When have you had to start-up a new process or product that required finding out in advance what the customer/client wanted? Engage at least two of your colleagues in a discussion of these posts.
Research involves finding and gathering relevant information regarding a new item whose knowledge is not fully known. Sometimes, some scenarios prompt someone to start up a new product that may require conducting market research first in order to determine what the client needs. The first scenario is when the information gathered plays a crucial role in the development of a product. In this case, prior information minimizes the risk of developing a product that does not meet customer needs and wants. Secondly, prior research to determine people’s attitudes towards similar product already in the market is conducted so as to identify market opportunities for the new product. Thirdly, prior research to find out what customer needs is conducted when wanting to determine the most effective strategies for the new products (Antco.bc.ca, 2018).
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What are the “what-if” questions you think your team/organization should start asking to start designing a creative, innovative business model? Engage at least two of your colleagues in a discussion of these posts.
Each business model contains either/both a product or/and service that focuses on customer’s needs and wants (Newtek, 2012). In order to design a creative, innovative business model, the team should focus on the following “what if” questions to act as a guide;
What does the new business venture address?
What techniques does the new venture use to satisfy the customer need?
What is the difference between the techniques the business employs and those that already exist in the market? Or what makes the venture unique?
Who is/are the central contributor(s) in achieving the business goal?
What is the size of the market you are entering?
What part of the population is the product targeting?
What strategies are to be employed for efficient marketing?
What are the financial constraints in implementing the business?
What should occur in order to break-even?
References
Antco.bc.ca. (2018). The Importance of Market R esearch . [online] Available at: http://www.antco.bc.ca/downloads/importance-of-market-research.pdf [Accessed 7 Sep. 2018].
Newtek (2012). Top 10 Questions Every Business Plan Should Answer . [online] Forbes.com. Available at: https://www.forbes.com/sites/thesba/2012/08/06/top-10-questions-every-business-plan-should-answer/#221ec4286fcb [Accessed 7 Sep. 2018].
