Question

What plan or strategy are you going to implement in order to launch your product from the scratch (any kind of product) to the society considering about all managerial strategic starting from:

1. Supply and demand

2. Price elasticity

3. The budget constraint

4. Consumer Choice

5. Innovation in Production

6. Costs (including implicit and explicit cost)

7. Market structure

Answer 1

Answer

To launch a product the first step is to analyse the demand of that product in the market and the supply that can be managed with the demand. As various resources are needed in the product which requires capital and various other initial products to create a finished good therefore cheap and good quality raw material research is required and after that location of the production plant is essential while keeping in mind about the communication facilities like transportation cost cheap labour facilities government funding or plans if any and friendly and favorable environment After that production cost monitoring and limited explicit or implicit cost with uniformly is required as new business reqires time and capital and to over come the restrain of budget initial monitoring is required whereas there are various government funding which are favorable to the business which needs to be utilised and knowledge of such schemes are also required. Contingency plans are also made incase of any calamity or uncertainty . After the production and analysis of the market demand the product will be launched and little expense on the advertisement has to be done to grow the demand of the product .