Product Development Strategy For Original Creations: An Essay.

About Original Creations

Knowledge based business consultancy remains an important business aspect that enable the business to come up with ways to develop new products, market forecasting and exploration of market potential. The consultancy report structure includes various components that are important for the company to implement. The reasons for products development are important for ensuring a justified product development approach that will give benefits to the company. The projected business case especially reasons for the business to develop new products that will be directed towards company growth. Examination of issues that affect the company especially those areas that need improvement is necessary for ensuring that the company remains competitive in the market. Recommendations for implementation are another area where the company needs to focus its growth in. Original Creations is a market leader in statues products with more than 41 years business operations. Business complexity is an important business that affects the business operations within this contemporary business environment. This business consultancy report examines Original Creations business situation which enable development of new products.

Original Creations is company that is wholly dealing in statues that range from bronze, metal and mining statues. The company has started in 1980 and has been in business for more than 41 year providing customers the needed products. The company has marketing strategies that is based on website and social media marketing. The company has considerable number of products which are divided according to nature of the product such as mining, bronze and metals. These products are ranging from many years and are tailored for retirement gifts for customers. Original Creations has limited product line and sells products customer based on their need and intended purpose (Kuratko & Morris 2014).

There are many reasons that spearhead product development within Original Creations.  Original Creations need new products that could drive the company growth and efficiencies especially on revenue generations (Liu 2018).

Firstly, the new product development is critical aspect of this consultancy report and focuses on product development needs and goals. The product development is an important aspect of business as new products may lead to re-launching of company. The products of Original Creations show some limitation that needs new ones to leverage on the old products. The product development especially in the case of Original Creations requires understanding of the customer of the company. This is based on the statues market is normally focused on customer taste rather than what the company is offering. For instance, the company has many products that might not benefit customer directly (Baker 2017).

The report assesses the product market for Original Creations with the view to increase products line for the company. The assessment of the market where Original Creations products are direct is critical for ensuring the company reaches out to these customers. The company has wider market that can be explore for realization of growth. The statues market is a unique market that might involves bring out nature into the contemporary setting. This implies that the company sells products that combine arts from olden times and redisplaying them for customer to appreciate the old nature. In addition, Original Creations has wider market that brings about people from different generations to realize the value of old products. This can be harnessed for the better products development (Biech 2019a).

Reasons for Product Development

This consultancy report focuses on forecasting the market for Original Creations that prompt the need for new product development. The statues market is projected to increase near future bringing a potential for Original Creations to venture into. The taste for statues is increasing with growth of customer taste for older statues and luxury part of it. The luxury part of statues is critically increasing with many contemporary generations turning to purchase status from older times. The desire to bring out older generation statues is increasing and this will raise the demand for statues. Original Creations can harness this demand for maximizing its growth and profitability of the company. Business growth is also linked to sales and revenue generation which is the goal of every business (Block 2011).

There are some issues that are currently influencing the company ability to adapt to changing market. Firstly, narrow product line is an issue that needs to be resolved within the company as the company has few product lines. The company sells products under its name tag “Original Creations” which implies original statues products ranging from mining to metal yet according to the statues market creativity remains an important issue in the market. Customers expect the company to sell statues that are unique and appealing to customer based on creativity. For instance, statues that were developed during the resonance period were appreciated due to creativity and the unique information coded within the statue. This is not the case within Original Creations which sell products with limited uniqueness of the product line. This implies that the organization needs to evolve its product line to ensure that they consider the taste of customers (Chicksand & Rehme 2016).

Secondly, the market of statues is expected to grow with increasing demand for statues expected in future and the company need to develop product for this market. The company has poor marketing strategies that are reflected by the lowly designed online marketing strategies. The company has poor marketing and this evidence through the poorly design digital communication strategies of the company. In addition, the company need to design digital communication and marketing strategies which shows uniqueness of the product sold within the company. A common practice in the contemporary business setting is combination of various marketing strategies for effective business launch. This is important for new products since the marketing strategies will determines the performance of these new products. Moreover, the organization has poor designed online store which enable customers to order products with limited customized e-commerce website (Zipursky 2018).

Thirdly, customer directed products which focus on customers not the company value proposition. These are product that are tailored toward customers demand and requires understating of customer’s taste and preferences. Based on Original Creations product categories, Original Creations lacked customer directed products. Currently, the organization is only focusing on retirement gifts for clients. This needs a more understanding that will increase company product line with customer’s demand which is currently shaped by many contemporary factors. Company has limited knowledge on customers, customer demand and customer preferences. The company need to understand what customers wants in order to provide products that correspond to the consumer needs. This implies that company need to conduct research with view or reaching out to consumers yet unaware of the value of statues. This is critical as many customers may improve their knowledge on the products and purchase some products. Moreover, the company has indicated that their main focus is customers yet lack customer (Biech 2019b).

