Product Development, Operations, and Financial Plan Save

product development

is the process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target market

product or service description

simply describes how a product or service works and how it benefits the customers

creating a prototype

one of the most exciting but also very challenging part of product or service development

creating a prototype

the creation of a prototype

prototype

is a preliminary model or sample of a new product or service that is created to test a product concept or service process

creating a prototype

this is an exciting process for the entrepreneur because he or she will be able to see that his or her ideas will soon become a tangible reality

creating a prototype

is the stage where the entrepreneur can experiment, develop, and make some improvements in the potential product or service.

creating a prototype

the objective is to verify if the product or service will work at the simplest, fastest, and cheapest ways.

testing the product prototype

is a vital process before an actual product or service is launched to the market

testing the product prototype

will uncover the final loopholes that need to be fixed before commercialiation.

testing the product prototype

it gives the entrepreneur a leeway to examine and scrutinize the prototype and provide feedback as to what can be improved before launch.

testing the product prototype

is mandatory to ensure that the product or service will not fail the customers and will deliver its definitive purposel

validation of market acceptability

is the process of finding out if the intended primary target market will be buying the product or availing the service.

validation of market acceptability

is a critical factor that entrepreneur must validate before launching the product or service

validation of market acceptability

this process is the last step before the prodct or service can be introduced to the market

operations plan

is an important part of the business plan

operations plan

it simply states the details in operating the business

operations management

controls the implementation of the business plan

methods

the processes to be followed in effectively manufacturing or delivering a product or service

manpower

or the right human resources who will handle certain business operations

machines

or the technology used in effeciently operating hte business

materials

to be used in creating a product or performing a service, which includes supply chain management

methods

represent the day-to-day operations of a business

methods

it describes how an entrepreneur will run the business from all facets of the business such as manufacturing of goods, service delivery process, distribution of goods and services, logistics for delivery of goods, and inventory management, to name a few.

manufacturing

is the process of translating raw materials into finished goods that are acceptable to the customer's standards.

inputs

the materials or ingredients to be used in creating the product

process

the transformation phase where inputs are processed by manpower and machines to come up with the final product

output

the final product of the process stage, which is intended ot be sold to target customers.

service delivery process

this is because services are intagnible, and the only way the customer can appreciate the service is by remembering how pleasant his or er experience was

distribution

is the processof bringing the product or services to customers

distribution

it is not a straight process form the entrepreneur to customers; thus, the term supply chain or distribution channel was coined.

manufacturer

the manufacturer handles the invention, development, and production of the product or service.

manufacturer

they take rge of acquiring materials, production and delivery schedules, product quality, and inventory or safety management

manufacturer

also handle product delivery, marketing, and selling

distributors

are entrepreneurs who often buy products or services to the manufacturers and sell them at a markup pricce to either wholesalers or retailers.

distributors

buys the products in bulk for a discounted price

distributors

become whole sellers when they sell the product to another distributor

agents

don't own the products or services because they do not bu these form the manufacturer.

agents

they negotiate with buyers as to how much or how many are to be sold, so the manufacturer will be able to deliver the goods directly to the buyer.

agents

get the commission for every product sold

payment process

there are no problems if the customers pay in cash, buy there are instances when they do not want to pay cash and are usually attracted by flexible and customer-friendly payment terms such as credit cards.

manpower

the entrepreneur will need the expertise of qualified employees that can handle operational functions, so that he or she will be free from daily activities and can thus focus on the strategic and management functions of the business.

manpower

is one of the highest costs of operating a business but is also the most instrumental to its success. having the right people encompasses a myriad of advantages.

job description

enumerates the duties and responsibilities of the potential employee, including the scope, limiations and terms and conditions of employment

employee qualification

educational bacground, work experience, specific skill or knowledge, work attitude

preparatory selection of job applicants

once the job description and employee qualifications are finalized by the entrepreneur he or she now pre-elects a set of candidates for the positions required

human resources department

when the business is already sizeable, entrepreneurs usuly establish a _ that will handle the selection and recruitment of candidates

selection of job applicants

once the potential candidates are pooled, the entrepreneur must now do the difficult task of screening them and picking the most qualified and most suited for the job.

preliminary screening

can easily be done beacause the entrepreneur will just need to refer to the required qualitfications and eliminate those who do not qualify

job offer

once the entrepreneur or the hiring manager has been convinced already of the credentials and the interview answers of the candidate, the job contract is now prepared

job contract

It generally summarizes the terms and conditions of the candidate's employment with the business.

employee development

training is one of the biggest investments of an entrepreneur or a businessman. He or she must devise strategies on how to keep employees satisfied working in the company.

training

it starts with employee orientation

employee orientation

is usually a one-to two-day session that summarizes the history of the business, its vision and mission, policies and procedures, culture, and norms of the business.

employee orientation

this also includes introduction to the co-employees and superios, the tour of the work palce, and the discussion of daily responbilities and accountabilites including key performance indicators (KPI) and key result areas (KRA) of the employee

machines

can be described as the "best friend of manpower"

machines

most businessnes would not be able to oeprate without the aid of ___.

machines

one of the 4m's because they are very important aspect of goods and service production

machines

without them, business operations will be cumbersome, costly, and with low quality

telecommunications and information technology

these pieces of equipment include mobile phones, tablet, computers etc.

telecommunications and information technology

these tools aid the entrepreneur in making business proccesse fast and convenient.

landline phones

order-taking, tele-marketing, and teleconferencing

mobile phones

mobile application for order taking, mobile applicatio payments (mobile mobile mobile)

laptop and desktop computers

order taking, internet marketing, making conference calls, marketing rsesarch, online banking.

POS machines

charging customers' debit or credit card

accounting and inventory software

accounting all business transactions and profitability, monitoring sales

website

order taking, 24/7 marketing, having online convos with customers

materials

whether the entrepreneur will offer products or cater services, he or she pinpoint a number of suppliers of quality ad raw materials and supplies.

the business model

the entrepreneur must adapt the dynamics of traffic lights in developing the ___

green lights

positive signals

red lights

negative signals