It’s Now Time to Build Your Product/Service

Now that you know the basics for building a product or service, it’s time for you to design yours. To help you with this process, we have developed the following Product/Service Design Chart (see Table 5.4).

Table 5.4. Product/Service Design Chart

To increase your likelihood for building a successful product or service, it’s necessary to complete the following product design steps in the following order:

1. First, list the highest priority customer needs and/or wants that you have identified from your market research and from your experience in the market in the Customer Needs/Wants column.
2. Second, list all the reasons why your business should exist in the market relative to the needs and wants you just listed and relative to what your competitors are presently offering in the Reason for Being column. What will your business stand for or represent?