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Business Management

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Process of Business Mangement and its Factors

2703 Downloads I Published: 05 Apr ,2019

Introduction

Business management involves activities of getting together people in order to achieve business goals in effective manner. Properly managed business accomplishes success. The objective of the report is to explore processes involved in the product and service development (Gollenia, 2016). Process involves entire process from developing idea to production of commodity. Risk is always associated with development phase which is required to be analyzed. SWOT analysis will be used to identify strength, weakness, opportunities and threats of the company. Market research helps to identify current trends in the market and possible innovation that can be brought into market. Team work plays important role in success and failure of business. Team work enables collection of varied thoughts and ideas that can be put together for productive solution. Role of team work in creative development will be studied. Study will emphasize on implementation of product development process into McDonald's food product. Appropriate decision making leads to success of product. Life cycle stage of the products and services in a company will be evaluated. Need of Innovation, adaptation and renovation in the individual product of the company will be explored. Issues and concerns will be analyzed and recommendations for improvements will be provided.

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TASK 1

P1 Explain the processes involved in the development of products and services and the levels of customer integration

Product development process involves entire process from developing idea to production of commodity. Final product is then bring into the market. Entire journey involves several stages in development process. Productivity and innovation are the basic elements in developing product. Comprehensive study analyzes factors involved in success and failure of any product. Team work plays a contributing role in success of any new product into market. Team work ensures collection of different ideas and thoughts. By working together in teams leads to productive solution (Fuller, 2016). Product development process involves several steps that are described below:

Generating idea: this is the initial stage in product development process. It involves brainstorming and analyzing market through which innovative and productive idea can be generated. Market research make you understand what is trending in market and what innovations one can bring to the product. Internal and external SWOT strategies can be applied to make distance from the competitors in the market. Inclination, significance and innovation are the basic points to be remembered. When activities are performed system should be flexible to adapt changes. While starting any project risk is always associated with it. Risk analysis can be performed to analyze risk so that competition can be minimized.

Idea Screening: As we know idea is collected from several sources which can not be take forward as it is. It is needed to be screened to filter creative ideas that can benefit business. For selecting and discarding any idea certain standards should be set on the basis of which Screening can be carried out. Market potential with particular idea can be assessed.

Concept Testing: Testing is performed after idea is screened. In this phase you are with the concept of product which is screened from several available options. Idea can be tested on a small group of customers where they can be shared the product concept and their review and response can be recorded (Brands, 2014). It requires enough information about the concept. Testing process involves answers to the following questions:

  • 1.Does customer understood the concept?
  • 2.Does market has need for it ?
  • 3.Does customer want the product?

Business analysis: After screening and testing the concept with customers and recording their response it is required to perform business analysis to know whether product will make profits or not. The process involves identification of market strategy and underlining target market. Input metrics can be included to track the progress of product development. Many time's idea does not get implemented into product, in that situation it should be kept as valuable resource which can be applied in future with other product.

Product Development: Once the product potential in the market is analyzed, product is developed according to the specification (Schilling and et.al., 1998). Prototype of the product is first developed. This is to investigate and check perfect design and to analyze manufacturing methods for the product. It also involves look and feel of the product and its packaging. As we know , packaging of the product also plays significant role in attracting customers. Thus, it is required to make it striking to engage number of buyers.

Marketability Tests: It involves beta testing in which product version is launched with test groups to collect valuable feedback so that improvements can be done even at last minute before launching into market. Marketability test is performed to ensure whether product will attract and engage customers to buy and sell product in order to gain profit. Validation of the concept is required that can be used for additional enhancements of components.

Commercialization: Once the concept is screened, tested and developed, strategies are required for product launch. Commercial advertisement plays a significant role in today's world where product can be shared among people (Marx and et.al., 2015) . This phase involves pricing information to get decided. Sales team is required to be briefed about the product details at this stage.

Launch : Launch is ready to implement but decisions are required to be made that where it should be launched to have maximum profits. Launch plan is put into execution and impact in the market is analysed.

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P2 Apply these processes in application to the development of a specific organization product or service.

