3rd Bac - Resources. Characteristics of the final product

 Resources. Characteristics of the final product

The entrepreneur must go into the resources (physical, material and financial) needed so that the product can get to the market in the way it was intended. Within the physical resources, machines and equipment, technology is considered as a key component.

 

Physical and material resources

To define the need of physical and material resources the entrepreneur must take an estimate of the unsatisfied demand found on the result of the market research as a reference. This way the amount of resources acquired will help to fulfill the needs of the customers. On the other hand, the entrepreneur must consider the financial resources that are available. Finally, the entrepreneur must analyze between at least three providers of all the resources needed to complete the product.

 

Human Resources

To determine the amount of people that the entrepreneur needs, it is important to look at the unsatisfied demand in the market. Depending on the business and the market, the number of employees needed will vary. The employees will have to execute specific tasks; therefore, they will need particular skills to perform well. Other important aspect is that the employees must have a positive attitude and values that will help the environment. 

 

Characteristics of the final product 

Every entrepreneur at the moment of designing a project must describe and explain the characteristics of their product. First, they must remember the information from the market research to satisfy the need of the customers. To create a product that the market wants and needs. The characteristics of the final product is the description of the product and what makes it different from others.

 

Product: When characterizing the final product, the entrepreneur must be clear about the definition of what a product is. It is very simple, a good is tangible, a service is intangible, but both seek satisfy the need of a group of consumers.

 

Goods: It is important to have a description of the physical appearance like size, color, packaging, weight, flavor, resistance, etc. and the characteristics related to how customer service will be offered to satisfy and to surpass the expectations of the consumer. Customer service has to do with all the activities prior to selling (advice on the advantages of the good) and after the sale (worrying about the satisfaction generated in the customer and suggestions that could help improve production and sales)

 

Service: The characterization is a little more difficult, since the target market cannot see the service because it is intangible. It is necessary that the entrepreneur develop an ability in which they can make the intangible the most tangible possible. The variables that are most used are: reliable information, fast answer, effectiveness in using the information, etc. 

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