Chapter 15

Question 1

Idea screening

Answer 1

Means sitting the promising ideas from the weak ideas

Question 2

Concept development

Answer 2

Invokes taking a business idea and asking important questions before committing further time to the idea

Question 3

Proto type

Answer 3

Is a sample product produced on an experimental basis to see if the idea works in practice

Question 4

Market research

Answer 4

Invokes gathering an analysing information about the potential market for the product

Question 5

Desk research

Answer 5

Means accessing information that already exists

Question 6

Field research

Answer 6

Involes going into the market place to gather information directly about customers and competitors

Question 7

Observation research

Answer 7

Involes observing the behaviour of consumers

Question 8

Customer surveys

Answer 8

Making a servays to get feedback of the customers towards goods and services

Question 9

Sampling

Answer 9

interviewing a small group of people who represent the larger target market

Question 10

Focus groups

Answer 10

Involes gathering a group of customers together to discuss there consumer attitudes and behaviour

Question 11

Test marketing

Answer 11

Involes trying out the product or services on a small scale to see if it attracts consumer attention

Question 12

Franchising

Answer 12

Means setting up a business buy renting a business name and idea that has already proving successful