BUS131D_Lecture7_Handout.pptx

BUS131D_Lecture7_Handout.pptx - Dr. Michael Merz Department...

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Unformatted text preview: Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University Click to edit Master subtitle style Inductive Approach to Idea Development Dr. Michael Merz Department of Marketing & Decision Sciences College of Business San Jose State University Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University 22 Todays Agenda Opportunities versus Ideas Ways to Identify an Opportunity Personal Characteristics that help People Recognize Opportunities Techniques for Generating Ideas Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University 33 What is an Opportunity? An opportunity is a favorable set of circumstances that creates the need for a new product, service, or business idea. Opportunity recognition refers to the process of perceiving the possibility of a profitable new idea. Most entrepreneurial firms are started in one of two ways: Internally stimulated Externally stimulated Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University 44 What is an Opportunity? An opportunity has four essential qualities Attractive Timely Opportunity (rather than just an idea) Durable Anchored in a product, service, or business that creates or adds value for its buyers or end users Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University 55 Window of Opportunity Ti me Market Size t(0 ) t(1 ) Window of Opportunity t(0) t(1) Window of opportunity is a metaphor describing the time period in which a firm can realistically enter a new market. Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University 66 Key to Opportunity Recognition Understand the difference between opportunity and idea: Idea: a thought, impression, notion Opportunity: favorable set of circumstances that create a need for a new idea. Identify a product or service idea that people need and are willing to buy, not one that an entrepreneur wants to sell! Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University 77 Ways to Identify an Opportunity Observing Trends Solving a Problem Finding Gaps in the Marketplace What opportunities do existing trends reveal?...
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BUS131D_Lecture7_Handout.pptx - Dr. Michael Merz Department...

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