Assessment instructions
The beginning of creative thinking in business starts with careful analysis of the scenario. Scenario analysis is a process of examining and evaluating possible events or scenarios that could take place in the future and predicting the various feasible results or possible outcomes for your venture.
The world around us is dynamic and ever changing. In order to confront the rapidly-evolving world around us, you need to have a system in place to adapt with the changes. It is absolutely essential to develop a solid understanding of the industry where you will operate.
In this assessment you will undertake a scenario analysis of an industry in which your product or service will compete. The goal is to understand the ins and outs of this industry so that you can build a comprehensive understanding of it. Scenario analysis is a great tool that helps to scan the environmental factors surrounding a business.
Your scenario analysis report should contain the following parts:
Executive summary
Provide a brief overview of your major findings presented in this report. This is where you need to summarise the main points as a result of your extensive research and formulation of your scenarios.
Introduction
You need to provide the reader with context about your idea. You may consider the following points when writing your introduction: • Provide a “name” to your idea/product/service • Inspiration – where did your idea come from?
• Market addressed – what is its purpose? What needs/wants does it address?
• Opportunity – why did you choose that particular product or service?
• Industry – what is the industry? (describe the level of competition and any barriers to entry in your scenario analysis)
Findings
Reflection on the chosen industry
(You will need to include at least 5 reliable sources – No blogs)
Once you have collected your ideas on your selected industry and product/service, you will conduct research. The purpose of the research is to gain an understanding of its trajectory – past, present and future by looking at trends and developments:
• What historical information exists (how/what was made in the past?)
• Existing product/service
o If you are working on something that exists, how is it currently performing?
o What is YOUR idea to improve it? o How can you take advantage of future opportunities through creative and innovative ideas?
• New product/service/idea o If a new product/service, how is the current market being addressed?
o What substitutes/alternatives (choices) exist? In other words, how are consumers currently satisfying their needs? Why do you believe they will find your offering appealing?
• What are the important trends and developments in your chosen industry that you seek to take advantage of?
Note: You need to link your idea with an industry of your choice and conduct your research accordingly.
Analysis of the key situational factors
As a result of your research, you will define the key factors that can influence your decision making. Remember to use tools such as SCAMPER, PESTEL, SWOT etc.
Develop scenarios
• Construct two (2) scenarios (one positive, one negative) and develop a narrative description for each. Refer to Scenario Analysis URL link in Assessment readings to assist you here.
• The scenarios need to be related to the purpose and based on your findings; so, you need to explain why you have created each scenario.
o How feasible is each of your alternatives?
References
The report must cite a minimum of five (5) appropriate business and/or scholarly sources such as academic journals, peer-reviewed articles, periodicals and research articles (use library search). Do not use Blogs.
Ensure you use APA referencing style for all references including intext references. Refer to the ICMS Style Guide for guidance.
Appendices
Information that is not essential to explain your findings, but supports your analysis (especially repetitive or lengthy information), validates your conclusions or pursues a related point should be placed in an Appendix.
Readings for the assessment Ashkenas, R., & Manville, B. (2018). The Harvard business review leader’s handbook: Make an impact, inspire your organization, and get to the next level. Boston: Harvard Business Publishing.
Bilton, C., & Puttnam, L. D. (2007). Management and creativity: From creative industries to creative management. Milton: Wiley.
Websites:
Scenario Analysis; Exploring Different Futures
https://www.mindtools.com/pages/article/newSTR_98.htm
Business News Daily
https://www.businessnewsdaily.com/
Department of Industry, Innovation and Science https://www.industry.gov.au
Harvard Business Review – Creativity https://hbr.org/topic/creativity
Innovation Management
http://www.innovationmanagement.se/
Intelligent HQ https://www.intelligenthq.com/
Grading Criteria / Rubric
ENT201A Assessment 1 Scenario Analysis – Marking Rubric
Criteria HD (85-100) D (75-84) CR (65-74) PASS
(50-64) FAIL (0-49)
Depth of reflection on the chosen industry (40%)
Excellent and in-depth reflection on the chosen industry with adequate data and contemporary insights. Good reflection on the chosen industry with adequate data and contemporary insights. General reflection on the chosen industry with adequate data and contemporary insights. Very simple reflection on the chosen industry with adequate data and contemporary insights. Poor in-depth reflection on the chosen industry.
Analysis of the key situational factors (20%) Strong evidence of synthesis of ideas presented and insights gained from the selected topics. Good evidence of synthesis of ideas presented and insights gained from the selected topics. Some evidence of synthesis of ideas presented and insights gained from the selected topics. Very little evidence of synthesis of ideas presented and insights gained from the selected topics. No evidence of synthesis of ideas presented and insights gained from the selected topics.
Develop plausible scenarios (20%) A number of plausible scenarios are discussed in a coherent and logical manner. Some plausible scenarios are discussed in a coherent and logical manner. Some scenarios are discussed. Needs further development of the concept. Some scenarios have been discussed, although there is significant gap in understanding. No plausible scenario has been clearly articulated. Thoughts are unclear.
Use of literature (10%) Significant recognised literature is used by following the correct referencing style. No Blog sources have been cited. Appropriate literatures are used by following the correct referencing style. Some appropriate literature are used by following the correct
referencing style
Marginal referencing and minimal usage of appropriate scholarly and academic literature. Poor referencing and no coherent literature are used.
Formatting, referencing (10%)
Excellent referencing Significant references are used by following the correct referencing style Appropriate references are used by following the correct referencing style Credible references are used by following the correct referencing style Marginal referencing. Overall referencing style is problematic and needs improvement. Poor referencing. Arguments are poorly supported with inadequate references
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