Tle Presentation EM

Objectives
• Identify what is of value to the customer;

• Identify the customer to sell to or provide service
• Explain what makes a product unique and competitive;
• Apply creative and innovative techniques to develop
marketable service or product; and
• Employ a Unique Selling Proposition (USP) to the
product/service.
The process of product development follows the following steps:
Identify Customer Needs

By using survey forms, interviews, researches, focus group
discussions and observations, an entrepreneur can easily identify
customers’ needs and wants.
Specifications (performance, taste, size, color, shape, life span of

the product, etc.).
This stage is very important because this would determine the

product to be produced or provided.
Establish Target Specifications.
• Based on customers’ needs and reviews of competitive

products, you may now establish target specifications of
the prospective new product and/or services.
• Target specifications are essentially a must-list.

Analyze Competitive Products.
• It is imperative to analyze existing competitive products to

provide important information in establishing
product/services specifications.
• Other products may exhibit successful design attributes

that could be emulated or improved in the new
product/service.
Generate Product Concepts.
After having one through with the previous

processes, you may now develop a number of product
concepts to illustrate what types of product/service are
both technically feasible and best meet the requirements of
the target specifications.
Select a Product Concept
Through the process of evaluation among attributes, a

final concept is selected.
After the final selection, additional market research

can be applied to obtain feedback from certain key
customers.
Refine Product Specifications.
In this stage, product/service specifications are refined

on the basis of input from the foregoing activities.
Final specifications are the results of extensive study,

expected service life, projected selling price are being
considered in this stage.
Perform Economic Analysis.
Throughout the process of product development, it is

very important to always review the economic implications
regarding development expenses, manufacturing costs,
and selling price of the product/ services to be
offered/provided.
Plan the Remaining Development Project.
In this final stage of concept development, you

prepare a detailed development plan which includes
a list of activities, the necessary resources and
expenses, and a development schedule for tracking
progress.
Finding Value
People buy for a reason and there should be something in

your product/ services that would give consumers a good reason
to go back and buy for more.
. Value proposition is “a believable collection of the most

persuasive reasons people should notice and take the action
you’re asking for.
Innovation
Innovation is the introduction of something new in your

product/services.
This may be a new idea, a new method or a new device.
If you want to increase your sales and profit you must innovate.
Some of the possible innovations in your products are change of

packaging, improve taste, color, size, shape and perhaps price.
Unique Selling Proposition (USP)
Unique Selling Proposition is the 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.
Use empathy: Put yourself in the shoes of your customers
Always focus on the needs of the target customers.
Always remember, you are making this product or providing

for the target customers to eventually increase sales and
earn profit.
Identify what motivates your customers.
• It is very important for find out what motivates your

customers to buy your product/service.
• Find out, analyze and utilize the information what motivates

the customers to purchase the product/ services.
Discover the actual and genuine reasons why customers
buy your product instead from a competitor’s.
• Information is very important in decision making.
• A competitive entrepreneur always improve his

products/services to provide satisfaction and of
course retention of customers.
Branding

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Objectives

• Identify what is of value to the customer;

Identify Customer Needs

Specifications (performance, taste, size, color, shape, life span of

This stage is very important because this would determine the

• Based on customers’ needs and reviews of competitive

• Target specifications are essentially a must-list.

• It is imperative to analyze existing competitive products to

• Other products may exhibit successful design attributes

After having one through with the previous

Through the process of evaluation among attributes, a

After the final selection, additional market research

In this stage, product/service specifications are refined

Final specifications are the results of extensive study,

Throughout the process of product development, it is

In this final stage of concept development, you

People buy for a reason and there should be something in

. Value proposition is “a believable collection of the most

Innovation is the introduction of something new in your

This may be a new idea, a new method or a new device.

Some of the possible innovations in your products are change of

Unique Selling Proposition is the factor or

Always focus on the needs of the target customers.

Always remember, you are making this product or providing

• It is very important for find out what motivates your

• Find out, analyze and utilize the information what motivates

• Information is very important in decision making.

• A competitive entrepreneur always improve his

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