Unit 5 - Identifying Opportunities

Question 1

Internal source of ideas for individuals

Answer 1

• past experiences
• skills
• hobbies/interests
• brainstorming
• personality

Question 2

External source of ideas for individuals

Answer 2

Competition
Media
Franchising
Networking

Question 3

Internal sources of ideas for businesses

Answer 3

Intrapreneurship
Research + development
Customer feedback
Market trends

Question 4

External sources of ideas for businesses

Answer 4

Competition 
Media 
Franchising 
Networking 
College linkages 
Import substitution

Question 5

Market research

Answer 5

Gathering , revising and analysing information to do with consumer needs / wants

Question 6

2 types of research

Answer 6

Desk : existing info - internet/newspapers

Field : new info - surveys

Question 7

Stages of product development

Answer 7

Idea generation 
Product screening 
Concept development 
Feasibility study 
Prototype 
Test market 
Full launch