Assessing the Market

Fourthly, technology is part of business operations in the current business operations and Original Creations need to use technology as growth factors for next product launch. The company has limited technological landscape that is needed for contemporary business setting. Original Creations has low technological structures and this is visible through the management of the organization. The technological capability of the company enables launching of business in many fronts. For instance, the technology of the company enables digital business initiatives which are critical for contemporary business. The technology also is important for ensuring that business remains competitive. Product development requires technologies to foster the testate and marketing of these products to customer. This is enabled by technological growth of the business making the business improve on its growth and sales.

In light of the business case, there are some recommendations that are necessary for implementation in the business. Firstly, The Original Creations need to develop a new product line that will focus on unique products with deeper meaning. Original Creations could build new products that will spearhead the business growth and innovation. Secondly, Original Creations need to change its technology landscape for effective growth and development of product line. Thirdly, the company needs to explore customer characteristics and classify customers for customer-directed products (Block 2011b). Customer is the central part of every organization and company need to explore customer to come up with customer need and products that solve the customer needs. This will help improve the customer product line and diversification for increase revenue growth. Lastly, the company needs to identify its potential market and come up with marketing strategies that focuses on these markets. This will help the company to grow and attain the profit margins required (Chartered Management Institute 2019).

Conclusion

In conclusion, the business consultancy remain an important aspect of business management that increases the ability of the company management to know areas that need improvement. The business areas that are currently need improvement is technology which forms the business competitive advantage strategy. Marketing is another area that contemporary business needs to focus on in order to remain competitive and reach customers widely spread globally. Product development remains an important business imitative that serves to increase the business performance in the market. The statues market is a large market hat is expected to increase in size the coming years. This follows the need for luxury and brings on the older objects into reality. The current generations are appreciating older objects and this will lead to increase the demand for products such as statues.

Learning business management especially the foundational of business management has impacted my knowledge, ability and skills necessary for future management practice. I have learned very many different skills throughout the course which has increased my knowledge and skills. Firstly, I have learned communication skills that are necessary for future career in business management. I have learned both written and verbal communication when writing reports and other course paper which are important for business management. Writing the consultancy reports has enabled me to understand some of the business communication and presentation skills that enable me to learn business phenomenon (Nikolova, Mollering & Reihlen 2015).

Issues Affecting Original Creations

Secondly, I have learned Numeracy skills that compose of data and data used to develop business case such as market statistics. Numeracy skill is important for understanding the business metrics that increases my ability to develop a forecasting perspective of the business and its markets. In addition, the company data and metrics are important for estimating growth and revenue estimations. These skills are important for future business understanding and management. I will use these skills I have learned to practice enterprise management according to Kolb theory of practice experience. Team skill which compose of interpersonal skills is essential for management of staff especially during collaborative and team work (Zipursky 2018).

Thirdly, I have learned many technological skills that are essential for business management especially the technology that is needed to change the business situation. I have learned the importance of technology in contemporary business and some of the skills I have developed in the course are important for future business practice. Technology comes with skills such as Microsoft office that allows me to create and modify business documents. This will enable me to develop and present business reports and proposals.

Fourthly, I have learned problem solving skills that involve understanding the business challenges and solving these challenges. I have learned to understand challenges that business has especially Original Creations business problems. This also enables me to come up with issues-based solutions that can solve the challenges that business is facing. Problem solving skills is the heart of entrepreneurship which is needed for challenging situations available in the market currently (Thakur & Workman 2016).

Lastly, I have learned evidence-based skills that are essential for informed decision making. I have learned evidence-based decision making approach where decision is made based on reasons and evidence available. This is important for business management in the contemporary business setting which need an informed decision making skills. This has been developed through studying the management with perspective business approach.

In conclusion, I have learned many issues and skills that are important for contemporary business situation. This includes skills in technologies, skills in communication, skills in data and numeracy and skills in evidence based skills. These skills are essential for contemporary business setting and could serve to increase my ability to manage business effectively. The skills I have learned therefore will increase my competency in business management with more skills in creativity (Stroh 2019).

References

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Block, P. (2011b) Flawless consulting: A guide to getting your expertise used, Jossey-Bass, San Francisco California, Chapter 7 ‘The internal consultant’, pp. 121-128.

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Stroh, L.K. (2019) The basic principles of effective consulting, Taylor & Francis Ltd, UK, Chapter 2 ‘Managing expectations and goals’, pp. 14–32.

Thakur, R. & Workman, L. (2016) 'Customer Portfolio Management (CPM) for improved customer relationship management (CRM): are your customers platinum, gold, silver, or bronze?', Journal of Business Research, vol. 10, October, pp. 4095-4102.

Zipursky, M. (2018) Consulting Success: the proven guide to start, run and grow a successful consulting business, Consulting success and digital services, US.