New Product Development for Small Business and Start-Ups

It’s best to start with a plan when developing a new product.

The Department of Trade and Industry (DTI) Laguna Provincial Office, in collaboration with the Local Government Unit of Cabuyao and City Cooperative Livelihood Division Office Cabuyao Laguna thru Negosyo Center, held a webinar on New Product Development for Small Businesses and Start-Ups with the goal of developing a thorough retrospective strategy for product launch and understanding the product-market complement process.

Crowd shot of the participants of webinar

The webinar drew a total of 100 Zoom participants and 410 Facebook viewers from DTI Laguna’s page, including existing micro, small, and medium firms, as well as prospective entrepreneurs and students from various colleges/universities across the country.

Crowd shot of the participants of webinar

Mr. Johnny Boy Tizon, a trainer, administrator, entrepreneur, consultant, and college and graduate business professor, spoke as a resource speaker at the webinar. The discussion started with understanding the core aspect of generating new products. Tizon explained on how we might assess a product’s feasibility, marketability, profitability, and long-term viability. He also stressed the significance of branding and how it affects the business.

The session also included a detailed explanation of how we may enhance the product and market by examining various aspects of our customers’ environments. He described how new and old products migrate through market penetration, market development, product development, and invention.

The event concluded with an open forum in which participants clarified some points and shared their experiences and lessons learned. ♦

Date of Release: 21 June 2022