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Outline the internal and external sources of new product ideas for businesses - Leaving Cert Business - Question 7(A) - 2021
Question 7(A)
Outline the internal and external sources of new product ideas for businesses. Moon Moods The entrepreneurs behind Moon Moods set up a business that produces soft,... show full transcript
Worked Solution & Example Answer:Outline the internal and external sources of new product ideas for businesses - Leaving Cert Business - Question 7(A) - 2021
Step 1
Internal Sources of New Product Ideas
Answer
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Skills and Knowledge: Entrepreneurs often leverage their own skills and knowledge to create new products. For instance, someone with a background in nursing might offer health-related baby products.
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Interests and Hobbies: Many entrepreneurs tap into their personal interests or hobbies. If a business owner enjoys crafting, they might create custom bedding products as a result.
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Experience: Individuals with prior experience in a particular field may recognize gaps in the market through their work. This experience can lead to innovative product ideas tailored to consumer needs.
Step 2
External Sources of New Product Ideas
Answer
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Competitor Analysis: Observing existing businesses and competitors provides insights. Entrepreneurs can identify successful strategies and adapt them to suit their offerings.
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Travel Insights: Traveling to different locations can expose entrepreneurs to unique products or services in other markets, inspiring new ideas that can be adapted locally.
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Market Research: Engaging with consumers through surveys or feedback can highlight potential product needs and preferences.
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Friends and Family Suggestions: Discussions with friends or family can yield insights on what problems exist or what products could be improved, guiding entrepreneurs to innovative solutions.
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Internet and Trend Research: The internet is a vast resource for discovering trends or identifying popular products. Entrepreneurs can leverage platforms like social media to gauge consumer interest.
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Brainstorming Sessions: Collaborative brainstorming can spark creativity and generate multiple ideas for new products.
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Media Influence: Television, blogs, and other media outlets can provide inspiration by showcasing emerging trends and consumer preferences.