ENTREP 3 OPPORTUNITY

SEEKING
ENTREPRENEURS ARE….

INNOVATIVE
OPPORTUNITY SEEKERS
ESSENTIALS TO ENTREPRENEUR’S OPPORTUNITY-SEEKING

1. Entrepreneurial Mind Frame

2. Entrepreneurial Heart Flame

3. Entrepreneurial Gut Game

PRODUCT DEVELOPMENT FOR SMALL ENTERPRISES

-Describes different types of products and

services-and what consumers value and look
for in them. It also discusses in depth
customer needs, wants, and demands.
TOPICS TO BE DISCUSSED…

CHAPTER 1 WHAT ARE PRODUCTS?

CHAPTER 2 THE PRODUCT LIFE CYCLE

CHAPTER 3 NEW PRODUCT DEVELOPMENT

TOPICS TO BE DISCUSSED…

CHAPTER 4 BRANDING

CHAPTER 5 PACKAGING AND LABELING

CHAPTER 6 TAPPING INTO GLOBAL MARKETS

CHAPTER 7 DIGITAL MARKETING / STRATEGIES

CHAPTER 1 WHAT ARE PRODUCTS?
THE PRODUCT

Products are more than just physical goods or

services. A product is an experience. It is not just
a tangible items, but set of tangibles and
intangibles that make up the customer’s total
experience.
THE EXCHANGE

When a customer feels like he or she is

getting more that what is being paid for,
then an exchange can happen.
VALUE

Consumers value a product or

service when it provides them
with utility.
VALUE 4 Types of Utility

1. FORM UTILITY

2. PLACE UTILITY

3. TIME UTILITY

4. OWNERSHIP UTILITY
NEEDS, WANTS AND DEMANDS

NEED is a state of felt deprivation.

-basic needs

-higher / deeper needs

NEEDS, WANTS AND DEMANDS

WANTS are the form taken by human

needs, as shaped by culture and the
individual taste or personality.
NEEDS, WANTS AND DEMANDS

DEMANDS are wants backed

by the ability to actually
purchase the wanted product
ESSENTIAL ATTRIBUTES OF THE PRODUCT

1. QUALITY – compliance with standards

Consumers have their own expectations of how well a

product should perform. The job of an entrepreneur is to
make sure that he knows these expectations (through
research) and try to meet these expectations as much as
possible.
ESSENTIAL ATTRIBUTES OF THE PRODUCT

2. FEATURES – added elements that add

value to the product.

The feature’s cost of inclusion must be less than

the perceived value that the customer puts in it.
ESSENTIAL ATTRIBUTES OF THE PRODUCT

3. DESIGN – involves the physical

manifestation of the product. It is
about the form itself being functional

.
BASIC LEVELS OF A PRODUCT

1. THE CORE PRODUCT

2. THE ACTUAL PRODUCT

3. THE AUGMENTED PRODUCT

.
CLASSIFYING PRODUCTS BY DURABILITY

1. NON- DURABLE GOODS

2. DURABLE GOODS
SERVICES

- Are PRODUCTS that are best defined as those in which

the act of manufacture occurs at the time of delivery.

The uniqueness of “service as product” is that business

growth is dependent on the entrepreneur’s availability and
capability.
SERVICES

HOW CAN A SERVICE

BUSINESS GROW?
CLASSIFYING PRODUCTS BY
TYPE OF CONSUMER GOOD

1. CONVENIENCE GOODS

2. SHOPPING GOODS

3. SPECIALTY GOODS

4. UNSOUGHT GOODS
THE PRODUCT MIX

1. WIDTH

2. LENGTH

3. DEPTH

4. CONSISTENCY
THE PRODUCT MIX

A PRODUCT LINE IS A SET OF

PRODUCT OFFERINGS ALONG A
PARTICULAR PRODUCT CATEGORY.
END OF CHAPTER 1….

THANK YOU