Second Quarter - Quiz 1

• Product Development - is defined as the process of conceptualizing, designing, creating, producing, introducing, and delivering new products and services to consumers
• Sub-Quiz: Enumerate which step is given

  • Commercialization - Step 6
  • Business Analysis - Step 3
  • Screening Ideas - Step 2
  • Market Tests - Step 5
  • Generating a new Product Idea - Step 1
  • Product Development - Step 4
• Generating a new product idea

  • It involves continuous search for new product opportunities. 
  • Come from varied sources, from researchers, consumers, and competitors.
• Screening Ideas 

  • In this process, the greater potential ideas are selected for further development. 
  • Ideas deemed poor or unsuitable are rejected.
• Business Analysis

  • A surviving idea is expanded into a concrete business proposal.
  • In this stage, the management identifies the product features; estimates the market demand; establishes a program to develop the product; and assigns responsibility for further study of the product's feasibility.
• Product development

  • Focuses on the production of the new product into a tangible form, from concept, to test stage, to development and marketing.
• Market tests

  • Refers to the limited introduction of the product in areas chosen to represent the intended market.
  • Used to know the possible buyers' reactions to the new product/s. 
  • It is a simple launching of the entire marketing process.
• Commercialization

  • The new product is introduced in the market. 
  • Involves expenses for advertising, personal selling, and sales promotion.
• There must be adequate market demand - A product is destined to fail if a need does not exist or is it not important to consumers.
• The product must satisfy key financial criteria - Questions that should be asked are: "Is adequate financing available?"" "Will the new item reduce seasonal fluctuations in the company's sales?," and "Can we make a sufficient profit with the product?"
• The product must be compatible with environmental standards - Key questions include: "Does the production process avoid air and water pollution?,' "Will the finished product, including packaging, be friendly to the environment?" and "After being used, does the product have recycling potential?"
• The product must fit the company's present marketing structure - Questions related to these criteria include: "Can the existing sales force be used?" and "Can the present channels of distribution be used?"
• Unique Selling Proposition (USP) - A strategy used by businesses to encourage customers to buy from them and not from What your brand can offer their competitors.
• Search engine optimization - You make your website friendly for online advertisements, which will allow you to send promotional content of your product/s to the target audience.
• Search engine marketing - You can use paid search, such as pay per click listings and advertisements to connect to users.
• Email marketing  - You can increase the effectiveness of your email campaigns by using personalization.
• Brands - refers to a name, term, symbol or design, or a combination of them, which identifies the goods or services of one entrepreneur and differentiates them from their competitors' products.
• Logo - is an important element in packaging. It conveys the type and benefits. It is expected to be attractive and eye-catching. Tool for Sales.