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16 views18 pages

Tle Presentation

Uploaded by

ginelieann
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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T.L.

E PERFORMANCE TASK

PRESENTED BY: GROUP-2


A PRODUCT
DEVELOPMENT
CONCEPTS OF
B DEVELOPING A
PRODUCT

Topic C THE PROCESS OF


Outline A
PRODUCT
DEVELOPMENT
FINDING VALUE
B INNOVATION
UNIQUE SELLING
PROPOSITION
C (USP)
what is product
development?
*It is the creation of a new product
from existing one to be sold by a
business or enterprise to it's
costumers. It may include the the
alternation of an existing product or
it's entire value, or the creation of an
entirely new product that satisfies a
newly defined costumer's need and/or
wants.
what are the basic question you may ask yourself when you
want to pursue product development ?

3.How will the


product differ from
the existing brand?
Or from their
1.For whom are the competitor
product/service
aimed.

2.What benefit will


the costumers expect
from it.
what are the basic needs of
people in society?
*Basic commodities for
consumption.

*Clothing and other personal


belongings.

*Shelter, sanitation and


health.

*Education.
what are the basic indicators of
the kind of business that a person
may engage into?
*Needs and wants of
people.

*Lifestyle,culture,tradition and
social orientation.
what is the critical
stage in developing a
product?
*The very critical stage of developing a
product is called CONCEPT DEVELOPMENT.
*Before the product specifications, the needs
of the target are defined , market is identified
and competitive products are reviewed. Then
along with the economic analysis, the product
concept is selected to come up with an
outline of how a product is being developed
What are the process of
development?
A. Identifying Customer Needs – it could be in a form of interviews, survey
forms researches, focused group discussions and observations of
customer's need and wants. Information like the product sales, taste, size,
color, shape and life span are gather at this stage. This is an important
stage since this would be the basis for the product to be produced or
provided.
B. Establishing Target Specifications – Based on customer’s needs and
reviews of competitive products, you may now establish target
specifications of the prospective new product and/or service. Target
specifications are essentially a wish-list.

C. Analyzing Competitive Products – To provide important information on


establishing product/service specifications, it is important to analyze
existing competitive products.

D. Generating Product Concept – This is done by developing a number of


product concepts to illustrate what types of products are both
technically feasible and would best meet the requirements of the target
consumers/market
B. Establishing Target Specifications –
Based on customer’s needs and reviews of
competitive products, you may now establish
target
speifications of the prospective new product
and/or
service. Target specifications are essentially a
wish-list.
A. Identifying Customer Needs – it could be in a form of interviews, survey
forms researches, focused group discussions and observations of
customer's need and wants. Information like the product sales, taste, size,
color, shape and life span are gather at this stage. This is an important
stage since this would be the basis for the product to be produced or
provided.
B. Establishing Target Specifications – Based on customer’s needs and
reviews of competitive products, you may now establish target
specifications of the prospective new product and/or service. Target
specifications are essentially a wish-list.

C. Analyzing Competitive Products – To provide important information on


establishing product/service specifications, it is important to analyze
existing competitive products.

D. Generating Product Concept – This is done by developing a number of


product concepts to illustrate what types of products are both
technically feasible and would best meet the requirements of the target
consumers/market
E. Selecting a Product Concept – Through the process of evaluation between
attributes, a final concept is selected. To obtain feedbacks from certain key
customers, the final selection and additional market research can be
applied.

F. Refining Product Specifications – Product/service specifications are


refined in this stage on the basis of input from the foregoing activities.
Final specifications are the results of extensive study. The expected
service life and projected selling price are also being considered at this
stage.

G. Performing Economic Analysis – This is to be done by reviewing and


estimating the economic implications regarding development expenses,
manufacturing costs and selling price of the product to be
offered/provided.
Building a successful product isn't about a stroke of genius; it's about
a strategic process. Think of this product development process as
your personal recipe for creating something amazing. Each step is a
crucial ingredient, and skipping even one can lead to a recipe for
disaster – a product that misses the mark, wastes resources, and
ultimately fails to resonate with your target audience. By following
this structured approach, you're setting yourself up for a far greater
chance of success.

This isn't just about creating a product; it's about creating the right
product. The process guides you to deeply understand your
customers' needs and desires, ensuring your creation addresses real
problems and fulfills genuine wants. It allows you to analyze the
competitive landscape, identify your unique selling proposition, and
position your product effectively in the market. This focused approach
minimizes the risk of developing a product that's already been done,
or one that fails to capture the attention of potential buyers.
Ultimately, following this process is an
investment in your own success. It's about
maximizing your chances of creating a product
that not only meets market demands but also
generates profit and establishes your brand in
the marketplace. It's a framework for
efficiency, minimizing wasted resources and
maximizing your chances of creating
something truly special and impactful.
Consider it your personal blueprint for
building a thriving business around your
product.
Thank you for
listening!
Don't hesitate to ask any questions!

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