Entreprenuership and Innovation BUS7001 Essay Example | Topics and Well Written Essays - 2000 words

Entreprenuership and Innovation BUS7001 - Essay Example The question that needs to be asked should therefore centre on how to create a competitive urge over competitors. This is for now, what the present report seeks to achieve by analysing all factors that centre on the product and the market so as to put the product in a better position to penetrate the market (Aldrich and Weiss, 2001). A lot of research will also be done on the product involved so as to establish the key strengths of the product that needs to be built upon and some weaknesses that need to be improved. An assessment of the factors in the marketplace into which you suggest the product could be sold Sale in universities and other educational institutions where students have daily demand for cooking There are several factors on the prevailing market that suggest that the product cold easily be sold. One of such factors has to do with the fact that there are at every point in time, students in various universities and colleges who are in hostels and have regular demand for cooking. These students are not fed by the school and thus have to depend on their own provision for food (Aldrich, 2009). With growing concern for the need to stay healthy in one’s eating habit also, the likelihood that these students will resort to ready-cooked food is also minimal. This therefore means that a lot of these students will have to cook for themselves. Again, considering the fact that there is an ever growing student population in our country, one thing remains clear and that is, the product will certainly have a very large customer base among the students if the university cooking factor is considered critically. Another factor within the university factor that makes the product very viable and suitable for the university population is that students do not have much time for activities like cooking and are therefore always looking for avenues that will make cooking fast and less involving – something that this new product can easily give them (Bender, 2 000). Sale in places where the use of electricity as the source of energy as compared to gas is seen to be cheaper and easily accessible. Another important factor that suggests that the product will easily sell on the marketplace has to do with the every growing concern for the need to use electricity as a preferred source of energy instead of gas. It would be noted that gas has for long remained the major supply of energy for most homes in developed and developing worlds. However, the risks involved are fast being calculated by scientists and other experts. Some of these include pollution, degradation of the environment, greenhouse effect and dangers of causing fire (Birley and Westhead, 2004). With such concerns, the focus has now shifted to the use of electricity. Knowing that the new product is powered by electricity, the company has an advantage and potential in selling the product in places where the use of electricity as the source of energy is regarded as safer and environme ntally friendly option. Even more, electricity continues to be a cheaper source of energy as compared to gas and other forms of energy for powering cooking devices like