Study

Chapter 14 Idea Development and Market Research

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