The paper "Factors the Success of the Business Depends on" is a wonderful example of an assignment on business. In developing a business idea for a new project there are several facts and figures that have to be considered. Developing a new business idea is not like a walk in the park and needs a lot of thought. While coming up with an idea may be called a first step but the entrepreneurs have to necessarily check the feasibility of the idea before they decide to roll out the new idea in the market (Wetherly and Otter, 2014).
The feasibility study should include market research of the target market aiming to find the scope for the new product idea, dominant market leaders and their market share, nature of the competition, nature of the market in respect of whether it is new or mature or old (Thompson and Martin, 2010). After studying the nature of the market the next important step is to develop or modify the product idea in terms of the addition of features or some services in order to have a competitive advantage in the market (Aswathappa, 2008).
Deciding on the appropriate marketing strategy for the new product is also important and is to be decided based on the result of the research about the nature and age of the market, type of competition present in the market, etc (Annacchino, 2003). As a subset of developing the marketing strategy, appropriate channels for the marketing activity should also be designed (Cullen and Parboteeah, 2009). When we as a group decided to develop a business idea the motive was to develop them not only based on profit but so that the idea does some actual good and helps the people and the society in a certain way.
After the group members felt that all of us do agree on the business idea we decided to divide the task in hand amongst ourselves. While choosing the group members I decided to choose other members based on their like-mindedness with me and their mentality match. After we decided to come together for the project we went through several stages of group behavior. The stages we felt in the group formation and during the execution were forming, storming, and norming, performing, and adjourning (Robbins, 2013). Forming can be referred to as the stage when we decided to come together as a group.
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