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Environment and Market

This document discusses the importance of understanding the environment and market for developing successful products and businesses. It provides objectives and questions to help identify customer values and needs, and develop unique products. The key stages of product development include identifying customer needs, establishing specifications, analyzing competitors, concept development, selecting concepts, refining specifications, economic analysis, test marketing, and launch. Entrepreneurs should understand needs versus wants, apply creativity, and employ a unique selling proposition to create valuable products for customers.

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Anthony
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1K views

Environment and Market

This document discusses the importance of understanding the environment and market for developing successful products and businesses. It provides objectives and questions to help identify customer values and needs, and develop unique products. The key stages of product development include identifying customer needs, establishing specifications, analyzing competitors, concept development, selecting concepts, refining specifications, economic analysis, test marketing, and launch. Entrepreneurs should understand needs versus wants, apply creativity, and employ a unique selling proposition to create valuable products for customers.

Uploaded by

Anthony
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Environment

and Market
Objectives:
1. identify what is of “value” to the
customer
2. explain what makes a product
unique and competitive
3. apply creativity and innovative
techniques to develop
marketable products
4. employ a unique selling
proposition (USP) to a product
and/or service
“To be successful in any kind of business
venture, potential entrepreneurs should look
closely at the environment and market.”
1. How does one determine the
product or services to be produced
and/or to be provided to the target
customers?
2. How does one select an
entrepreneurial activity?
3. When can one say that a certain
product has “value?”
4. Does applying creativity to your
product or services important?
Why?
5. How can one effectively respond to
the needs of the target customer?
6. From the viewpoint of the business
owner, discuss the importance of
scanning the environment and
market in generating business
ideas.
 a process of making a new
product to be sold by a
business or enterprise to its
customers
 Involves testing, modifying, and
refining the product until it becomes
ready for production
Product development 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.
Consider the following:
 For whom are the product/services
aimed at?
 What benefit will the customers
expect from product/service?
 How will the product/service differ
from the existing brand? From its
competitor?
Consider also:
Needs
 are important things that an
individual cannot live without in a
society
 basic commodities, clothing,
shelter, sanitation & health, and
education
 are desires, luxury and
extravagance that signify wealth
and expensive way of living
 accessories, expensive shoes,
eating in an expensive restaurant,
luxurious cars, and jewelries
Concept of Developing
a Product
Concept development
 is a critical phase in the development
of a product
 the needs of the target market are
identified, and competitive products
are reviewed before the product
specifications are defined
Stages of Product development

• Identify customer needs


• Establish target
specifications
• Analyze competitive
products
• Concept development
• Select a product concept
• Refine product specifications
• Perform economic analysis
• Test marketing
• Product Launch
Finding value
Value proposition
 value incorporated in a product
 a believable collection of the most
persuasive reasons why people should
notice you and take the action you’re
asking for
innovation
 introduction of something new in your
product or service
 may be a new idea, a new method,
or a new device
 may be a new idea, a new method,
or a new device
Unique selling proposition
(usP)
 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
How to discover and use USP to
increase sales and profit?
• Use empathy
• Identify customer’s desires
• Discover customer’s genuine
reasons for buying the product
1. Which is a process of making new
products and services which will be sold
to the customers to satisfy their needs
and wants?
a. Concept Development
b. Product Analysis
c. Product Development
d. Product Launch
2. Which is NOT an example of a
‘want’?
a. Chevrolet
b. Food
c. Jewelries
d. Nike Shoes
3. It is a good or service or idea consisting
of tangible and intangible attributes that
satisfies consumers and is received in
exchange for money or some other unit
of value.
a. Need
b. Want
c. Raw Material
d. Product
4. How can an entrepreneur seize
business opportunity in a particular
business environment?
a. identify first the needs and wants
of the customers
b. create a product that satisfy
needs of the people
c. Perform economic analysis
d. conduct survey in a given population
5. It may refer to the economic, cultural,
and social conditions in an area that
may open business opportunities.
a. Market
b. Needs and wants
c. Area of production
d. Business Environment
Directions: Write T if the statement is
True and F if the statement is False.
6. Humans can live without their wants
and desires.
7. Product development also involves
testing, modifying and refining the
product.
8. New products are created as a result
of economic analysis conducted by
the entrepreneur.
9. One of the consideration before
developing a product is test
marketing.
10. USP is what make the product
unique or better than the other.

11-19. Stages of Product Development


THANK YOU!!

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