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Chapter 15

Researching your business

TermDefinition
Idea screening Sorting the promising ideas from the weak ideas
Concept development Taking a business idea and asking the important business questions before committing further time and energy to the product
Prodotype A sample product produced on an experimental basis to see if the idea works in practice
Market research Involves gathering and analysing info about the potential market for a product
Desk reasearch Accessing information that already exists
Field reasearch Involves going into the market place to gather information directly from consumers and competitors
Observation reasearch Involves watching the behaviours of consumers
Customer surveys Invovles using a questionnaire and asking consumers about the attitudes to new product ideas or to existing goods or services
Sampling Refers to interviewing a small group of people who are representative of the larger target market
Focus groups Involves gathering a group of people together and discussing in detail their consumer attitudes habits and behaviours
Test marketing Involved trying out the product or service on a small scale to evaluate customer reactions
Franchising Means setting up in business by renting a business name and Idea that is already proven successful
Created by: Shannongoujon
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