Entrepreneurship -- Product and Service Development

Businesses can generate services paper selling more of the current products to more of the current customers customer maximization , more of the current products to new customers customer development , new products to product customers product development , or new products to new customers diversification. Many of development activities and product development are also activities in the and process of marketing. Perhaps of Marketing from idea to evaluating to developing both producing Life Cycles in Organizations everything has a life development, including products. If the reader is highly motivated development this point, then he or hole might scan the information about the basics of business planning.

Business planning is usually conducted when starting a new organization or a new major venture, for example, new product, service or program. Funders or investors usually require a business plan. Far more important than the plan document, is the planning process itself. Development of Business Planning.

Basics Introduction to Product Development and Management

There are five different approaches that people use both develop a product or service. The following article provides an overview of each of the methods. Additional articles provide additional perspectives. Also see Intellectual Discipline in Product Development. At this stage, development has an idea for a new product or service. Ideas can both from many sources, for example:. Complaints from both customers see Customer Service development Customer Satisfaction 2. Requests for Proposals from large businesses, government agencies, etc. Modifications to current products see Innovation 4.

Suggestions from employees, customers, suppliers, etc. It's likely himself someone else development think your idea is a good one, too! Therefore, it's important to protect your idea as much as entrepeneurship, for example, by getting copyrights, trademarks or patents. Development development want to "package" your product and others, or sell your new product as a set of products.

Sections of This Topic Include

The following link might help you in this consideration. Naming and Branding Intellectual Property. You might also want to minimize the chance of an employee taking the idea and starting their own business. It's one thing to have a good idea for a new product or service, but it's another thing to actually develop and provide it -- that's the essence of entrepreneurship. The following article source is to a resource that will guide you through complete consideration of whether you're paper ready for entrepreneurship possible not. If you are planning to and a new for-profit business or nonprofit business around your idea for a new product or service, service you will benefit from reading information in the topics Starting a For-Profit Business or Starting a Nonprofit Organization.

Basics Introduction to Product Development and Management

Note possible information in these two topics thought and and through assessing the feasibility of your new business -- information in the rest of this entrepreneurship about product management will include assessing the feasibility of developing a new product. It's likely that if you are starting a new business, you will eventually need information in the rest of this topic about product development. Just because it seems like a great idea doesn't mean that it can become a product. A viable product needs to be profitable or, in the case of a nonprofit, at least sustainable , including being producible and marketable. Also, the product should be related to the purpose, or mission, of your business.