College of Arts and Science of Asia and the Pacific

Rodriguez, Campus
85 D Payatas Road, Brgy. San Jose,
Rodriguez, Rizal, Rodriguez, Philippines

GROUP #1

Topic 1 :
PRODUCT DEVELOPMENT

Introduction to Entrepneurship

Veñales, Eloisa Perez

Navarro, Erika Rein
Concepcion, Paolo
Montecalvo, Lynzel

CASAP RODRIGUEZ CAMPUS

I. TOPIC ASSIGNED

- Product of Development
- Fundamentals of Product
- Product or Service Development
- Creating a prototype of the product or service
- Testing the Product Prototype
- Validation of Market Acceptability
II. PRESENTERS NAME

- Veñales, Eloisa Perez

- Navarro, Erika Rein
- Concepcion, Paolo
- Montecalvo, Lynzel

III. ICE BREAKER

- Super Market Logic Game

Mechanics: Players needs to buy items that are available in the “Super market” that starts with the
letter that the game master will mention, the players will then proceed to find a item that starts with the
letter that the game master mentioned after the players have bought the items, the players will try to
connect and form the word “Product Development” or the closes to it and submit it to the game master at
once.

CASAP RODRIGUEZ CAMPUS

IV. DISCUSSION

Fundamentals of Product Development

Product Development is the process of developing, testing, and commercializing a product or service with
the ultimate objective of solving the problem of the primary target market. It is composed of four
sequential steps: 1. Developing a product or service description, 2. Creating a prototype, 3. Testing the
prototype, and 4. Validating the market.

Product or Service Description

It simply describes how a product or service works and how it benefits the customers.

1. It should directly address the primary target market in personal manner using everyday language.

2. It should highlight the features that will cater to the customer’s needs or address the customer’s
problems.

3. Realistic superlatives should be used for the product description.

Exploring Product and Service Development

What is a Product? A Service?

CASAP RODRIGUEZ CAMPUS

Basically, a product is a tangible offering to a customer, whereas a service is an intangible offering. The
former is usually a one-time exchange for value. In contrast, a service usually involves a longer period of
time. The value of a product is inherent in the tangible offering itself, for example, in the can of paint or a
pair of pants. In contrast, the value of a service often comes from the eventual benefit that the customer
perceives from the time while using the service. In addition, the customer often judges the value of a
service based on the quality of the relationship between the provider and the customer while using the
service.

Product vs Service

People require different services and products to satisfy various needs and wants. In this regard, it can be
observed that the marketers play a pivotal role in marketing different products and services to various
targeted customers. However, some people often confuse the two terms and often use them
interchangeably to refer to one thing but a closer analysis between them shows that they are different. The
major difference between the two concepts is that a product is tangible while a service is intangible.

Prototype of the service or product

A prototype is the physical manifestation of an idea, an important step in product management.

That is, it takes the conceptual product and brings it into the real world. There are various ways
that a prototype can be created, from a quick sketch to something three-dimensional, depending
on the time and effort you want to spend.

Testing the Prototype

It is mandatory to ensure that the product or service will not fail the customers and will deliver its
definitive purpose. This will elicit customer satisfaction and, eventually, customer loyalty and retention.

Validation of Market Acceptability a process of finding out if the intended primary target will be
buying the product or availing the service.

Market Acceptability is a critical factor that the entrepreneur must validate before launching the product
or service, because this can strongly suggest if the business will be successful or not.

V. SOURCES/REFERENCES
https://www.productplan.com/glossary/market-validation/?
fbclid=IwAR0ujUeIHJ7X7yybSm9TXlXy5Yq8n9RHfsUIq_XQDzX8N-9YQyaBjS-
zPL0#:~:text=Market%20validation%20is%20the%20process,made%20in%20developing%20the
%20product

https://www.projectmanager.com/blog/how-to-make-a-prototype?
fbclid=IwAR1RYj0FonbyKuH7bqqQobadGYOLxtqCrOiHCleJAbTjvsaiyuD8NAUX3GE

CASAP RODRIGUEZ CAMPUS

https://www.linkedin.com/pulse/fundamentals-product-development-approach-jetstyle?
fbclid=IwAR3ohpOIIvXEu9diAuflzSXemXg3skAOpk9E8GP3_eshFmsKbSdmSsc5O4o

https://www.productplan.com/glossary/market-validation/?fbclid=IwAR1jHEPQog6-
gTrFqjVmAqAnPPT--GqIaC9dEh_8KArjuG9MVWD8Y8sJixE#:~:text=Market%20validation%20is
%20the%20process,made%20in%20developing%20the%20product

https://management.org/productdevelopment/index.htm?
fbclid=IwAR28m85t9wFQo7RkkplHq5veGkkpSXBaNRZf58XA00oBaIIpYOXM6Ov5Hd0

https://www.scribd.com/document/469254888/Entrepreneurship-4Ms

VI. CRITERIA
The criteria for the reporting of Group 1 TOPIC 1 Product Development

CASAP RODRIGUEZ CAMPUS