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Outline the internal and external sources of new product ideas for businesses - Leaving Cert Business - Question 7(A) - 2021
Question 7(A)
Outline the internal and external sources of new product ideas for businesses. Moon Moods The entrepreneurs behind Moon Moods set up a business that produces soft, ... show full transcript
Worked Solution & Example Answer:Outline the internal and external sources of new product ideas for businesses - Leaving Cert Business - Question 7(A) - 2021
Step 1
Internal Sources of New Product Ideas
Answer
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Skills and Knowledge: Entrepreneurs often have particular skills, such as crafting or design, which can inspire new products. For example, a skilled seamstress may develop innovative bedding designs.
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Interests and Hobbies: By aligning business offerings with personal interests, entrepreneurs can create products they are passionate about. An individual who enjoys interior design might focus on aesthetic bedding options for children.
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Travel Experiences: Gaining inspiration from different cultures while traveling can lead to unique product ideas that cater to specific markets. An entrepreneur might discover new materials or designs in other countries.
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Copying Existing Businesses: Monitoring competitors can provide insights into successful products in the market. Entrepreneurs can take inspiration and adapt existing ideas to meet their unique customer needs.
Step 2
External Sources of New Product Ideas
Answer
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Friends/Family Suggestions: Entrepreneurs often discuss ideas with family and friends who can provide valuable feedback or highlight gaps in the current market.
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Internet Research: Browsing trends on social media and e-commerce websites can reveal what consumers are currently seeking, aiding in the identification of new product opportunities.
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Brainstorming Sessions: Holding brainstorming sessions with a team can foster creativity and lead to innovative product ideas based on collective insights.
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Fashion and Consumer Trends: Keeping an eye on current trends can help businesses adapt products to meet changing consumer demands. An entrepreneur might notice a trend in organic materials and decide to produce eco-friendly bedding.
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Import Substitution: Analysis of imported products can inspire local entrepreneurs to create competing alternatives with improved features or local materials.