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This document discusses key concepts for developing and marketing a product. It outlines the steps in the product development process, including identifying customer needs, establishing specifications, analyzing competitors, and generating concepts. It also discusses finding value through value propositions, innovating to increase sales, establishing a unique selling proposition, generating business ideas by examining needs and resources, and selecting an idea based on capital needs, demand, competition, legal issues, and interests. Finally, it discusses branding a product through developing a tagline, logo, messaging, consistency, and credibility to connect with customers.
This document discusses key concepts for developing and marketing a product. It outlines the steps in the product development process, including identifying customer needs, establishing specifications, analyzing competitors, and generating concepts. It also discusses finding value through value propositions, innovating to increase sales, establishing a unique selling proposition, generating business ideas by examining needs and resources, and selecting an idea based on capital needs, demand, competition, legal issues, and interests. Finally, it discusses branding a product through developing a tagline, logo, messaging, consistency, and credibility to connect with customers.
This document discusses key concepts for developing and marketing a product. It outlines the steps in the product development process, including identifying customer needs, establishing specifications, analyzing competitors, and generating concepts. It also discusses finding value through value propositions, innovating to increase sales, establishing a unique selling proposition, generating business ideas by examining needs and resources, and selecting an idea based on capital needs, demand, competition, legal issues, and interests. Finally, it discusses branding a product through developing a tagline, logo, messaging, consistency, and credibility to connect with customers.
Environment and Market Group II TLE Report Mrs. Grace S. Ortega 1. Concepts of Developing a Product The process of product development follows the following steps:
Identify Customer Select a Product
Needs Concept Establish Target Refine Product Specifications Specifications Analyze Competitive Perform Economic Products Analysis Generate Product Plan the Remaining Concepts Development Project 2. Finding Value Value Proposition is a believable collection of the most persuasive reasons people should notice you and take the action youre asking for. 3. 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 or profit , you must innovate. 4. Unique Selling Proposition (USP) A. Use empathy
B. Identify what motivates your
customers
C. Discover the actual and genuine
reasons why customers buy your product instead of a competitor's. 5. Generating Ideas for Business A. Examine existing goods and services. B. Examine the present and future needs. C. Examine how the needs are being satisfied. D. Examine the available resources around you. E. Read magazines, news articles, and other publications on new products and techniques or advances in technology. 6. Key Concepts of Selecting a Business Idea In screening your ideas, examine each one in terms of the following factors: 1. How much capital is needed to put up the business? 2. How big is the demand for the product? Do many people need this product and will continue to need it for a long time? 3. 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)? 4. Do you have the background and experiences needed to run this particular business? 5. Will the business be legal, not going against any existing or foreseeable government regulation? 6. Is the business in line with your interest and expertise? 7. Branding Branding is a marketing practice of creating name, symbol or designs that identifies and differentiates product or services from the rest.
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. Get a great logo. Write down your brand messaging. Be true to your brand. Be consistent. SUMMARY 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.