FACULTY OF ENGINEERING AND GEOSCIENCES

TECHNOLOGICAL ENTREPRENUERSHIP AND INNOVATION

GROUP ASSIGNMENT 1

NAME REG NUMBER

Brian Mutusva R1911445F

Takudzwa Muroyi R1917716W

Tafara Makamure R1912564H
Tinotendashe Makonese R189770W

Tadiwa Y Bikwa R192296H

a) Being an entrepreneur, one will be faced with challenges and dilemmas associated
with product marketing. Identify any three challenges faced by entrepreneurs and
discuss how entrepreneurs can deal with such challenges and dilemmas

Limited budget for marketing

One of the biggest challenges faced by entrepreneurs is figuring out how to get their message
out to potential buyers without spending a fortune,this can be difficult when competing
against larger and already established companies that have massive marketing budgets.

Solution

with the world evolving, one way to effectively maximize the limited resources is to leverage
the power of social media. Platforms like facebook, Instagram, and twitter, this makes it
possible to reach a large audience without spending much money. We can also focus on
content marketing, creating valuable and informative content that can attract and engage
potential customers

Effective Product Management

Failing to well organize and define product management process is the major cause of
inability to launch superb product ideas on the market. Without a product owner, no results
can be derived from initial brainstorming.

Solution

Product management is the key to success when launching a new product. Make sure, you
and your team are on the same track and the goals are well defined. You have to draft a plan,
define actionable goals, and decide on minimum profit margin you are willing to accept for a
new product. Define the marketing plans, sales plan, launch strategy and call to action in
order to accomplish positive customer response.

Product Architecture

A wide range of products and software development companies have gone through many
glitches when it comes to handling product’s competitive strategy and cost requirements,
from the initial phase of idea generation to design and implementation.
Solution

Tuning a product architecture after the product has been built and launched is quite
challenging just like building a new house. Make sure to identify whether you need to start
from the already developed product or initiating from the very beginning. The process is not
impossible if you are starting from the beginning, but will be time-consuming and extremely
costly.

Separating Outcomes from the Product

Companies trying to concentrate entirely on the product itself without taking sales process
under consideration, they would likely lose the valuable knowledge. The new product
development process concentrates on the product itself, but it can destructively affect the
launching of the product, as most of the important components were ignored. Components
such as product ideation, message testing, post-launch surveys, product validation and market
assessments play a major role in marketing and sales of the product, which cannot be ignored
by focusing on product’s merits alone. The success of a product is widely dependent on these
factors.

Solution

Every business is comprised of a unique set of values, tolerance of risk and competitive edge.
Make sure, to define the main goals for new products that synchronize with your mission and
vision. Take minimum budget, return on investment and other components of success into
consideration, before you hastily invest in resources and time in developing them. The
Importance of conducting a research before New Product Development process cannot be
ignored. Make sure, while working on new product development, all your assumptions and
guesses must be tried and tested before pacing forward. In simple words, the value lies in the
unbiased external validations of success and research-based definitions of success.

b) Describe the business plan development process (10)

Answer

The business plan development process is a crucial step in starting or growing a successful
business. It involves several stages that help entrepreneurs and business owners create a
comprehensive and well-thought-out plan for their venture. In this section, we will describe
the business plan development process in detail, including the key steps involved and the
information that should be included in each step.

Step 1: Define Your Business Concept

The first step in developing a business plan is to define your business concept. This involves
identifying the products or services you will offer, the target market you will serve, and the
unique value proposition that sets your business apart from competitors. To develop a clear
and compelling business concept, you should consider the following factors:

Market needs and trends

Competitive landscape
Customer preferences and behaviors
Unique selling points and competitive advantages
Mission and vision statements

Step 2: Conduct Market Research

Once you have defined your business concept, the next step is to conduct market research.
This involves gathering data and insights about your target market, including demographics,
psychographics, buying habits, and other relevant information. The goal of market research is
to gain a deep understanding of your customers and the market in which you will operate.
Some common methods of market research include:

Surveys and focus groups

Customer interviews and feedback
Industry reports and market analysis
Online search and social media analytics

