Joe Dispenza Video : 3 takeaways from the video. Answer how this video applies to the field of Entrepreneurship?
New Product Development
The small business environment today is very dynamic and competitive, and new product development is a crucial process if you want to survive. For small enterprises to withstand competition from multinationals, they have to continuously update their products to conform to current trends. The new product development process is the cycle that a new product has to undergo from conceptualization to the final introduction into the market.
Phase One: Idea Generation
Phase Two: Screening
Phase Three: Concept Development
Phase Four: Product Development
Phase Five: Commercialization and Rollout
Facebook Challenge (10 marks due Mon Sept 23)
- Criteria:
- take 3 good quality photos of your product
- Write a good, detailed description of your product
- create a bit of a pitch trying to elicit a buyer
- determine a fair price
- Bonus marks will be given to anyone who sells their product within a week
- post on Facebook Marketplace
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