With the growth in population demand for food has increased in last few years. Several food products are launched every day. Innovative ideas are formulated in development of food products by considering taste of customers. Skills of expertise allows launching of new products where market is changing rapidly (Ghaferi and et.al., 2016). Let's take example of McDonald's also known as McD is a fast food restaurant chain that has several branches all over the world. McD always comes up with innovative products into market. Recently, it is planning to come up with new product that is Breakfast Bowl. The purpose of launching this food product is that maximum number of customers either come in morning for breakfast purpose or in evening. The idea was formulated to provide something healthy to customers as nowadays people are more conscious about their health. Development of Breakfast Bowl undergoes several stages from idea formulation to product launch. The steps involved in development process are described below:

Idea Generation: This is the initial stage in development of any product. Internal and external SWOT strategies can be applied to make distance from the competitors in the market. SWOT analysis helps to identify strengths, weaknesses of company. It also helps in discovering opportunities and potential threat to business. Idea for developing Breakfast Bowl was gathered from several sources such as by conducting market research, analyzing current food products into market and through surveys where customers were asked to present their opinions about morning breakfast. Brainstorming is also one technique for idea generation (Roozenburg and et.al., 1995). Risk is always associated with product development process. Analysis can be performed to identify potential risk and control measures against it.

Screening idea: It is process for evaluation of productive ideas and concepts which can be used to regulate compatibility of idea with overall objectives of business. Several ideas were collected for Breakfast Bowl. It is not feasible to put all the ideas into one concept. Thus, it is required to be screened to get the best concept which could be profitable for the organization. Market potential of the idea is tested. On screening, requirement of healthy and nutritious food lead to the concept of Breakfast Bowl.

Concept Testing: After gathering and screening several ideas, concept of breakfast Bowl was finalized. But before putting it into development phase, Concept is required to be tested among several groups. Testing was done to understand whether customers will like the morning breakfast concept, how feasible it is to implement, will customers actually have healthy bowl of nutritious food in the morning. Results of testing are recorded.

Business Analysis: Business analysis is required to perform to examine profitability of product into market. The process involved identification of market strategy and underlining target market. Input metrics was used to track the progress of product development. During research work, several ideas came into account but it is not possible to implement all of them together. Thus, it is required to keep them as valuable resource which can be put into action in near future.

Product Development: After going through all these phases, Breakfast Bowl was developed according to specification. Initially sample of the Bowl was developed and tested. This is to discover and analyze product and manufacturing methods. Presentation and taste has the most important role in success of food product. Packaging is required to be made attractive to pull number of customers.

Marketability Tests: It involves beta testing in which product version is launched with test groups to collect valuable feedback so that improvements can be done. Marketability test was performed to ensure whether Breakfast Bowl will engage customers to buy in order to gain profits. Validation of the concept is required that can be used for additional enhancements of components.

Commercialization: It involves marketing strategies for Breakfast Bowl. Commercial Advertisements were flashed on TV screens and internet media to promote new product into market (Marx and et.al., 2015). Benefits of having Nutritious food in breakfast was planned to showcase to customers.

Launch: Launching is the last stage in product development. Breakfast Bowl after going through various stages of idea conceptualization, beta testing and improvements is now ready to launch into market. Launching is carried out by considering target audience which could make maximum profit to the company.
M1 Consistently demonstrate a justified application of subject knowledge and understanding to the processes of product or service development.

Product development is a critical process in the success or failure of any business. Development process starts with idea generation and ends with product launch into market. Several stages are involved in the entire process of development. Purpose of product development is to satisfy demands and needs of customer in order to make profits for the company (Kaulio, 1998). Identification of target market is crucial element in development process. Quantitative research is carried out at each phase. Detailed study analyzes factors involved in success and failure of any product. Productivity and innovation are the basic elements in developing product. Team work plays a contributing role in success of any new product into market.

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D1 Provide a well-articulated, coherent and logically presented pitch that has a fully justified approach to decision-making throughout the development process, market launch and distribution.

