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    Selecting The Best Product or Service

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    Juliana Adeva
    This document discusses how to select the best product or service for a business. It outlines that the product should meet customer needs, solve problems, and be something the business is capable of producing. Additionally, the product should have advantages over similar existing products in functionality, presentation, or marketing. The document also recommends using a SWOT analysis to evaluate product ideas and considering where a product is in its lifecycle. The product lifecycle includes stages of development, introduction, growth, maturity, and decline. Choosing a product that is in the growth stage of its lifecycle improves the chances of business success.

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    Selecting The Best Product or Service

    Uploaded by

    Juliana Adeva
    20 views34 pages
    This document discusses how to select the best product or service for a business. It outlines that the product should meet customer needs, solve problems, and be something the business is capable of producing. Additionally, the product should have advantages over similar existing products in functionality, presentation, or marketing. The document also recommends using a SWOT analysis to evaluate product ideas and considering where a product is in its lifecycle. The product lifecycle includes stages of development, introduction, growth, maturity, and decline. Choosing a product that is in the growth stage of its lifecycle improves the chances of business success.

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    Selecting the Best Product or Service

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    This document discusses how to select the best product or service for a business. It outlines that the product should meet customer needs, solve problems, and be something the business is capable of producing. Additionally, the product should have advantages over similar existing products in functionality, presentation, or marketing. The document also recommends using a SWOT analysis to evaluate product ideas and considering where a product is in its lifecycle. The product lifecycle includes stages of development, introduction, growth, maturity, and decline. Choosing a product that is in the growth stage of its lifecycle improves the chances of business success.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    20 views34 pages

    Selecting The Best Product or Service

    Uploaded by

    Juliana Adeva
    This document discusses how to select the best product or service for a business. It outlines that the product should meet customer needs, solve problems, and be something the business is capable of producing. Additionally, the product should have advantages over similar existing products in functionality, presentation, or marketing. The document also recommends using a SWOT analysis to evaluate product ideas and considering where a product is in its lifecycle. The product lifecycle includes stages of development, introduction, growth, maturity, and decline. Choosing a product that is in the growth stage of its lifecycle improves the chances of business success.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 34

    Developing a Business Plan:

    Selecting the Best

    ENTREPRENEURSHIP
    Product or Service
    that Will Meet the
    Market Need
    How do you choose the right product to sale?

    Select the most suitable ideas by thinking carefully about each idea.
    Suppose that you are a bookshop owner. Which book do you
    prefer to sell?

    0 02 03
    1
    Primary considerations in
    choosing a particular product
    Meet the needs of the customer
    and solve a specific problem
    Produce the product that you are
    capable of
    Consider the size of your
    potential reachable market
    Comply with government rules
    and regulations
    Your product must be superior in
    its functionality, presentation or
    marketing than any similar or
    existing in the market
    Identify the barriers that must be
    overcome for a potential new
    product entry
    Know the potential sales, growth,
    profits, and time for paycheck
    SWOT Analysis

    It helps you focus on possible problem areas and potential advantages of each ideas.
    Inside the
    business

    Strengths
    Inside the
    business

    Weaknesses
    utside the business

    Opportunities
    utside the business

    Threats
    Identifying where products or services are in their life cycle is
    central to your probability.
    Product Life Cycle
    It Concept
    describes a product’s sales, profits, customers,
    competitors, and marketing emphasis from its beginning
    until it is removed from the market. It is a guide for you to
    know when would be the right time to start the
    development process. It will explain how a planned and
    phased development will help you make the wisest
    investment and budgeting decisions.
    Key Stages in the lifecycle of any product or
    service
    I. Product Development – the product or service is only an
    idea.
    Steps in Product Planning
    1. Idea Generation
    2. Idea Screening
    3. Concept Testing
    4. Business Analysis
    5. Product Development
    6. Test Marketing
    7. Commercialization
    1. Idea Generation

    Brainstorming
    1. Idea Generation

    Analyzing Existing Products


    1. Idea Generation

    Visiting Suppliers’ Facilities


    1. Idea Generation

    Surveys
    1. Idea Generation

    Reading Trade Publications


    2. Idea Screening
    - suppliers’ raw materials can be used as a
    method to innovate and modify existing
    product
    3. Concept Testing
    - Ideas which passed the screening stage
    will require a feedback from customers
    4.
    Business Analysis
    - A review of market factors, revenues, cost
    and trends
    5.
    Product Development
    - Ideas are converted into visible form
    6. Test Marketing
    - Selling a fully developed product to
    observe the actual performance
    7. Commercialization
    - Actual marketing of the product in
    the target market
    Key Stages in the lifecycle of any product or
    service
    II. Introduction– launching of product
    or service to generate customer
    interest.
    Key Stages in the lifecycle of any product or
    service
    III. Growth– sales are growing and
    profit margins are good.
    Key Stages in the lifecycle of any product or
    service
    IV. Maturity– sales growth is
    slowing or has even stopped.
    Key Stages in the lifecycle of any product or
    service
    V. Decline– new and improved
    products or services are on the
    market and the competition is high.

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