16-Step Guide Reaction

Published: 2021-09-03 19:25:09
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Category: Business

Type of paper: Essay

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REACTION PAPER        The 16-step guide to evaluating the viability of any product idea is very useful and helpful to entrepreneurs and business owners especially the beginners and the ones who plan to start a business online and offline. It can help businessmen determine properly their product before launching to the public and to help them minimize and avoid wasting their time and energy, or even worse, waste their money to ideas of products that will not sell and work in the market. The guide is very handful in the business because it provided specific steps that will help in selecting and determining the product idea that can help satisfy the needs and wants of the consumers and it was divided into two criteria: the market based and the product based.        Each factor is not 100% confident in the product choice but it is the combination of all factors that will help complete and select the best possible decision. However, there are parts in the 16-step guide that I have questions and wonders about. On the part of deciding on how we want to build our business they provided four: make, manufacture, wholesale or dropship.        For make, I think we should also consider the cost and availability of the materials that we are going to use especially the place where you are located in making the product because it will require additional expenses if you have to buy it from far places. There must be an alternative solution when the material is not available. You should also consider and include the process in making the product to avoid danger and risk to both makers and consumers.        For manufacture, I agree on what they said because it requires big transactions and it is only built when expanding the business. As for their example of using coconut oil based hair care product, it is better to establish first their name and trademark in the market before becoming a manufacturing company. They must obtain loyal consumers and widen their customer base to have a high demand on the product and be able to manufacture the product so that it can fulfill the customers needs without having shortage or surplus on the supply.

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