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Refinement

Refinement
Paper details:

Using the idea that you have chosen, write a short paper covering the following:
· Activities and items upon which success will be evaluated and how these will be evaluated
· Timing intervals for information gathering and analyzing feedback
· What feedback loops exist or will be created
· How will these loops and the ensuing feedback affect the overall organization?
· What, if any, other factors should be considered as you move forward with your new product or service?

Use info below and the attached to reference chosen project
The Native American Culture Center (NACC) new business idea of coming up with t-shirts as a new product is an idea incorporating innovation and creativity. Its success can be evaluated by looking at the likes and following of its product on the internet where the product will be advertised and showcased. Success can also be gauged by comments and appraisal of the product through media platforms for example television and other online platforms intended to be used to showcase and sell the product to consumers. Sales recorded in the first month of its launch and promotion can also dictate the success of this new product (Murphy, Lyytinen, & Somers, 2016).

Newly introduced products in the market experience some loopholes and challenges at the start before being stable in the market. The planning process, the business may overlook some factors in the NACC incorporated in this new product which would have attracted more preference among intended consumers. The business could also have been overconfident as a result of its already established success in online business. The social media platforms in one reason or another may fail to give complete details on sales; making it difficult for the business to get a clear picture of the performance of the product (Baumeister, Vohs, & Oettingen, 2016).

The market for this product has already established a fact that can give this business a hard time to control strategically its product as a result of competition from other businesses that can tap into its intended market share. Some consumers can prefer buying from other competitors as a result of marketing misconceptions thus making it difficult for NACC to measure its performance in the market. Lastly, doing market audit can be difficult as a result of pirating products or selling below the counter by some employees. For the complete success and performance of the new product, all the loopholes discussed above should be checked.

References
Murphy, K., Lyytinen, K., & Somers, T. (2016, January). Does Steering Committee Information Processing Capacity Influence Project Success in Enterprise-Wide System Implementations. In 2016 49th Hawaii International Conference on System Sciences (HICSS) (pp. 4942-4951). IEEE.

Baumeister, R. F., Vohs, K. D., & Oettingen, G. (2016). Pragmatic prospection: How and why people think about the future. Review of General Psychology, 20(1), 3.

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