Business Ideas Flashcards
1
Q
INTERNAL sources definition
A
Own strengths and weaknesses
2
Q
EXTERNAL sources definition
A
- Opportunities in outside market
* Threats in outside market
3
Q
INTERNAL sources for NEW entrepreneurs
A
- Skills and hobbies
* Experience
4
Q
INTERNAL sources for EXISTING business
A
- Research and Development
- Intrapreneurship
- Brainstorming
- Sales Personnel
5
Q
Brainstorming definition🧠
A
- Different ppl come together creatively thinking up NEW IDEAS
- All ideas called out
- Ideas written down
- VIABLE
- SWOT
- viable options go forward
6
Q
EXTERNAL sources for NEW entrepreneurs
A
- Family and friends
- Media
- Import substitution
- State agencies
7
Q
EXTERNAL sources for BUSINESS
A
- Media
- Import substitution
- Competitors
- Customer feedback
- Market research company
8
Q
Development Processes NEW PRODUCT (7)
A
1) Idea generation
2) Product screening
3) Concept development
4) Feasibility study
5) Prototype development
6) Test marketing
7) Product launch
9
Q
1) Idea generation
A
As many suggestions as possible
•Internal
•External
•Brainstorming
10
Q
2)Product screening
A
- Impractical ideas are dropped
- Viable options left
- SWOT
- Good opportunities are not missed
11
Q
3)Concept development
A
What product will •Do •Look like •USP Concept development specific plan to follow and develop
12
Q
4) Feasibility study
A
- Break even point
- Cash flow forescast
- State agencies-Grants
- Product potential?
- Production feasibility
- Financial feasibility
- Cost to produce
- Business afford it?
13
Q
5) Prototype development
A
- Sample/Model
- What materials
- Test the product
- Conforms to standards
- Improvements
14
Q
6)Test marketing
A
- Small scale
- Identify possible faults
- Customer reaction
- Tested on potential customers
- Refined
15
Q
7)Product launch
A
- Full scale production
- Sale in market
- Engage in a marketing campign
- Consumers aware/desire product
