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Idea Development and Market Research (Where do ideas come from?…
Idea Development and Market Research
Where do ideas come from?
Innovation
: the process of introducing new ideas or methods.
Internal Sources of Ideas
-
Brainstorming
:
when a group comes together to come up with business ideas
-
Employee Suggestions
:
getting ideas for a new product or service from employees
. -
Intrapreneur
-
Research and Development
:
many businesses have research and development (R&D) departments dedicated to improving existing products and services
-
SWOT analysis
:
Strengths, weaknesses,(internal) opportunities and threats (external)
External Sources of Ideas
-
Competitors
:
business that offers a similar product or service
-
Trade Shows
:
exhibition of the latest products and services being offered
-
Research
:
research can be conducted face-to-face or online, using surveys, interviews and feedback forms
-
Agencies
:
such as Enterprise Ireland, can help businesses to research and develop new ideas
-
Other Business
:
and idea can come from observing how other businesses solve a problem, even if those businesses are not direct competitors
Steps In Developing a New Product or Service
Step 1:
Generating an Idea
Step 2:
Selecting the Most Promising Idea
Step 3:
Developing the Idea
Step 4:
Conducting a Feasibility Study
Step 5:
Making a Prototype
Step 6:
Test Marketing
Step 7:
Launching the Product or Sevice
Marketing
- is the process of getting products and services from the producer to the consumer
Target Market
- refers to the people that are interested in a particular product or service
Market Research
:
Desk research
- (secondary research) info from already available sources.
Asking Questions
-
Open Questions
allows the person to give their own opinion
Closed Questions
questions ask for a yes or no or for a specfic piece of information
Field Research
(primary research) going into the market and collecting new information