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Identifying business ideas - Coggle Diagram
Identifying business ideas
internal sources
interests and hobbies
unexpected events (eureka moment)
frustration
skills and knowledge
brainstorm
intrapreneurship
research and development
Primary (Field) Research
Surveys
Consumer Panels (focus groups)
Observation
Mystery shoppers
Advantages:
Specific Information,
Better Analysis,
3.Timing,
4.Confidentiality
secondary research
government publications
internet
business reports
commercial research agents
media
External sources
state agencies
market trends
media
import substitution
networking
Competitors
1.family and friends
Customer Feedback
reasons for conducting market research
to identify trends
find out market size
find out consumer needs/wants
Break Even Point :income earned from selling=the cost of making the product.
the business is neither making a loss or a profit
Margin of safety: sales-BEP Shows how far sales can fall before the BEP is reached
development process of a new product
idea generation
product screening