Business Ideas

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Internal Sources of Business Ideas

Getting ideas from inside the business, such as your own strengths and weaknesses

Skills and hobbies

Experiences, such as a god one, or bad

Research and Development ( R&D )

Customer Feedback

External Sources of Business Ideas

Getting ideas from outside the business, such as competitors

Family and Friends

Stage Agencies

Media

Competition

Brainstorming

Used to generate ideas. Group of creative people come together and asked for suggetions.

They listen to eachothers ideas, coming up with their own, or bulding on eachothers

Use SWOT analysis to assess the ideas potential

Development Process of a new Product

Idea generation

Product/Service Screening - Pick out the ideas that have the best potential for development

Concept development - what will the product do? Look like? ect

Feasability study - Will it be possible to make? Reasonable cost ? Sell enough?

Prototype Development - First working model of product

Test Marketing - launching product on small segment of the market , look at responses.

Product Launch - Full scale production

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