MKT6053 Digital Enterprise: Creating an Online Venture

Scenario

The assessment is intended to provide an experiential opportunity for you to explore and develop a creative and viable digital enterprise idea.  You will need to take into account real-world considerations, be creative, innovative and develop assets to support your idea.

The rationale for this approach is to equip you with the skills and confidence to explore and develop a viable business idea.

You are required to develop a digital enterprise proposition which will result in a portfolio.  Please select one of these options from the following:

1. A digital product (e.g. an app), including detailed rationale and proposition, intended revenue streams with robust evidence and rationale of intended markets (2000-word report) and the provision of at least five associated marketing materials/assets to accompany a digital marketing launch strategy, including a detailed storyboard of the app (1000 words associated with assets e.g.to annotate or include).
2. A content-based digital enterprise strategy, including a robust start of a digital enterprise project (e.g. vlogging channel / podcast channel or other negotiated platform) including a minimum 5 pieces of long-form content (e.g. videos, blog posts, podcasts) or 15 pieces of short-form content (e.g. short 30 sec TikToks, Instagram posts, reals, YT shorts) or combination.  In addition, the provision of a 2000-word business development plan with details of how you intend to develop your idea and sustain it.  Should include full explanation of idea, intended audience and revenue streams within this; marketing and finance need to be considered.  You are not allowed to use an existing set of content this needs to be entirely new to this module (+1000 words associated with assets e.g.to annotate or include).
3. Proposal of a new digital business idea on behalf of an existing business. In this instance, you will need to identify an existing (nondigital), real-world business and propose a new digital arm to their business.  For example, this could be a traditional marketing agency and you are recommending they introduce a ‘disposable content’ department.  You will need to include at least five associated marketing materials and a 2000-word business proposal of what you intend to do – the rationale, market, launch strategy and full explanation of idea and intended revenue streams.  Importantly this needs to be more than just a digital marketing campaign for a company – it needs to be a new way of them operating (+ 1000 words associated with assets e.g.to annotate or include).
4. A new digital marketing agency, for which you are required to come up with a plan and proposition. Should include a 2000-word business proposition detailing the scope of the company, the intended market, USP, revenue streams and pricing considerations and sustainability of the business.  You might consider this in terms of it being a potential business you would establish after you graduate.  In addition, you will need to generate a minimum of five marketing assets to help support the launch (+ 1000 words associated with assets e.g.to annotate or include).

Things To Include

Your work should be structured as follows:

In all instances, the 2000-word report element needs to be fully referenced, and it is anticipated that you will draw upon academic theory throughout. This work will be submitted electronically and at least 5 assets to bring your idea to life. Whichever you choose to do your report must include the following elements:

• Full explanation and rationale for the idea and its sustainability, including evidence of analysis of the digital business environment. Including ethics and environmental considerations related to the ongoing development of your business. [20%]
• Rationale and evidence of research into proposed markets, including persona/pen portraits [10%]
• Marketing strategy for promoting/launching the business/idea [10%]
• Income, costs and revenue streams, including projections for the first three years [10%]

At least five assets as described above (+ 1000 words associated with assets e.g.to annotate or include). [40%]

Expert Answers on Above Questions on Digital Marketing

Option selected

The option selected for the purpose of analysis is a digital product known as GreenCart SG, and it is a kind of sustainable grocery shopping app that allows the customers to connect with local eco friendly suppliers.

Explanation and rationale

The digital product known as GreenCart is aimed at encouraging customers to consume sustainable products in Singapore. The idea has been to source locally and low carbon grocery options to achieve sustainability. This idea of providing sustainable products is viable because it is in line with Singapore’s smart Nation vision. Sustainability is likely to be achieved by way of partnering with local farms, encouraging reusable packaging and undertaking carbon offset initiatives. The farmers would be paid a fair price for all sourcing and there would be digital transparency throughout the process.

Market research and persona

The target market for the product includes all those customers who are conscious towards the environment mostly in the age group of 25-40 and young families. Mrs Tan, a resident from Singapore West values convenience and sustainability, and she would be a perfect customer for the digital product. There is increasing preference among customers for green lifestyle platforms such as Scoop Wholefoods.

Marketing strategy

The marketing strategy that would be followed in launching this product is through social media platforms like Instagram and Tik Tok and also by way of partnering with green influencers. Along with this, there would also be the implementation of referral discounts and collaborations would be created with community events like EarthFest Singapore. The app would also be promoted by engaging with Search Engine Optimisation professionals to rank higher on serp engines.

Income, cost and revenue streams

There are different sources of revenue streams expected which includes referral commission, subscription plan for premium members and sponsored placement for sustainable brands. The cost for app development, marketing and research and development, operations management and other necessary activities is estimated at $60000. The project is likely to break down in a period of three years with 18000 monthly active users.

Marketing assets

There are five important assets that need to be developed including an app storyboard where the user can browse items, move to cart, check out and track the orders. Another asset is social media launch video which is based on eco-lifestyle themes, and an Instagram carousel to promote the local sustainable brands. There would be a landing page, and also an email newsletter designed to promote the new arrivals.

Reviewed by Lim Sher Tynn, a marketing expert having sound knowledge and understanding of digital marketing concepts.

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