The document discusses several aspects of opportunity recognition and seizing for entrepreneurs. It defines opportunity and discusses how entrepreneurs are innovative opportunity seekers who create value by introducing new products/services or improving existing ones. It also discusses opportunity screening, the process of cautiously selecting the best opportunity. Finally, it discusses opportunity seizing, including crafting a positioning statement, conceptualizing the product/service offering, designing and testing prototypes, and implementing, organizing and financing the opportunity.
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
The New Product Development ProcessBecause introdu.docxcherry686017
The New Product Development Process
Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions often follow set procedures for bringing products to market. In the scientific area that may mean the establishment of ongoing laboratory research programs for discovering new products (e.g., medicines) while less scientific companies may pull together resources for product development on a less structured timetable.
In this PowerPoint slide show, we present a process comprising the key elements of new product development. While some companies may not follow a deliberate step-by-step approach, the steps are useful in showing the information input and decision making that must be done in order to successfully develop new products. The process also shows the importance market research plays in developing products. We should note that while this process works for most industries, it is less effective in developing radically new products. The main reason lies in the inability of the target market to provide sufficient feedback on advanced product concepts since they often find it difficult to understand radically different ideas. So while many of these steps are used to research breakthrough ideas, the marketer should exercise caution when interpreting the results.
*
New Products are vital
As the cartoon highlights, in this era of rapid changes in our external environment, innovation is imperative. A firm cannot rest on their laurels (and current products). Furthermore, the time it takes firms to bring new products to market has accelerated. Firms that fail to develop new products put themselves at risk as their existing products are vulnerable to changing customer needs and tastes, new technologies, shortened product-life-cycles, and increased competition. In this PowerPoint slideshow, we highlight the 8 step new product development process as described by Kotler and Keller (2016).
*
8 Step New-Product Development Process1. Idea Generation2. Idea Screening3. Concept Development and Testing4. Marketing Strategy Development5. Business Analysis6. Product Development7. Market Testing8. Commercialization
How Kotler and Keller (2016) describes the New Product Development Process is as an eight stage process in which the new product can be dropped at any time. Other sources will condense some of the steps so you may see others refer to fewer steps. If you look at these closely though, they are not deleting any of the activities, but instead are combining some of them.
*
Step 1: Idea GenerationAt this stage marketers need to ask: Is the idea worth considering?If yes, proceed to idea screening.If no, drop.Ideas for new products can come from:Customers and channel membersScientists and engineersBy examining competitorsTop management
The first step of new product development requires gathering ideas to be evaluated as potential product ...
INTRODUCTION
In order to stay successful in the face of maturing products, companies need a continuous stream of new ideas successfully developed into new products. The way to obtain new products is to have a structured and carefully executed new product development process (NPD).
But companies face a problem: Although they must develop new products, the odds weigh heavily against success. Among thousands of products entering the process at the top, only a handful eventually reach the market. Therefore, it is of crucial importance to understand consumers, markets, and competitors in order to develop new products that deliver superior value to customers.
In other words, there is no way around a systematic, customer-driven new product development process for finding and growing new products. We will go into the eight major steps in the new product development process.
The New Product Development ProcessBecause introdu.docxcherry686017
The New Product Development Process
Because introducing new products on a consistent basis is important to the future success of many organizations, marketers in charge of product decisions often follow set procedures for bringing products to market. In the scientific area that may mean the establishment of ongoing laboratory research programs for discovering new products (e.g., medicines) while less scientific companies may pull together resources for product development on a less structured timetable.
In this PowerPoint slide show, we present a process comprising the key elements of new product development. While some companies may not follow a deliberate step-by-step approach, the steps are useful in showing the information input and decision making that must be done in order to successfully develop new products. The process also shows the importance market research plays in developing products. We should note that while this process works for most industries, it is less effective in developing radically new products. The main reason lies in the inability of the target market to provide sufficient feedback on advanced product concepts since they often find it difficult to understand radically different ideas. So while many of these steps are used to research breakthrough ideas, the marketer should exercise caution when interpreting the results.
*
New Products are vital
As the cartoon highlights, in this era of rapid changes in our external environment, innovation is imperative. A firm cannot rest on their laurels (and current products). Furthermore, the time it takes firms to bring new products to market has accelerated. Firms that fail to develop new products put themselves at risk as their existing products are vulnerable to changing customer needs and tastes, new technologies, shortened product-life-cycles, and increased competition. In this PowerPoint slideshow, we highlight the 8 step new product development process as described by Kotler and Keller (2016).
*
8 Step New-Product Development Process1. Idea Generation2. Idea Screening3. Concept Development and Testing4. Marketing Strategy Development5. Business Analysis6. Product Development7. Market Testing8. Commercialization
How Kotler and Keller (2016) describes the New Product Development Process is as an eight stage process in which the new product can be dropped at any time. Other sources will condense some of the steps so you may see others refer to fewer steps. If you look at these closely though, they are not deleting any of the activities, but instead are combining some of them.
