ELE 3010: Exam 2 - Hope Parnell
Questions and Answers 100% Solved
Sources of Ideas - ✔✔consumers, existing products and services,
distribution channels, the federal government, and research and
development
Consumers - ✔✔to determine what customers need now and in the future
ask:
1. Who are your potential set customers?
2. What do they buy now?
3. Why do they buy?
4. What will make them buy from you?
Existing Products and Services - ✔✔this could uncover ways to improve or
may result in a new product/service that has more market appeal, sales,
and profit potential.
Distribution Channels - ✔✔Members of the distribution channels are good
sources for new ideas reflecting their familiarity with the needs of the
market. Not only do they frequently have suggestions for completely new
1
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,products, but they also help in marketing the entrepreneur's newly
developed products.
Federal Government - ✔✔1. Files of the Patent Office contain numerous
new product possibilities. Even if a patent is not feasible, they can suggest
other more feasible product ideas
2. New product ideas can evolve in response to government regulations.
Research and Development - ✔✔The largest source of new ideas is the
entrepreneur's own "research and development" efforts. This could be a
formal endeavor connected with current employment or an informal one in
a basement or garage.
Methods of Generating New Ideas - ✔✔- Focus groups
- Brainstorming
- Brainwriting
- Problem inventory analysis
Focus Groups - ✔✔A moderator leads a group of participants through an
open, in-depth interview. For a new product area, the moderator focuses
the discussion of the group in either a directive or a non directive manner.
Brainstorming - ✔✔- a group method for obtaining new ideas and solutions
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, - This method usually stimulates individuals to be creative by meeting with
others and participating in an organized group experience.
Rules of Brainstorming - ✔✔- No criticism allowed - no negative comments
- Freewheeling is encouraged - the wilder, the better
- Quantity of ideas - greater number of ideas means a greater likelihood of
a useful idea
- Combinations and improvements of ideas are encouraged & ideas of
others can be used to produce another new idea
Brainwriting - ✔✔- Form of written brainstorming
- Silent
- Generates and writes 3 ideas during 5 minute period, passed down and
the next person writes down 3 new ideas, then passed until each person
has written on the card
Problem Inventory Analysis - ✔✔- A method for obtaining new ideas and
solutions by focusing on problems
- Uses individuals similar to focus groups, however, instead of generating
new ideas themselves, consumers in the group are provided with a list of
problems in a general product category. They then are asked to identify
and discuss products in this category that have the particular problem.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Questions and Answers 100% Solved
Sources of Ideas - ✔✔consumers, existing products and services,
distribution channels, the federal government, and research and
development
Consumers - ✔✔to determine what customers need now and in the future
ask:
1. Who are your potential set customers?
2. What do they buy now?
3. Why do they buy?
4. What will make them buy from you?
Existing Products and Services - ✔✔this could uncover ways to improve or
may result in a new product/service that has more market appeal, sales,
and profit potential.
Distribution Channels - ✔✔Members of the distribution channels are good
sources for new ideas reflecting their familiarity with the needs of the
market. Not only do they frequently have suggestions for completely new
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,products, but they also help in marketing the entrepreneur's newly
developed products.
Federal Government - ✔✔1. Files of the Patent Office contain numerous
new product possibilities. Even if a patent is not feasible, they can suggest
other more feasible product ideas
2. New product ideas can evolve in response to government regulations.
Research and Development - ✔✔The largest source of new ideas is the
entrepreneur's own "research and development" efforts. This could be a
formal endeavor connected with current employment or an informal one in
a basement or garage.
Methods of Generating New Ideas - ✔✔- Focus groups
- Brainstorming
- Brainwriting
- Problem inventory analysis
Focus Groups - ✔✔A moderator leads a group of participants through an
open, in-depth interview. For a new product area, the moderator focuses
the discussion of the group in either a directive or a non directive manner.
Brainstorming - ✔✔- a group method for obtaining new ideas and solutions
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, - This method usually stimulates individuals to be creative by meeting with
others and participating in an organized group experience.
Rules of Brainstorming - ✔✔- No criticism allowed - no negative comments
- Freewheeling is encouraged - the wilder, the better
- Quantity of ideas - greater number of ideas means a greater likelihood of
a useful idea
- Combinations and improvements of ideas are encouraged & ideas of
others can be used to produce another new idea
Brainwriting - ✔✔- Form of written brainstorming
- Silent
- Generates and writes 3 ideas during 5 minute period, passed down and
the next person writes down 3 new ideas, then passed until each person
has written on the card
Problem Inventory Analysis - ✔✔- A method for obtaining new ideas and
solutions by focusing on problems
- Uses individuals similar to focus groups, however, instead of generating
new ideas themselves, consumers in the group are provided with a list of
problems in a general product category. They then are asked to identify
and discuss products in this category that have the particular problem.
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
