Week 11 Product Development PDF

PRODUCT DEVELOPMENT WEEK 11 ENTREPRENEURSHIP BY: SIR MARK  OBJECTIVES 1. Identify the different methods in creating a product. 2. Analyzed a product for improvement. Activity 1: Preliminary Activity Instructions : Find the 10 missing words inside the box and write it in your DISCUSSION...

PRODUCT DEVELOPMENT WEEK 11 ENTREPRENEURSHIP BY: SIR MARK  OBJECTIVES 1. Identify the different methods in creating a product. 2. Analyzed a product for improvement. Activity 1: Preliminary Activity Instructions : Find the 10 missing words inside the box and write it in your DISCUSSION 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. The CREATIVE MIND  THE ENTREPRENEURIAL MIND! The CREATIVE MIND conceptualizes and designs a product that consumers find some use for. It likewise produces a product that is pleasing to see, touch, smell, hear, and taste. It also produces a product that creates emotional attachment and eventually becomes a significant personal expression of The TECHNICAL MIND  THE ENTREPRENEURIAL MIND! The TECHNICAL MIND is the technology originator. The entrepreneur may not necessarily possess the technical mind but this is what drives him or her to convert new knowledge into something highly functional and operational. The technical mind is also a technology adaptor. The BUSINESS MIND  THE ENTREPRENEURIAL MIND! The 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, and commercialize the new product in order to maximize its market APPLICATION  APPLICATION OF THE 3 ENTREPRENEURIAL MINDS 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.  APPLICATION OF THE 3 ENTREPRENEURIAL MINDS The product was positioned as a novelty night lamp for children's 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. The creative minds of Pingol and Pastrana were activated as they searched for a novelty product for their venture thesis. They were intrigued by the reflector/projector lanterns in three movies: The Little Mermaid, Up Close and Personal, and Eye for an Eye. Their technical minds were challenged. They had no technological backgrounds. They did not possess the skills to fashion such lamps. They had to figure out how to make the lamps turn, how to make their screens and how to make the images Their business minds were also put to the test. Who would be their best target market? How would they market the lamp? Who could make the lamp for them once they developed the prototype? How could they raise the funds for the project? Could they produce the lamp at a cost that would generate profits for ANSWERS! The creation of the Lampturn involved the combined efforts of the creative, technical, and business minds to bring a viable product to market. Product Conceptualization and the Creative Mind (Lampturn Example) The CREATIVE MIND focused on achieving three levels of product appeal: Purpose: Sensorial-emotional Appeal: Aesthetic Appeal: These factors contributed to the product’s ability to evoke emotions, making it not just functional but also emotionally and aesthetically impactful. Product Development and the Technical Mind Despite their lack of technological expertise, Pingol and Pastrana needed to overcome several technical challenges to turn their concept into reality. Their product had to be safe, sturdy, transportable, easy to replicate, and affordable. By collaborating with electricians, artisans, and artists, they developed multiple prototypes, refining them until they achieved a final design that met their product vision. This process highlighted the importance of integrating Product Launch and the Business Mind Key steps in the process: 1. Production 2. Test Marketing 3. Retail Placement 4. Product Positioning The entrepreneurs used these insights to develop a marketing plan that maximized sales, revenues, and profits. 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" in the product to warrant the introduction of new, improved versions, or modifications of the product such as in the case of the Crunchy Bawang. Product Development and Testing Phases Part 1: Preliminary Testing Part 2: Establishing Product Specifications Part 3: Standardizing the Production Process ACTIVITY 2 Instructions: To sum up, what you have learned. Identify the following statements, whether it is a CREATIVE MIND, TECHNICAL MIND, or BUSINESS MIND. Write your answer in the space before the number. ____________ 1. It conceptualizes and designs a product that consumers find some use for. ____________ 2. It manage the external and internal business environment of the new product, which goes beyond the ____________ 3. This a technology originator. ____________ 4. It also produces a product that creates emotional attachment and eventually becomes a significant personal expression of the ____________ 5. It likewise produces a product that is pleasing to see, touch, smell, hear, and taste. ____________ 6. It is a technology adaptor. ____________ 7. It harnesses the potentials of new products by creating the market space for them. ____________ 8. It refers to a technology renderer. ____________ 9. It organizes sufficient forces and resources to develop, launch, and commercialize the new product in order to maximize its market value. ____________ 10. He or she uses old knowledge for new applications in