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Unit 5 > chapter 14 business ideas > Flashcards

chapter 14 business ideas Flashcards

1
Q

what are internal sources

A

own strengths

own weaknesses

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2
Q

list internal sources for new entrepreneurs

A

1 skills and hobbies

2 experiences

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3
Q

list internal sources for business

A

1 R and D
2 Intrapreneurship
3 Brainstorming
4 sales personnel

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4
Q

what are external sources

A

opportunities in the outside market

threats in outside market

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5
Q

list external sources for new entrepreneurs

A

1 family and friends
2 media
3 import substitution
4 state agencies

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6
Q

list external sources for business

A 
1 media
2 import substitution 
3 competitors
4 customer feedback
5 use a market research company
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7
Q

explain skills and hobbies internal for new entrepreneurs

A

turning a talent into a profitable business

Bill Gates had an interest in software- at 13 was developing software- led to Microsoft

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8
Q

explain experiences internal for new entrepreneurs

A

learn from life in a diff country

Richard Branson had bad experiences on other airlines so set up Virgin Atlantic Airways

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9
Q

explain R&D internal for business

A

develop new products
improve existing products
Coca Cola come up with new flavours and products to maintain sales against competition

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10
Q

explain intrapreneurship internal for business

A

ideas from employees though suggestion schemes or boxes
a good idea may be rewarsed by a bonus
managers need to he open to new ideas
Sony playstation was a worldwide success so microsoft employees proposed their idea for the Xbox to Bill Gates

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11
Q

explain brainstorming internal for business

A

thisbinvolves people from diff areas of the business coming together and creatively thinking up new ideas
the diversity of the team assists in the creativity process
all ideas are called out
leader writes down ideas
all ideas are viable
every idea is examined using SWOT
worthwhile ideas go forward

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12
Q

explain sales personnel internal for business

A

market research or feedback from sales representatives is a major source of product innovation and new product ideas

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13
Q

explain family and friends external for new entrepreneurs

A

complaining about a product
lack of a product
Bistro two wives complained to husbands about making gravy

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14
Q

explain media external for new entrepreneurs

A

following trends eg on instagram

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15
Q

explain import substitution external for new entrepreneurs

A

replacing an imported product with a home produced product

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16
Q

explain state agencies external for new entrepreneurs

A

LEO and enterprise Ireland mentor and give their market research to help entrepreneurs

17
Q

explain media external source for business

A

seeing something on TV
reading an article
lack of a product
reports on men’s grooming- grooming rooms ‘Males’ opened in Dublin

18
Q

explain import substitution external for business

A

Joe Murphy ‘Tayto’

Geoff Read ‘Ballygowan’

19
Q

explain competitors external for business

A

monitoring competitors and copying some of their product ideas, while being mindful of patent and copyright law
Samsung and Apple
Coca Cola introduced Deep River Rock

20
Q

explain customer feedback external source for businesses

A

customer complaint/feedback could result in changes or in further developments of existing products
Pizza Hut introduced four for all pizza for families
McDonalds introduced salads and fruits

21
Q

explain use a market research company external for businesses

A

to identify gaps in the market and market trends

companies can then exploit these gaps or niche markets

22
Q

list development process of a new product

A 
1 idea generation
2 product screening
3 concept development
4 feasibility study
5 prototype development
6 test marketing
7 product launch
23
Q

1 idea generation

A

as many suggestions possible
internal sources
external sources
brainstorming

24
Q

2 product screening

A

all ideas are vetted and the impractical and unworkable ideas are dropped leaving the most viable ones for further examination and development
SWOT
careful screening helps businesses avoid huge expenses in developing ideas that str subsequently not marketable
ensures that good opportunities aren’t lost

25
Q

3 concept debelopment

A

what will the product do
what will the product look like
what is its USP
concept development gives the business s specific plan to follow to develop the product further

26
Q

4 feasibility study

A

breakeven point
cash flow forecast
state agencies provide grants for this research
this is carried out to assess if a product has potential
it looks whether it can be produced technically (production feasibility)
if it will be profitable (financial feasibility)
it seeks answers to questions such as what will it cost to produce and can the business afford it

27
Q

5 prototype debelopment

A

developing a sample or model of a product
it’s produced to see what materials are required to make it
it can be used to test the product to see if it conforms to certain standards
to determine what adjustments/ improvements have to be made before deciding to go into full production

28
Q

6 test marketing

A

it involves doing a small scale trial to identify possible faults
to assess customer reaction
the product is tested on a sample of potential customers
product may be refined based on responses
reduces risk of failure

29
Q

7 product launch

A 
full scale production
sale in market
engage in a marketing campaign
consumers aware of product
consumers desire for product
30
Q

skoda kodiaq 1 idea generation

A

employees in R and D

brainstormed ideas

31
Q

Skoda Kodiaq 2 product screening

A

new car
considered the market segment they were in
but decided a gap existed for a large sport SUV

32
Q

Skoda Kodiaq 3 concept development

A

develop a large and affordable 7 seater SUV
attract new customers
USP would be windscreen ice scraper and umbrellas at front doors

33
Q

Skoda Kodiaq 4 feasibility study

A

production feasibility it could be made

financial feasibility sufficient sales to generate a profit

34
Q

Skoda Kodiaq 5 prototype debelopment

A

made 47 prototypes

covered 700,000 km

35
Q

Skoda Kodiaq 6 test marketing

A

roadshow to show Irish customers

feedback was collected

36
Q

Skoda Kodiaq 7 product launch

A

extensive advertising campaihn

pre orders for 50% of their projected sales

37
Q

stakeholders that use the business plan

A

employees- job security and wage increases
shareholders- ROI and dividend
financial institutions- ability to repay loan
managers- bonus for reaching targets
suppliers- creditworthiness, sells goods in credit
state agencies- grants

Unit 5 (8 decks)

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