ACC3MAC: Performance Management and Control - Purposes and Goal of the Business - Business Management Assignment Help

Assignment Task:

Part A: Product design and master budget: Pushing your boundary
 
Create a plan and budget for one product or service that you want to offer to the market. You can decide on the type of business (service, manufacturing or trading), type of product or service, the targeted market for your product or service, the time and social context that you want to offer the product. 
Feel free to imagine. Do market research and complete the tasks described in part B.

Part B: Task requirements

A. Select and design product or service of your choice, and discuss the vision, purpose, and goal of your product/service.

1) Propose a product/service with a description of a setting. Explain why the product/service is chosen using market research (social, political, legal, environmental contexts). 
2) Discuss the vision, purposes, and goal of the business. Explain the linkage between the decision with the vision, purpose and goals of the business. You need to provide clear evidence of market research to arrive at the decision.

B. Estimate standard production costs including direct costs and overhead costs for your product or service

1) Describe the production process and design of the product/service. 
2) Develop standard direct material and labour costs, standard fixed and variable overhead costs, and total standard costs. 
3) Provide a detailed explanation of the process of estimation, any assumptions used, and where you get the cost information from (data sources), and critically evaluate why you think the data is reliable. 
4) All data sources need to be properly referenced in-text and in the reference list.

C. Prepare a master budget for the first month You are required to develop a master after the product is offered to the market

You are required to develop a master budget for your product/service for the first 1 month of offering it to the market. The master budget must include ALL components relevant to your chosen business. Sales estimation needs to be explained using market research (why and how you arrive at the sales estimation). All budgets are to be presented in a professional format. All data sources need to be properly referenced.

D. Reflection on the knowledge and skills you developed from this assignment

You need to reflect on the process of doing this assignment. What were the difficulties that you faced during the assignment, how did you overcome the difficulties, and what were the lessons you learned after doing the assignment?

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