*
Step 1: Idea GenerationAt this stage marketers need to ask: Is the idea worth considering?If yes, proceed to idea screening.If no, drop.Ideas for new products can come from:Customers and channel membersScientists and engineersBy examining competitorsTop management
The first step of new product development requires gathering ideas to be evaluated as potential product ...
This project gives a fair idea of starting a venture which is particularly applicable in India due to its various tax and legal laws. But still it gives the essentials of starting a venture anywhere in the world
MRKT 310 Principles of MarketingWeek 4 Writing AssignmentPart .docxroushhsiu
MRKT 310 Principles of Marketing
Week 4 Writing Assignment
Part 1 - Consumer Behavior: How People Make Buying Decisions
Learning Outcomes
Model of Consumer Behavior: Environmental factors. Student can use the model of consumer behavior to identify those environmental factors most likely to affect the consumer decision making for a specific product or service.
Model of Consumer Behavior: Consumer factors. Student can reference the model of consumer behavior to identify the consumer factors most likely to affect the decision making for a specific product or service.
Role of Involvement in purchase decisions. Student can identify the role of consumer involvement applicable to a specific product or service offering and how that level of involvement affects the type of decision making.
Consumer decision-making process. Student can identify how marketing strategy can influence each of the steps in the consumer decision-making process.
Directions
· Refer to the product or service you selected at the beginning of the semester. This week, you want to take a closer look at what consumer factors may be relevant for customers who are considering buying your product or service offering. This will require some critical thinking on your part based on your own behavior if you are a customer yourself, or you may want to talk to others who have purchased the product. Sometimes you can find clues when looking at the marketing messages that may be addressing some of these factors.
· Prepare your assignment beginning with a title page with your name and the name of your product or service. Then answer each of the following eight questions (four in part 1 and four in part 2) in order and number the beginning of your response to each question. Although you do not need to repeat the question, there should be a heading to separate the sections. The paper should contain approximately 5+ pages of analysis for the responses to the eight questions.
1. Consumer Behavior Model:Environmental factors. Refer to the week's readings and the model of consumer behavior and identify two of the most important environmental factors you think are relevant to the customers of your product or service offering. Explain your choices.
2. Consumer Behavior Model: Consumer factors. Refer to this week's readings and the model of consumer behavior and identify the three most important consumer factors you think are relevant to the customers of your product or service offering. Explain your choices.
3. Role of involvement in consumer decision-making. Identify the level of involvement a customer of your product or service might use to make a purchase/no purchase decision. Then, discuss which type of buying behavior is most consistent with that level of involvement.
4. Consumer decision-making process. Go through the six steps of the purchase process outlined in the readings and identify where marketing can influence each of the six steps. For example, if a consumer just ...
This project gives a fair idea of starting a venture which is particularly applicable in India due to its various tax and legal laws. But still it gives the essentials of starting a venture anywhere in the world
MRKT 310 Principles of MarketingWeek 4 Writing AssignmentPart .docxroushhsiu
MRKT 310 Principles of Marketing
Week 4 Writing Assignment
Part 1 - Consumer Behavior: How People Make Buying Decisions
Learning Outcomes
Model of Consumer Behavior: Environmental factors. Student can use the model of consumer behavior to identify those environmental factors most likely to affect the consumer decision making for a specific product or service.
Model of Consumer Behavior: Consumer factors. Student can reference the model of consumer behavior to identify the consumer factors most likely to affect the decision making for a specific product or service.
Role of Involvement in purchase decisions. Student can identify the role of consumer involvement applicable to a specific product or service offering and how that level of involvement affects the type of decision making.
Consumer decision-making process. Student can identify how marketing strategy can influence each of the steps in the consumer decision-making process.
Directions
· Refer to the product or service you selected at the beginning of the semester. This week, you want to take a closer look at what consumer factors may be relevant for customers who are considering buying your product or service offering. This will require some critical thinking on your part based on your own behavior if you are a customer yourself, or you may want to talk to others who have purchased the product. Sometimes you can find clues when looking at the marketing messages that may be addressing some of these factors.
· Prepare your assignment beginning with a title page with your name and the name of your product or service. Then answer each of the following eight questions (four in part 1 and four in part 2) in order and number the beginning of your response to each question. Although you do not need to repeat the question, there should be a heading to separate the sections. The paper should contain approximately 5+ pages of analysis for the responses to the eight questions.
1. Consumer Behavior Model:Environmental factors. Refer to the week's readings and the model of consumer behavior and identify two of the most important environmental factors you think are relevant to the customers of your product or service offering. Explain your choices.
2. Consumer Behavior Model: Consumer factors. Refer to this week's readings and the model of consumer behavior and identify the three most important consumer factors you think are relevant to the customers of your product or service offering. Explain your choices.
