Conceptualizing the Product or

Services Offering
After making an assessment of the competing
products, the entrepreneur must then
conceptualize his or her own products.

A concept is an idealized abstraction of the

product or service to be offered to the
preffered market of the entrepreneur.
Example
• Attribute
• Feature
• Function
• Form
• Design
• Meaning
• Vivo smartphone is touchscreen
• Can be use for a call and text
• Ocean blue color and 6.22 inch full-screen
• Creates
feelings of connectedness, comfort, and security
In order to come up with the product or service
concept, the following options or directions may be
considered by the entrepreneur:
1. The first is to create a concept similar to the winning
products and the market place and ride with the obvious
market trends.
2. The second is to find the market niche that has not been
filled by the competitors.
3. The third is to conceptualize a product in a positioning
category where the participants are rather weak.
4. The fourth is to conceptualize a product that would
change the way customers think, behave and buy, thus
making existing products "obsolete" and "old-fashioned "
 Designing prototyping, and Testing
the Product
• From conceptualizing, the entrepreneur proceeds to the
design, prototyping, and testing of the concept.
Designing means that the entrepreneur must render the
concept and translate it into its very physical and very real
dimensions (measurement).
This entails building a prototype of the product that will be
ready for actual testing by the entrepreneur and then, later
on, subject to testing by potential customer through focus
group discussion (FGD), surveys, product demonstration
sessions, and the like.
Implementing, Organizing and Financing

• Good planning and good programming are

essential to have good implementation.
• The entrepreneur must begin with the end and
mind, or his or her desired end results, for the
chosen opportunity.
• End results refer to the final outcomes of the
business such as highly satisfied customers, huge
sales realized, large profits generated, etc.
 A good planner and good programmer must
make several important choices to achieve
the desired end results.
 First is to choose the correct technology, the one that
would produce the output that would meet the the quality
specifications of the customers.
 Second is to choose the right people who can perform the
technical and the managerial functions necessary to
realized the desired end result.
 Third is to design the operating workflow that would assure
the effective, economical, and effecient production of the
output.
 Fourth is to specify the systems and procedures that would
govern the enterprise, motivate and discipline the work
force, and satisfy the customers.
 Fifth is to design the organizational architecture that would
allow the people to action at their best.
Given the above considerations, the entrepreneur must be
diligent in taking the necessary steps toward determining
the required resources.
• The resources include people resources, physical
resources, and peso or money resources.
• People and physical resources are dictated by the sales
volume targeted, the technology to be utilized, and the
capabilities needed by workforce.
• Peso or money resources would, in turn, depend on
the people and physical resources, plus other financial
requirements related to establishing and nurturing a
business.