Question

Business Phasing

1.Discuss the logical progression for growing a business, which starts from the initial idea and grows into a viable business venture.

2.Explain the phasing approach/how the development phases minimize risk, aid learning/analysis at the earliest possible stages, and create a proper progression of the business venture.

3.Include anticipated resource requirements for each of the following stages of development:

-Idea stage

-Concept stage

-Test marketing stage

-Product/service development stage

-Commercialization

Answer 1

1) it is easy to thinking about starting a business and difficult to make it success. There exist a greater bridge between our plan and it's success. When we thinking about starting a business., first we have to find out our product or service and the target customers, competitors, market for the product, why customers buy our product?, what's the speciality of our product when compare to other similar products etc... This is necessary to make our business idea become successful. There is more other things have to consider for our business growth. , it includes proper planning, efficient productions process, proper marketing of products etc...

2) through proper and effective management we can reduce risk. In the development stage of a business there may arise some sort of risk thus in developing stage requires testing our business idea for this we have to conduct research, and gather results to find out whether the idea is effective or not. The main challenge in the beginning stages include, business idea profitability, market acceptance, accounting management, establishing business structure etc.. We can reduce risk by making a solid plan, always double check the process, select effective employees, always make ready a backup a plan, avoid unnecessary expenses, check activities of competitors and double cross their marketing strategies.. If we find out risk in the earliest stage it will helps to reduce risk in every stage of business activities.

3) idea stage

It is the stage in which the entrepreneur find out an idea for the business. Idea of him may reflect his interest, knowledge in that field. Vast research and knowledge is required to select a business idea. While selecting a business idea he may consider the market acceptance of the idea, competition, strategies etc...

Concept stage

At the concept stage, you have an idea and are exploring the feasibility of building a product or service based on that idea. Here we will find techniques to develop our idea qndhow we will build our idea as per the expectations of customers

Test marketing stage

In this stage the business may select some group of people to test their product acceptance in the market. Test marketing is an experiment conducted in a field laboratory comprising of actual stores and real-life buying situations, without the buyers knowing they are participating in an evaluation exercise. It simulates the eventual market-mix to ascertain consumer reaction. Depending on the quality and quantity of sales data required for the final decision, test marketing may last from few weeks to several months.

Product/service development stage

All efforts which leads in the development of products and services includes in this stage. After find out the needs of people, the business may increase or maintain quality of products and also make some changes in the product

Commercialization

It is the process of introducing a new products into the market. Or this stage make the products available for the consumer in the market. Effective advertisements may helps to a best introduction of products in the market. Thus market acceptance is the only way for a business survival