Product Design and Development

 Week 11 - Product Design & Development - Notes from Chapter 10. 

A product can be marketed to customers because it provides them with a benefit and satisfies a need. 

Types of Product Development - 

- "New-to-the-company product is a good or a service that is new to the company but has been sold by a competitor in the past. 

- an improvement in an existing product = an enhancement of a product already on the market. 

- extension to an existing product = a new product developed as a variation of an already existing product. 

- A "new-to-the-market" product is a good or a service that has not been available to consumers or manufacturers in the past.

4 Characteristics of the Entrepreneurship Start-Up:

1. It is characterized by innovative products and/or practices.

2. Its goals include profitability and growth.

3. it focuses on new opportunities

4. Its owners are willing to take risks. 

Entrepreneurship is about carefully calculated risks, not unnecessary risks. Most entrepreneurial decision-making can be improved with input from one or both of two sources:

Information gathered from research

Knowledge gained from personal experience

Understanding your Industry - an industry is a group of related businesses that do similar things and compete with each other. 

• To introduce a successful new service, you should understand the industry in which you’ll be offering the service. Select a service business that you’d like to run and explain what information you’d collect on its industry. How would you find it?

Landscaping Business - I would search for areas in my neighborhood that would need lawn and landscaping services. I could pitch a business plan to a developer and real estate company that would provide clientele for future revenues. I would invest in equipment that can withstand normal wear and tear use. Reliability as a service provider will support the effects that clients will trust and compel themselves to choose me instead of a competitor. Prices will need to start at a decent rate and adjust with the economy. I would promote online via Facebook and/or Instagram or TikTok. I would also hand out our business cards, and reach out to friends and family. I feel like this is a good marketing mix that will start off any business in the right direction. I would research further regarding services that I could extend my services to include - cement work, construction, and general contracting work. This will enable the business to flourish and grow in more than one industry and market.