Process of making choice from several available alternatives can be termed as decision making. Decision making strategies can be classified into two categories: Group decision and individual decision (Chaudhuri and et.al., 2013). Good decision-making leads to success. In product development process. Decisions are required to be made at each and every stage. In the launching phase, it is required to make decision of choosing target audience from where maximum profit can be made. Decisions plays significance role in success or failure of any product.

TASK 2

P3 Life-cycle stage of the products or services in a company's portfolio

For McDonald marketing plan is very important because this plans displays future and present of company. For success of companies, ideas and concerns shows the objectives, goals and visions for firms (Cabeza And et.al., 2014). Marketing plans for firms arranged of firms goals and visions. The strategic objectives of organization can be overcome by the marketing plans. So these marketing plans support and helps in McDonald objectives and aims. The need and stage of organization displays by the marketing plan.

Marketing plans are not collections of small pieces which are incomprehensible so for handling strategies of marketing the plans are the systematic way to deal. These marketing plans are essential to run and survive the McDonald business so these plans helps to observe and update the plans for businesses. These plans impacts on the McDonald strategies and its objectives because firms are run and survive by these plans of marketing. Peoples must sure these plans and evaluate on an organisation to retrieve their aims and goals. For retrieving marketing strategies these plans of marketing are the resources for the McDonald objective.

For new products is under the process of stage of product life cycle like from products information to its growth, from growth to maturity and from maturity to the decline. This process also say life cycle stages of products (Hellweg and Canals, 2014). These life cycles of products impacts on the strategy of market and also relate the updates for the condition of marketing. Two functions revenue and products are plotted and planned for life cycle states.

Introduction stage : For awareness and development of product and market these phase seeks for the firms new products. Several impacts on the mix of marketing like pricing, product, promotion and distribution (Chang and et.al., 2014). To recover costs of development and intellectual property so the pricing have to be low to make instantly shares for the McDonald. The establishment of branding and quality of Breakfast Bowl product is important for the security of property like trademarks. The goal of promotion is to invent the early adopters. The Breakfast

Bowl product's acceptance is shows in the distributive that how customer selects that product.

Growth state : Maximize the market shares and to make brand preference is consists in the growth state. Products quality and supportive services must be maintained in these state. The customers demand and requests in market with competition is enjoyed by the McDonald in these phase of product life cycle state. When the client accepts Breakfast Bowl product and with increasing demands of product is added in this distribution of the growth rate phase. Many customers demand for the products is an aim of promotion.

Maturity Phase : The growth in the sale of products falls under the state of maturity. This kind of similar products in market may arise the competition for the firms(Mattson, 2016). To differentiate and enhance the Breakfast Bowl's features and services from the competition in product. The distribution of products may encourage the competitors for more incentives and intensively. For product differentiation is emphasized by the promotion.

Decline phase : The decline state is arisen when the sale of Breakfast bowl is minimized. The McDonald have various options when the sales is decline. Like add new uses and features for maintaining the product and its services. Reducing the products costs and offering male possibilities and helps various segments of products(Oster and et.al., 2016). Sale the product to another company is also made inventories and remaining that product. In the decline phase is depends on the strategy of companies product that use for decisions in the mix of marketing. Like if the product is changed or sell to other company then its maintained the cost of product.

P4 Product line management choices are required for individual products or services

Product line management is the planning for marketing the product from production level to the sale. It is the management for selling new products and services to the marketing via marketing plans. McDonald new launching new product name is Breakfast bowl. This product's management plans for marketing and developing its growth and profit for McDonald product of Breakfast bowl (Nanda, 2016). So McDonald offering on their products like Breakfast bowl's discounts on pricing. McDonald also can offering the discounts on pricing depend on the places. These discounts will attract the customers and after that it will enhance the experience of clients and make more possibilities for McDonald's new product's growth. The product line management is directly impacts on the McDonald's plan of marketing, aims, daily operations and visions. This product line management offering the management of products in an organization.

