Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song. Find a song where the singer uses lyrics that describe what you feel about the lesson tackled in this module. It does not need to be a whole song but may be a lyric in a song.

1. THE RIGHT
PRODUCT FOR THE
RIGHT MARKET
CAÑETE DREAMERS

2. NEW PRODUCT DEVELOPMENT
Successful new products spring from the convergence of: (1) the creative mind;
(2) the technical mind; and (3) the business mind. All three minds come
together in the entrepreneurial mind.
In reality, however, the three minds are seldom found in one entrepreneur.
However, the entrepreneur is certainly the orchestrator of the three minds.

3. THE ENTREPRENEURIAL MIND
The creative mind conceptualizes and designs a product the consumers find some
use for. It likewise produces a product that is pleasing to see, touch, smell, hear,
and taste. It also produces a product that creates emotional attachment and
eventually becomes a significant personal expression of the consumer.
The technical mind is the technology originator. The entrepreneur may not
necessarily possess the technical mind but this is what drives him or her to
convert new knowledge into something highly functional and operational.

4. The technical mind is also a technology adaptor. He or she uses old knowledge for new
applications in various fields of human endeavor. Finally, the technical mind is a
technology renderer. He or she resolves to make a new product work for the product
creator by configuring and reconfiguring the technical design of the new product.
The business mind harnesses the potentials of new products by creating the market space for
them. It also organizes sufficient forces and resources to develop, launch, and
commercialized the new product in order to maximize it’s market value . The business
mind also manages the external and internal business environment of the new product,
which goes beyond the product development process itself.

5. Product Conceptualization and the Creative
mind
Using the lampturn example, let us examine how the entrepreneurs employed the
creative mind, technical mind, and business mind in order to come up with a variable
new product. First, let us take a look at how they achieved the creative mind’s three
product levels of appeal.
The purpose of the lamp was to create mood and ambience, to delight and fascinate
viewers and to “serve as a centerpiece for rooms with it’s theatrical display of images.”
It could be used as a night lamp, achild pacifier, or a decorative and conversational
piece.

6. The sensorial-emotional appeal of Lampturn was heightened by the use of
light amidst darkness, the highly colorful and moving shapes, and the images
and the mood-evoking scenery. Lampturn is supposed to make people feel
good.
The aesthetic appeal of Lampturn is obvious. How the lamp could be
elevated to self-actualization would largely depend on the meaning of the
lamp images. It would also depend on the desired state of the self, which
the lamp should produce.

7. Product Development and the Technical Mind
In order to convert the product concept into a viable product, the technical
mind must intervene to provide the quality and performance specifications
through technology.
In the case of Lampturn, the product simply required the application of
existing technology (or technology rendering).

8. What the entrepreneurs needed to do was to fit that existing technology
according to their product concept. This is the point where the
entrepreneurs encountered several challenges while they were searching
for the appropriate technology for their product concept. First, the
product must resemble the lantern in the movies. Second, the lantern must
be sturdy and safe for placing in a child’s bedroom. Third, the lamp must
be easily transportable and displayable. Fourth, the lantern must be
relatively easy to make for replication and mass production purposes.
Fifth, the lamp must be made of materials that do not cost much.

9. The above technical considerations proved to be very
challenging for the entrepreneurs to deal with by
themselves, that is why they had to seek the guidance of
experts. For a better grasp of these technical specifications,
the following is the list that the entrepreneurs came up with
as they consult these experts.

10. First:
• Use of 25-watt bulbs.
• Use of fan-bladed domes.
• Use of BIC ball pens to support and allow the dome to rotate smoothly.
• Use of natural sanded wood.
• Use of fish and butterfly designs.
Second:
• Use of high-impact plastic paper:
• Use of strong wooden frames.

11. Third:
• Use of size that is not more than 16 inches in height and 10
inches wide.
• Use of quality electrical supplies.
In order to deal with the above technical specifications, the
entrepreneurs had totap the technical minds of electricians,
engineers, artisans, and artists to develop the Lampturn.
Prototypes were fashioned, critiqued, and discarded until the
entrepreneursbecame satisfied with a final prototype.

12. Product Launch and the Business Mind
The business mind brings the product from the prototype stage to the production phase
and, finally, to its ultimate destination, the marketplace. The product must be made shop-
ready for commercial purpose’s.
The business mnind must determine the best way to maximize product sales to its target
market.
The right distribution and salespeople should be tapped and deployed/ The fourth and
fifth technical specifications were addressed as follows:

13. Fourth: Use of subcontractors, namely, Tahanang Walang
Hagdan.
Fifth: Entrepreneurs supplied the materials to the
subcontractors including the pre-assembled electrical
contraption.
The entrepreneurs received invaluable comments from the
subcontractors and the production experts they consulted.

14. The second test marketing phase attempted to place the product in
several commercial outlets, namely in:
•home décor and home furnishing stores;
•novelty and gift stores;
•lamp and lighting fixture stores; and
•children’s toy stores.

15. Novelty stores tended to price the lantern between P895.00 and
P1,200.00 to generate faster turnover. The home décor stores priced
the product between P1,200.00 and P1,400.00 (although one store
was alble to sell them at P2,000.00 per lantern). It was not difficult
to sell the products to the stores. Fifty-eight units were sold in the
first 23 days, indicating good market prospects.

16. Because of their test marketing experience, the entrepreneurs
positioned the product:
•as a novelty home décor item;
•for children’s bedroom or for living room display; and
•for women buyers aged 15 to 50.
The findings of the second test marketing phase enabled the
entrepreneurs to make a good marketing plan that would maximize
their revenues and profits

17. The New Improve Product
There are many existing products in the market that are serving the
needs and wants of customers but not that well. The existing
products are being tolerated because there are enough features and
attributes to mnake the customers want to buy the product.
However, there are enough “dissatisfiers” in the product to warrant
the introduction of new, improved versions, or modifications of the
product such as in the case of the Crunchy Bawang.