Generating Product and Service Ideas

What is the first step in developing a new product or service?

• Launching a marketing campaign

• Generating an initial idea

• Hiring employees

• Setting up a production line

Which question can help identify a gap in the market?

• What is the weather like today?

• Is there a gap in the market in the industry that you currently work in?

• How many hours are in a day?

• What is your favourite colour?

How can customer feedback be used in idea generation?

• To ignore and continue with existing products

• To enhance existing products or services

• To determine the price of a product

• To decide on the company logo

What is a common reason entrepreneurs start a business?

• To fill a gap in the market

• To avoid paying taxes

• To travel the world

• To become famous

Which of the following is a method to improve an existing product?

• Ignoring customer complaints

• Adapting, modifying, or improving the product

• Reducing the quality of materials

• Increasing the price without changes

What should you consider when evaluating a new product idea?

• The colour of the packaging

• The potential market demand

• The number of employees in the company

• The location of the office

Which of the following is NOT a question to ask when generating new ideas?

• Are there gaps in your existing product range?

• Can you identify a need for a particular service or product that nobody else provides?

• What is the capital city of Canada?

• Are there weaknesses in existing products that you may be able to address?

What is a potential benefit of identifying weaknesses in existing products?

• Increasing production costs

• Creating opportunities for improvement

• Reducing product quality

• Limiting customer choices