MGT 211 ASSIGNMENT 1 SOLUTION

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SOLUTION:-
Following are the important steps any product development process:
 Recognition of unsatisfied needs.
 Idea Generation.
 Idea screening.
 Prototype.
 Business Analysis.
 Product testing.
 Commercialization.

Recognition of unsatisfied needs.

In this stage, we found that there is a necessity of water cooler to extinguish our need
without us to leave space for drinking water.
Idea Generation.
As a business visionary, a thought created to me that there ought to be an item which can
save our time and energy. At this stage state of that item isn’t finished at this point.
Idea screening.
At this stage, I conversed with a designer and talked about my thought that is there any
chance of making an item. In such way, Architect reinforcement me and I expected to
move further to accomplish my objective.
Prototype.
At this stage, I concluded the shape and different properties. E.g. light weight, simple to
divert, electrical control capable, cooling and warming components can be introduced.
Business Analysis.
At this stage, I look the computations that either this item will be financially savvy or
not? What number of purchasers would I be able to lock in? My finding was fulfilling
and I moved further.
Product testing.
Me and my group, tried this item first in lab setting. It was useful. Besides, we send it to
showcase on trial bases result were empowering.
Commercialization.
Now, we sold our item in mass production, and acquired incomes decidedly.