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
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)
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
4
Q
Steps in developing a business concept from an idea.
A
- Idea generation
- Opportunity identification
- Idea selection
- Business concept development