Development and Manufacturing of New Products
Development and Manufacturing of New Product
Candi Boley
American intercontinental university
Scenario information: From the scenario given I have recovered some of the following information about the topic. The first thing about this scenario is that this person is an inventor and has an idea on a new product they would like to develop. Although I was given this information, they failed to stretch their information by giving me details about the product they would be developing. The scenario has told me that this inventor has many ideas on how to excel there production and development of their future product. Also, from the scenario given, it also seems that they have done there research on the annual growth percentage of their product at hand. Although they seem to have all there information on how the product will excel on the market, it is hard to determine how well their product will do from my point of view do to the lack of details in there scenario. Also they have provided me with information about the widespread use of the following two products; the “clicker” and the three prong plug. This information also tells me nothing about their ideas on what product they are trying to produce.
Information on different business types:
There are three types of business that are introduced to me, sole proprietorship, owned and operated by a single person, partnerships, being owned and operated by two people, and corporation, business organization owned by a group of stockholders, each of whom takes limited liability. In each different business type there are advantages and disadvantages that apply to each different business. They each show different flaws and all have their advantages in ways to excel.
For sole proprietorship some disadvantages are, being personally reliable for all debts. This being said, this is a huge disadvantage because if anything were to happen to the business the owner of that business would have to take care of all debts that
Candi Boley
American intercontinental university
Scenario information: From the scenario given I have recovered some of the following information about the topic. The first thing about this scenario is that this person is an inventor and has an idea on a new product they would like to develop. Although I was given this information, they failed to stretch their information by giving me details about the product they would be developing. The scenario has told me that this inventor has many ideas on how to excel there production and development of their future product. Also, from the scenario given, it also seems that they have done there research on the annual growth percentage of their product at hand. Although they seem to have all there information on how the product will excel on the market, it is hard to determine how well their product will do from my point of view do to the lack of details in there scenario. Also they have provided me with information about the widespread use of the following two products; the “clicker” and the three prong plug. This information also tells me nothing about their ideas on what product they are trying to produce.
Information on different business types:
There are three types of business that are introduced to me, sole proprietorship, owned and operated by a single person, partnerships, being owned and operated by two people, and corporation, business organization owned by a group of stockholders, each of whom takes limited liability. In each different business type there are advantages and disadvantages that apply to each different business. They each show different flaws and all have their advantages in ways to excel.
For sole proprietorship some disadvantages are, being personally reliable for all debts. This being said, this is a huge disadvantage because if anything were to happen to the business the owner of that business would have to take care of all debts that