Recognizing Potential Customers and Creating a Business Idea

This pertains to the segmentation of a market of target customers according to different characteristics, such as age, race, gender, work, income, and education.

• Demographics

• Lifestyle

This refers to the ways in which consumers live and spend their time and money.

• Demographics

• Lifestyle

It is a technique of observing how consumers or potential customers react in the market under natural conditions.

• Observation

• Interviews

• Focus Group Discussions

• Surveys

• business idea

These are conducted to gather the views of customers, and are usually done one-on-one.

• Observation

• Interviews

• Focus Group Discussions

• Surveys

• business idea

It is a planned discussion participated in by selected people in order to elicit consumer perceptions about a topic or area of interest in a nonthreatening environment.

• Observation

• Interviews

• Focus Group Discussions

• Surveys

• business idea

Aim to obtain critical information about one’s customers in order to make them continue to avail of the company’s services.

• Observation

• Interviews

• Focus Group Discussions

• Surveys

• business idea

Is a unique concept that focuses on the consumers’ needs in terms of a product or service that could turn into a profitable business.

• Observation

• Interviews

• Focus Group Discussions

• Surveys

• business idea

• Ask yourself, “Do I really want this kind of business?” • “What are my strengths and limitations?” • “What characteristics and attributes do I have that can help me think of new business ideas?”

• Personal Reflection

• Let your thoughts and imagination flow

• Research the market and industry

• Make an in-depth analysis of the business you would like to start

• Finalize the idea

• Make a serendipity walk. • A serendipity walk is a method of coming up with ideas that evolves clearing your mind of all thoughts while strolling through a location in order to come up with original, creative ideas.

• Personal Reflection

• Let your thoughts and imagination flow

• Research the market and industry

• Make an in-depth analysis of the business you would like to start

• Finalize the idea

• Study how much a product or service is needed in a certain location. • Product innovation is the development or creation and subsequent introduction of a product or service that is either new or an improved version of previous products or services.

• Personal Reflection

• Let your thoughts and imagination flow

• Research the market and industry

• Make an in-depth analysis of the business you would like to start

• Finalize the idea