Case Study : Mcdonalds Muckraker : Student Name And Id

Have you ever wondered who thought about the idea of creating a multinational retail corporation here in America called Wal-Mart? Sam Walton - founder of Wal-Mart was behind that idea. Sam Walton is an example of great entrepreneur who wanted to make his business successful. An entrepreneur needs a variety of skills but does not need to have a formal education. Being an entrepreneur is challenging even if an individual is well educated on the field or has no education at all. There is always the risk conducting business because of the competition with other companies. However, what does an entrepreneur do? Do you have what it takes to be on top the business world and compete ? An entrepreneur must have is a guide to start and run a business even if it is a big or small business.

An Entrepreneur decides his future, time, happiness, duties and a whole lot of others. An Entrepreneur will use his imagination and come up with a way to implement his ideas even when others say it doesn't matter, planning, design, deployment and measurement are all subsequent to research. And, in the beginning of everything is the creation of the core product in its raw form a marketing skill. Most people don't understand that without marketing you do not have a product, or a service or a solution to sell.

Product Development as a marketing technique is where a business develops a new product to sell to existing customers. Such as, if a customer buys a Playstation game and then buys the expansion pack that offers more

- Product Development- product development is composed of existing markets and new products, it occurs when an organisation with a current or existing market undertakes a strategy of creating a new product which provides

Everyone knows that market research is critical component needed to make good decisions when a company attempt to invade into another market. Market research does this by giving marketers a picture of what is occurring, what is the customer habits like, or what is the macro environment like, then adjust their own business models to adopt to a brand-new business, suggest multiple options for entering or introducing new products, or determine if the market is worthy to risk.

New product developments are one of the main sources of competitive advantage for companies today. Companies need new product to keep up with its’ competitors. New product development can be considered as activities that aim to bring new products to market.

Marketing resource is a great way to differentiate between any competiting companies. When completing a market research one must have the problem, data collection, sample method, data analysis, budget and timeframe, data collection, analysis of the data, error check and create your own report. The reason why market research is important is because it creates a better communication with current customers which help ensure things are being done correctly and not done wrong. Marketing research also helps identify opportunities, being able to plan and operate any new services and being there to help those who need help in the market research plan. Market research will also search any inimitable risks in which help create a new product or service by identifying the need and ensure that development of a product is highly focused on (Day, M. 2005)

An entrepreneur is someone who is competitive, always having an idea of what the market needs, they need to do more researches, create a business plan which will include the entrepreneur new ideas and technologies, to make the business ideal and successful. Entrepreneurs need to have a keen eye on seeing opportunities which others can not see, they need to take financial risks in setting up a business, or improve the performance of other businesses. “Starting your own business/Entrepreneurship is like jumping off a cliff and building a plane on the way down”, says Nikhlil Shah, Founder of Mixcloud.

This paper will discuss the generic product development process. The product development process represents the basic sequence of steps or activities that a firm employs to conceive, design, and bring a product to market (Jacobs & Chase, 2011). The process consists of six phases. Many of the phases involve intellectual activities rather than physical activities. Many firms use the generic product development process but others have more defined and precise process geared towards their functions and products.

A brief review of the literature studied in depth concerning product innovation in given below.

Production research also requires advertisement. Internet, TV, Newspaper and Radio are sources of publicity and all have different target audiences. Advertisements can increase potential customer’s awareness of the product. However, they may lose interest if it has been advertised too much. When good research has taken place it allows companies to have the opportunity to improve and become better than their competitors. Viability is the ability of a product. Good research at this stage means that companies will be able to establish whether or not the product has potential in the market and whether it will succeed or not.

It is good to have the ideas and the opportunities. But even if these things are present, nothing will come into fruition if you do not take action. And to take action, it is necessary that you have the motivation to do so. Motivation may be different from one entrepreneur to another. Find your own motivation to success. You motivation must be something solid that you want to achieve no matter

Market research identifies what customers really want and not just what they think they want. To understand what customers want before they know what they want, data and analysis are required to accomplish this objective. Some of the areas that marketers need to study and know thoroughly are trends, prices, competitors, and their target market. In other words, these are the who, what, where, when, why, and how that relates to the target market/customer.

The market is evolving rapidly, not only because of the role that the customer has purchased in recent times, but because new technologies in the economic world and the Internet have created the need to create a new strategic vision that makes it difficult to predict their Final scope and consequences. Now, marketing has many more functions that must be met before starting the production process; between them, include market research and design, development and testing of the final product.

Being an entrepreneur should not only revolve around financial matters but also focus on how each entrepreneur could become an instrument in making a difference, in making a change not only for themselves but for others as well.