1.1d Creative Thinking Flashcards
How may an entrepreneur come up with a new idea?
They may choose to adapt an existing service/product or create a completely new product.
What are some possible reasons which would explain why a business might want to adapt an existing product?
A business may choose to adapt a product to keep up with changes in consumer trends or to keep up with the advancement of technology.
Why may a business create a completely new product?
To be able to satisfy a new or previously unknown customer trend. If the product is successful, they are likely to make a higher profit as there are fewer competitors.
What is adaptation?
Adaptation is the process of modifying an existing product or service to make it suitable for different customers or markets?
Why might a business choose to change a brand name?
Adapting a brand name might be done to target a different market or create a different image for the brand.
How may adaptations to a product have an impact on the profit of the business?
The business may receive a higher income if there is a higher market interest for the adapted product. An adapted product may also benefit the business if development costs are cut.
How may an entrepreneur come up with an original idea?
They may think about gaps in the market, improvements to specific products or may compare different businesses to form ideas.
Why may it be safer to adapt an existing product rather than creating a new product?
Adapting an existing product is relatively safer as the business would be aware of the demand and customer needs for the product.
How may a business use adaptation to expand their market?
A business may adapt an existing product to satisfy different markets across the globe. An example of this would be a food product with an adapted recipe so that the product is made suitable for different cultures.
Name different types of adaptation a business may consider
Adapting the promotion strategy, changing the brand name, responding to a trend or adapting a product for cultural reasons.
What are the different forms of adaptation a business may consider?
- Physically changing a product to appeal to different customers or cultures
- Changing a products brand name
- Adapting the promotion strategy of a product or service
- Responding to new fashions and trends
How do businesses decide if they want to adapt thier product?
Before a product is adaptd, the risk factor has to be taken in as it will not always be successful. The new product should bring in more profit than the old one, otherwise there would be no point
How did easiphone adapt to thier customer needs?
They offered a range of simplified mobile phones designed to be more user friendly for elderly people and customers with disabilities
How did easiphone adapt thier phones?
Thier phones feature large keypads with bigger buttons, loudspeakers, large fonts, extra large display andnlouder ringers
What else did they do to appeal for its customer base?
Adding emergency features, such as an SOS button that links to a call centre, and they can also have thier relatives phone numbers programmed into thier phones for them
