ENTREPRENEURSHIP Lecture No: 17 BY CH. SHAHZAD ANSAR

CREATIVITY AND THE BUSINESS IDEA

PRODUCT PLANNING AND DEVELOPMENT PROCESS

Establishing evaluation criteria Criteria should be developed to evaluate new product in term of: Market opportunity Competition in marketing system Financial factors Production factors 4

Determining the need of a new product idea Type of need: Continuing need Declining need Emerging need Future need

Determining the need of a new product idea Timing of need: Duration of need Frequency of need Demand cycle Position in life cycle

Determining the need of a new product idea Competing ways to satisfy need Doing without Using present way Modifying present way

Determining the need of a new product idea Perceived benefits/risks Utility to customer Appeal characteristics Customer tastes and preferences Buying motives Consumption habits

Determining the need of a new product idea Price versus performance features Price quantity relationship Demand elasticity Stability of price Stability of market

Determining the need of a new product idea Market size and potential Market growth Market trends Market development requirements Threats to market

Determining the need of a new product idea Availability to customer funds General economic condition Economic trends Customer income Financing opportunities