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    S3 Seizing The Opportunity

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    Mylene Santiago
    This document discusses seizing opportunities through innovation and product development. It describes seizing as the stage where entrepreneurs fully dedicate effort to a new venture's success. Innovation is improving existing products/services or finding new ways of doing things. The document outlines three types of innovations and gives examples. It also details the five key stages of product and service planning and development: idea, concept, development, test marketing, and commercialization.

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    S3 Seizing The Opportunity

    Uploaded by

    Mylene Santiago
    853 views12 pages
    This document discusses seizing opportunities through innovation and product development. It describes seizing as the stage where entrepreneurs fully dedicate effort to a new venture's success. Innovation is improving existing products/services or finding new ways of doing things. The document outlines three types of innovations and gives examples. It also details the five key stages of product and service planning and development: idea, concept, development, test marketing, and commercialization.

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    S3 Seizing the Opportunity

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    This document discusses seizing opportunities through innovation and product development. It describes seizing as the stage where entrepreneurs fully dedicate effort to a new venture's success. Innovation is improving existing products/services or finding new ways of doing things. The document outlines three types of innovations and gives examples. It also details the five key stages of product and service planning and development: idea, concept, development, test marketing, and commercialization.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    853 views12 pages

    S3 Seizing The Opportunity

    Uploaded by

    Mylene Santiago
    This document discusses seizing opportunities through innovation and product development. It describes seizing as the stage where entrepreneurs fully dedicate effort to a new venture's success. Innovation is improving existing products/services or finding new ways of doing things. The document outlines three types of innovations and gives examples. It also details the five key stages of product and service planning and development: idea, concept, development, test marketing, and commercialization.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 12

    S3 Seizing the Opportunity

    This is the last step in opportunity


    spotting and assessment
    Opportunity Seizing
    • This is the “pushing through” with the chosen
    opportunity
    • This is the stage where entrepreneurs should
    exert effort and full dedication for the success
    of the new venture. The entrepreneur’s idea
    can be any type of innovations.
    Innovation
    • Innovation is the
    process of positively
    improving an existing
    product or service.
    • Innovation means
    coming up with new
    ways to do things.
     1. Launch of Apple's
    iPhone Introduces
    Smart Phone Frenzy
    2. Toyota introduced
    “Prius”, a hybrid car
    3. A “tuyo” became a
    gourmet delicacy
    Three types of innovations
    1. Breakthrough Innovation – these innovations,
    which may also include inventions, occur
    infrequently as these establish the platform
    on which future innovations in an area are
    developed
    It must be protected by a patent, a trade secret
    or copyright.
    Three types of innovations
    2. Technological Innovation – These innovations
    occur more frequently than breakthrough
    innovations. These are technological
    advancements of an existing product or
    service.
    Three types of innovations
    3. Ordinary innovation – They are commonly
    originating from market analysis and
    technology pull instead of a technology push.
    The market has a strong influence in the
    implementation of an innovation.
    Bottomline
    Innovation of product and services
    should improve the lives of its users.
    Product or Service Planning and
    Development Process
    • Seizing process involves refining and
    developing the opportunity. This process is
    called product and service planning and
    development process.
    Five key Stages
    1. Idea Stage – In this stage, the entrepreneur
    determines what are the feasible products that
    will perfectly suit the opportunity.
    2. Concept Stage – The developed idea will
    undergo a consumer acceptance test. It
    includes:
    a. Getting initial reactions from target market
    (surveys)
    b. Distribution channels (where do you want to
    sell your product)
    3. Product development stage – the
    entrepreneur leverages on the information
    generated from prospective customers.
    The entrepreneur will conduct a consumer panel
    where the actual product samples or service
    samples will be given or rendered to the panel
    of potential customers. (FREE Taste for food,
    Free samples)
    4. Test marketing stage – measures whether the
    product or service can be commercialized.

    5. Commercialization Stage – the “launch” stage.


    The product will be distributed and sold .

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