Developing New Products and Forecasting Market Potential for Original Creations

This report discusses how Original Creations can develop new products and forecast their market potential. It covers the departments of Original Creations and their roles in developing new products and improving business sales. The report also highlights reasons, key issues, and recommendations to improve performance.

Foundation of business
management

Contents
Executive summary:........................................................................................................................3
INTRODUCTION...........................................................................................................................4
TASK...............................................................................................................................................4
How this Original Creations can better develop new products and better assess and forecast
their market potential...................................................................................................................4
Departments of Original Creations and their roles in developing new products and improving
business sales...............................................................................................................................5
Reasons........................................................................................................................................7
Key issues....................................................................................................................................7
Recommendations........................................................................................................................9
CONCLUSION..............................................................................................................................11
Reflection.......................................................................................................................................11
REFERENCES..............................................................................................................................15

Executive summary:
Business management is defined as the process that is related to organising and coordinating
business activities to attain determined goals and objectives in best possible manner. Original
creations are the organisation that is taken into considerations. The key purpose of the study is to
critically understand the different issues being faced by the Original creations in regard to the
high product returns. From this report, it is found that In-house production is the best solution
that help business to reduce cost as well as chances of failure. This report covers various reasons,
issues and recommendations to Original creations for improving performance.

INTRODUCTION
Business management is defined as the process that is related to coordinating as well as
organising business activities in efficient manner. Manager of organisation perform various roles
and responsibilities such as managing organisational administrative task and other to attain
determined goals and objectives on time with greater efficiency and effectiveness. In current
competitive business environment, it is important for business to manage all activities in
systematic manner so business can perform better. In this report chosen organisation is Original
Creation that deals in exfoliate scrubs, blood pressure monitors, hair clippers and others
products. Organisation has number of manufacturers in Aboard and UK. This report covers
various issues that are faced by the organisation related to develop better products and forecast
their demand and various specific business reasons for organisation. Along with that, various
recommendations for organisation to make adjustment and change in business to develop new
products and forecast new potential market is explained.
TASK
How this Original Creations can better develop new products and better assess and forecast their
market potential
Original Creations is not involved in developing or marketing its products and services in
market place because respected organisation outsourced its manufacturing activities of its key
products to various organisations. Original Creations negotiating the contracts on the behalf of
products quality, prices, delivery time as well as volume. Organization need to concentrates on
developing and launching their products in market directly with the objective of enhancing
organisational performance and revenue. It enhances business potentiality as well as plays
important role in satisfying needs and demands of customers (Anvari, Moghimi and Molla
Alizafeh, 2021). In the process of developing new product and forecasting the market
potentiality, organisation need to concentrates on some approaches that are mentioned below:
 Market survey: Market survey is defined as the most important approach and technique
that help Original Creations to gain all information and data regarding market current
trends, customer’s needs, demands and preferences and other aspects. All these
information facilitates business to create modifications accordingly as well as target most
potential and effective market. Organisation use the market data in the planning of new

product development. It is important for the Original creation to concentrate on
conducting market survey through various questionnaire that enable business to gain
relevant information. It enhances organisational potentiality to select right and attract
market segments that provides various growth and development opportunity.
 Market research: It is considered as the most effective technique to gain reliable and
relative information on time that helps business to create new product according to needs
and demands of customers. It is important for the organisation to conduct primary
research because it provides first hand data to the Original creation that enables it to
produce efficient products that suits customers demand. Market research provide proper
information on the bases business can target effective and potential market that enhances
business market share, customer base and profitability (Boha, 2021). It provides data
regarding customer’s buying behaviour, traits and other aspects. Through utilising data in
business, organisation can manage its key operations properly and gain competitive
advantages.
 Product development strategies: Original Creation uses various products development
strategy and planning to develop better and suitable product that meet customer’s needs
and demands. Organisation need to analyse the all stages of product life cycle than
develop effective and viable idea regarding production of products. In next stage,
organisation analyse that its products and services matches market needs than established
pricing of products that create project team and allot them roles and responsibilities
appropriately so they can perform operation with efficiency and effectiveness (Calo,
2020). Original Creation need to take decisions regarding investment and cost control
than manage development project activities in efficient manner that enable business to
develop new product and service as per needs and demands of customers that lead
business towards growth and development.
Departments of Original Creations and their roles in developing new products and improving
business sales
There are various departments are working in organisation to attain determined goals and
objective on time with efficiency and effectiveness. All these departments are interlinked with
each other and contribute to lead business operations in right direction. Organisational
department plays important role in developing products as well as improving business sales and

