Section 4:

Business Phasing This is a discussion of the logical progression for growing a business, which starts from the initial idea and grows into a viable business venture. The phasing approach should explain how the development phases minimize risk, aid learning and analysis at the earliest possible stages, and create a proper progression of the business venture. The goal of developing phases is to show how much risk is required for each phase compared to the expected outcome or return on the investment; phasing allows for learning during each step and creates a decision point prior to moving on to the next phase on whether to proceed, modify the business, or exit (with potentially a smaller overall loss). Potential planning and development stages or phases: Idea stage Concept stage Test marketing stage Product or service development stage Commercialization Include anticipated resource requirements for each stage of development.

Inquiry and Analysis:

Explore multiple issues through extensive collection and in-depth analysis of evidence to make informed conclusions. Integration and

Application:

All of the course concepts are correctly applied. Critical Thinking: Demonstrate comprehensive exploration of issues and ideas before accepting or forming an opinion or conclusion. Research: Incorporate many scholarly resources effectively that reflect depth and breadth of research. P.S. this is the part of a business opportunity essay that I am writing on Nutty Scientists Franchise.

This approach is designed to minimize risk, facilitate learning and analysis at the earliest stages, and create a proper progression of the business venture. Goals of Developing Phases The primary goal of developing phases is to assess the risk associated with each phase in relation to the expected outcome or return on investment. Phasing allows for learning during each step and creates a decision point prior to moving on to the next phase.

his decision point allows the business to decide whether to proceed, modify the business, or exit, potentially minimizing overall loss. Potential Planning and Development Stages/Phases Idea Stage: This is the initial stage where the business idea is conceived.

Concept Stage:

In this stage, the idea is developed into a more concrete concept.

Test Marketing Stage: The concept is tested in the market to gauge its potential success. Product/Service Development Stage: Based on the feedback from the test marketing stage, the product or service is developed. Commercialization: The final stage where the product or service is launched in the market. Please continue from this point and write 3 more pages.

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