BUS131D_Lecture7_Handout

BUS131D_Lecture7_Handout - Inductive Approach to Idea...

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Unformatted text preview: 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 2 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 3 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 4 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 5 Window of Opportunity Time 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 6 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 7 Ways to Identify an Opportunity Observing Trends Solving a Problem Finding Gaps in the Marketplace What opportunities do existing trends reveal? Two ways to get a handle on changing environmental trends: observe and study trends purchase customized forecasts and market analyses What problems do we encounter and how can we solve them?...
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BUS131D_Lecture7_Handout - Inductive Approach to Idea...

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