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what steps are involved in product selection and design 1

CAN YOU RESPOND TO THIS STUDENT 50-100 WORDS
What steps are involved in product selection and design? When product selection is taking place, I will have to research the demand in which I plan on marketing to make sure it is a great move business wise and appealing to the eye, this way sales are sure to be made. Would you make (manufacture it yourself) or buy it? It is much easier to buy it from another party, and can cut costs, but by manufacturing myself I will be sure to have a product that I visualized and put my hard work into without splitting costs with anyone else.What role would protection of IP and Business Confidential Information play in your decisions? The security of my product is very important to ensure my ideas are not leaked and sold to a competitor. Any employee onboard would have to sign a non disclosure form. How would you design the necessary back-office and customer-facing functions? The back office would be completely aware of the product inside to outside. The back end is also the department that will make sure any customer feedback would be generated and looked into throughly to ensure customer satisfaction moving forward. What would those functions be?How would they be addressed in your initial Business Plan? Each department will be very aware of how their role will be a significant step in the execution of the product to make sales rise and profits grow on a consistent basis. What would be your marketing and sales plan? Targeting my audience first hand is the way to make sure my plan for sales work efficiently. Knowing which target audience to pursue is crucial to make sure a list of loyal clients are welcomed. What steps would you follow to price your product? Looking at which products are already on the market that may be similar to mine and how much they are going for retail price is the key to finding out how the pricing is going to be utilized. How would your supply chain and distribution plan support your operations and sales activities? Initially, everything will be done independently since it is the least cost effective. Once I have solidified steady income, I can reach out to merchants to start a networking business with them

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