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Prepared by: Group 1
ENVIRONMENT
&
MARKET
To successfully start a business, aspiring entrepreneurs must
analyze the economic, cultural, and social conditions of their
target area. Identifying unmet needs and wants within the
community can reveal potential business opportunities.
Understanding local resources, available raw materials, skills,
and technology is crucial.
Entrepreneurs should closely monitor their environment and
market for both opportunities, which can lead to expansion
and profits, and constraints that may hinder growth.
Conducting a SWOT (Strengths, Weaknesses, Opportunities,
and Threats) analysis is an effective method for evaluating
these factors.
Environment & Market
04
05
03
01
OBJECTIVES
Identify what is of
“value” to the customer;
Apply creativity and
innovative techniques to
develop marketable
product. and
Identify the customer to
sell to;
Employ a unique selling
proposition (USP) to the
product and/service
02
Explain what makes a
product unique and
competitive;
At the end of this, you are expected to;
LEARNING GOALS and TARGET
These goals will trigger you to further achieve the
ultimate objective of this module. In the end, these
goals will motivate you to learn more about
Environment and Market.
GOALS AND
TARGETS
LEARNING
ACTIVITIES
ULTIMATE
GOAL
PRODUCT DEVELOPMENT
Product development may involve modification of an existing product of 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 in this module refers collectively to the entire process of
identifying a market opportunity, creating a product to appeal to the identified
market, and finally, 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 these, you may now say thust
you are ready to develop a product and/or render services:
1. For whom are the product or services aimed at?
2. What benefits will the customers expect from it?
3. How will the product differ from the existing brand? From its
competitor?
PRODUCT DEVELOPMENT
Likewise, 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,
everyone has different concepts of needs and wants. Needs in business are
important things that every 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.
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 will enlighten you about the procedure in coming up with a
product.
CONCEPTS OF DEVELOPING A PRODUCT
IDENTIFY
CUSTOMER
NEEDS
ESTABLISH
TARGET
SPECIFICA
TIONS
GENERATE
PRODUCT
CONCEPTS
SELECT A
PRODUCT
CONCEPT
REFINE
SPECIFI
CATIONS
ANALYZE
COMPETITIVE
PRODUCTS
PERFORM
ECONOMIC
ANALYSISI
PLAN
REMAINING
DEVELOPMENT
PROJECT
FINDING VALUE
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 for more. There must be something that has to make you the
best option for your target customers; otherwise they have no
reason to buy what you're selling. This implies further, that you offer
something to your customers that they will make them value or
treasure your product or service.
The value that you incorporate to your product is called value
proposition. Value proposition is "a believable collection of the most
persuasive reasons people should notice you and take the action
you're asking for. Value is created by fulfilling deep desires and
solving deep problems. This is what gets people moving, what
people gets spending for your product or service.
INNOVATION
Innovation is the introduction of something new in
your product or service. This may be a new idea, a new
method or a device. If you want to increase your sales
and profit, you must innovate. Some of the possible
innovations in your products are change of packaging,
improve taste, color, size, shape and perhaps price.
Some of the possible innovations in providing services
are application of new improved methods, additional
featured services and possibly freebees.
UNIQUE SELLING PROPOSITION
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 competitions. Before you can begin to sell your
product or service to your target customers, you have to sell yourself on
it. This is especially important when your product or service is similar to
those around you.
USP would require careful analysis of other businesses' ads and
marketing messages. If you analyze what they say or what they sell, not
just their product or service characteristics, you can learn a great deal
about how companies distinguish themselves from competitors.
UNIQUE SELLING PROPOSITION
Tips how to discover your USP and use it to increase Sales and Profits
 Use Empathy
 Identify what motivates your customer
 Discover the actual and genuine reasons why customers buy your
product instead of a competitor’s.
GENERATING IDEAS FOR BUSINESS
Examine existing goods and services
Examine the present and future needs
 Examine how the needs are being satisfied
Examine the available resources around you
Read magazines, articles and other
publications and techniques or advances in
technology.
Key Concepts of Selecting
a Business Idea
Once you have embarked on identifying business
opportunities, you will eventually see that there are
many possibilities that are available for you. It is very
unlikely that you will have enough resources to pursue
all of them at once.
