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Business Opportunities - Coggle Diagram
Business Opportunities
External Sources of Ideas
(new business)
media
import substitution
family & friends
state agencies
Internal Sources of Ideas
(existing business)
R & D
employee suggestions
brainstorming
sales personnel
Internal Sources of Ideas
(new business)
experiences
brainstorming
skills & hobbies
External Sources of Ideas
(existing business)
customer complaints
import substitution
trade shows
market research
competitors
Stages in New Product Development
Feasibility Study - is idea viable? / break-even
Prototype Development - fist working model
Concept Development - USP / detailed product
Test Marketing - small batch / sample
Product Screening - SWOT / commercial potential
Product Launch - entire market / advertising
Idea Generation - brainstorming / market research