Business Concept Paper Term Example | Topics and Well Written Essays - 1000 words

Business Concept - Term Paper Example As a result of an emerging need for real time transfer of money between people, Money-Air identifies a business opportunity. Consequently, it is developing a product that will use mobile phones as a medium of transferring money from one individual to the other (Schaeffer, 2008). Money-Air has given this problem solving product the name Instant-money. This product is geared towards covering all individuals with mobile phones. Consequently, the customer base is broad and has the potential to expand (Blackwell, 2008). As stated above, instant-money is a product that has its bases on information technology. Mobile phones are platforms that instant-money is used in order to effect its intentions. Therefore, instant-money has enjoyed a potentially big market for almost nearly all adults in the United States of America possess a mobile phone (Barrow & Barrow, 2012). The formulation of this product was intrigued by the need to transfer money between individuals with ease and faster. Instant-money is of importance especially when an individual in dire need of quick money from another person. Consequently, the product is based on real time processing. Therefore, customers make cash transfers in considerably very little time. That notwithstanding, instant-money has a greater competitive advantage as compared to its competitor. Competitors, use a rather time consuming way of transferring money (Blackwell, 2008). As a result, most people prefer products like instant-money since they are fast and can easy to use from whatever place. For every product to thrive in the market, target customers are supposed to identify with the product. Therefore, instant-money targets individuals with little money and depend on cash from others (Barrow & Barrow, 2012). Since there are a lot of emergency situations that need quick money, people prefer instant-money due

Product development Assignment Example | Topics and Well Written Essays - 4500 words

Product development - Assignment Example development of new products has increased a lot and also the products are developed at a good speed with high performance and also to get cost advantage. This process has become more stringent and also the companies have looked to focus a lot on this side. The companies need to have a good co-ordination, need to improve well and also reconfigure the whole capabilities of the company. Though for the company it is very important that all the departments do perform well and in efficient way. The suppliers do also affect a lot in the way the company introduces a new product in the market. The Original Equipment Manufacturers (OEMs) are one of the major players who decide and give the idea about the new product that can be developed by the company for attracting more number of customers. For any particular company which does produces goods the suppliers and the Original Equipment Manufacturers (OEMs) do play a vital role. The company does depend a lot on its 1st tier and 2nd tier suppliers for the materials so that they can look forward towards developing a new concept and a new product. There are basically 7 steps involved in the new product development process (Barclay, Dann and Holroyd, 2010, pp. 34-37). The steps are been shown in the diagrammatic form in the below diagram. In this process the strategy is been developed which is related to the development of the new product in the company which should be in line with the objectives that are been followed by the company and also must help the company to achieve its goals. In this step the return on investment with regard to the new product that is going to be developed is been determined and estimated which gives a clear indication of how the new product can be beneficial for the company. In this step the new product is been commercialized and launched in the market for the customers to get more market share and also to get competitive advantage over the competitors (Fuller, 2011, pp. 45-49). The involvement