Legal and Financial Decisions
A new product’s idea is the process of introducing new products into the market. Companies use new product ideas in order to generate and commercialize their new products within the market using strategic processes to maintain their market share. The new idea of products is the essential aspect in the Triangle Company. It is important to note that when the company is evaluating their business, they should focus on producing innovative products. Triangle company’s products have ultimately been left unspecified. Therefore, the introduction of new product ideas in the market is crucial especially when the company considers market size, product scalability, team and financial issues.
Due to rapid changes in the taste of consumers, Triangle Company can develop a new strategy of providing new products and services to their consumers. The company obtains new products in two ways. One includes buying the whole company a patent to produce products on behalf of the people and another is through carrying out research on certain products. New products are those original products whereby improvements and modifications of products are done. The company may produce new brands of products through carrying out its own research and putting on development efforts on them.
Triangle produces a wide range of new products in the market. Before the company introduces its products to the market, they can first consider a number of things including, those who will benefit from the products, the benefits expected from the company, positioning of their products in the market. In addition, they can consider different advantages that their products’ offers have in order to overcome competitors. Market size determines the distribution of new products in the market. Estimating the size of the market for marketing of new products depends on financial aspects of the company. The company may create an internal market and apparently compete with the external market. The Triangle Company may open up subsidiary firms in which the external market will purchase for their company products (Anandan, 2009).
Emphasizing on real teamwork is crucial in a company. Team requirement in the innovation process is essential because decisions can be made timely. The technologies linked with creating new products are through participation in the innovation process. Every team should have its own leader and technological expertise in the product innovation process. Teams participate in all levels and each team has an advisor. Teams can include all members across the company. It is essential to create a multidisciplinary team in the company for competence and one team can be able to meet multiple innovation requirements (Brethauer, 2002).
Scalability of product
For the products that Triangle Company develops, it is essential to incorporate scalability and incorporate their performance in all levels of development cycles. Scalability is the use of computer applications or products to continue functioning well when changed in size and volume in order to meet customer’s needs (Liu, 2009). The Company can carry out scalability tests on products in order to provide a quantitative basis for optimizing profits and increasing their performance. Scalability of products can be one of the advantages in marketing of new products and it enables the company to outdo competitors. Triangle Company should reflect carefully about how they should design and carry out scalability test on their products. With solid test of scalability results, the company’s new products will inject more profits to the company within a short period.
The new product ideas should take into account the cost volume and profit maximization. Before the product is being sold, total costs and total revenues should be analyzed hence determining the price at which the new products can be sold. Cost-volume-profit can be applied in marketing of products. Products cannot be sold if total revenues are equal to the total costs because the company will not make any profits. Therefore, financial calculations should be done to determine if sales of products at a given level would cover the relevant costs before determining the price for products.
The practical definition of the multidisciplinary team that the product idea requires
The practical definitions of the multidisciplinary team that the product idea requires are many and these include mechanism or technological ideas. Technological ideas are crucial in the product creation process especially branding of new products. Mechanism ideas for opportunity identifications such as new markets and high profit margins are the essential steps in product development. Consequently, the preliminary evaluation process and screening of ideas are needed in product development. In order for these subsidiary companies to achieve maximum profits, multidiscipline teams should ensure whether the new products return the profits and if it satisfies the needs of the customers. In addition, they will ensure if the product standpoint marketing skills matches with the product line that exists within the company.
The multidisciplinary team explores multiple perspectives and many disciplines in decision-making process that is associated with quality improvements of products. Multidisciplinary team provides product ideas and attempts to outline the potential product development or innovation methods in accompany (Abdel-Kader and Lin, 2009). Incase the technology is at an early stage, the multidisciplinary team will give advise and give solutions to such technology in product creation. A well-developed business plan will have a multidisciplinary team who will enable the company to expand their marketing strategies and innovation methods.
Describing the different types of team members needed and their respective skill sets
Various strategies can be employed to obtain ideas implemented internally. For instance, the company may employ a multi-disciplinary team to give their views or make decision on new product developments. The decision-making in a company can be difficult because of a large number of factors such as tight schedules and quality requirements for developing competitive inventions. The creativity circle does not create decision making to become easier. In order for subsidiary companies to succeed in creating new innovative ideas, they should decide on the level of expertise applicable and high quality solutions. Therefore, all the different types of community supporting team and networking are needed in the innovative process (Loch and Kavadias, 2007). This means that the company will need both ordinary customers together with multidisciplinary experts within and outside the team. In addition, the company will need to recognize relevant expertise in their area and the learning skills of the team together with application studies and development skills of the group.
Where one would find them for an intrapreneurial versus entrepreneurial approach
The practice of business entrepreneurship increases the attention of managers because of rapid competition in the market. The intrapreneurial practices assume the grand strategies in the company whereby innovation is perceived as the crucial means of maintaining competitive market (Loch and Kavadias, 2007). The corporate entrepreneurship practices especially behaviors such as product innovation to create a competitive market can be widely used by the subsidiary companies. This will enable the company to purchase more products hence earn huge profits. Entrepreneur approaches can best apply in the market where the subsidiary companies can compete with other industries in terms of performance.
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