profitability in current market place. Original Creations strengthen the departments that are
related to developing new products and services. Some department of business and their roles
and objectives are explained below:
 Operations management department: Operational management department plays
important role in managing business operations of all departments that are related to the
developing new products. Manager of operations department ensure that all activities and
operations are performed on time with greater efficiency. Operations department is
responsible for converting raw material and labour efforts in finished products and
services that have value for customers (Chabowski and Samiee, 2020). It ensures that
quality raw material is used in the production so better quality products can be produced.
 Manufacturing department: This department of organisation is concerned with
manufacturing new products and services in systematic manner. Employees and staff
members of manufacturing department plays important role in development product with
effectiveness. Manager of organisation focus on key parameters to ensure effective
manufacturing of products and fulfil all needs and demands of customers. Original
Creation creates separate manufacturing unit that are related to performing specific
operations of manufacturing.
 Quality management department: It is the department that ensures quality of
organizational products and services before serving them to customers in market.
Original creations establish various parameters and benchmarks that help business to
produce quality products that differentiate organisation from other and maintain strong
reputation in the minds of customers (Christopherson, 2021). In the process of developing
new product, quality management department need to concentrates on quality aspects of
products that attract large number of customers as well as retain them with organisation
for longer period of time.
 Human resource management: Human resource department is considered as the
essential department of business that manages all operations and activities related to
employees of business. This department is responsible for leading operations of
employees in right direction and motivates them to perform task with greater efficiency
and effectiveness. Managers of HRM department responsible for maintaining effective
and supportive workplace that encourage employees to contribute in attaining business

goals and objectives. Managers provide training and development to employees that
enable them to develop products in systematic manner.
Reasons
It is important for the business to engage in comprehensive analysis through conducting external
environment factors as well as their impact on business performance. After analysing these
factors business develops effective strategies regarding the products that enhances organisational
sales and enable to gain business opportunities. There are various reasons for that organisation
engaged in new product development process that helps business to gain long term results.
Original creations have lack of creativity in overall idea generation and development of in-house
production (Chung, 2018). Organisation starts to concentrating on focus group that helps
business through enhancing knowledge and understanding of customer’s needs and requirements
at large level. There are higher inexperienced staff members that lead overall employee’s actions
and effort in organisation that impact overall business performance and efficiency. Some reasons
are mentioned below:
Ineffective market research: Original creations do not conduct effective market research
in systematic manner that affect organisational understanding regarding customers’ needs and
demands. In current competitive business environment, it is important to conduct effective
market research that helps business to understand customer’s requirement than provide them
products accordingly that retain them for longer period of time.
Inexperienced staff members: Original creations has in experienced staff members that
affect business to produce new products and services in organisation. It is the basic reason that
directly impact on organisational working performance and new product production process.
Lack of creativity: Original creations employees are less creative that restrict than to
develop new product as per customer’s requirement (Clark II and Fast, 2019). It is important for
organisation to provide training to employees that enhances their skills and capabilities and
enable to come up with various innovative ideas that differentiate organisational products from
other competitors.
Key issues
There are various issues and problems are faced by the Original Creation in regard to the high
product returns that impacts organisational overall performance and productivity. It is important

for business to analyse these issues and develop policies accordingly to lead business towards
growth and development. Some issues are explained below:
 Outsourcing dependence: Dependence of outsourcing is the issues that impacts overall
business performance and efficiency. Original Creation do not produce products itself
instead of that it provides ideas and concepts to other organization to produce so highly
outsourcing affect organizational efficiency as well as its competitiveness in competitive
business environment (Eggert, Ulaga and Gehring, 2020). Outsourcing impact on
business overall performance because business is not capable on all these operations as
well as its employees are not enough killed to develop products and services as per the
requirement of customers.
 Low sales volume: Low of insufficient sales is the another problem and issues that is
faced by the Original Creation that impacts on overall existence of business in
competitive business environment. Low sales reduce organizational profitability and
performance level. Organization need to develop new products as well as forecast
customers’ needs and demands to enhance business products requirements and sales in
existing market place. Lower sales reduce overall organizational profitability and
effectiveness as well as put it behind in competition.
 Poor communication: Poor and ineffective communication is the greatest issues that are
faced by the Original Creation. In the process of ideation and new product development
employees do not communicate with each other than it raises various conflict and
problems in a team that reduces their performance and productivity as well. In launching
new product in market effective communication on the other hand, lake of
communication and coordination among employees impact on overall process of product
development (Egholm, 2021). It is important for the employees of Original Creation to
communicate with customers and resolve their quarries to lead business operations
towards right direction.
 Unbalanced and inefficient staffing: In efficient and inexperienced staff members of
Original Creation creates problem because they cannot perform their operations in
efficient and systematic manner. In idea generation and product development high
experiences and capable staff members are required that accelerate business performance
and provide it competitive advantages. Organization need to provide training and

