Module 6-7 TLE CCS

Multiple Choice

It is the stage to identify, to review and to evaluate the needs of the target market.

• a. Product Development

• b. Product Specification

• c. Concept Development

• d. Concept Identifying

Multiple Choice

A step in which it involves awareness of competitor’s existing products.

• a. Make product concepts

• b. Identify customer’s needs

• c. Analyze competitive products

• d. Prepare economic analysis

Multiple Choice

The first stage of concept development where an entrepreneur needs to know and analyze the client’s preferences.

• a. Make product concepts

• b. Identify customer’s needs

• c. Analyze competitive products

• d. Prepare economic analysis

Multiple Select

Unique Selling Proposition is a marketing strategy to make your business, products and services stand out from the competitors.

• True

• False

Multiple Select

Customers are main priorities of applying USP on one’s company.

• True

• False

Module 6-7 TLE CCS

• Key Concepts in Developing a Product

• Value/Innovation/USP

Directions: Identify the following as Wants or Needs. Write your answer on the space provided.

1. Medicine

2.Travels

3.Shelter

4.Clothing

5.Concerts

​Concept Development

​A stage where the target market is identified, reviewed, and evaluated.

• It takes place on the early process and helps to identify key perceptions of the user needs and wants to come up with the more suitable product or service.

• It involves developing with a close detailed description of an idea, explained from the perspective of your customer.

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​​1. Identify customer needs

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-By means of survey forms, interviews, researches, focus group discussions, and observations, an entrepreneur can easily identify customers’ needs and wants.

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​-During this stage, the data which will be possibly gathered are product specifications (performance, taste, size, color, shape, life span of the goods or merchandise).

​2. Establish target specifications

​Based on customers' needs and reviews of competitive products, you will be able to establish target specifications of the potential new products and/or services. A target specification is essentially a wish-list.

​3. Analyze competitive products

​It needs to investigate an existing competitive product to supply important information in establishing product or service specifications.

​4. Make product concepts

​After having gone through with the previous processes, you may now develop several product concepts to demonstrate the types of products or services that are technically feasible and will best achieve the requirements of the target specifications.

​5. Select a final product concept

​A final concept is chosen after undergoing through the evaluation method between its features.

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After the final selection, additional researches are often applied to get feedback from certain key customers.

​6. Improve product specifications

​In this phase, product or service specifications are polished based on input from the earlier activities.

​7. Prepare economic analysis

​It is very significant to always review and to estimate the economic implications regarding development expenses, manufacturing costs, and selling price of the product or services to be offered or provided.

​8. Plan the remaining development project

​In this final stage of concept development, you can prepare a detailed development plan which incorporates a listing of specific activities, necessary resources and expenses, and a schedule with milestones for tracing progress development.

​A concept typically highlights the most effective features of the proposed solutions in terms of:

​ convenience

 usability

 quality

 functionality

 performance

 price

 values

 experience

Finding Value

Innovation and Unique Selling Proposition​

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​One of the many challenges of an Entrepreneur is to create products that are marketable or to offer services that are relatable and needed by customers.

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​The reasons for consumers to go back and forth on their company/business are what an entrepreneur must carefully think and plan. They must give something that makes customers value their products or services.

​Value Proposition

​-It is the statement that answers “why” do customers choose your products or services compared to competitors who have the same offerings as your company’s.

​- It can also be referred to a company’s promise to customers that they will give an efficient service one’s they chose to buy their products.

It is simply a process of creating something new to your products or services whether if it is new method, new idea or new devices.

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​Innovations on products may be as follows:

1. Change in packaging

2. Improvement of taste

3. Quantity

4. Appearance

5. Price

​Innovation

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​Innovations on the services may be about:

1. New and improved methods

2. Less time allotment

3. Discount or freebies

​Unique Selling Propositions

​It is a marketing strategy to make your business, products or services stand out from the competitors and make it highly beneficial and meaningful to consumers.

​These may be any of the following:

​1. The proposition must emphasize on the features of your business, products or services that your competitors don’t have;

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2. The proposition must have a great impact on the masses and make them choose your business and your offerings instead; and

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3. The proposition must attract new and possible customers.

​Why is USP important?

​It gives clearer vision of how customers perceived and understand your products and services.

Hence, it also gains an advantage to both local and international market.

​Wrap up

1. What are the stages of concept development?

2. ​Why innovation is very important in the business?

​Valuing

Tell me what topic did you like in the lesson​?

​What topic will you share to others?

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​Assignment:

​Answer Activity 7.1 Module 7 Page 10

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