Question: In this unit, you had the opportunity to develop a new product concept and a promotional plan for marketing this concept. Now, you will prepare
In this unit, you had the opportunity to develop a new product concept and a promotional plan for marketing this concept. Now, you will prepare a buying plan to secure the items youll need to manufacture the actual product. Follow these steps to create this plan: Brainstorm a list of items you would ideally like to have to take your product idea from a mere concept to a tangible item consumers can purchase. Remember to include any raw materials youll need and any equipment necessary to run the manufacturing process. Evaluate the list you created in Step 1. Categorize this list into two columns: Business Wants and Business Needs. Conduct online research to determine how much each item on the list of business needs will cost. List the cost of each item alongside the name of the item and the total amount of capital you will need to get your business up and running. Write a brief reflective paragraph explaining the thought process you went through in Steps 1, 2, and 3. Describe how you came up with the list of required items needed to manufacture your product. Explain how you decided what constituted a business need versus a business want. And elaborate on the research results that led you to an estimate of how much capital you will require. Submit your buying planincluding your list of items, costs, and reflective paragraph.
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