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Unit 5 definitions

Section 1 and 2

QuestionAnswer
The internal sources of business ideas for individuals personality, skills, interests, experiences, ages, business preference, unexpected occurrences, brainstorming
Define market research collection of all data needed to develop a new product or change an existing one. It is gathering and analysing information
Product screening selecting the most promising idea from the list of ideas for detailed investigation and market research
Feasibility study preliminary investigation into the profit potential of a product/service - how much it will cost, sales, production etc
Prototype sample product manufactured on an experimental basis to see if the design idea works in practice and appeals to consumers.
Concept development turning the idea into a precise product concept or description that will appeal to customers and be different from rival products.
Business Plan document setting out who is setting up the enterprise, what is the product/service, how it is going to be produced and promoted, where it is going to be sold and where the finance is coming from
batch production manufacturing a limited number of identical goods at the same time. Each stage of production will be completed for all goods before the goods move to the next stage.
mass production continuous production of large quantities of identical goods. It is usually automated and requires semi skilled or unskilled labour
List the short term sources of finance accrued expenses, bank overdraft, factoring, trade credit, tax
List the medium term sources of finance term loan, leasing, hire purchase
List the long term sources of finance equity, grants, long term loan (debenture), venture capital, retained earnings, sale and leaseback
Factors to consider before choosing finance cost, purpose, amount, control, collateral, risk