Entrepreneurship: New Product Idea Report - Policies and Strategies

This report provides an in-depth analysis of a new product idea, focusing on the launch of a solar-powered cell phone. It explores various aspects of entrepreneurship, including business and management, legislation, and associated risks. The report delves into national and international policies, such as government partnerships and website development for consumer convenience, as well as strategies for entering the global market. It also presents reasoned arguments based on new product development and management research, emphasizing the importance of understanding the NPD process. The conclusion highlights the significance of innovation, policy analysis, and strategic planning in successful product launches. References include sources on product innovation and new product development best practices.

New Product Idea

Table of content
• Introduction
• Range of areas of business and management, legislation,
policies, strategies and risks
• National and International policies and issues
• Reasoned arguments
• Conclusion
• References

INTRODUCTION
In present era, there is a hardly need of entrepreneur in any
country to develop the economy of country. Entrepreneur is an
individual who create an business idea, bears the risks and
convert the business idea into the business opportunity in order to
generate revenues. Entrepreneurship refers to the process perform
by the entrepreneur for the conversion of idea into the business
opportunity.

Range of areas of business and management,
legislation, policies, strategies and risks
An entrepreneur wants to launch a new cell phone which has
unlimited battery power, as chargeable automatically by solar
energy. The entrepreneur facing the problem of funding or
allocation of funds becomes critical for launching the product.
• Business and management
• Legislation and policies
• Risks and strategies

National and International policies and issues
regarding launching of new product globally
There are some national policies are as follows:
 Creating an ongoing partnership with stakeholders to facilitate
intelligence and getting membership of Government Agency
Intelligence Network (GAIN). The product launch will a
guaranteed failure if you create the wrong product.
 Establishing new websites of business for facilitating the
consumers. So that the consumer can easily order the the
product according to his/her convenience and this will help the
organisation.

Continue..
International policies for product launching the new
product globally:
• Reducing the market dependency(limited area market),
starts servicing at worldwide network by creating the
websites.
• Entering in global market, the organisation must prepare
the competitive strategies against the organisation of the
different nations

Reasoned arguments regarding launching of
new product
New product development and management group studied a
comparative performance and Research and development centre
for the quality of the product. The importance of this is that it
sour insight into NPD professional convert the knowledge about
the NPD and product quality into the NPD practice. NPD best
practice and the matureness level of several activities. NPD best
activities knowledge by NPD professionals, perhaps identifying
deviations between prescribed and actual practice.

CONCLUSION
From the above study it has been concluded that the
entrepreneurial process involves a lot of analysation regarding
the innovation and invention and their launchings. Not only this,
analysation helps them in improving the New product
development (NPD) process as it is crucial for launching the new
product at national as well as international level, for this purpose
the analysation of several policies and strategies are essential for
better launching.

REFERENCES
• Castellion, G. and Markham, S.K., 2013. Perspective:
New Product Failure Rates: Influence of A rgumentum ad
P opulum and Self‐Interest. Journal of Product Innovation
Management, 30(5), pp.976-979.
• Kahn, K.B., 2012. The PDMA handbook of new product
development. John Wiley & Sons.
• Barczak, G. and Kahn, K.B., 2012. Identifying new
product development best practice. Business horizons,
55(3), pp.293-305.

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