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BUSINESS OPPORTUNITIES CH14 - Coggle Diagram
BUSINESS OPPORTUNITIES CH14
Sources of Internal Ideas for Individuals
frustrating experiences- fiachla toothpaste
inventions/ unexpected occurances
personality
skills and knowledge
hobbies and interests
brainstorming
Breakeven Chart
Fixed Costs : Sales Price p.u- variable cost p.u
Visually illustrates if a product will make a profit or loss depending on number of sales achieved
Sources of External Ideas for Individuals
copying
state agencies- provide market research info and technical assistance in developing a new product
networking
franchising
the media- indicators of changing fashion/ interest
management buyout
friends and family
Sources of Internal Ideas for Business
market trends
staff suggestions
customer feedback
research and development
supply substitution
Benefits of Market Research
identifies competitors
tests consumer reaction to product
predicts sales
Indicates size of market
reduces risk and saves money
Desk Research
Accessing info that has already been gathered by others- reports, stats, internet
Sources of External Ideas for Business
import substiution
market research companies
international business trends
university and third level linkages
7 stages in product development
Feasibility Study
Prototype development
Concept development
Test marketing
Product Screening
Production and Launch
Idea Generation
Market Research
Process of gathering and analysing information about potential consumers for a product
Market Research
Involves going to the market place and gathering the business information directly from the consumers and competitors- observation research, customer surveys, focus groups