You have to select the most promising one among
hundreds of ideas. It will be good to do this in stages. In
the first stage, you screen your ideas to narrow them
down to about few choices. In the next stage, trim
down the choices to two options. In the final stage,
choose between the two and decide which business
idea is worth pursuing.
In screening your ideas, examine each one in
terms of the following factors;
How much capital is needed to put up the business?
How big is the demand for the product? Do many people need this
product and will continue to need it for a long time?”
How is the demand met? Who are processing the products to meet the
needs (competition or demand)? How much of the need is now being met
(supply)
Do you have the background and experiences needed to run this
particular business?
Will the business be legal, not going against any existing or foreseeable
government regulation?
Is the business in line with your interest and expertise?
Branding
Branding is a marketing practice of creating name, symbol
or designs 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
Branding is one of the most important aspects of any
business. An effective brand strategy gives you a major
edge in increasingly competitive markets.
The features of a good product brand are as follows:
Delivers the message clearly
Confirms your credibility
Connects your target prospects emotionally
Motivates the buyer
Concretizes user loyalty
Here are some simple tips to publicize your brand:
Develop a tagline. Write a meaningful, unforgettable, and easy to
remember statement that captures the essence of your brand
Get a great logo. Create a logo suitable to your business and
consistent with your tagline and place it everywhere.
Write down your brand messaging. Select key messages you want to
communicate about your brand.
Be true to your brand. Deliver your brand promise
Be consistent. Be reliable and consistent every time.
In generating business idea, you should first identify
what type of business is suited to your business idea.
You should analyze and scan the potential environment,
study the marketing practices and strategies of your
competitors, analyze the strengths, weaknesses,
opportunities, and the threats in your environment to
ensure that the products or services you are planning to
offer will be patronized within the easy reach by your
target consumers
Bear in mind these simple rules for successful 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 could be in the future.
 SWOT Analysis should always be specific. Avoid any grey area.
 Always apply SWOT Analysis in relation to your competition' i.e. better
than or worse than your competitions.
 Keep your SWOT Analysis short and simple. Avoid complexity and over
analysis,
 SWOT Analysis is subjective
CREDITS: This presentation template was created by Slidesgo,
and includes icons by Flaticon, and infographics & images by
Freepik
Thanks!

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Lesson 2 Environment and Market for cookery lesson.pptx

  • 1. Prepared by: Group 1 ENVIRONMENT & MARKET
  • 2. To successfully start a business, aspiring entrepreneurs must analyze the economic, cultural, and social conditions of their target area. Identifying unmet needs and wants within the community can reveal potential business opportunities. Understanding local resources, available raw materials, skills, and technology is crucial. Entrepreneurs should closely monitor their environment and market for both opportunities, which can lead to expansion and profits, and constraints that may hinder growth. Conducting a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is an effective method for evaluating these factors. Environment & Market
  • 3. 04 05 03 01 OBJECTIVES Identify what is of “value” to the customer; Apply creativity and innovative techniques to develop marketable product. and Identify the customer to sell to; Employ a unique selling proposition (USP) to the product and/service 02 Explain what makes a product unique and competitive; At the end of this, you are expected to;
  • 4. LEARNING GOALS and TARGET These goals will trigger you to further achieve the ultimate objective of this module. In the end, these goals will motivate you to learn more about Environment and Market. GOALS AND TARGETS LEARNING ACTIVITIES ULTIMATE GOAL
  • 5. PRODUCT DEVELOPMENT Product development may involve modification of an existing product of 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 in this module refers collectively to the entire process of identifying a market opportunity, creating a product to appeal to the identified market, and finally, 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 these, you may now say thust you are ready to develop a product and/or render services: 1. For whom are the product or services aimed at? 2. What benefits will the customers expect from it? 3. How will the product differ from the existing brand? From its competitor?
  • 6. PRODUCT DEVELOPMENT Likewise, 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, everyone has different concepts of needs and wants. Needs in business are important things that every 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. 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 will enlighten you about the procedure in coming up with a product.
