C3

brainstorming

creative technique where individuals or groups generate wide range of ideas without judgement to solve a problem or explore new possibilities

research and development (r and d) department

department in a business whos primary role is to develop new products or services

import substitution

replacing imported product with domestically produced one with similar quality or price

feasibility study

investigative report on potential and profitability on business idea

market feasibilty

checks for demand of product or service in specific market or industry

financial feasibility

checks if business idea is financially sustainable and profitable

break even analysis

determines revenue to cover business costs

production feasibility

checks if business can produce product efficiently and affordably

skills feasibility

checks if business has skills necessary to do idea effectively or if training is needed

environmental feasibility

checks projects potential environmental impact

design thinking

innovative non linear approach to developing of new products and services which focuses on results for the end user

clarify phase

understanding and refining problem without bias

ideate phase

creative process where designers brainstorm ideas to address problem

develop phase

refining concepts by testing various solutions

prototyping

creating first working models of a product

test marketing

seeing customer response to product with small group of target market

implement phase

solution tested iterated and refined based on feedback