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Business
Identifying business ideas
| Question | Answer |
|---|---|
| External business ideas for entrepreneurs | -Friends or families stories or complains -social media -networking |
| External business ideas for existing business' | -competitors -customer feedback -market research |
| Internal business ideas for entrepreneurs | -Frustration -Unexpected events -Hobbies or interests |
| Internal business ideas for existing business' | -intrapreneurship -Brainstorming -research and development |
| market research | process of collecting and analysing information about the target market. it is used to identify market trends and to make marketing decisions |
| reasons for conducting market research | -figure out the size of the market, e.g how many 18-20 year olds in the area -identify competitors, find out information on competitors e.g the number of competitors there is in the market -find out consumer needs and wants e.g pricing quality |
| Stages in market research | -gather -analyse -report |
| primary field research | involves gathering the information directly from the market place or first hand. it involves going out and making direct contact with potential customers |
| forms of primary field research | -observation, track consumer behaviour -surveys, can be face-to-face or online -mystery shopper, anonymous shopper evaluates customer service and store operations. can also be used to monitor competitors |
| Advantage's of primary research | -business can obtain specific information relevant to its own product -information can be analysed by the business' own needs -information collected is more recent making it more accurate -the gathered info doesn't need to be shared with competitors |
| Disadvantages of primary marketing | -it is time consuming -is more expensive as firm is involved in all stages of the process -responses could be bias or inaccurate due to pressure -can take business resources and attention away from other areas in the firm |
| Secondary desk research | involves the gathering and reviewing of existing information that has already been collected by others. consists of looking through reports, files and the internet. |
| forms of secondary desk research | -business reports, used to gain knowledge of competition. improves decision making -search engines can find free detailed information on things like social media and google -newspapers, magazines, TV gives insight into what's trending |
| Advantages of secondary research | -Cheaper, info can be accessed free -Faster, info already exists can be faster to process and find -accurate, sources available online to prove validity, cross checking -large volume of information, covers a wide range of topics |
| Disadvantages of Secondary research | -Non specific, information is there but not what exactly is needed -Outdated, old information which has become inaccurate -Copyright, can be subjected to copy right allegations (sued) -info overload, too much info can make needed info hard to find |
| Benefits of Market Research | -Identifying target markets, shows what they're gonna buy -Reducing costs, avoids making items consumers don't want -finds consumers issues with firms product, allowing fast changes to be made -Forecast future trends |
| Development process of a new product stages | stage 1 idea generation stage 2 product screening stage 3 concept development stage 4 feasibility study stage 5 prototype development stage 6 test marketing stage 7 product launch |
| stage 1 idea generation | development process of a new product new ideas are generated either internally e.g from R and D department and brainstorming or externally from friends/family or customer feedback |
| stage 2 product screening | development process of a new product ideas generated are vetted, choosing the ones most likely to succeed for development. saves time and money |
| stage 3 concept development | development process of a new product idea is turned into a product to meet consumer needs. The USP of product is identifies differentiating it from other competitors |
| stage 4 feasibility study | development process of a new product study is made weather product |
| stage 5 prototype development | development process of a new product |
| stage 6 test marketing | development process of a new product |
| stage 7 product launch | development process of a new product |
| USP | Unique selling point feature that makes a product stand out from competitors e.g Gucci is high luxury |
Created by:
20sarah