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Management Questions - Coursework Example

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Describe how you would establish that there is a market need for a new product.
Establishing the need for a product in the market is a very complex task. However, an entrepreneur needs to refine his or her business concept to suit the needs of the market. …
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Management Questions
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Download file to see previous pages Some of the questions that may arise in identifying a market need include the possibility of consumers buying the product and the possibility of their demands being profitable. I would establish a market need through the use of consumer focus groups (Cameron & Freeman, 2001, p. 100). These groups have vital information about consumers including their needs and preferences. This information is vital for an entrepreneur to analyze the properties of the product and align them to the needs of the market. The same applies to Creative Minds as a business in the market for art products. Vital information for the business relate to the needs of children in the market for art services. The needs of the children may include information such as pricing, delivery and forms of arts.

What is a new product development process and why is it necessary?
The new product development process is a mechanism used by a business in identifying the appropriate features of a product. The process involves a number of stages that include idea generation, screening, concept analysis, development, testing and launching. The process is necessary for a business to determine the suitability of its product in the target market. It ensures that the product entails appropriate features that will make it attractive in the market hence become profitable for the business (Denison & Mishra, 2005, p. 188). ...Download file to see next pagesRead More
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