RIGHT PRODUCT FOR THE RIGHT MARKET

• The purpose of product description is to provide customers with details around the features and benefits of the product so customers are obliged to buy.
• Product Description consists of details, features, price, benefits and application of the product
• Features – What makes your product unique from others
• Price – How much it costs
• Details - The physical appearance or characteristics of the product
• Prototyping is the duplication of a product as it will be produced
• Prototyping contains details such as color, graphics, packaging and directions.
• Paper Prototypes are created in the form of rough or hand-sketched drawings of the product's interface, front-end design, and sometimes the back end work.
• Paper Prototypes are also known as Throwaway Prototype
• The latest technology has made it possible to print a three-dimensional version of your product that can actually work which is called 3D Print.
• 3D Print is not ideal or feasible for prototyping in mass production.
• Digital Prototype allows product developers to create a virtual model of the product which enables them to see how the individual components will work together and how the product will look once it's completed
• Scale Model is a smaller and a non-functional model commonly used for prototyping large products like buildings, automobiles, etc.
• Digital Prototype is the virtual model of the product
• Suppliers are entities that offers goods and services to another business.
• Suppliers are entities is among of supply chain of a business, which may offer the main part of the value contained within its products.
• A supply chain is a structure of organizations, people, activities, data, and resources involved in moving a product or service from supplier to customer.
• A business model is an outline of how a company plans to make money with its product and customer base in a specific market.
• Business model explains four things:

  1. What product or service a company will sell?
  2. How does it intend to market that product or service?
  3. What kind of expenses it will face?
  4. How does it expected to turn a profit?
• Subscription Model is needed for a business that needs plan, contracts or subscription before gaining access to a product kr service.
• Bundling Model is how a business market multiple products in a package with reasonable price/discount applied compared when bought one-by-one
• Freemium Model requires product or service to cater basic needs of a customer with a premium version which is a complete access within a contract or subscription.
• Franchise Model is where an entrepreneur market a well-known brand to stall a new branch with the same and exact marketable product/s
• Distribution Model is when an entrepreneur market goods within the factory outlet or reselling before acquired by wholesalers and retailers
• Manufacturer Model is when a manufacturer itself is the who markets the product to suppliers.
• Retailer Model is when a known product is being sold by a seller in suggested retail price.
• Revenue is recognized when earned, whether paid in cash or charged to the account of the customer.
• Sales is used especially when the nature of business is retailing.
• Service income is used to record revenues earned by rendering services.
• Mark Up is refers to the amount added to the cost to come up with the selling price.