Question

solidify and refine a business idea.

Report your idea in 300 words or less that includes a product/business name, the problem to be solved, the solution offered, target market and the profit potential and any other relevant support for your idea. [Include your business name in the thread title]

Answer 1

Product name : mobile phones and accessories

Problem to be solved: competition from the competitors, grabbing market share, employee turnover, advertising techniques to be used and others.

Solution to the problems:

• competition: analyse ghr strategies used bu comortitorst and apply those plans effectively.
• Market share: attracting more and more customers will help on grabbing huge market share.
• Employee turnover: satisfying employees by providing then fair wages and incentives will decrease employee turnover rates.
• Advertising technique: analyse the market and the need and reach of thr customers. Identify various advertising tools available and then select the most appropriate one.

Target market for the product will be based on market segmentation and the need of the business man. Target market for mobile phones will be teenagers, adult and old citizens.

Profit potential of this business will be to provide best quality goods to customers and keep them satisfied so that they do not shift to the competitors and retain with the company for a longer period of time