Relationship between Business Opportunities and Business Concept Development Flashcards
Business Concept Development
When a business has an idea and wants to make it a product or a service that it can sell. Looking at a product and seeing whether it would make a viable business.
Examples of Business Concept Development
Domino’s: Home Delivery
McDonald’s : Children toys in meals
Sources of Ideas or Concepts:
- Feedback from customers
- Social Media
- Personal Experience
- Overseas Trends
- Reading Book and Magazines
Relationship between Business Opportunities and Business Concept Development.
The relationship between a business opportunity is that it is a potential gap in the market that can lead to a potential business, while concept development is looking at that idea and seeing whether it will make a viable business.
Business opportunity is a set of circumstances that presents itself that leads to a potentially successful business, however concept development is just looking at that idea and seeing whether it would make a viable business or not.
