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Chapter 14 – Business Ideas

Chapter 14 – Business Ideas. Usually comes up in Q7. Skills & Hobbies. R&D. Experiences. Internal sources of ideas. Community Needs. Intrapreneurship. Brainstorming. Import Substitution. Customer Feedback. Market Research Co. External Sources of Ideas. Competition. State Agencies.

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Chapter 14 – Business Ideas

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  1. Chapter 14 – Business Ideas Usually comes up in Q7 Ms. Marshall 6th year Business

  2. Skills & Hobbies R&D Experiences Internal sources of ideas Community Needs Intrapreneurship Brainstorming Ms. Marshall 6th year Business

  3. Import Substitution Customer Feedback Market Research Co. External Sources of Ideas Competition State Agencies Media Ms. Marshall 6th year Business

  4. Sources of Business/Product ideas Ms. Marshall 6th year Business

  5. Internal sources of ideas – new Ms. Marshall 6th year Business

  6. Internal sources – existing business Ms. Marshall 6th year Business

  7. External sources This was not accepted as a stand alone reason in the LC 2013 Ms. Marshall 6th year Business

  8. External Continued Ms. Marshall 6th year Business

  9. Marking scheme 2013 • Q6 (A) Outline the internal and external sources of new product ideas for companies like Google. (20 marks) • Note: • 1)Because it was outline they were looking for a heading and a brief description. • 2)You did not have to make reference to Google, however, this was not clear in the paper. So in an exam situation you should! • 3)Two internal and two external ideas were required. Ms. Marshall 6th year Business

  10. Development process • 1. Idea Generation • 2. Product Screening • 3. Concept Development • 4. Feasibility Study • 5. Prototype Development • 6. Test Marketing • 7. Product Launch NB: Must be known in orderwith examples applied at each stage Ms. Marshall 6th year Business

  11. Development Process Ms. Marshall 6th year Business

  12. Development Process Ms. Marshall 6th year Business

  13. Crunchy nut bites • Idea Generation: Kellogg’s conducted market research to identify a set of new food ideas that would be suitable for developing a new crunchy nut product. It asked customers what they would like in a new product and it looked at trends and new products in the cereals market. Kellogg’s used all of this research to generate a list of possible options for a Crunchy Nut product. • Product Screening: Kellogg’s put all the ideas generated up on boards. The had pictures showing product ideas and a description of what the new product would be like. Ms. Marshall 6th year Business

  14. Crunchy nut bites • Concept Development: Following surveys, research revealed the Bites idea was the most popular. Kellogg’s developed the following concept: they would be an extension of the Crunchy Nut family but would provide a new flavour and texture for consumers. • Feasibility Study: Market research helped calculate a sales forecast for the new product. All the figures revealed that Crunchy Nut Bites would be highly profitable and so Kellogg’s proceeded with the idea. Ms. Marshall 6th year Business

  15. Crunchy nut bites • Prototype Development: Kellogg’s made a number of prototypes including a nutty triangle. The Crunchy Nut Bites recipe was refined using the feedback from customer surveys. • Test Marketing: At Kellogg’s, every product has to undergo the ‘In Home Usage Test’. Consumers are given the product to try for several days and this enables Kellogg’s to see how consumers interact with the product. At the end of the trial, consumers complete a questionnaire. This measures how appealing the product is. • Product Launch: Kellogg’s launched Crunchy Nut Bites in September 2008. Sales data show it was one of the best performing brands to launch in the breakfast cereal category with a sales value of almost €10 million in its first full year of sales. Ms. Marshall 6th year Business

  16. Recent Exam questions – 2013 abq • Galaxy Games Ltd is a small indigenous company, operating in the new gaming technology sector. It was founded by two college graduates, David Whelan and Jane Ward. David is a software engineer and a web architect while Jane is a marketing graduate. Their design team recently identified some ideas for new games in action-adventure, music, and e-learning. • After reviewing the various ideas put forward, ‘Knights' Domain’, a new action-adventure game that involved building a fantasy kingdom, was chosen. The design team decided to use Irish music and cutting-edge graphics to set the game apart. Jane completed a business report, including a detailed break-even analysis, to determine the potential of ‘Knights' Domain’. Following on from this report, the design team introduced more challenging levels to the game and added more 3D graphics. The game was introduced to a group of transition year students from a local secondary school, who commented positively on the different levels and on its distinctive graphics. The product ‘Knights' Domain’ was launched in various games stores with an advertising campaign accompanying the launch. Ms. Marshall 6th year Business

  17. Abq 2013 • ABQ 2013 • (A) Outline the stages involved in the product development process of ‘Knights Domain’ for Galaxy Games Ltd. (30 marks) • Note: 5 stages @ 6 marks each. Name, explain, link. Had to be in the correct order. Ms. Marshall 6th year Business

  18. Recent exam questions • 2012 • Idea Generation and Feasibility Study are important stages before a new product or service is launched onto the market. Discuss the stages underlined above, referring to a product or service of your choice. (20 marks) • 2011 • Outline internal and external sources of product innovation for Kilronan Ltd. (20 marks) (No need to refer to company) • 2010 • Distinguish between ‘Prototype Development’ and ‘Test Marketing’ as stages in the development process of a new product. (10 marks) Ms. Marshall 6th year Business

  19. Recent exam questions • 2009 • Olympian Ltd is a company that produces a range of high quality branded sportswear. Following a lengthy market research process, the firm is now expanding its business to include a new range of HoodieTracksuits, aimed at the teenage market. • (A) Outline the stages involved in the development process of the new range of HoodieTracksuits. (20 marks) • 2008 • Evaluate the importance of ‘Feasibility Study ‘and ‘Prototype Development’ in the development process of a new product of your choice. (15 marks) • 2006 • Deirdre Moloney hopes to start up her own cosmetics and personal beauty products business aimed at the consumer market. She has approached you as a marketing consultant for some marketing advice. • In one single report, explain to her: (see page 115) • The stages in the development of a new product/service. Ms. Marshall 6th year Business

  20. Recent exam questions • 2005 • (A) Discuss four external sources of new product or service ideas. (25 marks) • 2004 • A ‘Feasibility Study’ is used to: (10 marks) • 2003 • Illustrate two internal and two external sources of new product or service ideas. (25 marks) • 2001 • Prototype development involves…(10 marks) Ms. Marshall 6th year Business

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