New Product Idea

This presentation discusses the theories and practices of entrepreneurship, enterprise, and innovation in the context of a new product idea. It explores the behaviors, characteristics, and competencies of entrepreneurs and the internal and external factors affecting the development of entrepreneurial culture. The presentation also covers the process of starting a business from conception to execution.

New Product Idea

Table of Content
 Introduction
 About New Product
 Theories and Practices of entrepreneurship, enterprise and innovation
 Behaviours,characteristics,competencies and personalities of
entrepreneur against own
 Internal and External factors affecting development entrepreneurial
culture
 Process of business start- up from conception to execution
 Conclusion
 References

Introduction
New product refers to services and goods which are differ in
characteristics from existing products. It is a procedure to
examine the innovative product ideas, marketing trends
and strategies. There will be discussion about the new
product and also its cost. Theories and practice of
enterprise, innovation and entrepreneurship will be discuss
here.

New product Description
Cadbury is multinational confectionery form that provides
Creme Egg, Dairy Milk chocolate etc. Now, this firm
want to launch its new product with different features at
market place.
About New Product
 New product Description
 Cost of product
 Who will buy this product

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New product Description- Under
this, the new product that Cadbury
is planning to introduce a Coffee
named as CadCafe. It will be more
chocolaty with crispy choco chips
which provide a mouth watering
taste to its customers. This coffee
will be healthy for people with low
caffeine.

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Cost of product- Under this, cost is a main factors that
incurred to develop product. Under this, the cost factor
attracts the people towards products because if the cost of
product will be reasonable with better quality then they
will focus to buy. The cost of CadCafe will be £1.30.

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Who will buy this product- Under this, segmentation is on
the basis of demographic. The coffee consists less
caffeine and it will be healthy for people. So, the target of
this company will age of 15 to 70 years.

Theories of entrepreneurship, enterprise and
innovation
The theory and practice
related to
entrepreneurship is
Economic Theory. Under
this, entrepreneurship as
well as economic growth
both taken place when
economic situation are
favourable.

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Theory related to enterprise is Theory of Business
Enterprise. According to this theory, motive of enterprise is
to gain profit by sale. It is an analyse of two intertwined
but also clashing motivations like that of industry and that
of business. This theory states that business is elated to
product and industry is making products or services.

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Theory related to
innovation is TRIZ. It is
forecasting, analysis and
problem solving tool that
is derived from study of
invention patterns in
global patent.

Behaviours, characteristics, competencies and
personalities of entrepreneur against own
Entrepreneur is an individual that
set up business by taking
financial risk in hope of
generating profit. There are
some differences among
Behaviours, characteristics,
competencies and personalities
of an entrepreneur and an
individual.

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These difference are mention below:
Basis Entrepreneur Own
Behaviours Able to take financial
risks, openness to the
creative ideas, highly
motivated, Understand
That Consistency Is Key.
Passionate towards work,
continuous learner,
patience.
Characteristics Ability to deal with risks,
innovation, visionary,
Confident and Well
Informed.
Flexibility, passion,
empathy.
Competencies Problem solving, quality
performance, risk taking,
systematic planning.
Planning, influencing
ability.
Personalities Passion, optimistic,
creativity, risk takers
Influential, focused

Internal and External factors affecting
development and creation of entrepreneurial
Under this, there are some
internal and external
factors mention below
which impact
development as well as
creation of
entrepreneurial culture.
Internal factors
 Employees
 Capital
External factors
 Environmental factors
 Political factor

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Internal factors
Employees- The staff is a main part of firm's internal
environment. The qualified and motivated then they
will help in development of entrepreneurship in a
positive manner.

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Capital- Lack of money
determine that firm dies or
survive. When fund is limited
then it impact quality of
equipments, people which hire,
advertisement etc. If money
will be proper then it will help
in develop entrepreneurship as
well as business.

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External factors
Environmental factors- These factors are related to
conditions under which entrepreneur has to be work. If
environment is unsatisfactory then it is not conducive to
growth needs of an entrepreneur. Mainly, external
environment is dynamic and it impact on growth and
creation of entrepreneurial culture.

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Political factor- It impact on accelerates and development
of entrepreneurship culture. The political instability in
country develop negative impact on policies of business.
Irrational monetary, fiscal policies and unfair trade
practices are roadblock to development of
entrepreneurship.

Process of business start- up from conception
to execution.
The process of start-up a
business mention below:
 Conduct Investigation
 Develop plan
 Plan Your Finances
 Choose Business
Structure
 Pick and Register Your
Business Name
 Get Licenses and
Permits
 Set Up Your Business
Location
 Get Your Team Ready
 Promote Business

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Conduct Investigation- It is
a first step in start up a
business and in this, an
entrepreneur need to
conduct research to know
about wants of market,
current trends, existing
products, competitors etc.

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Develop plan- Under this, there is a requirement to develop a
business plan to convert idea in to reality. Business plan is
blueprint that guide business from start up phrase by
establishment.

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Plan Your Finances- For set
up a new business, there will
be requirement of more
money. An entrepreneur
should have ability to cover
the ongoing expenses before
turn to profit. Fund can be
manage from loan, angel
investors, crowdfunding.

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Choose Business Structure- The structure of business can be
partnership, limited company, sole proprietorship etc.
Pick and Register Your Business Name- The name of
business plays a necessary role in business so it needs to be
attractive. After select or register the name, it require to be
trademark.

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Get Licenses and Permits- Under this, paperwork is most
necessary part on start up process. Firm need to get a
license and also get permission to start-up the business.
Set Up Your Business Location- Setting up business place
is necessary for operation of business whether it can be
private office space, retail location, home etc.

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Get Your Team Ready- Hiring employees is also a most
necessary part. It is important to fill necessary positions
and provide them responsibilities.
Promote Business- It is a last step in start up business and
there is a need to run business and attracting customers.
For promoting business, an entrepreneur can develop a
better marketing plan.

Conclusion
It has been concluded from above mention report that new
products helps in attract more customers towards firm.
The main focus of firm is to introduce healthy product at
reasonable cost.

References
Hong, J., Song, T. H. and Yoo, S., 2013. Paths to success:
how do market orientation and entrepreneurship
orientation produce new product success?. Journal of
Product Innovation Management. 30(1). pp.44-55.
Kam Sing Wong, S. and Tong, C., 2012. The influence of
market orientation on new product success. European
Journal of Innovation Management. 15(1). pp.99-121.

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