Overview of the Assignment:Before you begin undertaking any business project, the first step is to describe the specificproduct or service you are looking to take advantage of$.$ In this assignment, you will beresearching and as a group come up with the product that you would like to explore as part ofyour business. You do not need to have all the answers here on how it will work. Specifically,you will be describing why this idea will work based on what your organization is$.$RequirementsChoose a product $/$ service for your project or explore a new opportunity for alaunch. Keep it simple. For this part of project focus on product name, product category,sources for finding relevant information, objective and why you want to study thisparticular product. Provide brief information about your chosen product $/$ company andhow will this benefit the target population$$ Identify product or service that your organization is looking forward to expand $/$ launch,talk about the product category and the objective of the company addressing currentbusiness challenge $2$ pts$$ As part of business plan talk about the method $$ How will you $?,$ A story that conveysa meaning of the new venture $3$pts$$ What market characteristics may be challenging to accomplish your projectobjectives? Explain why. $3$pts$$ Overall Format including Title Page, introduction and closing.