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Keywords
Identifying Opportunities
| Question | Answer |
|---|---|
| Brainstorming | This is a technique for generating ideas in which members of a group express ideas as they think of them. |
| Import Substitution | ..finding a product that is currently being imported and substituting it with a home produced product of similar price and quality. |
| Market Research | the systematic gathering, recording and analysing of facts relating to identifying, anticipating and satisfying customers’ needs |
| Desk research | This relates to existing data or information which has already been collected and published by someone else for another purpose and merely needs to be retrieved. |
| Open ended questions | Respondents can reply in their own word in the space provided. |
| Multiple Choice Questions | From a list of alternatives offered respondents must select the answer that reflects their opinion. |
| Dichotomous questions | The question allows for two response categories. |
| Idea Generation | Initial ideas for the new product are thought up. This may take the form of brain-storming, research and development, feedback from customers, employees. |
| Screening Ideas | The ideas are vetted and the impractical and unworkable ideas are eliminated, leaving the most likely one for further examination and development. This will involve carrying out a SWOT analysis on different ideas. |
| Concept Development | This involves turning the idea into an actual product or service that will appeal to customers. A unique selling point (USP) is identified which will distinguish it from other products. |
| Feasibility Study | This is carried out to assess if a product is viable. |
| Prototype Development | This is a sample or model of a product. It is produced to see if a product can be made and what materials are required to make it. |
| Test Marketing | The product is tested on a sample of consumers before going into full production. The product will be given a brand name, packaging and a full supporting marketing mix. |
| Product Launch | The product is put into production and introduced to the market. |
| Field Research | going into the market place to gather the information directly from customers and competitors. It can yield very detailed information. |
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