4. Business Concepts, Ideas and sources of opportunities. Flashcards

1
Q

What is a business concept?

A

A business concept summarizes what the business is about. It examines the product or service, the target market, the key competitors and their unique selling point in order to gain a competitive advantage

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2
Q

What (4) factors are identified in the business concept

A
  • Product
  • Target Market
  • Key competitors
  • Unique selling point (your competitive advantage that sets you apart from your competition)
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3
Q

Sources of business concept:

A
New products 
New services 
New processes 
New markets 
New organizational structures/forms 
New sales or distribution channels
New development paradigms- new ways of accessing goods/services
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4
Q

Steps in developing a business concept from an idea.

A
  1. Idea generation
  2. Opportunity identification
  3. Idea selection
  4. Business concept development
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