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    Lesson #3: Introduction To Environment and Market Lesson#4: Product and Concept Development

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    Catherine Bercasio Dela Cruz
    The document discusses key concepts in product development and identifying business opportunities: 1) It identifies the importance of understanding economic, cultural, and social conditions in an area to identify business opportunities that meet local needs and skills. 2) Five things need to be identified when seizing a business opportunity: the needs of the community, available skills, available resources, raw materials, and appropriate materials. 3) Product development depends on understanding customer needs and wants. Specifications and feedback are gathered from customers during the development process.

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    Lesson #3: Introduction To Environment and Market Lesson#4: Product and Concept Development

    Uploaded by

    Catherine Bercasio Dela Cruz
    23 views22 pages
    The document discusses key concepts in product development and identifying business opportunities: 1) It identifies the importance of understanding economic, cultural, and social conditions in an area to identify business opportunities that meet local needs and skills. 2) Five things need to be identified when seizing a business opportunity: the needs of the community, available skills, available resources, raw materials, and appropriate materials. 3) Product development depends on understanding customer needs and wants. Specifications and feedback are gathered from customers during the development process.

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    LESSON3AND4EM

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    The document discusses key concepts in product development and identifying business opportunities: 1) It identifies the importance of understanding economic, cultural, and social conditions in an area to identify business opportunities that meet local needs and skills. 2) Five things need to be identified when seizing a business opportunity: the needs of the community, available skills, available resources, raw materials, and appropriate materials. 3) Product development depends on understanding customer needs and wants. Specifications and feedback are gathered from customers during the development process.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    23 views22 pages

    Lesson #3: Introduction To Environment and Market Lesson#4: Product and Concept Development

    Uploaded by

    Catherine Bercasio Dela Cruz
    The document discusses key concepts in product development and identifying business opportunities: 1) It identifies the importance of understanding economic, cultural, and social conditions in an area to identify business opportunities that meet local needs and skills. 2) Five things need to be identified when seizing a business opportunity: the needs of the community, available skills, available resources, raw materials, and appropriate materials. 3) Product development depends on understanding customer needs and wants. Specifications and feedback are gathered from customers during the development process.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 22

    LESSON #3:

    INTRODUCTION TO
    ENVIRONMENT AND
    MARKET

    LESSON#4: PRODUCT AND


    CONCEPT DEVELOPMENT
    These can be
    considered as the
    Needs and wants of
    the people in a
    certain area that
    Business opportunities
    For those people who
    aspire to start a business
    what are the things that
    they need to explore
    Economic
    prevailingConditions
    in an area?
    Cultural Conditions
    Social Conditions
    What are the 5 things that
    needs to be identified in
    seizing a business
    opportunity that can help a
    the needs of the
    new entrepreneur?
    its
    community skill
    available
    resources raws
    appropriate
    materials
    SWOT
    STRENGTHS
    WEAKNESSES
    OPPORTUNITIES
    THREATS
    Product Development
    Vital questions
    about product
    For whom are the product services
    development:
    aimed at?
    What benefits will the customers expect from it?

    How will the product differ from the existing brand? From
    its competitor?
    Needs in business are important
    things that every individual cannot
    live without in a society. These
    include:
    basic commodities for consumption

    clothing and other personal belongings;

    shelter, sanitation and health;


    education.
    WANTS OR NEEDS
    essential to an
    individual to live with
    dignity and pride in a
    community.
    NEEDS
    WANTS OR NEEDS
    desires, luxury and
    extravagance that
    signify wealth and
    expensive way of living.
    WANTS
    WANTS OR NEEDS
    Anything that is
    necessary for survival.

    NEEDS
    WANTS OR NEEDS
    Anything that makes
    your life more
    comfortable.

    WANTS
    WANTS OR NEEDS

    Things you can


    not live without.

    NEEDS
    What is now the
    relationship of product
    development to the
    needs and wants
    product developmentof an
    individual?
    entirely depends on the
    needs and wants of the
    These are
    considered as the
    essential wish-
    Establish
    list . Target
    Specifications
    Specifications
    can be applied to
    obtain feedback
    from certain key
    customers.
    Select a Product
    This stage is very
    important because
    this would determine
    the product to be
    produced or provided.
    Identify Customer
    illustrate what
    types of product
    or services are
    both technically
    Generate Product
    feasible
    expected service life,
    projected selling price
    and among others are
    being considered in
    this stage.
    Refine Product
    final stage of concept
    development, which includes
    list of activities, the necessary
    resources and expenses, and
    development schedule with
    milestones for tracking
    Plan the
    progress.. Remaining
    Development Project
    it is very important to always
    review and estimate the
    economic implications
    regarding development
    expenses, manufacturing
    costs, and selling price of the
    product or
    Perform services to be
    Economic
    offered or provided.

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