Step 3: Develop a Business Model

After conducting market research, the next step is to develop a business model. This involves
creating a detailed description of how your business will generate revenue, including pricing
strategies, sales channels, and cost structures. Your business model should also outline the
key activities and resources required to deliver your products or services. Some key
components of a business model include:

Revenue streams
Cost structure
Value proposition
Channels and customer relationships
Key activities and resources

Step 4: Create a Marketing Strategy

The next step in the business plan development process is to create a marketing strategy. This
involves identifying the most effective ways to reach and engage your target audience, build
brand awareness, and drive sales. Your marketing strategy should include tactics such as
advertising, content marketing, social media marketing, and public relations. Some key
considerations when developing a marketing strategy include:
Target audience segments and buyer personas
Marketing mix (product, price, promotion, place)
Measurement and evaluation metrics
Budget and resource allocation

Step 5: Develop an Operations Plan

The fifth step in the business plan development process is to develop an operations plan. This
involves outlining the logistical and technical aspects of your business, including production,
supply chain management, and employee management. Your operations plan should also
include contingency plans for unexpected events and challenges. Some key components of an
operations plan include:

Production and delivery processes

Supply chain management
Employee training and management
Quality control and assurance
Contingency planning

Step 6: Create a Financial Plan

The final step in the business plan development process is to create a financial plan. This
involves projecting your business's future financial performance, including revenue,
expenses, profits, and cash flow. Your financial plan should also include funding
requirements and strategies for raising capital. Some key components of a financial plan
include:

Revenue projections
Expense projections
Profit and loss projections
Cash flow projections
Funding requirements and strategies

c) Discuss the effect of government policy on business development (3)

Answer

- Government policy can affect interest rate, which increases borrowing costs .
 - Higher rates will lead to reduced consumer spending but lower interest rates attract
investments as business increase production.
- Business cannot prosper when there is high rate of inflation.

Economic Policies:
Government economic policies play a crucial role in shaping the business environment. In
Zimbabwe, economic policies have undergone significant changes over the years, particularly
during periods of political transition..

Regulatory Environment:
The regulatory environment is another crucial aspect that affects business development.
Government regulations can either facilitate or impede entrepreneurial activities. In
Zimbabwe, businesses have faced challenges due to bureaucratic red tape, corruption, and
inconsistent enforcement of regulations.
Fiscal Policies:
Fiscal policies, including taxation and government spending, also have a significant impact
on business development. In Zimbabwe, high tax rates and an unpredictable tax regime have
been a challenge for businesses. The tax burden, coupled with limited access to credit and
high inflation, has constrained business growth and investment.

Labor Policies:
Labor policies are another important aspect of government policy that affects business
development. In Zimbabwe, labor laws have been criticized for being rigid and inflexible,
making it difficult for businesses to adapt to changing market conditions. The labor market is
highly regulated, with strict employment protection laws and minimum wage requirements.
These regulations can increase labor costs and discourage formal employment.

Infrastructure Development:
Government policies related to infrastructure development can significantly impact business
growth. In Zimbabwe, inadequate infrastructure has been a major constraint for businesses,
particularly in sectors such as energy, transportation, and telecommunications. Insufficient
power supply, poor road networks, and limited access to reliable internet services have
hampered productivity and hindered business expansion.

In conclusion, government policy has a profound effect on business development in

Zimbabwe. Economic policies, regulatory environment, fiscal policies, labor policies, and
infrastructure development all play crucial roles in shaping the business environment. While
some policies have hindered business growth and investment, there have been recent efforts
to implement reforms and attract investment. It is essential for the government to continue
creating an enabling environment for businesses to thrive and contribute to Zimbabwe's
economic development.

d) Significance of the SWOT analysis as a strategic planning and strategic management

tool in business development.

SWOT refers to Strengths, Weaknesses, Opportunities and Threats

SWOT analysis helps in identifying the position a business is in the market place. It provides
information that is helpful in matching the business resources and capabilities to the
competitive environment in which it operates. It helps an organization to cope up with the
race in the market and gives direction on how best to grow as a business and where it is
vulnerable.

