Integration Management Class Notes_235917321-Entrepreneurial-Management-2-and-3-Module-Notes

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SOURCES OF NEW IDEASA sound idea for a new product or service, properly evaluated, is essential to successfullylaunch a new venture. Some of the more frequently used ideas for new entrepreneur includeconsumers, existing companies, distribution channels, the federal government and research anddevelopmentConsumersPotential entrepreneurs should pay close attention to the final focal point of the idea for anew product or service the potential consumer. This can be an informal or formal survey ofconsumers expressing their opinions. Care should be taken to ensure that the idea representsa large enough market.Existing CompaniesEntrepreneurs should establish a formal method for monitoring and evaluating the productsand services in the market. Frequently this analysis uncovers ways to improve on theseoffering that may result in a new product that has more market appeal.Distribution ChannelsMembers of distribution channels are also excellent sources for new ideas because they arefamiliar with the needs of the market. Not only do channel members frequently havesuggestions for new product, but they can also help in marketing the entrepreneurs newlydeveloped products.Federal GovernmentThe federal government can be source of new product ideas in two ways. First the files of thePatent Office contain numerous new product possibilities. Although the patents may not befeasible new product introduction, they can suggest other marketable product ideas. Severalgovernment

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