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  • Document 7

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    Mohamed Bashar
    22 views4 pages
    The document outlines objectives and issues for the first two periods of operation. The first period objectives are to provide low-cost, high-quality service and jobs, reach the break-even point, gain a good reputation, and increase customer awareness. The second period aims to expand the business and gain more market confidence. The main issues are people's confidence in the service and competing in the fast food market. The document also discusses product development strategy and its seven stages: idea development, editing and selection, prototype creation, analysis, product creation, market testing, and commercialization. Having a strong product development strategy supports a business' ability to create profitable products and modify them to remain competitive.

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    The document outlines objectives and issues for the first two periods of operation. The first period objectives are to provide low-cost, high-quality service and jobs, reach the break-even point, gain a good reputation, and increase customer awareness. The second period aims to expand the business and gain more market confidence. The main issues are people's confidence in the service and competing in the fast food market. The document also discusses product development strategy and its seven stages: idea development, editing and selection, prototype creation, analysis, product creation, market testing, and commercialization. Having a strong product development strategy supports a business' ability to create profitable products and modify them to remain competitive.

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    © All Rights Reserved
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    22 views4 pages

    Document 7

    Uploaded by

    Mohamed Bashar
    The document outlines objectives and issues for the first two periods of operation. The first period objectives are to provide low-cost, high-quality service and jobs, reach the break-even point, gain a good reputation, and increase customer awareness. The second period aims to expand the business and gain more market confidence. The main issues are people's confidence in the service and competing in the fast food market. The document also discusses product development strategy and its seven stages: idea development, editing and selection, prototype creation, analysis, product creation, market testing, and commercialization. Having a strong product development strategy supports a business' ability to create profitable products and modify them to remain competitive.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    of 4

    Objectives and Issues:

    We have set attainable objectives for the first and second periods of
    operation
     First-period Objectives:
    By the end of the first period of operating, by xxxxxxxx will achieve a set
    of
    objectives:
    Within achieving the main goal is to provide service at a low price and
    excellent quality and to provide job opportunities for a large segment
    of society, reach the break-even point and to gain a good reputation
    during our first steps and to increase the awareness of our customers
    for our service also to deliver our value to the mentioned market
    segment as much as possible.
    In addition to that, business deals with other businesses will be helpful
    during our first year of operation in this field, which guarantees mutual
    Benefits.

     second periods of operation:


    During the second period of operation, we aim to expand and gain
    more confidence in the market
    Issues
    The main Issues revolves around people's confidence in the service and
    the way to fight in the fast food market
    –Product Development Strategy:
    Product development includes all aspects of producing
    innovation, from thinking of a concept to delivering the
    product to customers. When modifying an existing product to
    create new interest, these stages verify the potential success
    of the modifications at generating business. The seven stages
    of product development are:
    1. Idea development: Idea development involves
    brainstorming for new products and ways to make
    existing products more relevant.

    2. Editing and selection: During the selection process, the


    product development team determines which ideas have
    the most potential to do well in the market.

    3. Prototype creation: Once an idea has been selected, the


    company must create a prototype or draft version of its
    proposed product. This prototype can be used to
    determine if the product functions as intended and
    appeals to your target audience.

    4. Analysis: At the analysis stage of product development,


    the company studies market research and evaluates the
    possible problems with the product.
    5. Product creation: After incorporating notes from the
    analysis into the prototype, the finished product can be
    created.

    6. Market testing: Before releasing the product to a wider


    audience, products are often released to a smaller
    market or focus group. The market testing phase
    includes evaluating customer feedback and the
    effectiveness of the product's marketing.

    7. Commercialization: The final stage of product


    development occurs when adjustments are made based
    on market testing and the product is released to the full
    market.

     Benefits of product development strategy:


    Having a strong product development strategy can support
    your business' ability to turn an idea into a profitable product
    and then modify it to remain competitive within the market.
    Your product development strategy can reveal areas for
    improvement as well as which methods are most successful.
    To receive the most benefits from your product development
    strategy, consider how various techniques would work for
    each step and make adjustments based on your past
    experiences.

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