COMM 320 Chapter Notes - Chapter 1-5: Target Market, Brainstorming, Competitor Analysis
11 Apr 2017
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Process in which a person exploits future goods and services without regard to resources to pursue an opportunity. Salary-substitute firms: similar level of income compared with conventional job. Lifestyle: provide owner or owners opportunity to pursue lifestyle and make a living at it. Entrepreneurial: bring new products and services to the market by creating and seizing opportunities regardless of the resources being controlled. An opportunity is a favorable set of circumstances that creates a need for a new product, service or business. An idea is a thought, an impression, or a notion. Observing trends: economic, social, technological advances, political action and regulatory changes. Cognitive factors: ability to notice things without engaging in deliberate search. Creativity: process of generating a novel or useful idea. Evaluation: idea subject to scrutiny and analysis for validity purposes. Brainstorming: generating several ideas about a specific topic. Focus groups: group of people familiar with topic, generate new business ideas. Library and internet research: provide insight.
