Q1: Lesson 2 | Generating Business Ideas & Developing Products Flashcards
Are something necessary and indispensable to a person
Needs
Something desired but not essential
Wants
Must be met immediately or within a given time frame
Needs
Can be postponed or set aside until resources become available
Wants
TRUE OR FALSE: Finding an idea is the first task of converting an entrepreneur’s creativity
True
TRUE OR FALSE: The best source of idea is the consumer or the market in general
True
Is the process or the act of creating a product through a series of steps.
Product Development Using Creativity and Innovation
Developing a Product Generally Has __ Stages
Six
Developing a product: STAGE 1
Stage 1. Generating New Product Ideas
Developing a product: STAGE 2
Stage 2. Screening Ideas
Developing a product: STAGE 3
Stage 3. Business Analysis
Developing a product: STAGE 4
Stage 4. Product Development
Developing a product: STAGE 5
Stage 5. Market Testing
Developing a product: STAGE 6
Stage 6. Commercialization
What is DTI?
Department of Trade and Industry