Entrepreneurship Chapter 4 – Exam Key Points

Chapter 4 Key Points | PRODUCT/SERVICE DEVELOPMENT

• product/service generation process four distinct stages
  1. Idea Generation
  2. Incubation
  3. Implementation
  4. Diffusion
• stages of new product development process
  1. New Idea Generation
  2. Idea Screening
     • sort the ideas into three groups
       • Promising Ideas
       • Marginal Ideas
       • Rejects
  3. Concept Development and Testing
  4. Marketing Strategy Development
     • marketing strategy plan consists of three parts
       • Market size, structure, behavior
       • Planned price, distribution strategy, and marketing budget of the 1st year
       • Long run sales and profit goals, marketing mix strategy
  5. Business Analysis
     • Estimated Total Sales
     • Estimating Cost and Profits
  6. Product Development
  7. Market Testing
  8. Commercialization
     • When (Timing)
       • First Entry
       • Late Entry Strategy
       • Parallel Entry
     • Where (Geographical Strategy)
     • To Whom (Target-Market-Prospect)
     • How (Introductory Markets Strategy) 

• Intellectual Property
  1. Patents
     • Utility Patent
     • Design Patent
  2. Trademarks
  3. Copyrights