Answer to Question #186716 in Management for Prabhdeep Singh

Question

Subject: Project Planning and control

1.Discuss the need and importance of understanding environment for business opportunities. (Please give at least 8 points for need and 8 points for importance)

2.How the various stages of entering into a business i.e., idea generation, short listing and selection of a product/ service are made? (please answer in 200 to 250 words)

Answer 1

Question 1

The need to understand environment for business opportunities; 1. Make it easier to spot opportunities and gain a competitive edge by being the first to market. 2. Assist in the detection of threats and early warning signals, also known as the Radar effect 3. Make use of available resources 4. Adapt to the fast-paced environment 5. Assist in the preparation and formulation of policies 6. Increase productivity 7. Build business reputation 8. Boost decision making.

On the other hand, environmental research will assist the company in gaining a better understanding of what is going on both within and outside the organization, and increasing the likelihood that the operational strategies created will accurately represent the environment. The following are some of the reasons why environmental scanning is important:

1.     Identification of strength

2.     Identification of weaknesses

3.     Identification of opportunities

4.     Identification of threats

5.     Optimum use of resources

6.     Survival and growth

7.     To plan long-term business strategy

8.     Enables the firm to select the best option for the success and growth of the firm

Question 2

There are probably as many ways to enter into a business, but they all follow the same basic steps or stages—they're only carried out differently. Generating new product ideas is an innovative challenge that necessitates a certain mindset. Coming up with ideas is easy, but coming up with good ideas is a different story. Companies gather new product ideas from a variety of internal and external sources. A SWOT analysis can reveal existing product strengths that can be used to develop new products or market opportunities. Business and consumer dynamics can be discovered through research. A competitive analysis could reveal a product gap in the company's portfolio. Unmet consumer needs can be discovered by customer focus groups or by the sales team. Many incredible items are the result of fortunate errors—product tests that don't achieve the intended target but have an unexpected and fascinating use.

Product selection is a lengthy process that starts with the generation of an idea and ends with commercialization. The procedure necessitates collaboration among various departments. Products provide the most critical and noticeable communication with customers, for the company. To customers, products are psychological symbols of personal characteristics, goals, and social habits. The process can be broken up into the following stages:

1.     Exploration

2.     Screening

3.     Business analysis

4.     Development

5.     Testing

6.     Commercialization