Chapter 14: Idea development and market research

What is idea development?

Idea development is the process of generating, refining, and evaluating new business concepts.

What is market research?

Market research is the systematic gathering, recording, and analysis of data about customers, competitors, and the market.

Why is market research important?

Market research helps businesses understand customer needs, identify market trends, and minimize risks.

What is a SWOT analysis?

SWOT analysis is a strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats of a business.

What is a target market?

A target market refers to a specific group of consumers identified as the intended audience for a product or service.

What is a prototype?

A prototype is a test model of a new products

How does competitor analysis aid idea development?

Competitor analysis helps identify market gaps, trends, and potential areas for differentiation.

what is a closed question

closed question is for a yes or no answer or specific piece of information

what is a open question

Open question allow the person being interviewed or surveyed to give their oen opinion

What are the steps in developing a new product or service

step 1: generating an idea

step 2: selecting the most promising idea

step 3: developing the idea

step 4: conducting a feasibility study

step 5:making a prototype

step 6: test marketing

step 7: LAUNCHING

what does innovation

Is the process of introducing new ideas or ways doing things

for a new products what are types of target market you could sell to

• Their age

• Their gender

• Where they live

• How much they earn

• Their interest or hobbies

what is a desk research

is a secondary source,involves looking at information that is already available from other sources

what is field research

is a primary research,involves collecting new information directly from target market