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3 Environment and Market

This document discusses the key stages of product development: 1. Identifying customer needs through research to define product specifications. 2. Establishing target specifications based on customer needs and competitors. 3. Analyzing competitive products to inform specifications. 4. Generating product concepts that meet specifications. 5. Selecting a product concept through evaluation. 6. Refining product specifications based on research and input. 7. Performing an economic analysis of development costs and selling price. 8. Planning the remaining development project with activities and milestones.

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Angelo Quinto
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29 views23 pages

3 Environment and Market

This document discusses the key stages of product development: 1. Identifying customer needs through research to define product specifications. 2. Establishing target specifications based on customer needs and competitors. 3. Analyzing competitive products to inform specifications. 4. Generating product concepts that meet specifications. 5. Selecting a product concept through evaluation. 6. Refining product specifications based on research and input. 7. Performing an economic analysis of development costs and selling price. 8. Planning the remaining development project with activities and milestones.

Uploaded by

Angelo Quinto
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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CONTACT CENTER SERVICES

THE WORLD OF CONTACT


CENTER SERVICES
PERSONAL ENTREPRENEURIAL
COMPETENCIES
ENVIRONMENT AND MARKET
Let us first understand Needs
and
Wants.
Something necessary to live and
function.
A consumer’s desire benefit, whether that be functional or emotional.
Needs are the basic requirements of human being, like food, cloth,
shelter etc. humans cannot survive lace of those requirements, education
and health are the extend part of needs in this modern world.
Something that can improve your quality of life. Wants or desires
are considered above all the basic necessities of life.
Some examples of wants or desires 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.
Aspiring entrepreneur need to explore the economic, cultural, and
social conditions prevailing in an area.

Needs and wants of the people in a certain area that are not met may be
considered business opportunities.

Identifying the needs of the community, its resources, available raw


materials, skills, and appropriate technology can help a new entrepreneur seize
business opportunities.

To be successful in any kind of business venture, potential


entrepreneurs should look closely at the environment and market.

They should always be watchful of existing opportunities and constraints,


and to take calculated risks.
The opportunities in the business environment are factors that
provide possibilities for a business to expand and make more profit.

One of the best ways to evaluate opportunities and constraints is to conduct a


Strengths, Weaknesses, Opportunities and Threats (SWOT)
Analysis.

SWOT Analysis is a managerial tool used to assess the environment.


• It is used to gather important information which is then used
in strategic planning.
• Strengths and weaknesses are internal in an organization.

They relate to resources owned by an organization that you have control over and
also the extent of its marketing.
Opportunities and threats exist in
the external environment.

Opportunities relate to the market, new technologies, and


the external factors such as government policies, climate, and
trends.

Threats replace what the competitors are doing. It also includes


legal and other constraints.
Product
When we talk of product development, we are referring to a process
of making a new product to be sold by a business or
enterprise to its customers.

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.

The term development refers collectively to 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.
There are basic, yet vital questions that you can ask yourself
about product development.

When you find acceptable answers to them, you may now say that you are
ready to develop a product and/or render services

These questions include the following:


1. For whom are the product/services aimed at?
2. What benefit will the customers expect from product/service?
3. How will the product/service differ from the existing brand? From its
competitor?
In addition, needs and wants of the people within an area should also be
taken into big consideration. Everyone has his/her own needs and wants

However, each person has different concepts of needs and wants. Needs
in business are the important things that an individual cannot live
without in a society.

These include:
1. basic commodities for consumption,
2. clothing and other personal
belongings,
3. shelter, sanitation and health, and
4. education.
To summarize,
• product development entirely depends on the needs and wants of
the customers.
• Another important issue to deal with is the key concepts of developing
a product.
• The succeeding topic shall enlighten you about the procedure in coming
up with a product.
Concepts of
Deve
l
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.

The product concept is selected along with an economic analysis


to come up with an outline of how a product is being developed.
Identify Establish Generat Select a
Refine
Custome Target e
Specification
r Needs Specification Product Product
s
s Concept Concep
s t

Pla
n
Remaining
Analyze Perform
Developme
Competitiv Economi
nt Project
e Products c
Analysis
Concept
Developmen
The process of product
development follows the following
stages:

• Identify customer needs:


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.
• Establish target specifications:
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.

• Analyze competitive products:


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

• Select a product concept:


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.
• Refine product specifications:
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.

• Perform economic analysis:


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.
• Plan the remaining development project:
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.
THANK
YOU
Prepared
by:
Sir Angelo

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