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    Environment and Market

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    Leslie Mark Dacio
    This document discusses product development and the process of identifying customer needs and wants. It explains that product development involves modifying existing products or creating new ones to satisfy customer needs. Key steps include identifying market opportunities, creating products for target markets, and testing and refining products for production. When developing products, it is important to understand who the target customers are, what benefits they expect, and how the product differs from competitors. The document also distinguishes between customer needs, which are basic necessities, and wants, which are desires and luxuries. Finally, it emphasizes that effective product development depends on understanding customer needs and wants.

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    Environment and Market

    Uploaded by

    Leslie Mark Dacio
    454 views22 pages
    This document discusses product development and the process of identifying customer needs and wants. It explains that product development involves modifying existing products or creating new ones to satisfy customer needs. Key steps include identifying market opportunities, creating products for target markets, and testing and refining products for production. When developing products, it is important to understand who the target customers are, what benefits they expect, and how the product differs from competitors. The document also distinguishes between customer needs, which are basic necessities, and wants, which are desires and luxuries. Finally, it emphasizes that effective product development depends on understanding customer needs and wants.

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    This document discusses product development and the process of identifying customer needs and wants. It explains that product development involves modifying existing products or creating new ones to satisfy customer needs. Key steps include identifying market opportunities, creating products for target markets, and testing and refining products for production. When developing products, it is important to understand who the target customers are, what benefits they expect, and how the product differs from competitors. The document also distinguishes between customer needs, which are basic necessities, and wants, which are desires and luxuries. Finally, it emphasizes that effective product development depends on understanding customer needs and wants.

    Copyright:

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

    Environment and Market

    Uploaded by

    Leslie Mark Dacio
    This document discusses product development and the process of identifying customer needs and wants. It explains that product development involves modifying existing products or creating new ones to satisfy customer needs. Key steps include identifying market opportunities, creating products for target markets, and testing and refining products for production. When developing products, it is important to understand who the target customers are, what benefits they expect, and how the product differs from competitors. The document also distinguishes between customer needs, which are basic necessities, and wants, which are desires and luxuries. Finally, it emphasizes that effective product development depends on understanding customer needs and wants.

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    © All Rights Reserved
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    of 22

    MODULE 2 :

    Environment and
    Market
    LESSON 1:

    PRODUCT DEVELOPMENT
    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.
    The product development may
    involve modification of an
    existing product or its
    presentation, orformulation of
    an entirely new product that
    satisfies a newly defined
    customer‘s needs, wants and/or
    a market place.
    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 that you are
    ready to develop a product
    and/or render services:
    1. For whom are the product
    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?
    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.
    Wants are desires, luxury
    and extravagance that
    signify wealth and expensive
    way of living. Wants or
    desires are considered above
    all the basic necessities of
    life.
    -fashion accessories
    -expensive shoes and clothes
    -travelling around the world
    -eating in an expensive restaurant
    -watching movies, concerts
    -having luxurious cars
    -wearing expensive jewelries and
    perfume
    -living in impressive homes,
    To summarize, product
    development entirely
    depends on the needs
    and wants of the
    customers.
    Concepts of
    Developing a Product
    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.
    ASSIGNMENT
    Directions: Select a
    successful entrepreneur or
    practitioner. Conduct an
    interview using the set of
    questions below. Document
    the interview and present
    1.How did you identify
    your customers?

    2. What were your


    considerations in
    selecting your
    customers?
    3. Explain how your product
    or service becomes unique
    compared to other products.

    4. What were your


    preparations before you
    started the actual
    business ?
    5. Did you consult
    somebody before you
    engage in this business?
    Cite sample insights that
    you gained from the
    consultation.

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