This product line management is managed the internal and external structure of McDonald's for breakfast bowl product. So this kind of products at McDonald's is firstly managed by the management and in this management consists the management of firm and ideas and plans for marketing. For this kind of management McDonald's offering various things on products like discounts, attractive new menu and its items etc (Kerzner, 2013). The success of McDonald's new products is its proper management like its franchises and its arrangements. There are various choices for like product distribution, offering for price discounts, different and new menus for foods that attracts the peoples. The poor performance for product line management of breakfast bowl can minimize the productivity and McDonald's profit. So for high profits firms must make something innovative ideas for their products and also for surviving the company. First of all the McDonald's must identify the roots and have to analyse them.

Using this study of analysing the things for products it will increase performance and displays the improvements and efforts for the firm. The responses are generated which are requested by the clients for the McDonald's (Iqbal, 2017). The McDonald must concentrates and control on the management of products. Marketing of breakfast bowl is depends on the McDonald's production and its products line management. In phase of making breakfast bowl, the McDonald's must follow the systematic procedure. The McDonald must follow the marketing strategy and itsobjectives for develop the productivity and growth.

Using product line management choices like providing new menu in McDonald that may enhance the customer and their experience. For the management of product line, the McDonald should clear on their sales and its marketing strategy. For this, McDonald must identify their products and its portfolio. Using this clarity will increase the sales ideas for desirable market. This will clear the minds for manufacturing and will help in the understanding of marketing strategy and McDonald's sales. This will help to understand the market, requirements of customers and requirements of Breakfast bowl in the market. McDonald's must understand the marketing strategy and sales of breakfast bowl and requirements of this product in the market (Stark, 2015).

For this McDonald's have to understand the peoples and their needs and place because places and areas are also measured in the marketing strategy.

M2 Materials synthesised from a range of validated sources

In this study assesses the life cycle stages of the products that consists four phases introduction, growth, maturity and decline. These phases playing major roles in McDonald's. In introduction phase displaying the product's information like different flavours for breakfast bowl's. In growth consisting the rate and increase the productivity of breakfast bowl. The growth in the sale of products falls under the phase of maturity (Chang and Taylor, 2016). Decline is the last phase that shows that McDonald discontinue the product then these firm can take several options like sale this product to another firm. In the product line management McDonald must concentrates on marketing strategies and control on management of its products. This material is synthesized from authentic sources that included genuine internet sites to gather information from the company website of McDonald's and the governmental reports, etc.

TASK 4

P6 Complete a reflective statement that critically reflects on team working, creative development and presentation.

Team work is critical part in any business that involves working together in groups using individual's skills to achieve specific goal with creation of positive working environment in order to support one another. It is important because it provides an opportunity to learn something new. Team work promotes creativity and innovation. Team work creates n environment where one can outshine in creativity and productivity. It provides opportunities of learning. To accomplish any task working in teams enables discovery of new methodology and approaches. Information exchange is encouraged by it. There are certain advantages of teamwork and these are described below:

  • Participation of each member ensures every member feels important and they are heard equally compared to other members.
  • Group discussions generates a larger collection of ideas.
  • By identifying strength of every member of the team quality results can be formulated.
  • Team work enables brainstorming to find solution of the problem. Additionally, supportive environment is created for completion of tasks.
  • Workload gets divided among the team, as a result stress gets reduced and satisfaction level increases.
  • Advantage of team work is alliance of various kinds of skills which results into productive solution.

Development of product and achieving its objectives depends on how members of the team work with each other and carry out development process. Development teams are constructed considering individual's skills and capabilities in which they are expert. Strong leaders having clarity in vision are essential in new product development. Teamwork enables to view at a problem from various perceptions and viewpoints. When you are working in teams concept for new product can be gathered with the team members which is known as internal source (Mattson, 2016). Beta testing can be performed by giving product version to team members internally and their response can be noted. Recommendations helps in improvement of the product. To work in teams certain skills are required such as listening and questioning. Sharing and helping are another skills required in team work. Individual learning is completely different from learning in teams as it fosters to explore those areas of subject which cannot be think of when work individually.

