ICT: Contact Center Services There are basic, yet vital questions that you can ask yourself

vital questions that you can ask yourself about

Part II - ENVIRONMENT AND MARKET (EM) product development.
When you find acceptable answers to them, you may now say that
Let us first understand Needs and Wants. you are ready to develop a product and/or render services
▪ Needs are the basic requirements of human being, like food, These questions include the following:
cloth, shelter etc. humans cannot survive lace of those ▪ For whom are the product/services aimed at?
requirements, education and health are the extend part of ▪ What benefit will the customers expect from product/
needs in this modern world. service?
▪ Something that can improve your quality of life. Wants or ▪ How will the product/service differ from the existing brand?
desires are considered above all the basic necessities of life. From its competitor?

To be successful in any kind of business venture, potential In addition, needs and wants of the people within an area should The process of product development follows the following
entrepreneurs should look closely at the environment and also be taken into big consideration. Everyone has his/her own stages:
market. They should always be watchful of existing opportunities needs and wants
and constraints, and to take calculated risks. However, each person has different concepts of needs and wants. ▪ Identify customer needs: Using survey forms, interviews,
One of the best ways to evaluate opportunities and Needs in business are the important things that an individual researches, focus group discussions, and observations, an
constraints is to conduct a Strengths, Weaknesses, Opportunities cannot live without in a society. entrepreneur can easily identify customers’ needs and wants.
and Threats (SWOT) Analysis. These include:
▪ Establish target specifications: Based on customers' needs
▪ basic commodities for consumption,
SWOT Analysis is a managerial tool used to assess the and reviews of competitive products, you can now establish
▪ clothing and other personal belongings,
environment. It is used to gather important information which is target specifications of the prospective new product and/or
▪ shelter, sanitation and health, and
then used in strategic planning. services.
▪ education.
(Strengths and weaknesses are internal in an organization.
Opportunities and threats exist in the external environment.) ▪ Analyze competitive products: It is imperative to analyze
To summarize,
existing competitive products to provide important
▪ Product development entirely depends on the needs and
Product Development ……………………………………………………………… information in establishing product or service specifications.
wants of the customers.
Product development is the process of strategizing, ▪ Another important issue to deal with is the key concepts of
brainstorming, planning, building, and releasing a product to ▪ Generate product concepts: After having gone through with
developing a product.
market and then measuring its success. It encompasses taking a the previous processes, you may now develop a number of
▪ The succeeding topic shall enlighten you about the procedure
product idea from concept to delivery and beyond — so you can product concepts to illustrate the types of products or
in coming up with a product.
grow your business and make customers happy. services that are technically feasible and will best meet the
requirements of the target specifications.
Concepts of Developing a Product …………………………………………….
Concept development is a critical phase in the development of a
▪ Select a product concept: Through the process of evaluation
product.
between attributes, a final concept is selected.
In this stage, the needs of the target market are identified, and
▪ Refine product specifications: In this stage, product or
competitive products are reviewed before the product
services specifications are refined on the basis of input from
specifications are defined.
the foregoing activities.
The product concept is selected along with an economic analysis
▪ Perform economic analysis: Throughout the process of
to come up with an outline of how a product is being developed.
product development, it is very important to always review
and estimate the economic implications regarding
 development expenses, manufacturing costs, and selling There are two problems that arise; first is the excessive Activity: Create your own brand
price of the product or services to be offered or provided. generation of ideas that can forever remain as a dreaming stage - Develop a tagline
and the second is when they don’t have ideas and don’t want to - Design a logo
▪ Plan the remaining development project: In this final stage become entrepreneurs. - Write a brand message
of concept development, you can prepare a detailed Branding
development plan which includes list of activities, necessary Branding is a marketing practice of creating a name, a
resources and expenses, and development schedule with symbol or design that identifies and differentiates product or Example:
milestones for tracking progress. 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 TAGLINE:
Finding Value it differentiates your offerings from other competitors. Branding Langhap-Sarap Bida ang sarap/saya! No. 1 Sa Saya
People buy for a reason. is one of the most important aspects in any business. An effective
brand strategy gives you a major edge in increasingly competitive LOGO:
There should be something in your product or service markets.
that would give consumers a good reason to go back and buy
more. There must be something that will make you the best A good product can:
option for target customers; otherwise, they have no reason to - deliver message clearly,
buy what you are selling. This implies further, that you offer - confirm credibility,
something to your customers that will make them value your - connect to target prospect,
product or service. - motivate buyers, and
- concretize user loyalty.
Innovation
Here are simple tips to publicize your brand:
Innovation is the introduction of something new in your BRAND MESSAGE:
product or service. This may be a new idea, a new method, or a ❑ Develop a tagline. Write a statement that is meaningful, 'Joy of Family' / always been about the joy of family.
new device. If you want to increase your sales and profit, you impressive, and easy to remember to capture the
must innovate. Some of the possible innovations for your essence of your brand.
products are change of packaging, improvement of taste, color, TAGLINE:
size, shape, and perhaps price. ❑ Design a logo. Create a logo symbolic of your business “Delight in every bite”
and consistent with your tagline and displace it
Unique Selling Proposition (USP) strategically. LOGO:

Is the factor or consideration presented by a seller as the ❑ Write a brand message. Select a key message to
reason that one product or service is different from and better communicate about your brand.
than that of the competition. Before you can begin to sell your
product or service to your target customers, you have to sell ❑ Sustain a brand quality. Deliver a promise of quality
yourself in it. This is especially important when your product or through your brand.
service is similar to your competitors.
❑ Practice consistency. Be reliable and consistent to what
Generating Ideas for Business your brand means in your business BRAND MESSAGE:
"Satisfy your sweet cravings with Graham balls!"
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.