Feedback on Business Idea

Published: 2019-09-02 09:00:00
993 words
4 pages
9 min to read
143 views

It is important that parties should work on new ideas and deduce the fruitful path that will successfully guide the implementation process. However, it is important to realize that in most cases, business feedbacks remain significant in measuring success. Based on this, the paper concentrates on the Native American Culture Center, NACC, new business idea, which narrows down to the ultimate introduction of t-shirts as one way of incorporating creativity and innovation at the same time. This goes alongside deduction of the activities as well as items on which success relies upon, timing intervals concerned with information gathering as well as analysis of feedback, prevalence of the feedback loops and finally, significant factors felt relevant in emphasizing on the new product (Murphy, Lyytinen & Somers, 2016). Feedback on business idea supports product performance, evaluation and helps firms survive pressure in a competitive environment.

If this sample essay on
"Feedback on Business Idea" doesn’t help,
our writers will!

Preliminarily, it should be pointed out that the t-shirt project developed by NACC will heavily concentrate on the likes and followers of the product on the internet. The two aspects form part of the activities that play a major role in evaluating the successfulness of the t-shirt project. More likes and positive comments made by potential customers around the world may indicate how touchy the project is to the out-world. Nevertheless, the media platforms such as television as well as online platforms such as Facebook and twitter may provide a showcase of the successfulness of the project (Der Foo,Wong & Ong, 2005).

Based on the implementation of the t-shirt, it remains significant to consider the timeframe upon which essential details can be gathered thereby provoking the analysis with the central concern of finding out reliable results. A span of one month is found to be more than enough in getting relevant feedback from the market thereby weighing the success or failure of the project. Over one month, it is possible to detect some loopholes and at the same time, challenges that any project will face before gaining stability in the market. The most common problem with the pre-set span entails possibility of overlooking some of the factors felt sensitive towards consumers. The tendency of being overconfident may bias the judgments as far as online business is concerned (Der Foo,Wong & Ong, 2005). Again, the idea of the involvement with social media limits the available alternatives. It is therefore important for the project to look out for extra alternatives, apart from the online business, with the central concern of settling on a comparative ground that will enable possible analysis of the project performance.

Apart from the timeframe and activities as well as items identified alongside the successfulness of the t-shirt project, it is necessary to point out the feedback loops that seem to prevail or can be created. It is important to realize that workshops can work better for such an online business. Apart from this, other feedback loops can be created in the process. The most paramount loop seen vital include the customer feedback loop. Under this, survey feedback loops work straightforward because it basically depends on the response received from customers. This may prompt evaluation of the satisfaction level felt among a significant number of customers. Four different types of surveys can be developed in the processed based on the aspect of survey. This largely includes the periodic survey, in-app survey, on website and transactional surveys. Apparently, attached to the online business mentioned in the above case, such as the one mentioned in the case, are the in-app surveys and on-website surveys (Murphy, Lyytinen & Somers, 2016).

Reviews and testimonials observed in the developed project website further provide the most significant feedback loop. This allows the business to receive immediate feedback from customers in terms of compliments, complaints and the satisfaction felt by the customers. Possible means include creating groups over the social media. Virtual communities on Facebook and twitter serve as relevant areas that can be attached to the t-shirt project influenced by NACC. On the other hand, Google pages and Google Plus allows sharing of details among a group with members having same interests and personalities (Baumeister,Vohs & Oettingen, 2016). This further creates a potential ground under which the project can easily get the feedback from competitors and customers.

The feedback loops mentioned in the above case allow an informatory platform that has a big impact on the marketability and consumption of the product. Primarily, the feedback loops determines the decision made by the business. Decision making is important as far as marketability is concerned. a lot of complaints from customers means that the business should change the retailing strategies or add some features on the t-shirt. However, positive feedback from customers implies that the business should increase the outlets to enhance distribution of the t-shirts. Secondly, the feedback from marketing environment provides details on competition and new strategies that need to be deployed to suit the competitive requirements. This enables the business to evade all areas that will degrade its performance (Morecroft, 2015).

Finally, competition stands in as a major challenge to the ultimate success of the project. Some of the factors that should be set in place to cope up with this challenge include coping up with technology. This includes making use of the existing strategies and marketing techniques.

References

Murphy, K., Lyytinen, K., & Somers, T. (2016, January). Does Steering Committee Information Processing Capacity Influence Project Success in Enterprise-Wide System Implementations. In 2016 49th Hawaii International Conference on System Sciences (HICSS) (pp. 4942-4951). IEEE.

Baumeister, R. F., Vohs, K. D., & Oettingen, G. (2016). Pragmatic prospection: How and why people think about the future. Review of General Psychology, 20(1), 3.

Morecroft, J. D. (2015). Strategic modelling and business dynamics: A feedback systems approach. John Wiley & Sons.

Der Foo, M., Wong, P. K., & Ong, A. (2005). Do others think you have a viable business idea? Team diversity and judges' evaluation of ideas in a business plan competition. Journal of Business Venturing, 20(3), 385-402.

Cite this page

Feedback on Business Idea. (2019, Sep 02). Retrieved from https://speedypaper.com/essays/feedback-on-business-idea

Removal

Request Removal

If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:

didn't find image

Didn’t find what you were looking for?

Our writers are ready to help you now!

24/7 online support

NO plagiarism

didn't find image

Didn’t find what you were looking for?

Our writers are ready to help you now!

24/7 online support

NO plagiarism