Assessing Personal Competencies and Generating Business Idea and Developing a Product

Reassessing

Measures how far you have run. The goal is used to see if your skills improved after practicing, studying, or running your business.

Assessing

Creates your starting line. The goal is to find out what you naturally good at and what you need to learn.

Action Plan

A structured document or outline that details the specific steps needed to achieve a goal or complete a project. It helps turn ideas into reality by organizing tasks, assigning roles, and setting deadlines.

SWOT

A strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats of a business, project, or individual.

Business Ideas

A concept for a product or service that can be offered for profit.

Enumerate the 7 criteria in selecting a business idea.

Markets, Capital, Skills, Suppliers, Individual Interest, Technology, and Manpower

Product Development

Defined as the process of conceptualizing, designing, creating, producing, introducing, and delivering new products and services to consumers or improving on the old.

Enumerate the 6 stages in product development

Generating a new product idea, Screening Ideas, Business Analysis, Product Development, Market Tests, and Commercialization

Generating a new idea

This stage in product development involves continuous search for new product opportunities.

Screening Ideas

The greater potential

Business Analysis

The management identifies the product features; estimates the market demand; establishes the program, to develop the product; and assigns responsibility for further study of the products feasibility.

Product Development

This stage focuses on the production of the new product into a tangible form, from concept, to test stage, to development & marketing.

Market Tests

The limited introduction of the product in areas chosen to represent the intended market to know the possible buyer’s reactions.

Commercialization

The new product is introduced in the market. This involves expenses for advertising, personal selling, and sales promotion.