LESSON #3:

INTRODUCTION TO
ENVIRONMENT AND
MARKET

LESSON#4: PRODUCT AND

CONCEPT DEVELOPMENT
These can be
considered as the
Needs and wants of
the people in a
certain area that
Business opportunities
For those people who
aspire to start a business
what are the things that
they need to explore
Economic
prevailingConditions
in an area?
Cultural Conditions
Social Conditions
What are the 5 things that
needs to be identified in
seizing a business
opportunity that can help a
the needs of the
new entrepreneur?
its
community skill
available
resources raws
appropriate
materials
SWOT
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
Product Development
 Vital questions
about product
For whom are the product services
development:
aimed at?
What benefits will the customers expect from it?

How will the product differ from the existing brand? From
its competitor?
 Needs in business are important
things that every individual cannot
live without in a society. These
include:
basic commodities for consumption

clothing and other personal belongings;

shelter, sanitation and health;

education.
WANTS OR NEEDS
essential to an
individual to live with
dignity and pride in a
community.
NEEDS
WANTS OR NEEDS
desires, luxury and
extravagance that
signify wealth and
expensive way of living.
WANTS
WANTS OR NEEDS
Anything that is
necessary for survival.

NEEDS
WANTS OR NEEDS
Anything that makes
your life more
comfortable.

WANTS
WANTS OR NEEDS

Things you can

not live without.

NEEDS
What is now the
relationship of product
development to the
needs and wants
product developmentof an
individual?
entirely depends on the
needs and wants of the
These are
considered as the
essential wish-
Establish
list . Target
Specifications
Specifications
can be applied to
obtain feedback
from certain key
customers.
Select a Product
This stage is very
important because
this would determine
the product to be
produced or provided.
Identify Customer
illustrate what
types of product
or services are
both technically
Generate Product
feasible
expected service life,
projected selling price
and among others are
being considered in
this stage.
Refine Product
final stage of concept
development, which includes
list of activities, the necessary
resources and expenses, and
development schedule with
milestones for tracking
Plan the
progress.. Remaining
Development Project
it is very important to always
review and estimate the
economic implications
regarding development
expenses, manufacturing
costs, and selling price of the
product or
Perform services to be
Economic
offered or provided.