Entrepreneurship, Chapter 5

The Right Product for the

Right Market
Christian Jay Quitoriano
Athena Jayenne Elkka Pagdilao
Michelle Kyle Balba
NEW PRODUCT DEVELOPMENT
Successful new products spring from the convergence
of:
1. The creative mind
2. The technical mind
3. The business mind
The Entrepreneurial Mind
Creative Mind – conceptualize and designs a product that
consumers find some use for it.
Technical Mind
- Technology originator
- Technology adaptor
- Technology renderer
Business Mind – harnesses the potentials of new products by
creating the market space for them
Product Conceptualization and the Creative Mind
As entrepreneurs, we want to surprise our future customers by being
innovative with our products. Creativity is needed because:

1. This can start a trend where customers would praise the

originality and creativity behind the product.

2. Innovations can create a prototype that can lead to big companies

buying the idea.

3. A small business can turn into a big and profitable business if the
product affected large parts of the market and the world.
Product Development and the Technical Mind

In order to convert the product concept into a viable product, the

technical mind must intervene to provide quality and performance
specifications through technology. Technicality is required in being an
entrepreneur because:

1. It can make the product cost less to produce.

2. Quality AND quantity are both guaranteed. (A product that is easy

to make for mass production can still be made out of materials that do
not cost much)

3. It can provide efficiency for the customers

Product Launch and the Business Mind
The business mind brings the product from the prototype stage
to the production phase until the marketplace. The product
must be made shop-ready for commercial purposes. The
business mind is often the most important mindset because:
1. It determines the best way to maximize product sales to its
target market.
2. It is the mindset that generates profit
The New Improved Product
There are many existing products in the market that are
serving the needs and wants of the customers but not that well.

1. Example: Smartphones -- Nokia

Test Market the Final Product Prototype
TWO PHASES:

1. Focus Group Discussions and Selling Activities

2. Placement and Selling at Alternative Outlets
Remember!
The creative, the technical, and the business mind make up the
entrepreneurial mind. However, a single entrepreneur should possess
all these mindsets.