1. ENTREPRENEURSHIP Lecture No: 17 BY CH. SHAHZAD ANSAR

2. CREATIVITY AND THE BUSINESS IDEA

3. PRODUCT PLANNING AND DEVELOPMENT PROCESS

4. 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

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

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

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

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

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

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

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