Unit 2 Test Flashcards
why is observation important?
it is important to practice observation skills so that you can notice trends in the community and find new ideas to capitalize on with your company
what was the good product in dragons den?
odiis. the little picker upper.
what made it successful?
he had numbers behind the company already,with appealing packaging. he had good business skills as well.
what was the bad product in dragons den?
Northern Brite Vodka.
what made it unsuccessful?
- he had no previous sales
- it was overpriced
- the product was faulty
- there was no market for it
- it was bad tasting
- it didn’t have a long shelf life
- he spent all of his money in the product (didn’t even have a cellphone.)
what is a patent?
A patent is legal protection or license to exclude others from making, using, or selling an invention
A patent is basically an idea that is legally yours, and all money gained from that idea goes to you.
What is the problem-solving process?
It involves three stages; - the problem finding stage - the idea finding stage - the solution finding stage. Requires creative-thinking and critical skills
What is problem finding?
The entrepreneur tries to define the problem by gathering observations, feelings, and impressions about the situation
What is idea finding?
Entrepreneur tries to come up with different alternatives or different ways of solving the problem.
Creativity is the key
What is solution finding?
The entrepreneur will evaluate each ideas created earlier.
Evaluate the strengths and weaknesses from each idea. The process is not complete until the problem has beens solved
Who is an example of the idea and opportunities?
Dolan sisters known as the Satellite sisters
What is an example of ideas and opportunities?
- Once the sisters identified an opportunity - the market - they made a major breakthrough. By linking the radio and the Internet, the Satellite sisters found a way to market the show to computer users as well as radio listeners - an idea hat other broadcaster are already adopting.
- The opportunity came when they pitched their idea successfully to a network of public radio stations. A venture can success only when a good idea and an opportunity come together
What is secondary research?
- Using other people’s information
- Helps scope out new information about your competition.
- Easily accessible.
- Can provide useful info about what has happened in the past
- You can conduct secondary research online now a days
How to do a questionnaire for primary research:
Statement of purpose
Make sure people know what the survey is related to
How to do a questionnaire for primary research:
Personal information:
The respondent will fill in their name, address, email address, but some people might not like to give out the info nowadays.
Tips for advertising?
- Online ads
- Tv commercials
- Use open ended questions
- Easier to tabulate data from multiple choice.
- Make the answer easy to answer.
- Ask for improvements to the business
- Vary question difficulty (easy, hard, easy)
- Add questions that work in succession.
- Close with a “thank you” :)
How to do a questionnaire for primary research:
Questions
Should have information about perception such as quality, price, and availability.
How to do a questionnaire for primary research:
Demographic information:
Including info such as their age, education level, and household income. Some people might not give out their info, its better to indicate a series of ranges for each category and ask respondents to indicate which range they fit into.
Who/what is an example the problem solving process?
Joesph -Armand Bombardier had a problem. He wanted to design a vehicle that would run on skis, to help people travel through the snow. He tried exchanging the front wheels of a car for skis and adding extra wheels in the back - nothing worked. Over the next few years, he tried added new ideas. By 1935, he had designed
what is a copyright?
A copyright is a person’s exclusive right to reproduce, publish, or sell his or her original work of authorship.
this prevents people from using your product as tehir own.
what is a trademark
A trademark is a symbol or word that is legally registered to be used only by a single company or product. such as nikes “just do it”
what is a certification mark?
A certification mark is a certification mark is a type of trademark that is used to show consumers that particular goods and/or services, or their providers, have met certain standards. like the blue cow on milk.
what is an ordinary mark?
An ordinary mark is made up of words, sounds, designs or a combination of these used to distinguish the goods or services of one person or organization from those of others. like the McDonald slogan.
what is industrial design?
An industrial design is a feature with good eye appeal, that is registered with your product. like the look of the macbook that is one of a kind for a laptop i think.
what are Integrated circuit topographies?
the three dimensional circuit designs that are used in many electrical and computerized products.
what does the white thinking hat mean?
informative- concerned with gathering facts, thinking without emotion and not allowing opinions to interfere
what does the red thinking hat mean?
intuition- makes ideas off of their feelings and what they think would be best. uses no judgement or logic.
what does the blue thinking hat mean?
control- thinks about how others are working together to solve a problem. Leads and pulls other hats together makes things happen.
what does the green thinking hat mean?
creativity- includes alternatives and proposals. encourages change and action, ideas grow like a seed
what does the black thinking hat mean?
judgement and negativity- presents logical case against an idea. negative feedback is objective and free from emotions.
what does the yellow thinking hat mean?
Logic and positive- logical and constructive.finds positive outcomes, assesses the benefits of a situation.
what is primary research?
collecting your own research
what are some things to keep in mind while doing primary research?
- You can evaluate your idea that you need
- Ensure it will be brief to keep people’s interest
- Unbiased questions
- Use incentive for people to fill out surveys
what can you do to gather information? pros/cons of each?
Mail - cost will be low
Internet - lowest costing research.
Personal - high cost as you travel places, people value their own time
Telephone - cheap but people are most of the time busy/hang up. People might also mess around and not take it seriously
what are the steps in marketing research?
Identifying objectives Plan the research program Select a sample Collect the data Analyze the data Draw conclusions Decide how to proceed
what are the problem solving steps?
- think about and describe the problem
- generate lots of possible solutions
- establish a criteria
- use your criteria to evaluate your ideas
- rank your ideas and select the best one
- try out the idea and predict the results
- is the problem solved? if not try out a different idea.
