What I may already know: • New products and services are made available to consumers all the time. • Products and services are targeted at certain consumers.
Learning Intentions
In this chapter, I will learn: • How business opportunities are identified. • The steps involved in developing a new product or service. • What marketing is. • The part market research plays in developing an idea.
Prototype Marketing Target market Market research Sample
WHERE DO BUSINESS IDEAS COME FROM?
As we learned in chapter 13, business ideas often come from identifying a consumer need that has not yet been met or a way to improve a product or service that already exists.
The process of introducing a new idea or way of doing something is called innovation.
i 180 Innovation is the process of introducing new ideas or methods.
