Generating Business Ideas and Market Research Flashcards

A set of 60 vocabulary flashcards defining key entrepreneurship, business idea generation, market structure, customer analysis, and research methodology terms directly from the lecture notes.

Generating Business Ideas

Thinking of products or services that can solve problems, meet needs, or make life easier.

Need

Something that people need or can use in their daily lives.

Problem

Something that makes life difficult.

Opportunity

A chance to sell a product or service that people need and are willing to pay for.

Create Value

Giving customers something useful that helps them.

Knowledge

Information or understanding that you have learned.

Skills

Abilities or things that you know how to do.

Passions

Things you really enjoy doing.

Interests

Activities or subjects that you enjoy learning about.

New Application

Using an old product, material, or skill in a new and useful way.

Business Opportunity from Waste

Turning something that people consider waste into something useful and sellable.

Trivial Irritants

Small problems or inconveniences that people experience in everyday life that can become business opportunities when solved.

Striking Idea

A creative or unique idea that gets people's attention, created by improving an existing product or combining different ideas.

Serendipity Walk

Walking around your surroundings while carefully observing people, objects, activities, and problems to discover unexpected business ideas.

Market

A place or system where buyers and sellers meet to make an economic transaction.

Physical Market

A market located in a tangible place, such as a retail store.

Virtual Market

A market located on an online platform.

Buyer

A person or party who purchases a product or service.

Seller

A person or business that offers a product or service for sale.

Product

A tangible item that can be seen and touched.

Service

An activity performed for customers.

Tangible

Something that can be seen, touched, and examined.

Intangible

Something that cannot be physically touched.

Perishable

Something that can spoil or become unusable in a short time.

Imperishable

Something that does not spoil quickly.

Observant

Able to notice things, problems, and opportunities around you.

Curious

Wanting to learn and discover new things.

Problem-oriented

Focused on finding and solving problems.

Value-focused

Focused on creating something useful for customers.

Adaptive and Open-minded

Willing to change, learn, accept new ideas, and try different solutions.

Target Market

The group of people who are most likely to buy your product or service.

Customer

A person who buys or uses a product or service.

Major Customers

Customers who make large purchases and require careful attention.

Minor Customers

Customers who buy less individually but can still contribute significant sales when combined.

Supplier

A person or business that provides products, materials, or resources.

Complementor

A business that sells a non-competing product that can help another business increase sales.

Competitor

A business that offers products or services similar to yours and competes for the same customers.

Substitutor

A different product that can replace another product.

C-S-C-C-S

An easy memory device for the 5 players in the market: Customer, Supplier, Complementor, Competitor, Substitutor.

Customer Needs

The problems, desires, expectations, and motivations that influence what customers do or buy.

Explicit Needs

What customers say they want.

Implicit Needs

What customers actually need but may not say.

Latent Needs

Needs that customers are not yet aware of.

Consumer Analysis

The process of gathering information about customers to understand what they need, what they like, and how they make buying decisions.

Customer Pain Points

Specific problems or frustrations that customers experience when using a product, service, or process.

Functional Pain Point

A problem with how a product or service works.

Financial Pain Point

A problem where the product is too expensive or does not give enough value.

Convenience Pain Point

A problem where something is difficult, inconvenient, or takes too much time.

Emotional Pain Point

Negative feelings such as stress, fear, embarrassment, disappointment, or lack of confidence.

F-F-C-E

An easy memory device for customer pain points: Functional, Financial, Convenience, Emotional.

Observation

Carefully watching people, activities, and situations to understand problems and discover business opportunities.

Disguised Observation

A type of observation where the person does not know they are being observed.

Non-disguised Observation

A type of observation where the person knows they are being observed.

Human Observation

Observation conducted by a person.

Mechanical Observation

Observation conducted using machines such as video cameras or audio recorders.

Direct Observation

Observing the person's actual behavior directly.

Indirect Observation

Studying an occurrence using information from a secondary source.

Interview

Asking customers questions personally to collect information.

Focus Group Discussion (FGD)

A discussion with a small group of customers using open-ended questions to gather opinions, generate ideas, and understand customer experiences.

Survey

Collecting information using questionnaires to gather responses from many people.