LESSON 3-5 Flashcards
a managerial tool to access the environment
SWOT ANALYSIS
gathers important information which in turn is used in strategic planning
SWOT ANALYSIS
SWOT
STRENGTH
WEAKNESSES
OPPORTUNITIES
THREATS
internal (SWOT)
STRENGTH
WEAKNESSES
external (SWOT)
OPPORTUNITIES
THREATS
a process of making new product to be sold by a business or enterprise to its customers.
PRODUCT DEVELOPMENT
essential to an individual to live with dignity and pride
NEEDS
desires and extravagance that signify wealth.
WANTS
a crucial phase in the development of a product. the needs of the environment are identified and competitive products are reviews before the product specifications are defined.
CONCEPT OF DEVELOPING A PRODUCT
using survey forms, interview, researches, focus group discussions and observations.
IDENTIFY CUSTOMER NEEDS
the information that can be possibly gathered are product specification
IDENTIFY CUSTOMER NEEDS
this would determine the product to be produced
IDENTIFY CUSTOMER NEEDS
based on customers needs reviews of competitive products.
ESTABLISH TARGET SPECIFICATIONS
other product may exhibit successful design attributes that should be emulated or improved upon in the new product
ANALYZE COMPETITIVE PRODUCTS
develop a number of product concepts to illustrate what type of product/services are both technically feasible and would best meet the requirements of the target specification
GENERATE PRODUCT CONCEPTS
through the process of evaluation between attributes, a final concept is selected
SELECT A PRODUCT CONCEPT
products or services specifications are refined on the basics of input from the foregoing activities
REFINE SPECIFICATIONS
it is very important to review and estimate the economic implications regarding development expenses, manufacturing costs, and selling price of the products to be offered or provided
PERFORM ECONOMIC ANALYSIS
you may prepare a detailed development plan which includes list of activities
PLAN REMAINING DEVELOPMENT PROJECT
people buy for a reason. there should be something to make you the best option for your target customers
FINDING VALUE
introduction of something new in your product or service.
INNOVATION
factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competitions
UNIQUE SELLING PROPOSITION
marketing practice of creating name, symbols, or design that identifies and differentiates products from the rest
BRANDING
