ENTREPRENEURSHIP
Chapter 3 – Lessons 1-4
1. Product Development Process
2. Product Modelling and Prototyping
3. Branding, Packaging, Labelling
4. Product Life Cycle
What are the steps in
creating your
business?
Product development
is the process of creating new products or improving
existing ones to meet the needs and preferences of
consumers
Product Development Process:
Idea Generation:
The act of conceiving and
expressing idea or concept
Ideas can come from customer
feedback, market research, or
internal brainstorming sessions.
Conceptualization:
Refining identified ideas
involves creating sketches or
detailed descriptions to visualize
the product and its features.
Feasibility Analysis
Assessing the viability of the proposed product in
terms of market demand and potential return on
investment.
Feasibility Analysis Steps
1. Market Feasibility (Is There Demand?)
2. Technical Feasibility (Can You Produce It?)
3. Financial Feasibility (Can You Afford It?)
4. Organizational Feasibility (Do You Have the Right
Team?)
5. Legal and Environmental Feasibility (Are There
Legal or Environmental Issues?)
Prototype
Development:
Developing a sample
of your finished
product
Steps in Prototype Development:
1. Idea & Planning
2. Sketching & Design
3. Creating the First Model (Prototype)
4. Testing & Feedback
5. Refining & Finalizing
Testing and Validation:
Conducting testing and validation to
ensure that the product meets
quality standards and regulatory
requirements
Iterative Design and Development:
Making iterative improvements to the product based on
testing feedback
This iterative process continues until the product
achieves optimal performance.
Manufacturing and Production:
This stage involves :
coordination with suppliers
setting up production facilities
ensuring quality control measures
Marketing and Launch:
Stage of introducing the product to the target market.
This includes
Branding
Pricing
Distribution
Promotions
PRODUCT MODELLING AND
PRODUCT PROTOTYPING
Product modeling and product prototyping are integral
parts of the product development process
Here's a breakdown of each:
PRODUCT MODEL
Visual reference
non-functional
use to identify areas for visual improvement
PROTOTYPES
working models
demonstrate how the final
product will function
Use to test product's
functionality and gain feedback
PROTOTYPING
When To Use A Model Vs. When To Use A Prototype
designers use a model during the conceptualization
phase to explore their ideas and communicate the
product's vision.
designers use a prototype during the testing and
refinement phase to refine the product's functionality
Branding:
involves creating a unique identity
includes the product name, logo
the goal is to establish a strong connection with the
target audience and differentiate the product from
competitors.
Branding:
•Trademark Compliance:
Ensure that brand names, logos, slogans,
comply with trademark laws
Conduct thorough trademark searches to
avoid infringing on existing trademarks.
•Cultural Sensitivity:
Consider cultural sensitivities when entering
international markets.
Certain images, symbols, or messages may be
offensive in specific cultural contexts.
Packaging:
plays a crucial role in product
presentation
designers consider factors such as
materials, size, shape, and graphic
design.
prototypes may be created using
physical mock-up
Packaging:
•Materials and Safety:
Ensure that packaging materials comply with relevant
regulations regarding safety and recyclability
Labeling:
are used to convey essential information about the
product such as ingredients, instructions and safety
warnings
They must comply with relevant regulations and standards
During prototyping, designers create label mock-ups to
test readability, and visual appeal.
Labeling:
Regulatory Information: Include all required
regulatory information on product labels
Product Claims: Ensure that any claims made on
product labels comply with governing regulations
PRODUCT LIFE CYCLE
The product life cycle (PLC)
describes the stages a product goes through from its
introduction to its eventual decline
can help businesses make informed decisions regarding
marketing, pricing, and product strategy.
The PLC typically consists of four main stages :
introduction, growth, maturity, decline
Introduction:
the product is launched into the market
sales are typically low
marketing is focus on building awareness and demand
companies may invest heavily in promotional activities
profits are usually low due to high marketing costs
Growth:
characterized by rapidly increasing sales
consumer awareness and demand grow
profits begin to rise as sales increase are realized.
Maturity:
product reaches saturation in the market
competition intensifies
price competition may lead to lower profit margins
marketing efforts may shift towards differentiation
Decline:
occurs when sales and profits start to decline due to
changes in consumer preferences
companies may decide to phase out the product if it no
longer generates sufficient revenue
marketing efforts may be reduced and resources
reallocated to more profitable products