ACTIVITY NO: _____

NAME: Mishka R. Cerbito DATE: July 29, 2019

GRADE & SECTION: X-Edison SCORE: __________
TITLE: RESEARCH WORK – PRODUCT AND DEVELOPMENT (MODULE 2 – ENVIRONMENT AND MARKET)

A. Define the following terms and give specific examples or illustration. Cite the source/reference where
you get the data.

TERM EXAMPLE/ILLUSTRATION SOURCE/REFERENCE (URL)

1. SWOT Analysis https://articles.bplans.com/swot-
SWOT Analysis is the analysis-examples/
most renowned tool
for audit and analysis https://www.managementstudyguide.
of the overall strategic com/swot-analysis.htm
position of the
business and its
environment. Its key
purpose is to identify
the strategies that will
create a firm specific
business model that
will best align an
organization’s
resources and
capabilities to the
requirements of the
environment in which
the firm operates.
2. Opportunities in the http://avesbusiness.com/8-steps-to-
business environment evaluate-a-business-opportunity/
The combination of
internal and http://www.businessdictionary.com/
external factors that definition/business-environment.html
influence a company's
operating situation.
The business
environment can
include
factors such as: clients
and suppliers;
its competition and
owners; improvements
in technology;
laws and government
activities; and market,
social and economic
trends.

3. Constraints in the https://commercemates.com/meaning-

business environment and-importance-of-business-
The biggest constraint enviroment/
is in treating “the
environment” as a
constraint - instead of https://www.quora.com/What-are-the-
as a business environmental-constraints-on-a-
opportunity. business
Lead edge designers,
inventors and
entrepreneurs are
turning environmental
“issues” into business
opportunities.
 4. Product http://www.businessdictionary.
Development com/definition/product-
The creation of development.html
products with new or
different
characteristics that http://www.businessdictionary.
offer new or additional com/definition/product-
benefits to the development.html
customer.
Product development
may involve
modification of an
existing product or its
presentation, or
formulation of an
entirely new product
that satisfies a newly
defined customer want
or market niche.

5. Concept https://nationaldb.org/library/list/45
Development
Concept development
refers to the basic
understanding that is
necessary to make
sense of one's world.
This includes ideas
about the self and
others, objects, and
the environment. This
foundations
understanding is
crucial to
communication, travel,
and independence.
While typical children
usually develop an
understanding of basic
concepts through
incidental learning,
children with a
combined vision and
hearing loss must often
be taught these same
concepts through
repeated exposure in
an intentional manner.

B. Comparison between NEEDS and WANTS: Complete the table below:

DEFINITION(Pls. cite
sources/URL)
https://keydifferences.com/
difference-between-needs-
and-wants.html#Definition
My own concept
NEEDS
By the term needs, we mean
those requirements which are
extremely necessary for a
human being to live a healthy
life. They are personal,
psychological, cultural, social,
etc that are important for an
organism to survive.
Needs are the things that we
use in our daily lives. These are
WANTS
In economics, wants are
defined as something that a
person would like to possess,
either immediately or at a later
time. Simply put, wants are the
desires that cause business
activities to produce such
products and services that are
demanded by the economy.
Wants are those that we want
to have for personal need or
 vital to us in a way that we need preferences. These are the
to survive in life. things that we desire to have. It
gives us happiness.
Importance Understanding these needs are Wants are important as they add
important because they help to emotional value to our lives,
reveal what drives human keep us a little more content,
behavior and thus what makes and add to social interaction.
people want to achieve certain The pursuit and reliance on
things in life. In psychology, wants is known as other-esteem
human needs have been and while providing distraction
popularized by the psychologist does not provide true
Abraham Maslow who stated contentment.
that needs exist in a hierarchy.
http://mindmason.com
https://www.eruptingm /NeedsAndWants.html
ind.com/importance-
basic-needs/

Examples Food, Water, Shelter. Clothing, Technologies and

other materials.

C. What are the threats in business?

 Financial issues.
 Laws and regulations.
 Broad economic uncertainty.
 Attracting and retaining talent.
 Legal liability.
 Cyber, computer, technology risks/data breaches.
 Increasing employee benefit costs.
 Medical cost inflation.
D. Research on the following:

1. Stages of Concept Development (give a brief description of each and cite a specific example)

Idea Generation
The first stage of the New Product Development is the idea generation. Ideas come from everywhere, can
be of any form, and can be numerous. This stage involves creating a large pool of ideas from various
sources,
Idea Screening
Ideas can be many, but good ideas are few. This second step of new product development involves finding
those good and feasible ideas and discarding those which aren’t. Many factors play a part here,
Concept Development & Testing
The third step of the new product development includes concept development and testing. A concept is
a detailed strategy or blueprint version of the idea. Basically, when an idea is developed in every aspect
so as to make it presentable, it is called a concept.
Business Strategy Analysis & Development
The testing results help the business in coming up with the final concept to be developed into a product.
Now that the business has a finalized concept, it’s time for it to analyse and decide the marketing,
branding, and other business strategies that will be used. Estimated product profitability, marketing mix,
and other product strategies are decided for the product.
Product Development
Once all the strategies are approved, the product concept is transformed into an actual tangible product.
This development stage of new product development results in building up of a prototype or a limited
production model. All the branding and other strategies decided previously are tested and applied in this
stage.

2. How to discover your USP and how to use it to increase your sales and profit

 Put yourself in your customer’s shoes

 Know what motivates your customers’ behavior and buying decisions
 Uncover the real reasons customers buy your product instead of a competitor’s.