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ENTREPRENEURSHIP

Chapter 5: The Right Product for the Right


Market
CHAPTER 5: THE RIGHT PRODUCT FOR THE
RIGHT MARKET
5.1 New Product Development
Successful new products spring from the convergence
of: (1) the creative mind; (2) The technical mind; and (3) the
business mind. All three minds come together in the
entrepreneurial mind.
In reality, however, the three minds are seldom found in
one entrepreneur. However, the entrepreneur is Certainly the
orchestrator of the three minds.
The Entrepreneurial Mind
1. Creative Mind - conceptualizes and designs a product that
consumers find some use for.
2. Technical Mind - is the technology originator. The entrepreneur may
not necessarily possess the technical mind but this is what drives him/her
to convert new knowledge into something highly functional and
operational.
3. Business Mind - harnesses the potentials of new products by creating
the market space for them. It also organizes sufficient forces and
resources to develop, launch, an commercialize the new product in
order to maximize its market value.
Case Example 5: The Lampturn
Two MBA students embarked on their venture thesis. They were
Ronaldo Pingol and Cristina Pastrana. They developed a new product
called Lampturn.

Essentially, this new product was a desk lantern that reflected colorful
and moving images onto the lantern screen. The product was
positioned as a novelty night lamp for childrens bedrooms or a mood
lamp for living rooms. The images were illuminated on the lamp screen
by an electric bulb of small-wattage. As the lamp was lit, the heat of
the lamp caused the lamp to turn. While the screen revolved around
the four sides of the rectangular lamp, an illusion of changing shapes
and sizes was created while the images moved from one end of the
screen to another.
Product Conceptualization and the Creative mind
Using the lampturn example, let us examine how the entrepreneurs employed the
creative mind, technical mind.

The purpose of the lamp was to create mood and ambience, to delight ad
fascinate viewers and to serve as a centerpiece for rooms with its theatrical display of
images.

The sensorial-emotional appeal of lampturn was heightened by the use of light


amidst darknes, the highly colorful and moving shapes, and images and the mood-
evoking scenery.
Product Development and the Technical Mind
In order to convert the product concept into a viable product, the technical mind
must intervene to provide the quality and performance specifications through
technology.
What the entrepreneurs needed to do was to fit the existing technology according
to their product concept. This is the point where the entrepreneurs encountered
several challenges while they were searching for the appropriate technology for their
product concept.
The technical considerations prove to be very challenging for the entrepreneurs to
deal with by themselves, that is why they had to seek the guidance of experts.
In order to deal technical specifications, the entrepreneurs had to top the technical
minds of electricians, engineers, artisans, and artist to develop the lampturn.
Prototypes were fashioned, critiqued, and discarded until the entrepreneurs became
satisfied with the final prototype.
Product Launch and the Business Mind
The business mind brings the product from the prototype stage to the production
phase and, finally, to its ultimate destination, the market place. The product must be
made shop-ready for commercial purposes.

The business mind must be turning the best way to maximize product sales to its
target market. The right distribution and sales people should be tapped and
deployed.

The entrepreneurs received invaluable comments from the subcontactors and the
production experts they consulted.
The New Improved Product
There are many existing products in the market that are serving the
needs and wants of customers but not that well. The existing products
are being tolerated because there are enough features and attributes
to make the customers want to buy the product. However, there are
enough dissatisfiers and the product to warrant the introduction of
new, improved versions, or modifications of the product.
THANK YOU
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