decision Maker, Iowa State University Extension and Outreach, Department of Economics. Retrieved on October 29, 2019. Retrieved from, https://www.extension.iastate.edu/agdm/wholefarm/html/c5-09.html
- Mwanzoni LTD. (2015). Key components of a good feasibility study. LinkedIn. Retrieved on October 30, 2019. Retrieved from, https://www.linkedin.com/pulse/key-components-good-feasibility-study-mwanzoni-ltd