Chapter 14: Identifying Business Opportunities

Which of the following is not an example of an internal source of business idea

• Hobbies and interests

• Brainstorming

• R&D

• Trade fairs

Which of the following is not a external source of a business idea

• The Media

• CSO

• Government agencies

• Intrapreneurs

The market research where original information on a market is collected, recorded and analysed is called

• Desk

• Field

• Primary

• Secondary

Which of the following is not an example of desk research

• Reports and statistics

• Internet

• Market research companies

• Focus groups

The field research technique of interviewing a small number of people who represent a larger target market is referred to

• Sampling

• Focus groups

• Observation

• Surveys

The stage in the product/service development process where the sorting of ideas occurs and the unworkable ideas are dropped is called

• Screening

• Idea generation

• Feasibility

• Test marketing

A ______________ is a sample product or mock-up manufactured on an experimental basis to see if the design idea works and appeals to customers

Selling your product on a smaller scale to test customers reaction and demand is called

• Sample market

• Targeting marketing

• Test marketing

• Focused marketing

One of the key aspects of concept develop is that

• a USP is identified

• all idea are accepted

• profitability of the product is examined

• customer feedback is sought

Research into the ability of a product to make a profit is called

• Break-even analysis

• Feasibility study

• Profitability ratio

• Cost v income analysis