Analyzing New Product Formation

Analyzing New Product Formation

We live in a society where the technological impact has made significant impacts. Advancement in technology has improved so many sectors. Hospitals can now render better services, which results in the treatment of diseases that were earlier hard to treat. The hospitality industry as well as benefit from technology. These include selecting a few areas in which technology is overly employed. In a sense, technology has taken over a large part of the business world. Organizations nowadays are scrambling to be in touch with emerging technological updates. It has eased business transactions in so many ways.  That is the reason why I engrossed myself in designing a program that shall take the world of e-commerce into the next level. This paper focuses on analyzing the new product created and how it is better than the existing such programs.

My project involves an online platform where buyers and sellers can meet and negotiate business deals. It also includes a column for advertisements where organizations can run their marketing plans. The program as well contains a segment with insights from various successful business people. This program shall serve as not only a platform for business, but also a source of education. It will have mentorship programs with renowned personnel. The program targets young people who are aspiring to be successful in the business world. It shall also have a segment for upcoming business people to provide their opinions on issues affecting them in terms of carrying out business. All these, among other significant features, shall be available at a low price since I shall include the government as among the major shareholders.

The organization I am currently working with has agreed to sponsor my project. In return, it will also be among the major stakeholders. Currently, my organization has difficulties acquiring expertise in some fields. I figure out that many more other organizations have a similar problem. Another issue concerns recruitment. My program shall solve all these issues. By logging into the account, one shall be able to access any information. They shall as well be able to find personnel they are looking for, and they can initiate communication from there. This new service I am introducing shall enable my organization to achieve objectives such as; pioneering such a project, creating awareness regarding business information as well as helping young aspiring entrepreneurs.

The program shall do well in the market due to the following: it contains loads of information all in one platform, it offers insights to young entrepreneurs, and business people can openly negotiate without having to meet physically. The program has features not found in any other. However, though, it is limited to literate with internet access. The program presents enormous opportunities for entrepreneurs all over the world. They get to exchange ideas as well as critique each other positively. The organization has been saved the time they waste while doing recruitment. All they have to do is post the type of personnel they need and the credential requirement. Applicants shall be provided with the details of the organization, and they communicate.

This program shall have a different audience. I intend to segment the market for this program according to the profession. It has to serve every job. Market segmentation gives the opportunity of intersecting with new businesses. (Martin, 2011). After segmenting the market into the job, I shall as well conduct targeted marketing. I shall lay much emphasis on the young generation. I want the program to help nurture effective and efficient entrepreneurs who will provide real solutions to issues affecting society. Market targeting is paramount since it eases promotion, distribution, and pricing. This gives one more time to focus necessary and required resources into that area.

Before embarking on the project, I had carried out intensive market research. I found favorable responses from the younger generation, especially those new into their profession. In a sense, product positioning presents marketing benefits to my program. This shall incorporate channeling every bit of resource and energy into promoting the product to the targeted market. (Akpoyomare, Adeosun, & Ganiyu, 2013).  The pricing has to be fair. The product does not have to be so expensive that most young people cannot afford it. That would be rendering it inefficient since it targets the young generation. Pricing can be done in installments depending on the client’s financial strength.

Assessment is an essential aspect of every project. (Saunders, & Lewis, 2012) In this case, cost assessment is very critical. This is because the program requires a lot of input. As such, we have to stay within the appropriate budget. The application contains many features. That shall requite expertise into stitching them together. More so, staffs have to undergo training on how to use the application. Then they will embark on training the public and esteemed clients. As one can see, the high cost is estimated. That is the reason why the project has to stay within the budgeted cash. Unwanted spending will have to be curtailed to save much money required for completion.

The use of the internet is gullible to cyber-attacks. That means my program, too, is susceptible to such attacks. However, the primary server of my program is fitted with software intended to detect unauthorized activities within the central database. The program does not infiltrate personal privacy. Personal information is kept aside, and the program does not get into a person’s privacy. As such, ethical issues do not arise from my program.

Furthermore, it concerns the laws of the state concerning the formation and creation of new products. Thus, it has covered legal issues. Several issues surround digital marketing. If not well addressed, these issues are the source of failures. Before the program is officially launched for the public to access, it will be passed through the hands of several experts. They will try to crack it down. By doing so, they will be able to identify an area of weakness. They give their recommendations, which shall then be implemented.

Overly, a new product has to undergo several steps before it gets launched to the public. My intended program shall standout in the market due to its unique features. These features have given it a competitive advantage in the market. My organization shall be a significant stakeholder in conjunction with the government. It is a program meant to help upcoming entrepreneurs with the information they require. The market shall be segmented in terms of profession, but the targeted market is the young generation. They will be able to get much information from the program. More so, the organization shall have an easy time while selecting. Business people can negotiate without a meeting, and their negotiations remain top-secret. The program adheres to all legal and ethical standards. Active measures have been put in place to curb cyber-attacks. In conclusion, this is a very crucial program in the world of business.

Reference

Akpoyomare, O. B., Adeosun, L. P. K., & Ganiyu, R. A. (2013). Approaches for generating and evaluating product positioning strategy. International Journal of Business Administration, 4(1), 46.

Martin, G. (2011). The importance of marketing segmentation. American Journal of Business Education (AJBE), 4(6), 15-18.

Saunders, M. N., & Lewis, P. (2012). Doing research in business & management: An essential guide to planning your project. Pearson.