THE RIGHT PRODUCT FOR THE RIGHT MARKET

JUMPSTART
NEW PRODUCT DEVELOPMENT
Successful new products spring from the convergence of: (1) the creative mind) the technical mind (2); and (3) the
business mind. All three come together in the entrepreneurial mind.

The Entrepreneurial Mind

Refers to a specific state of mind which orientates human conduct towards entrepreneurial activities and outcomes.
Individuals with entrepreneurial mindsets are often drawn to opportunities, innovation and new value creation.
 KINDS OF ENTREPRENEURIAL MIND
Creative mind
 Conceptualizes and designs a products that consumers find some use for: it likewise produces a product that is
pleasing. To see, touch, smell, hear, and taste. It is 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.
Business mind
 Harnesses the potentials of new products by creating the market space for them. It is also organizes sufficient
forces and resources to develop, launch, and commercialize the new product in order to maximize its market
value.

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 viable 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 its theatrical display of images.” It could be used as a night lamp, a child pacifier, or a decorative and
conversational piece.
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.
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 Lamp turn, the product simply required the application of
existing.
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.
TECHNICAL CONSIDERATIONS:
First: -use of natural sanded wood.
-use of 25-watt bulbs -use of fish and butterfly design
-use of fan
-bladed domes
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-use of bic ball pens to support and allow the dome to

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rotate smoothly.
Second:
-use of high-impact plastic paper
-use of strong wooden frames

Third:
-use of size that is not more than 16 inches in height and 10 inches wide.
-use of quality electrical supplies

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 market place The product must be made shop-ready for commercial
purposes. The Business As the entrepreneurs approved the final prototype, the next step was to test
market the product prototype. The test was conducted in two phases. The first phase consisted of two
focus group dimensions (FGD) and selling activities at Christmas bazaars. The second phase involved the
placement and selling of the lantern
The fish design was particularly liked. Other designs like planets, angels, and Christmas motif
were recommended.•The FGD suggested a price range of P500.00 to P1, 200.00. The product could be
used as a home décor for their own homes or as gifts to friends. •The FGD raised the issue of safety and
recommended that instructions be given on how to handle the electrical The first FGD consisted of
potential consumers with ages ranging from 15 to 50.

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