Student Enterprise Report Deadline – December

Transcript:Student Enterprise Report Deadline – December:
Student Enterprise Report Deadline – December debshoganteaching Resources – Book, workbook, website – videos. Internal - Brainstorming sessions. people coming together and creatively thinking up new ideas. - Sales personnel feedback from sales representatives is a major source of product innovation/new product ideas. - Ideas from employees through suggestion schemes/suggestion boxes. A good intrapreneurial culture - The R&D department may discover a new product Sources of new ideas External - Monitoring competitors and copying some of their product ideas, while being mindful of patent and copyright law. - Import substitution substituted by a home produced product - Use a Market Research company to spot gaps in the market and market trends. niche markets. - Customer Complaints could result in changes/developments in products. - Foreign travel/trade shows could inspire to make a new product for the domestic market. Reasons why businesses carry out Market Research Market: it provides information about the size of the market It also provides information about the characteristics of the market (age of people in it, their income, their location) Competitors: their products, market share and their strengths and weaknesses. Marketing Mix: it helps a business decide on the marketing. i.e. the Product, its Price, method of Promotion and the Place where it will be sold. 26 August 2017 Stages in Market Research Aim – size of market or why competitors are doing well. Get information – questionnaires, interviews etc. Who – research manager in the company or outside agency Size – decide the size of the sample Carryout – do the research Collection – collect the results Evaluate – check the results for accuracy Report – to the manager Idea Generation Brainstorm Research online Video tutorials Past Ideas Visit In from LEO Rep. Top Tips 1. Identify a problem and find a solution 2. Look at your hobbies 3. Be realistic! 4. Try improving an existing product / service 5. Don’t forget your research & development Stages involved in the development process of new ideas Idea Generation: brain-storming. Product Screening: unworkable ideas are eliminated Concept Development: This involves turning the idea into an actual product or service. A unique selling point (USP) is identified Feasibility Study: whether it can be produced technically and will it be profitable. It answers question like: 􀁸 What demand is there 􀁸 What will it cost 􀁸 Can the business afford it. Prototype Development: This is a sample or model of