Unit 3: Objectives

At the end of the module, learners should be able to:

 propose solution/s in terms of product/s and service/s that will meet the need using techniques on seeking, screening,
and seizing opportunities.
 analyze the market need;
 determine the possible product/s or service/s that will meet the need;
 screen the proposed solution/s based on viability, profitability, and customer requirements; and
 select the best product or service that will meet the market need.
 develop a business model.

Opportunity and Opportunity Seeking

What is Opportunity?
 In a business sense, it is an idea that has commercial potential.
 Something you can make money with, develop a business around it, or create value with it.

Sources of Opportunity:

 Internal –Innovation /Creativity

 Past jobs
 Hobbies
 Social network
 Travel

 External

 Macro market
 Micro market
 Analysis
 Irritants in the marketplaces

 D – Deterrents, Delays

 I – Irritants
 P – Problems
 C – Complaints
INNOVATION -  Creating or modifying products based on the needs of customers. Innovation can lead us to the modification
of products and services.

BEFORE NOW

 You can’t  You can

 Food eaten outside the house  Pizza delivered in 30 mins or less
 Movie Theater  Home Theater
 Malling  Online shopping

Types of product innovation

1. Create an entirely new product

                 

2. Alter / modify an existing product

 
3. Re-brand /Reformulate an existing /old product
 Ways to Innovate
1. Make it LARGER
 Examples:

 Family size - Jumbo

 2-liter                                                 
 Big TV
 Thick Crust
 Big Pizza

2. Modify – change the...

 Name
 Color
 Container
 Shape
 Creative copying
3. Make it stronger / faster
Examples: 

 4x your daily calcium needs

 Whiter teeth in 1 brushing
 Skin whitening in 7 days
 Fast relief
 Fast-acting
 Delivered in 30mins. or less
 Be seated in less than 10 minutes
 Food served in less than a minute

4. Make it smaller / lighter.

Examples:

 Netbook
 iPad
 Cellphones in1988 vs. Cellphones now
 Hatchback – smaller, less fuel consumption
 Energy-efficient appliances
 Condo-type furniture

5.  Substitute Materials

 Plastic to paper
 Plastic to cork
 Metal parts in cars to plastic – lighter, cheaper, easier to make
 Metal to carbon fiber – lighter, stronger
 Leather to leatherette

6. Substitute Methods
 Frying to Boiling
 Frying to Steaming
 Fast cook to Slow cook
 Gas cooking to Wood cooking
 Cooked in the Kitchen to Cooked in front of you

7. Other Methods (Internal)

SERENDIPITY WALK

 Walk along an avenue or street

 Observe, Observe, Observe
 What customer needs can still be met?
 Observe competition