Share Chapter 14 Idea Development and Market Research
Save to Folder
What is innovation?
Introducing new ideas or new ways of doing things
Name one internal source of business ideas.
Brainstorming / employee suggestions / R&D / SWOT
What is brainstorming?
A group coming together to generate ideas
What is an intrapreneur?
An employee who shows enterprise and develops ideas
What does R&D stand for?
Research and Development
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
Which parts of SWOT are internal?
Strengths and weaknesses
Which parts of SWOT are external?
Opportunities and threats
Name one external source of ideas.
Competitors / trade shows / market research / agencies
What is a trade show?
An exhibition of products and services in an industry
What is market research?
Gathering information about consumer needs and wants
What is idea screening?
Selecting the most promising idea
What does USP stand for?
Unique Selling Point
What is a feasibility study?
Checking if an idea can be produced at a profit
What is the break-even point?
When costs equal revenue
What is a prototype?
A test model of a product
