Hand 103 - Environment and Market (L2)

It is generated by examining the goods and services sold in the community.

• business creation

• business pricing

• business concept

• business idea

It is a process of making new products which will be sold to the customers.

• product analysis

• product conceptualization

• product development

• product implementation

These are luxuries, advantages, and desires that every individual considers beyond necessary.

• wants

• desires

• requirements

• needs

It is a factor or consideration presented by a seller as the reason that a product or service is different from and better than that of the competition.

• unique selling plan

• unique selling proposition

• unique pricing policy

• finding value-added

A stage in which the needs of the target market are identified, reviewed and evaluated.

• concept development

• economic analysis

• project development

• refine specification

It is the introduction of new ideas to make the product and services more attractive and saleable to the target customers.

• new idea

• creativity

• product development

• innovation

It is a managerial tool used to assess the environment and to gather important information that can be used for strategic planning.

• scanning

• SWOT Analysis

• WOTS Analysis

• survey analysis

It is creating names, symbol, or designs that identifies and differentiates a product from the other products.

• product naming

• unique selling proposition

• branding

• tagline

It is a meaningful and unforgettable statement that captures the essence of the brand.

• product naming

• unique selling proposition

• branding

• tagline

These are things that people cannot live without.

• wants

• desires

• requirements

• needs