development opportunities so they can provide better ideas to management. In the
process of developing new products organization need skilled and capable employees.
Unbalance and inefficient employees create issue for business because they are not able
to perform determined task in efficient manner.
 Failure in executing planning in considerable manner: Original Creation creates
various policies and planning for developing new products but these planning are not
worked in considerable manner that wasted employees time, efforts and actions. It is
important for organization to examine the loopholes of planning that work on them to get
desired and efficient results on time (Kim, 2021). Organization develops only one
specific strategy and it is not necessary that one strategy can be applied in every situation.
Business has no alternative planning and strategy that create risk for business and effects
its performance.
Recommendations
As Original Creation faces various issues and problems are faced related to new idea generation
and product development that impact on business performance and functionality. So, it is
important for the business to analyse these problems in appropriate manner than develop
effective strategies that lead business operations in right direction. Some recommendations are
explained below:
 Use social media marketing: It is recommended Original Creation to implement social
media advertisement to attract higher number of customers and attain higher market
share. It helps business to enhances its sales and profitability ratio that provides
sustainable competitive advantages to organisation over other competitors. It helps
Original Creation to overcome in issue of low sales volume. Organisation can use various
social media platforms such as Facebook, Instagram, Twitter and other (Kreitenweis,
2021). Through advertising on these platform, business can influence customers to
purchase organisational products and services through displaying products features and
qualities. Social media helps business to spread the awareness of organisational products
in current marketplace.
 Adopt effective recruitment procedure and provide training: It is recommended Original
Creation to use systematic and efficient recruitment and selection procedure that enable
business to acquire efficient and skilled employees who can perform the operations of

developing new products in efficient manner. Organisation also conducts training and
development programmes for employees that enhances various staff member’s
capabilities and performance that lead business towards growth and success. It helps
business to overcome the problem related to inefficient staffing and other. It is suggested
to the organisation to maintain effective relationship with employees that motivates them
to retain with organisation and contribute in attaining business determined goals and
objective on time.
 Strategic management: It is recommended Original Creation to implement the approach
of strategic management in business operations that enable organisation to plan strategies
in efficient manner. The concept of strategic management helps business to eliminate
various associated risks related to business operations that enable Original Creation to
gain competitive advantages over other competitors. It helps business to gain market
opportunities and run business operations in systematic manner that lead all efforts and
action of business in right direction.
 Start own production house: It is suggested Original Creation to open its own production
house and start producing products and services as well as sale them in market to
enhances organisational profitability and performance (Mishra and Kalagnanam, 2022).
As Original Creation currently not produce products because it outsourced its
manufacturing activities to other organizations. It is suggested to organisation to conduct
effective market research to analyse customer’s needs, demands and current marketing
trends than produce them to product accordingly that helps business to reduce the issue
related to over dependence on other originations for production. It enhances self-
dependence of organisation as well as provide various competitive advantages.
 Develop effective planning and strategy: It is important for the organisation to develop
effective and suitable strategies and planning that help business to handle the situations in
best possible manner and attain determined goals and objectives. Through developing and
implementing effective planning, Original Creation can run production process with
efficiency and effectiveness. It helps business to perform determined operations in best
possible manner. Strong and systematic planning helps business to perform defined
operation properly.

 Adopt effective business structure: It is advised to the organisation to adopt effective
business structure that helps business to communicate all policies and strategies at
different hierarchical level of business that enhances employees understanding regarding
business goals and objectives that organisation want to achieve in specific period of time.
Original Creation need to maintain effective communication as well as motivates
employees to take participation in decision-making though providing their ideas and
concepts. It creates coordination among employees and encourage them to perform
determined operations with greater efficiency and effectiveness.
 Risk management: It is suggested to the Original Creation to adopt risk management
approach that enable business to minimise risk that creates certainty in business
environment. It is important for the organisation to analyse different associated risks than
develop effective planning to overcome them in efficient manner that lead business
towards higher performance and productivity (Price and Walker, 2021). It ensures free
flow of business operations with efficient manner. It enables business to overcome the
issues and challenges as well as manage risk with the objective of eliminate uncertainty
in production process. Risk management approach will help the company to perform key
changes in new product. The main approach facilitates business to run its operations in
proper manner. Risk management of a company should include transferring, avoiding or
ignoring risk to facilitate business development.
CONCLUSION
From the above report, it can be concluded that business management is the most
important process that help business to manage its activities and actions to attain determined
operations properly. Strategic management is essential for business because it helps business to
perform its operations in efficient manner. In the process of new product development, it is
important to ensure quality of products that attract customers and retain with organisation.
Reflection
Reflection is defined as the effective approach that enable an individual to express their learning,
understanding and experience to others with greater efficient and effectiveness. Throughout the
classes, there are various skills and capabilities are learned by me that help me to perform
properly in professional and academic career. Teachers and other colleagues plays important role

