Idea Generation Process- Entrepreneurship - 5560 Words

Idea Generation Process For NANO: â€Å"The People’s Car† AND NIKE : â€Å"Just Do it† Stages of Idea Generation Process Idea Generation Idea Screening Concept Development and Testing Marketing Strategy Business Analysis Product Development Test Marketing Commercialization Concept Screening* Test Marketing* Opportunity Identification Idea Generation Concept Development Product Development Positioning Development Commercial-ization *†Stage Gates† Marketing Plan Development A systematic approach that increases the odds of success 1. Idea generations: 1. Companies seek new ideas to enhances the performance of the exiting products and to innovate new ideas. The stages is called idea generations stages. The Major sources of new product ideas†¦show more content†¦The strategy statement consists of three parts: the first part describes the target market, the planned product positioning and the sales, market share and profit goals for the first few years. The second part outlines the product’s planned price, distribution, and marketing budget for the first year. The third part of the marketing strategy statement describes the planned long-run sales, profit goals, and the marketing mix strategy. The following a sueccsseful concept test, the new product manager will develop a preliminary strategy plan * the first part describes the target market size, structure, behavior for the the first few year. * the second part outlines the planned price distribution strategy and marketing budgets for the first year. * the third part of marketing strategy plan describes the long run sales and profit goals and the marketing strategy over a time. 5..Business analysis;- After management develops the product concept and marketing strategy, it can evaluate the business attractiveness. Business analysis are the first in –depth financial evaluation of the new product to be developed. Here management needs to prepare sales cost and profit projection to determine whether to stisfy company objectives. If they do the concept moves to development stage. Swot analysis will be prepared by the organization at this stage. It includes total sales estimation . estimations of cost and profit. 6.. ProductShow MoreRelatedThe Current State Of Entrepreneurship1693 Words   |  7 Pageslandscape, as it has transformed the country s economic state entirely. The purpose of this report is to investigate the current state of entrepreneurship in Canada in comparison to other G20 countries, and make recommendations for government and policy makers. 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TheRead MoreThe Four Key Ideas Entrepreneurs Essay1564 Words   |  7 PagesIntroducti on: Entrepreneurship is a frame of mind set with which dreams, the desire to achieve and passion for innovation, all combine to embody what it means to be an entrepreneur (Busenitz et al., 2003). Entrepreneurs are habitually opportunistic when seeking prospective opportunities; therefore it is crucial that entrepreneurs should abide by four key ideas when seeking opportunities. The four key ideas entrepreneurs need to embody when seeking opportunities are, denoting the entrepreneurial mind-set