Question

what are the most important management considerations in developing a new product in one of the following industries (the answer should be at least one but not more than two paragraphs). Do not consider more than one product below.

a. a new branch banking office, or

b. a new college bookstore

Answer 1

Let me take the example of developing a new branch of banking office. The most important management consideration is location in which you are going to start a new branch of banking office. Who ever earlier worked in the real estate might be knowing this concept. Your location selection impact the business growth volume in great way. Not only you want to select the location which is heavily trafficked but also you want to select highly accessible and visible location. You may also need to consider is there any other competitor for your bank those are already providing good services. if so it will be challenging to grow in the market. You cannot develop new branch in any area wherever you want, before diving into any expansion of your industry you need to understand who exactly your customer is. The place where you are going the start new branch is easily accessible for your customer, and the service which you are providing is beneficiary for the customer, So that they will be satisfied with your service.Spend some money for the marketing of the new branch, you need to make sure people are aware that the new branch is opened in their location,