Page 549 - Business Principles and Management

project:
MY BUSINESS , INC.

NEW PRODUCT PL ANNING
Two important elements of product planning for a new retail business are
(1) gathering information from potential customers about their attitudes
toward the product, and (2) scheduling the activities to be completed in
organizing the business. You will complete those two activities in this
section of the project.

DATA COLLECTION
1. Identify five people who represent potential customers for your
business. They are your consumer panel, so select people who repre-
sent different ages, income levels, occupations, and interests. If pos-
sible, meet with them as a group. If that is not possible, then meet
with them individually. During the meeting, describe your business
idea and provide them with a survey that asks for their reactions.
Have them recommend what they would like to see in the products,
prices, and location. They might also recommend some effective
ways to promote the business. After you have met with the panel,
write a report that summarizes its recommendations.
2. Identify and complete a detailed analysis of as many different juice
drinks and related products as you can find in the town or city in
which you live. For those that seem to be most popular, try to iden-
tify what product features (including factors such as the package)
make them successful. Also identify any product features that you
believe should be improved. Prepare a survey questionnaire to test
your analysis of the product features. Your goal is to find out what
features your customers really want. Ask at least 10 people (who are
not classmates) to complete your survey.

ANALYSIS
1. Prepare a written analysis of the recommendations you collected
from your consumer panel. Select the recommendations that you
would implement and give your reasons.
2. Prepare a written analysis of the data you collected from your prod-
uct survey. Summarize your conclusions about what product features
your customers want.
3. Search the Internet to find a list of the recommended steps for open-
ing a new business. Then develop a schedule that lists the activities
in the order you would complete them for your business. Prepare a
timetable for the completion of each activity, making certain you
allow enough time for each one. Project the date you will be able to
open your business.
4. Because your juice business relies on effective service, prepare a list of
services you will provide to customers. Then prepare a step-by-step
procedure for each service to ensure high-quality delivery each time.

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