Product development.environment&marke tpptx

Product Development
-a process of making a new product to be
sold by a business or enterprise to its
customers
-may involve modification of an existing
product or its presentation, or formulation
of an entirely new product that satisfies a
newly-defined customer’s needs, wants
and/or a market place
-the entire process of identifying a market
opportunity, creating a product to appeal to
the identified market, and testing, modifying,
and refining the product until it becomes
ready for production.

 Needs and wants of people are the basic indicators of the kind of
business that you may engage in because it can serve as the
measure of your success. Some other points that might be
considered in business undertakings are the kind of people, their
needs, wants, lifestyle, culture and tradition, and their social
orientation.
 Needs and wants of the people within an area should also be taken
into big consideration.
These include:
1. basic commodities for consumption,
2. clothing and other personal belongings,
3. shelter, sanitation and health, and
4. education.

 are
essential to an individual
to live with dignity and
pride in a community.
These needs can
obviously help you
generate business ideas
and subsequently to
product development.

are desires, luxury and
extravagance that signify wealth and
expensive way of living. Wants or desires
are considered above all the basic
necessities of life.
Some examples are: fashion
accessories, expensive shoes and clothes,
travels, eating in an expensive restaurant,
watching movies, concerts, having luxurious
cars, wearing expensive jewelry and
perfume, living in impressive homes, among
others.

Self-Check:
IDENTIFICATION:
1.These are desires, luxury and extravagance that signify wealth and expensive way of living.
2. These are the basic indicators of the kind of business that you may engage in because it can
serve as the measure of your success.
3. It is the entire process of identifying a market opportunity, creating a product to appeal to the
identified market, and testing, modifying, and refining the product until it becomes ready for
production.
4. It is a process of making a new product to be sold by a business or enterprise to its customers
5. These are essential to an individual to live with dignity and pride in a community.
WANTS or NEEDS.
1. shelter
2. Health
3. living in impressive homes
4. expensive shoes
5. expensive clothes

Concept development is a
critical phase in the development of a
product. In this stage, the needs of the
target market are identified, and
competitive products are reviewed
before the product specifications are
defined.

: Using survey forms,
interviews, researches, focus group discussions, and observations, an
entrepreneur can easily identify customers’ needs and wants. In this stage,
the information that can be possibly gathered are product specifications
(performance, taste, size, color, shape, life span of the product, etc.). This
stage is very important because it would determine the product to be
produced or provided.

Based on
customers' needs and reviews of competitive products, you can
now establish target specifications of the prospective new product
and/or services. A target specification is essentially a wish-list.

It is imperative
to analyze existing competitive products to provide
important information in establishing product or service
specifications. Other products may exhibit successful design
attributes that should be emulated or improved upon in the
new product or service.

After having gone through
with the previous processes, you may now develop a number of concepts
to illustrate the types of products or services that are technically feasible
and will best meet the requirements of the target specifications.

Through the process of
evaluation between attributes, a final concept is selected.
After the final selection, additional market research can be
applied to obtain feedback from certain key customers.

In this stage, product or
services specifications are refined on the basis of input from the
foregoing activities. Final specifications are the result of extensive
study, expected service life, projected selling price among others
are being considered in this stage.

: Throughout the process of
product development, it is very important to always review and
estimate the economic implications regarding development
expenses, manufacturing costs, and selling price of the product or
services to be offered or provided.

In this
final stage of concept development, you can prepare a detailed
development plan which includes list of activities, necessary
resources and expenses, and development schedule with milestones
for tracking progress.

1. How does an entrepreneur identify their customers?
2. What were their considerations in selecting their customers?
3. Explain how you their product or service became unique to other
products.
4. Did an entrepreneur consult somebody before they engaged in
business? Cite / give sample insights that they gained from the
consultation.
5. What were their preparations before they started the actual business?
6. What creative and innovative techniques did an entrepreneur adapt in
the development of their product or service? What was the effect of the
innovative techniques to the sales and profits of their business?
7. What strategy did an entrepreneur consider to create a unique selling
proposition to their product or service?

– People buy for a reason. There should be something in your product or service that
would give consumers a good reason to go back and buy more. There must be
something that will make you the best option for target customers; otherwise, they
have no reason to buy what you are selling. This implies further, that you offer
something to your customers that will make them value your product or service.
– The value you incorporate in your product is called value proposition.
– Value proposition is a believable collection of the most persuasive reasons why
people should notice you and take the action you’re asking for. It is what gets people
moving, what makes people spend for your product or service.

 is the introduction of something new in your product or service.
 This may be a new idea, a new method, or a new device.
 If you want to increase your sales and profit, you must innovate. Some of
the possible innovations for your products are change of packaging,
improvement of taste, color, size, shape, and perhaps price. Some of the
possible innovations in providing services are application of new and
improved methods, additional featured services, and possibly freebies.

 Unique Selling Proposition is the factor or consideration presented by a
seller as the reason that one product or service is different from and better
than that of the competition.
 Before you can begin to sell your product or service to your target
customers, you have to sell yourself in it. This is especially important when
your product or service is similar to your competitors.

Use empathy
 Identify customer’s desires
 Discover customer’s genuine reasons for buying
the product

Generating Ideas for Business
The process of developing and generating a business idea is not a simple process. Some people come
up with a bunch of business ideas that are not really feasible. There are two problems that arise; first is the
excessive generation of ideas that can forever remain as a dreaming stage and the second is when they don’t
have ideas and don’t want to become entrepreneurs.
1. Examine existing goods and services.
2. Examine the present and future needs.
3. Examine how the needs are being satisfied.
4. Examine the available resources.
5. Read magazines, news articles, and other publications on new products and
techniques or advances in technology.

Branding
 is a marketing practice of creating a name, a symbol or design that identifies and differentiates
product or services from the rest. It is also a promise to your customers. It tells them what they
can expect from your product or service and it differentiates your offerings from other
competitors. Your brand is derived from who you are, who you want to be and what people
perceive you to be.
 one of the most important aspects in any business. An effective brand strategy gives you a major
edge in increasingly competitive markets.

A good product can:
 deliver message clearly,
 confirm credibility,
 connect to target
prospect,
 motivate buyers, and
 concretize user loyalty.

Here are simple tips to publicize your brand:
 Develop a tagline. Write a statement that is meaningful, impressive,
and easy to remember to capture the essence of your brand.
 Design a logo. Create a logo symbolic of your business and
consistent with your tagline and displace it strategically.
 Write a brand message. Select a key message to communicate
about your brand.
 Sustain a brand quality. Deliver a promise of quality through your
brand.
 Practice consistency. Be reliable and consistent to what your brand
means in your business

You should analyze and scan the potential environment, study the marketing practices and
strategies of your competitors, analyze strengths, weaknesses, opportunities, and threats in your
environment to ensure that the products or services you are planning to offer will be patronized and within
easy reach of target consumers.
How to conduct SWOT Analysis:
 Be realistic about the strengths and weaknesses of your business when conducting SWOT Analysis.
 SWOT Analysis should distinguish between where your business is today, and where it can be in the
future.
 SWOT Analysis should always be specific. Avoid any gray areas.
 Always apply SWOT Analysis in relation to your competition, i.e. better than or worse than your
competition.
 Keep your SWOT Analysis short and simple. Avoid complexity and over analysis.
 SWOT Analysis is subjective.

Product development.environment&amp;marke tpptx

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