3. Role of involvement in consumer decision-making. Identify the level of involvement a customer of your product or service might use to make a purchase/no purchase decision. Then, discuss which type of buying behavior is most consistent with that level of involvement.
4. Consumer decision-making process. Go through the six steps of the purchase process outlined in the readings and identify where marketing can influence each of the six steps. For example, if a consumer just ...
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
TESDA TM1 REVIEWER FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
opportunity seeking.pptx
1. How do you recognize opportunity? What are
the things that you need to consider?
2. OPPORTUNITY RECOGNITION
Opportunity is a situation or occasion that makes it possible to do something
that you want to do. It is an exploitable set of circumstances with uncertain
outcome requiring a commitment or resources and involving exposure to risk.
3. OPPORTUNITY SEEKING
Entrepreneurs are innovative opportunity seekers. They have endless curiosity to
discover new or different ideas and see whether these ideas will work in the
market place.
Entrepreneurs create value by introducing new products or services or finding
better way of making them
These may include innovation in terms of product designs or addition of a new
product features to existing ones
They may also tinker on improving their operational capability by employing
new technologies that will bring them greater efficiency and better economics
4. OPPORTUNITY SCREENING
Opportunity screening is the process of cautiously selecting the best
opportunity. it is perhaps the most rigorous and yet, most important part of an
opportunity –driven entrepreneurship. it takes a lot of time, effort, and
knowledge to discern which among the potential opportunities uncovered
would be the one worth investing on or at least narrowing down the list to the
few promising ones.
5. Activity 1. Word Search: Search different words related to Entrepreneurship from the set of word puzzle
below (15 points)
6. Activity 3. Getting to know the market. Answer then following questions. Write your answer on the space
provided after each question.
Who are my potential customers?
__________________________________________________________________
What are my customers’ shopping and buying habits?
__________________________________________________________________
How large is my target market?
__________________________________________________________________
How much are potential customers willing to spend?
__________________________________________________________________
Who are my competitors?
__________________________________________________________________
What are my competitors’ strengths and weaknesses?
__________________________________________________________________
7. OPPORTUNITY SEIZING
Background Information for Learners
Opportunity seizing is the last step in opportunity spotting and assessment. This
is the pushing through of entrepreneurs with their chosen opportunity.
Entrepreneurs should make the best out of this opportunity, and they should
exert efforts and full dedication for the success of the new venture. The
entrepreneur’s idea can be any type of innovations listed here:
Innovation is the process of positively improving an existing product or service
which can be a key driver for economic growth. It is constantly changing,
therefore, products and services must also adapt to these changes.
8. Types of Innovation
Breakthrough innovation includes inventions, occur infrequently as these
establish the platform on which future innovations in an area are developed.
Examples are the Internet, the computer, or the airplane.
Technological innovation includes technological advancement of an existing
product or service which occurs frequently. Examples are wireless fidelity or
Wi-Fi, the laptop, or the jet plane.
Ordinary innovation occurs ordinarily which are commonly originating from
market analysis and technology pull instead of a technology push. This
means that the market has a strong influence in the implementation of an
innovation. Examples are unlimited internet plans of telecommunications
companies, a wireless mouse, and airbus for economical travelers.
9. How to choose or come up with a competing product or
service?
Identify the main customer segments.
Differentiate product attributes and features of each of the
competitors.
Determine the existing marketing practices of the various competitors.
Categorize the market preferences of consumers when it comes to the
products being offered.
10. Product Planning and Development Process
1. Idea Stage. This refers to the formation of the business ideas. It starts
with an entrepreneurial intent and proceeds with a development of a
business idea using logic and creativity.
2. Concept Stage. The refinement of ideas and visualization of an idea
that can serve as a business opportunity.
3. Product Development Stage. It is here where the business idea is
concretized with the production of a prototype.
4. Test Marketing Stage. At this phase, the product or service is
introduced in the market after a series of evaluation and feedback from
potential customers.
11. Process of Opportunity Seizing
1. Crafting a positioning statement.
The entrepreneur is advised to look at other competitors in the marketplace.
Customer profiling will come into the picture.
2. Conceptualizing the product or service offering.
• It is an idealized abstraction of the product or service to be offered
to the preferred market of the entrepreneur.
12. 3. Designing, prototyping, and testing the product
The entrepreneur must render the concept and translate it into its
very physical and very real dimension.
Be ready for the actual testing by the entrepreneur and then, later on,
subject to testing by potential customers through FGD, surveys,
product demo sessions, etc.
Assess how much resources are available.
4. Implementing, Organizing and Financing
Choose correct technology
Choose the right people
Design the operating work flow
Specify the systems and procedures
Design the organizational architecture
13. Exercise 3: Given that you have already chosen the best product or service
that you will be offering, answer the following questions:
1. What is your proposed product?
2. What are the main customer segments?
3. What are the different products or service attributes and features of each of
the competitors?
14. 4. How will you determine the existing marketing practices of the various competitors?
5. Why should consumers buy your product or avail your service?
