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CHAPTER 5: THE RIGHT PRODUCT FOR THE RIGHT MARKET

5.1 NEW PRODUCT DEVELOPMENT


SUCCESFUL NEW PRODUCTS SPRING FROM THE CONVERGENCE OF THE
CREATIVE MIND, THE TECHINICAL MIND THE BUSINESS. ALL THREE MINDS
COME TOGETHER IN THE ENTREPRENEURAL MIND
THE ENTREPREURAL MIND
The creative mind conceptualizes and design a product that consumers find some use for.
It likewise procedures a product that is pleasant 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 consumer.
The technical mind- is the technology origination. The entrepreneur may not necessarily
possess the techologogiccal mind but this what drives him or her to convert new
knowledge into something highly functional and operational.
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 value. The business mind
also manages the external and internal business environment of the new product which
goes beyond the product development process itself.
For a better appreciation let us give an example of how the creative mind the technical
mind and the business mind are used in developing a new product.

Product development and the technical mind


In order to convert the product concept into a viable product the mind must intervene to
provide the quality and performance specifications through techonogloy.in the case of
lamp turn the product simply required the application of existing technology or teen
ology rendering. What the entrepreneurs needed to do was to fit that existing technology
according to their product concept.
This the point where the entrepreneurs encountered several challenges while they were
searching for the appreciate technology for their product concept. The lantern must be
sturdy and safe for placing in childs bedroom. The lamp must be easily transportable and
displayable. The lantern must be relatively easy to make for replication and mass
production purposes. The lamp must be made of materials that do not cost much.
The above technical consideration proved to be very challenging for the entrepreneurs to
deal with by the themselves for a bitter grasp of these technical specification. The
following is the list that the entrepreneurs come up with as they consult these experts,
First
use of 25- wait bulbs
use of fan-bladed domes
use of bic ball pens to support and follow the dome to rotate smoothly.
Use of natural sanded wood
Use of fish and butterfly designs.
Second
Use of high-impact plastic paper.
Use of strong wooden frames.
Third
Use of size that is not more than 16 inches in height and 10 inches wide.
Use of quality electrical supplies.
In order to deal with the above technical specifications, the entrepreneurs had to tap the
technical minds of electrons engineers artisans and artist to develop the lamp turn
Prototypes were fashioned critiqued and discarded until the entrepreneurs became
satisfied with a final prototype.