in the process of develop key skills and competencies. I have analyzed that week 7 helped me to
gain knowledge and understanding regarding work of human resource management in an
organization. I have realized that HRM is important for student to learn because helps to manage
performance and activities of colleagues in a team. There are various HR practices are
implemented by me that enables me to become effective leader (Rau, Astrachan and Smyrnios,
K.X., 2018). It helps me m manage conflicts in efficient manner as well as develop faith on
employee that encourage them to perform determined operations in proper way. I have analyzed
that it is important for business to create management at workplace that helps employees to
perform task in best possible manner. In my session, I have learned regarding the Curriculum
Vitae writing that enable me to develop attractive CV as per the needs and requirement of
organization. Along with that, I have gained theoretical ad practical knowledge regarding the
motivational theories such as Maslow's and Herzberg's theories and their implication to improve
employee morale. There are various major aspects that are learned in the week 7 are taken onto
consideration by me to lead the competition.
Apart from that, in week 9th I have gain knowledge and understanding regarding the concept of
innovation and entrepreneurship. Innovation plays important role in business success as well as
differentiate it from other competitors. It is important for an entrepreneur to have some specific
skills and competencies that enable to perform business operations in efficient manner (Röck, D.,
2020). I have realized that it is important to concentrate on developing different skills and
capabilities because they help to take effective decisions and lead business operations in right
direction. Throughout the lectures, I have analyzed that lectures were good and interesting as
well as enhances my learning regarding the innovation at Google. Along with that, I have learned
about the integration of national economies and different concept of common market as well as
market access that helps me to perform determined operations and task in systematic manner on
time. Knowledge of market access and marketing helps me to gain understanding and impact on
marketing management in business environment.
There are various models of reflection that are used by an individual to express their feelings and
experiences. VARK model enables an individual to enhance their learning, mental ability and
potentiality. I have learned that there are four types of learners who learn things in different
manner such as Auditory, Visual, Auditory, reading and Kinaesthetic. I have analyzed that I am a
visual type of learner and believes that I grab things or learn them through adopting visual

approach. I think that, it is important for an individual to analyze different methods of learning
and adopt the most suitable one from the VARK model that help me to enhance my ability and
efficiency. In current time period, students concentrate on the application of VARK model to
gain various opportunities and knowledge related to education and professional life. Visual
learning approach help me to gain knowledge and understanding regarding the academics that
help me to attain higher grades (Stoner, 2018). I have considered the different methods and
techniques of learning as per the situation that help me to handle the situation in best possible
manner. There are various issues and difficulties that creates obstacles in my learning. I have
considered various approaches such as problem solving and other that enhances learning and
development.
There is another approach like Kolb learning cycle is a key model that includes four stages that
describes the how an individual gain knowledge and learning to perform their operations in
efficient manner. Concrete experience is the first stage of Kolbs learning cycle in which I have
learned various skills such as communication and teamwork that help me to attain determined
objectives in best possible manner. Throughout the class, I have developed good and effective
communication skills that enables me to maintain coordination between my team members.
Along with that, I learned how to guide team members to perform determined operations in best
possible manner. My seniors provide guidance as well that helped me to gain improve my
knowledge and learning in professional field. I have analyzed that effective communication helps
me to convey my point of views and ideas in precise and systematic manner. There are various
types of verbal and non-verbal communication skills that enhances my potentiality to
communicate with others in formal way and create mutual understanding (Tsai, and Zdravkovic,
2021). I have used various methods and techniques to that enables me to gain competitive growth
and covey my ideas and concepts to others in efficient manner. I my sessions, teachers are very
supportive and clear my doubts in appropriate manner that help me to gain knowledge and
understanding to attain determined goals and objectives in best possible manner. Along with
communication skill, I have learned team management skill is learnt that help me to lead all
efforts and actions of team in right direction. During the academic sessions I have faced various
problems and challenges, these skills and capabilities helped me to perform determined
operations in best possible manner. Team management skill help me to manage team operations
and lead them in right direction. In my academic sessions, I have learned about the different

leadership styles that lead me to influence others members to perform with efficiency and
effectiveness. I have analyzed that democratic leadership style that need to be adopted by the
organization because in this organization include employees in decision-making process that
enhances employee’s participation in business operations. Reflective observation is the another
step of reflective model that helps to express observations related to classroom learning. I have
concentrated on my strengths and capabilities that enable me to perform my task in best possible
way. Problem solving skills helps me to take decisions as per the situation that enhances my
overall efficiency. In Kolb's reflective model various abstract conceptualization are included
through which I have concluded my learning experiences. There are various other skills such as
team working, ICT, problem solving, communication and Numeracy that enhances my overall
personality and help me to perform task properly. I have developed plan to implement these
skills and capabilities in appropriate manner to attain my professional and career objectives. I
have concentrated on information’s and communication technology skills that improves my
overall personality.

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