It helps a business to focus on its strength, minimize threats and take the greatest possible
advantages of the opportunities available.

Strengths and weaknesses are the internal factors that influence the business objectives and
are within the control of the business owners.

 Strength- is a resource, skill, or other advantage relative to the competitors. It is

distinctive competence that gives an organization a comparative advantage in the
market place.
 Weakness –is a limitation or deficiency in resources, skills and capabilities that
seriously affect performance. For example; lack of facilities, marketing skills,
management capabilities.

Opportunities and threats are external factors to an organisation and are beyond their control.

 Opportunities- are major favourable, situations in the organisation environment.

For example, a higher economic growth rate, new market, technological changes.
  Threats – are major unfavourable situations in the organisation’s environment. For
example, entry of new competitor, major changes in technology, government
regulations.

e)The importance of marketing and human resources for a successful business (10)

Marketing

a) Promotion - From email and content marketing to social media and advertising strategy ,
promotional campaigns builds brand awareness , educate audiences and spark lead
generation.
b) Selling-Marketers nurture leads through product centric and often personalized
communications. Relaying talking points, answering questions and offering
differentiation from competitors and all integral to the selling process.

c) Product management – To ensure products consistently meet customer needs,

marketing teams conduct competitor analysis, speak with prospects and integrate feedback
from support teams.

e) Pricing - Selling a price is complicated, informed not only by market research but by a
brand’s perceived value. Promotions and branding should match desired pricing.

f) Financing – Marketing can generate money in ways besides sales. Executed adeptly. it
can build brand equity and also help in securing loans and funding for the organization.

Human resources
a) Creating Customer Loyalty- Marketing efforts are not only focused on acquiring new
customers but also on retaining existing ones. By building strong relationships with
customers through personalized communication, exceptional customer service, loyalty
programs, and continuous engagement, businesses can foster customer loyalty. Loyal
customers are more likely to make repeat purchases and become brand advocates,
contributing to long-term business success.

b) Gaining Competitive Advantage- In today's highly competitive marketplace, effective

marketing strategies can provide a competitive edge to businesses. By understanding
customer needs and preferences better than competitors, companies can develop unique
selling propositions and differentiate themselves in the market. This differentiation helps
attract customers and gain a competitive advantage over rivals.
c) Expanding Market Reach- Marketing enables businesses to expand their market reach
and tap into new customer segments. Through market research and analysis, companies can
identify untapped markets, develop targeted marketing strategies, and enter new geographical
locations or demographic segments. This expansion opens up new growth opportunities and
increases the potential customer base.

d) Quality of work life - Human resources aim at improving the life of employees by
facilitating work autonomy, freedom, work recognition.

e) Maximizing profit and productivity – HR management focuses on both the quality and
quantity of employees in an organization. In addition to this, it provides ample opportunities
to motivate and enable employees to grow and advance their careers.

f) Helping employees achieve company’s goal – Harnessing human resources to the fullest
extent and building a sense of belonging among them is also an essential purpose of human
resource management.

f) Factors influencing the development of a new Product

Costs
One major factor that affects product design is the cost of production including material costs
and labour costs. These in turn affect the pricing strategy, which needs to be in line with what
the customer is prepared to pay for it.
Ergonomics

The product needs to be user friendly and afford convenience in its function. Using
ergonomic measurements, minor or major changes may need to be made to product design to
meet essential requirements.

Materials

Whether the requisite materials are available easily is an important consideration in product
design. In addition, an eye needs to be kept on the new developments in materials and
technology.
Customer Requirements

One major and obvious influence on the design on the product is the customer and their
requirements. It is vital to capture customer feedback on any prototype as well as during the
planning and conceptual stages . Even a technologically advanced and and exiting feature
may need to be removed if it causes dislike and negative feelings in an end user,

Company Identity

The company’s identity is a point of pride and as a matter of course, a product’s very design
or colour schemes and features may be determined by this identity. The logo may need to be
featured in specific manner or subtle or overt features of the company identity may need to be
built into the design.

Aesthetics
A product may need to appear stylish or of certain shape. This form may end up determining
the technology that it built into the product. This may in turn also affect the manufacturing
process that needs to be followed.

