A252 MAC3043 Group Assignment
Assignment Title: Budgeting and Pricing for a Real Business Project
Objective
To develop practical skills and communication skills in creating budgets and pricing strategies by applying theoretical knowledge to a simulated business project using real-world data.
Students are required to form a group of 5–6 members. Each group will work collaboratively to complete the assignment on Budgeting and Pricing of a Business. For this assignment, each group should:
1. Choose a Business Project (Startup business project)
Select one of the following options:
- A retort food production
- A handmade or craft production
- A merchandise production
(Within the chosen product type, each group must identify one product to be analysed.
2. Define the Scope of the Project
Write a brief summary covering:
- Business name and type of business
- Target market
- Products/services offered
- Business goals (short-term and long-term)
- Menu and preparation of products (ingredients or materials, and preparation)
3. Gather Real Facts and Figures
You must collect real-world data from reliable sources to justify your budgeting and pricing. Include:
- Market prices of key materials or services (get quotes or use supplier websites)
- Operational costs (rent, utilities, labor, marketing, etc.)
- Competitor pricing (research prices of similar products/services)
- Sales projections based on comparable businesses or industry benchmarks.
Sources may include interviews, surveys, official websites, online pricing tools, or publicly available business reports.
4. Create a Budget Plan
Build a detailed budget for the first 2 years of operation (prepared monthly for each year).
Note: Use spreadsheets (Excel) to prepare budgets, tables and calculations clearly. Copy the table to your final report.
5. Develop a Pricing Strategy
Using the data and budgets that you have prepared, explain:
- Your pricing method (e.g., cost-plus, value-based, competitive)
- How prices cover costs and contribute to profits
- Justification for your price points
- Impact of pricing on customer behavior and competitiveness
6. Submit a Final Report – WEEK 10
Prepare a report that includes:
a) Cover page
b) Table of content
c) Business and market overview – Write a brief summary covering:
- Business name and type of business
- Target market
- Products/services offered
- Business goals (short-term and long-term)
- Menu and preparation of products (ingredients and preparation)
d) Financial Plan – Master budget includes all budget breakdown (from sales budget until Balance Sheet), with all detailed assumptions and supporting table/schedules are clearly provided.
e) Pricing analysis and rationale
f) Appendix – Data sources and references (include proofs such as photos and other references of product, materials, location, price research, interviews, etc.)
Submission Format:
- Hardcopy report
- Softcopy report (in GOALS)
7. Presentation – WEEK 9 & 10
Marking Rubric
Group Assignment: Budgeting and Pricing of a Business
Focus: Communication Skills (Bloom’s Taxonomy A3 – Apply)
Alignment with Bloom’s Taxonomy (A3 – Apply):
| Learning Outcome | Rubric Component |
| Apply budgeting techniques to a business situation | Communication of Applied Budgeting Analysis |
| Apply pricing methods using market information | Use of Real Market Data |
| Communicate applied financial analysis effectively | Clarity and Organization of Communication |
| Apply analysis to realistic business decisions | Feasibility and Practicality of the Analysis |
MAC3043 Group Assignment Criteria
| Criteria | Excellent (4) | Good (3) | Satisfactory (2) | Needs Improvement (1) |
| Clarity of Communication | Budgeting and pricing ideas are communicated clearly, logically, and professionally. Explanations make the applied analysis easy to understand. | Communication is generally clear with minor issues in explanation or clarity. | Some explanations are understandable but lack clarity or detail. | Communication is unclear, confusing, or difficult to follow. |
| Organization and Presentation of Information | Information is well structured with clear introduction, analysis, and conclusion. Tables, charts, or visuals effectively support communication of budgeting and pricing analysis. | Structure is generally clear with minor weaknesses in flow or visual presentation. | Some organization present but ideas appear loosely connected. | Poor organization and ineffective presentation of information. |
| Communication of Applied Budgeting and Pricing Analysis | Budgeting and pricing concepts are clearly applied to the business scenario and communicated effectively using appropriate business terminology. | Concepts are applied and explained with minor gaps in clarity or terminology. | Limited explanation of applied analysis; some concepts are unclear. | Application and explanation of analysis are weak or inaccurate. |
| Feasibility and Practicality of the Analysis | Budgeting and pricing recommendations are realistic, practical, and clearly linked to the business environment. Communication demonstrates strong understanding of feasibility. | Recommendations are generally practical but justification of feasibility could be improved. | Some attempt to discuss feasibility but explanations are limited. | Recommendations are unrealistic or not clearly linked to the business context. |
| Use of Real Market Data (Reference) | Analysis is supported with relevant and credible real market data (e.g., industry prices, competitor information, market trends). Data is clearly integrated into the communication of analysis. | Real market data is used but integration or explanation could be stronger. | Limited use of market data or weak connection to the analysis. | No relevant market data used or data is inappropriate. |
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