  • 7. CONCEPTS OF DEVELOPING A PRODUCT IDENTIFY CUSTOMER NEEDS ESTABLISH TARGET SPECIFICA TIONS GENERATE PRODUCT CONCEPTS SELECT A PRODUCT CONCEPT REFINE SPECIFI CATIONS ANALYZE COMPETITIVE PRODUCTS PERFORM ECONOMIC ANALYSISI PLAN REMAINING DEVELOPMENT PROJECT
  • 8. FINDING VALUE 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 for more. There must be something that has to make you the best option for your target customers; otherwise they have no reason to buy what you're selling. This implies further, that you offer something to your customers that they will make them value or treasure your product or service. The value that you incorporate to your product is called value proposition. Value proposition is "a believable collection of the most persuasive reasons people should notice you and take the action you're asking for. Value is created by fulfilling deep desires and solving deep problems. This is what gets people moving, what people gets spending for your product or service.
  • 9. INNOVATION Innovation is the introduction of something new in your product or service. This may be a new idea, a new method or a device. If you want to increase your sales and profit, you must innovate. Some of the possible innovations in your products are change of packaging, improve taste, color, size, shape and perhaps price. Some of the possible innovations in providing services are application of new improved methods, additional featured services and possibly freebees.
  • 10. UNIQUE SELLING PROPOSITION 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 competitions. Before you can begin to sell your product or service to your target customers, you have to sell yourself on it. This is especially important when your product or service is similar to those around you. USP would require careful analysis of other businesses' ads and marketing messages. If you analyze what they say or what they sell, not just their product or service characteristics, you can learn a great deal about how companies distinguish themselves from competitors.
  • 11. UNIQUE SELLING PROPOSITION Tips how to discover your USP and use it to increase Sales and Profits  Use Empathy  Identify what motivates your customer  Discover the actual and genuine reasons why customers buy your product instead of a competitor’s.
  • 12. GENERATING IDEAS FOR BUSINESS Examine existing goods and services Examine the present and future needs  Examine how the needs are being satisfied Examine the available resources around you Read magazines, articles and other publications and techniques or advances in technology.
  • 13. Key Concepts of Selecting a Business Idea Once you have embarked on identifying business opportunities, you will eventually see that there are many possibilities that are available for you. It is very unlikely that you will have enough resources to pursue all of them at once. You have to select the most promising one among hundreds of ideas. It will be good to do this in stages. In the first stage, you screen your ideas to narrow them down to about few choices. In the next stage, trim down the choices to two options. In the final stage, choose between the two and decide which business idea is worth pursuing.
  • 14. In screening your ideas, examine each one in terms of the following factors; How much capital is needed to put up the business? How big is the demand for the product? Do many people need this product and will continue to need it for a long time?” How is the demand met? Who are processing the products to meet the needs (competition or demand)? How much of the need is now being met (supply) Do you have the background and experiences needed to run this particular business? Will the business be legal, not going against any existing or foreseeable government regulation? Is the business in line with your interest and expertise?
  • 15. Branding Branding is a marketing practice of creating name, symbol or designs 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 Branding is one of the most important aspects of any business. An effective brand strategy gives you a major edge in increasingly competitive markets.
  • 16. The features of a good product brand are as follows: Delivers the message clearly Confirms your credibility Connects your target prospects emotionally Motivates the buyer Concretizes user loyalty Here are some simple tips to publicize your brand: Develop a tagline. Write a meaningful, unforgettable, and easy to remember statement that captures the essence of your brand Get a great logo. Create a logo suitable to your business and consistent with your tagline and place it everywhere. Write down your brand messaging. Select key messages you want to communicate about your brand. Be true to your brand. Deliver your brand promise Be consistent. Be reliable and consistent every time.
  • 17. In generating business idea, you should first identify what type of business is suited to your business idea. You should analyze and scan the potential environment, study the marketing practices and strategies of your competitors, analyze the strengths, weaknesses, opportunities, and the threats in your environment to ensure that the products or services you are planning to offer will be patronized within the easy reach by your target consumers
  • 18. Bear in mind these simple rules for successful 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 could be in the future.  SWOT Analysis should always be specific. Avoid any grey area.  Always apply SWOT Analysis in relation to your competition' i.e. better than or worse than your competitions.  Keep your SWOT Analysis short and simple. Avoid complexity and over analysis,  SWOT Analysis is subjective
  • 19. CREDITS: This presentation template was created by Slidesgo, and includes icons by Flaticon, and infographics & images by Freepik Thanks!