Fashion
The current fashion and trends may also affect a certain product’s design. Customers will
want most updated options and this needs to be considered during product design.

Culture
If a product is for a certain market with its own individual culture, this needs to be kept in
mind during product design. A product acceptable in one culture may end up being offensive
or not desirable in another one.

Functions
How many problems is the product trying to solve? The number of uses and functions a
product has will impact its design.

Environment

Another consideration to product design is its impact on the environment. The average
customer these days may be more discerning and concerned about the environment than
before. Things to consider here may include whether the materials used are recyclable, or
g) Challenges faced by entrepreneurs when developing a new business and how best can
they be solved. (5)

Answer

Deciding what to sell

Probably the biggest challenge of entrepreneurship is figuring out what kind of product or
service to offer. It’s not an easy question because getting it wrong means your business will
fail no matter how well-designed and set up it is.

How to overcome it

There’s only one way to deal with this challenge: diligent research. You must come up with a
detailed business plan that you can defend to any potential investor or partner. Your research
should describe your target market in great detail and offer realistic plans for how you will
become profitable.

Marketing

Marketing introduces you and your brand to customers so it is possible for them to even
consider buying your product and service. But marketing is a challenge for entrepreneurs
because oftentimes they’re strapped for cash, and building a brand through marketing can be
expensive with no immediate benefit early on.

How to overcome it

When you’re starting out lean, you must figure out where your marketing money will get the
most bang for the buck. Start small with free social media platforms and try out a few
different approaches. Consider broad, more capital-intensive approaches based on some of
the results you see. Always start with a small marketing effort and collect extensive data
and business metrics on various approaches before jumping in with both feet.

Hiring a productive team

Entrepreneurs who want to expand must find help. At a certain point, you can’t do it all on
your own. But finding the right people is a big challenge, especially early on before you have
your own human resources department and processes.

How to overcome it
Develop a specific description of the role you’re hiring for and a detailed breakdown of what
skills and personality attributes you need for the position. Then start vetting applicants,
checking each box to see how many of these attributes they meet so you can compare them
later. Considering using outside headhunters to take over the process.

Guarding cash flow

Cash is always running for entrepreneurs, so you must guard it carefully. It’s a challenge to
ensure revenue is consistent and can always cover costs and payroll. The last thing you want
to do is start paying employees late because you didn’t plan cash flow properly, which can
have ripple effects on the morale of your staff and their trust in your company and leadership.

How to overcome it: Budget and plan

Entrepreneurs need an effective billing system in place and good record-keeping, which is
where accounting software can save the day. This software can account for all costs and help
entrepreneurs promptly invoice for service and products. Consider working with an
accounting professional if you need extra help in this area it’s that important.

Finding capital

Before they even get to worry about cash flow issues, an entrepreneur needs capital to get off
the ground. This is one of the most significant problems faced by entrepreneurs, particularly
those striking out on their own who aren’t well-connected to angel investors with deep
pockets.

Without enough financial resources to start your business, it will be doomed to fail. You will
need capital for space, equipment, or to develop and produce your product.

How to overcome it

Just like you must be a good salesman to get customers to buy your product, you must
also market yourself and your company to potential investors. Consult with banks and
investors in your area, or look to public platforms like Kickstarter. Consider approaching
family, friends, and associates seeking investment or for connections to someone who might
be willing to invest.

REFERENCES
Aghazadeh, H. (2016). Principles of marketology, volume 1: Theory. New York:
Palgrave Macmillan.

Aghazadeh, H., & Esfidani, M. R. (2007). Internet marketing strategies. Iranian

Economic Review, 12(18), 179–191. Retrieved at February 25, 2016, from https://
ier.ut.ac.ir/article_31009_80fc8b9e09816d3c449c038fe

Francis F (2018). An Assessment of Human Resource Utilization on Organizational

Growth and Development

V.Ryan,2009.FACTORS THAT INFLUENCEPRODUCT DEVELOPMENT.[Online]

Available at:https://technologystudent.com/joints/prddes1.htm.