CHAPTER 14 – IDEA DEVELOPMENT AND MARKET RESEARCH tsio 1. Copy and fill in the blanks.
a. The process of introducing new ideas or methods is called ___________.
b. Ideas for new products and services that come from inside a business are said to come from an ___________ source.
c. SWOT stands for strengths, ___________, opportunities and ___________.
d. The number of units of a product that must be sold in order to cover costs is called the ___________ point.
e. ___________ is the process of getting products and services from the producer to the consumer.
f. The people who are most likely to buy or use a new product or service are called a ___________ market.
g. ___________ research involves looking at information that is already available from other sources. ___________ research involves going into the market and collecting new information.
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2. Explain three internal sources of business ideas.
3. Explain three external sources of business ideas.
4. Which of the stages in the development of a new product or service do you think is the most important and why?
5. Explain what a feasibility study is and give two reasons why a product or service may not be considered feasible.
6. Who do you think the target market would be for the following products and services?
a. Baby food b. Car insurance c. Ski equipment d. Lawnmowers.
7. Explain why it is important that a business carries out market research when developing a new product or service.
8. Distinguish between desk and field research and give two examples of each.
9. You have been asked to research the need for a new bus route into town. Explain which desk research sources you would use and why.
