New Business Venture Essay Example | Topics and Well Written Essays - 4250 words

New Business Venture - Essay Example New Business Venture New product development therefore is one of the areas where the entrepreneurs actually have to look into the possibility of the looking into the analysis and identification of the social trends. Social trends provide a critical insight into the way the consumers in the given market. Some of the social trends which need to be explored in order to assess the probability of success for the introduction of the new products include different factors. In this given situation since the business is related with the food therefore they can different and variable factors affecting the choices of the Adam in terms of offering new products on the new menu. Since Adam is offering a menu which already offers products which are diverse, there can be different social trends which need to be explored in further details in order to successfully introduce new items on the menu, Some of the important social trends which can be added to the list in order to add items on the menu may be include: Demograph ics Understanding the demographic trends is one of the key elements in the launching of new products and services. Demographics include factors such as age, the distribution of different genders in the society, the overall population etc. For example, if the population is relatively young, it may be possible that they will be preferring more fast food rather than eating the traditional foods and if the overall ratio of population is aged, it may be quite possible that they will prefer to eat foods which are healthy and correspond to their life style. The overall growth rates in the population are also an important element to be explored in order to ensure that there will be sufficient demand for the product in the future. (Mellor, 2008). Culture Culture is an important element to be explored because it significantly influence the way people behave, act and relate themselves to certain trends in the society. Culture also outlines the overall orientation of the society towards eating out and overall attitude towards food. If it’s a culture in the society that most families tend to eat in-house, it may not be possible for the businesses to actually successfully launch new products.( Wang, 2009). It is also important to understand that the culture can play critical role in outlining the overall features of the product also. Since the existing menu suggest that Adam has taken care of the different cultural needs of the customers by offering Indian, Thai as well as other food, it is therefore important that Adam must take into consideration the overall influence of culture on the introduction of new product on the menu. Life Style Understanding life style is also another important factor which needs to be explored in order to understand as to what life style the consumers subscribe to. The lifestyle can include different factors such as family’s income and how they spend it, whether the family prefers to spend outside and in eating out as well as who m akes the spending decisions in the family. It is also important to note that the lifestyle also allow the entrepreneurs to further get an insight into how the overall changes in the lifestyle will actually affect the decision making process of the family as a whole. Health Consciousness Health consciousness can be another important social trend which Adam may need to consider in order