Product/Service Development

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Transcript Product/Service Development

What is your
Product or Service?
• Product: Develop a model/visual
representation of your product
– Ex) skateboard, backpack, piece of clothing
• Service: Something you provide a customer
that you cannot touch or feel but rather
– Ex) a car wash or lawn mowing
• Determine your industry
– Ex) the fast food industry
• S.W.O.T: shows the internal and external aspects
of your business.
– Strength: Internal strengths within your company
– Weaknesses: Internal weaknesses within your
– Opportunities: External Opportunities for your
– Threats: External threats for your company
• Identify Competitors
• Show how your company will differentiate
– Offering something to customers that other
competitors don’t
• Ex) product ideas: product features, high quality
• Ex) Service ideas: great customer service,
environmentally friendly
Target Market
• Who and Why
– Who you are planning on selling your product or
service to
– Why you chose this demographic
• Define by:
Geographic area
Personality traits
Vision and Mission
Vision and Mission Statements
• Vision Statement: a declaration of your
company’s goals for the mid-term and longterm future. This is what your company wants
to be.
• Mission Statement: identifies what your
company does, who it does it for, how it plans
to do it. This is the statement for the
company’s reason for existing.
Example of Vision Statement
Amazon’s Vision
Our vision is to be earth’s most customer
centric company; to build a place where
people can come to find and discover
anything they might want to buy online.
Example of Vision Statement
Google’s Mission
To organize the world’s information and
make it universally accessible and useful.
Good Luck!