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PRODUCT
A good, service, or idea that is created as a result
of a process and satisfies a want or need.
o Products can be goods or services:
Goods are tangible
Services are intangible
EXAMPLE
PRODUCT DEVELOPMENT
The creation of products with new or different
characteristics that offer new or additional
benefits to the customer.
CHECK POINT
Explain Target Market.
CASE STUDY
ZoomShops Taking Flight in
Airports and Beyond
PRODUCT OPPORTUNITIES
Product Opportunity Gap POGoccur when theres
a gap between what is currently offered in the market
and the opportunity for new or modified products as a
result of emerging trends.
o Products successfully fill this gap when they meet
customer expectations and are perceived as useful
and desirable.
EXAMPLE
IDENTIFYING PRODUCT
OPPORTUNITIES
1. Conduct market research to identify need or
gap.
2. Evaluate the current market.
3. Identify the current problem.
4. Determine how to solve the problem.
ACTIVITY
Identify a product opportunity gap for the
automated kiosk (Spirit Box).
TECHNIQUES TO GENERATE
PRODUCT IDEAS
1.
2.
3.
4.
5.
ACTIVITY
Develop a template for an online suggestion box
for SBE employees and a template for an online
discussion board for customers.
ACTIVITY
Revise your automated retail product selection list
from the Bell Ringer based on the information from
this lesson. Identify the criteria by which you
selected those products.
Fill in your products on the plan-o-gram.
QUIZ
Concept of Product and Product Development in
Automated Retail