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