Entreprenuership Report Essay Example | Topics and Well Written Essays - 2000 words

Entreprenuership Report - Essay Example The marketing department determines the patterns of demand in the market. This therefore informs the production in order set an appropriate supply for the products in the market. The report below discusses the process of introducing a new product in an already existing market. In doing this, the report includes an extensive situational analysis, resource allocation, marketing, distribution among other essential operations that will help secure a substantial market for the new product. Introducing a new product in an already existing and active market requires the consideration of various features of both the market and the new product. Marketing refers to a management function concerned with the determination, anticipation and satisfaction of the market demand. An appropriate marketing department should earn a product whether old or new a substantial size of the market capable of achieving the product profitability. Among the key factors considered in the market research, include the name of the product, the price that must consider the cost of doing business and the profitability among other essential features of the market (Parente, 2005). Marketing is an essential department in the introduction of the new product; the marketing team must carry out effective market researches and market analysis in order to determine all the factors that will influence the demand for the new product. This way, it advises other essential department in the company such as the pro duction department on the quantity of products and the features to incorporate in such products in order for the products to gain profitability desired. United Kingdom is a developed economy; this implies that the people have a higher purchasing power. The smart TV market can therefore sustain yet a new product, which will compete effectively against the many other products currently in the market. However, such a market makes informed