2ND TOPIC ENVIRONMENT AND MAfdsRKET.pptx

bjjkjkk

1. Environment and Market Presented by: Riza Quider Bedayo TLE Instructor

2. Objectives: 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

3. 4. employ a unique selling proposition (USP) to a product and/or service

4. “To be successful in any kind of business venture, potential entrepreneurs should look closely at the environment and market.”

5. 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?”

6. 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.

7. a process of making a new product to be sold by a business or enterprise to its customers

8. Involves testing, modifying, and refining the product until it becomes ready for production

9. 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.

10. 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?

11. Consider also: Needs are important things that an individual cannot live without in a society basic commodities , clothing, shelter, sanitation & health, and education

12. 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

13. Concept of Developing a Product 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 Concept development

14. Stages of Product Development 1. Identify customer needs 2. Establish target specifications 3. Analyze competitive products

15. Concept development Select a product concept Refine product specifications Perform economic analysis Test marketing Product Launch

16. 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

17. 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

18. 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

19. 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

20. 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

21. 2. Which is NOT an example of a ‘want’? a. Chevrolet b. Food c. Jewelries d. Nike Shoes

22. 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

23. 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

24. 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

25. 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.

26. 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.

27. THANK YOU!!