LESSON 5:

The Right Product For the Right Market

NEW PRODUCT DEVELOPMENT

Successful new products spring

from the convergence of :
(1) the creative mind;
(2) the technical mind and;
(3) the business mind.
All 3 minds, come together in
the entrepreneurial mind.
 THE ENTREPRENEURIAL MIND

• The creative mind conceptualizes and designs a product consumers

find some use for. It produces a product that is pleasing to see, touch,
smell, hear and taste. It also produces a product that creates emotional
attachment and eventually becomes a significant personal expression
of the consumer.
• The technical mind is the technology originator. The entrepreneur ay
not necessarily possess the teccal mind but this is what drives him/her
to convert new knowledge into something highly functional and
operational. The technical mind is also a technology adaptor. He or
she resolves to make a new product wor for the product creator by
configuring and reconfiguring the technical design of the new product.
 THE ENTREPRENEURIAL MIND

• The business mind harnesses the potentials of new products by

creating the market space for them. It organizes sufficient forces and
resources to develop, launch, and commercialize the new product in
order to maximize its market value.
PRODUCT CONCEPTUALIZATION AND THE
CREATIVE MIND
 PRODUCT DEVELOPMENT AND THE TECHNICAL MIND

• The technical mind must intervene to provide the quality and

performance specifications through technology. The entrepreneurs had
to tap the technical minds of electricians, engineers, artisans and
artiststo develop the Lampturn. Prototypes were fashioned, critiqued
and discarded until the entrepreneurs becomes satisfied with a final
prototype.
 PRODUCT LAUNCH AND THE BUSINESS MIND

• The business mind brings the product from the prototype stage to the
production phase and, finally, to its ultimate destination, the
marketplace.

• The business mind must determine the best way to maximize product
sales to the target market.
THE NEW IMPROVED PRODUCT
PRODUCT DEVELOPMENT STAGE

01 Preliminary Testing

02 Establishment of Specifications of the Product

03 Standardization of the Production Process

 01

Preliminary Testing
Entrepreneurs consulted food experts and read
literature on food processess.
 02

Establishment of Specifications
of the Product

Analysis of Variance or ANOVA method

This part of the product testing phase needed food
technologists' expertise rather than consumers since they
were more knowledgeable on the technical aspects of
color, odor, textur, flavor, and crunchiness.
 03

Establishment of Specifications
of the Product

The third phase of product development

involved standardization of the entire food
preparation and cooking process.
THANK YOU