Productivity and innovation are the basic elements in developing product. Team work plays a contributing role in success of any new product into market. When people rely on each other, trust builds up between members that helps in establishing strong relationship among team members. Working inn teams comes along with open communication where everybody is free to present and share their views. Many times when ideas and viewpoints of the team member does not match, conflicts arise between them (Chang and et.al., 2014). But team work teaches skills of conflict resolution and respect for everybody's viewpoints. Team work enables appreciation of the work done which boosts up working energy. It teaches abilities to tackle obstacles and feel connected in the company. In development of any new product, risk is always associated with it like whether concept will be accepted by customers or will it be profitable for the business. Team work encourages taking risks as support is provided by entire team in case of success as well as failure. Brainstorming sessions results into revolutionary concepts. It allows team members to think without any limitations.

M4 Issues with recommendations for improvements

In team work there are many issues arise like not proper interaction between teams, different views of peoples etc. So these issues can be solved with proper communications for interactions, know the views of peoples by understanding them, etc. So recommendations for the team works leaders is that they must communicate each and every person so that it will provide proper interaction and they will also know the views of other peoples (Galegher, Kraut and Egido, 2014). So this will improve the performance of firm that it will update the employee's confidence and make them more positive so they will work with extra efforts with their positivity.

D2 Independent reflection on teamwork and creative development

The reflection has present the team work carried for developing rules on products in McDonald's. The issues can arisen in team work like lack of interaction between peoples and different views of different peoples so that working in team work the different and innovative ideas can be get from the peoples (Stark, 2015). So I recommend ate that for success of firm every people of team must work honestly and they must interact between peoples via communicating and spreading their knowledge.

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Conclusion

The study was focused on Business Management. Certain factors are involved that lead to success and failure of any business. For developing any product, market research is the key element. In the study, product development stages has been studied and implemented on food product of McDonald's. Product development involves stages such as idea generation that is collected from several available sources. Idea is then screened, tested followed by development, commercialization and launching. SWOT strategies were applied to make distance from the competitors in the market. Importance of decision making at every step of development process has been discovered. Quantitative research is carried out at each phase. Effectiveness of team work has been seen. Team work results into productive solution. Life cycle stages of the products and services is assessed. Need for innovation, adaptation and renovation has been evaluated.

References

  • Cabeza, L.F. And et.al., 2014. Life cycle assessment (LCA) and life cycle energy analysis (LCEA) of buildings and the building sector: A review. Renewable and Sustainable Energy Reviews. 29. pp.394-416.
  • Chang, D. and et.al., 2014. Review of life cycle assessment towards sustainable product development. Journal of cleaner production. 83. pp.48-60.
  • Chang, W. and Taylor, S. A., 2016. The effectiveness of customer participation in new product development: a meta-analysis. Journal of Marketing. 80(1). pp.47-64.
  • Chaudhuri, A., Mohanty, B. K. and Singh, K. N., 2013. Supply chain risk assessment during new product development: a group decision making approach using numeric and linguistic data. International Journal of Production Research. 51(10). pp.2790-2804.
  • Du, S., Yalcinkaya, G. and Bstieler, L., 2016. Sustainability, Social Media Driven Open Innovation, and New Product Development Performance. Journal of Product Innovation Management. 33(S1). pp.55-71.
  • Fuller, G. W., 2016. New food product development: from concept to marketplace. CRC Press.
  • Galegher, J., Kraut, R. E. and Egido, C., 2014. Intellectual teamwork: Social and technological foundations of cooperative work. Psychology Press.
  • Ghaferi, A. A. and Dimick, J. B., 2016. Importance of teamwork, communication and culture on failure‐to‐rescue in the elderly. British Journal of Surgery. 103(2). pp.e47-e51.
  • Gollenia, L. A., 2016. Business Transformation Management Methodology. Routledge.
  • Gregory, R. and Thorley, L. eds., 2013. Using group-based learning in higher education. Routledge.
  • Hellweg, S. and i Canals, L. M., 2014. Emerging approaches, challenges and opportunities in life cycle assessment. Science. 344(6188). pp.1109-1113.
  • Iqbal, M., 2017. Market Testing Procedures for B2C and B2B in Perspective of Radical Innovation. International Journal of Customer Relationship Marketing and Management (IJCRMM). 8(1). pp.15-29.
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