Seizing the

Opportunity
CHAPTER 2.2 
Owner: Jacel Gadon
• Opportunity seizing is the last step in
opportunity spotting should and
assessment. This is the "pushing
through" with the chosen
opportunity.
Entrepreneurs should make the best
out of this opportunity, and they
should exert effort and full
dedication for the success new
venture. The entrepreneur's idea can
be any type of innovations listed
here.
• Innovation is the process of positively
improving an existing product or
service.
Three types of innovations according to the
degree of distinctiveness.
• Breakthrough innovation. These innovations, which may also include
inventions, occur infrequently as these establish the platform on which future
innovations in an area are developed.

• Technological innovation. These innovations occur more frequently than

breakthrough innovations. These innovations are technological advancements of
an existing product or service.

• Ordinary innovation. These innovations occur ordinarily as the name implies.

They are commonly originating from market analysis and technology pull
instead of a technology push.
Product or Services Planning
and Development Process
• 1. Idea stage. In this stage, the entrepreneur
determines what are the feasible products and/or
that will perfectly suit the opportunity.

• 2. Concept stage. Once the acceptable product or

service has already been identified, it go through
the concept stage. In the concept stage, the
developed idea undergo a consumer acceptance
test. This test includes getting the initial reactions
of the primary target market and the distribution
channel.
• 3. Product development stage. In this stage, the entrepreneur
leverages on the information generated from the prospective
customers via the concept stage. Actual reactions from prospective
customers are determined.

• 4. Test marketing stage. This stage validates the work done from the
first three stages to measure success in the commercialization of the
product or service. Actual sales results will be the foundation of the
consumers' acceptance level and will be the basis in commercializing
the product or service.
• 5. Commercialization stage. This
stage is also called the launch stage.
While the product has now begun to
be distributed and sold, these may be
done on a limited basis. People
involved in this stage ensure that the
goals of the product/service
development process are achieved and
are in line with the business plan.