Strategic Management- USE The Issues Priority Matrix Analysis – Case Study Example
The Chinese Fireworks Industry The Chinese fireworks industry applies venture design in its operation. The concept is related product differentiation version, which incorporates many design aspects in order to improve the perceived quality of the firework industrial products. The principle is as a result of innovative ideas on differentiation of products. In this regard, business is ideas are subjected to constructive and critical evaluation in order to come up with reliable venture designs for products. The main aim of establishment of venture design in the fireworks industry is to capture the attention of many customers.
The concept is relevant especially when some firework products are rejected in the market place because of being obsolete or poor quality. Research on customers is done in order to establish the effect of the new approach on the customer base. In case there is a market, which can serve as an expanded market, the implementation of the concept will be easy. There a need to carry out a cost-profit analysis during the production of the product. The move will help in cushioning the business against making loss. The market with the product, which has been subjected to designing is sold, ought to be large. Large markets have many customers from diverse walks of life.
In this respect, the products will be bought by many people. The product designer also ought to be sure of the business idea. The customer should be the major focus of the whole exercise. The product designer should focus on customer satisfaction before commencing on the activity. The entrepreneur should focus on the emotional, social, and financial needs of the customer. The new venture design is boost by the uniqueness of the venture. Anew product design is bound to interest many people in the business realm. Consequently, many people will be fond of the product designing because of the revenue motivation involved in the business. A feasibility study is also crucial because it will reveal the prospects of business idea. The product designer ought to identify the specific target customers of the business idea. The need for the creation of the business side of product design must be established in order to make informed plans.