Identifying Oppurtunities

Question 1

Internal sources of business ideas for an organisation

Answer 1

1. Research and development e.g. Apple
2. Employee suggestions e.g. Apple
3. Customer feedback e.g. Subway

Question 2

External sources of business ideas for a business organisation

Answer 2

1. Competition e.g. Coca Cola - smoothies
2. Import substitution e.g Richard Brierley - Fiacla toothpaste
3. Government agencies e.g Enterprise Ireland

Question 3

Brainstorming

Answer 3

• Used to generate ideas
• Creative people together to share any ideas
• 100% positive ideas
• Hearing others ideas encourages more ideas to be shared

Question 4

Internal sources of business ideas for an individual

Answer 4

1. Skills and hobbies e.g. Jack Nicklaus golf

2. Experiences e.g. Richard Branson - Virgin Airways

Question 5

External sources of business ideas for an individual

Answer 5

1. State agencies e.g. Enterprise Ireland - market research reports
2. Media e.g. Radio - laptops in schools

Question 6

Development process of new product /service

1-2

Answer 6

1. Idea generation
   - Internal sources
   - External sources
   - Brainstorming
2. Production/Service screening
   - Pick best ideas
   - Eliminate bad ideas
   - SWOT analysis

Question 7

Development process of new product/service (3-4)

Answer 7

3. Concept development
   - Developing product
   - USP
4. Feasibility study
   - Physically possible
   - Profitable

Question 8

Development process of new product/Service (5-6)

Answer 8

5. Prototype Development
   - Working model
   - Eliminate any “bugs”
6. Test marketing
   - Target market
   - Feedback
   - Reduce the risk of the launch failing

Question 9

Development process of new product/service (7+anagram)

Answer 9

7. product launch
   - It must be well distributed
   - Marketing campaign

Anagram - “I have Peter some CDs for Sarah, please don’t tell my pal Liam.”