Chapter 14 Business Ideas+NPD

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Chapter 14 Business Ideas+NPD Internal and external ideas Brainstorming and New Product Development Process E.G Cadbury’s Fuse bar

Internal Idea generation Your own strengths and weaknesses; Skills and hobbies, Experiences, R&D, Customer Feedback, Employee ideas (Intrapreneurship),

External Ideas Family and Friends State Agencies Media Competition Import Substitution E.g Tayto as sub for english crisps.

Brainstorming Encourage all ideas creative and imaginative Use a SWOT to see if idea is good

New Product Development Development process of new products and services Idea Generation as discussed Screening out bad ideas Concept development- About the product idea, USP, Fuse bar would fuse chocolate with other ingredients inside the bar Feasability study – possible to make viewing costs and cash flow forecasts, break even charts. Fuse; Market research tests and trials in different shops to see if it would sell well 5 Prototype development

NPD continues 5 Test Marketing 6 Product Launch Test on a small segment of the market. Then customise ads, price, product, place, promotion if needed. Fuse In research cadbury found out that highest for interesting eat category and rated as excellent or good. 6 Product Launch Full scale production Fuse brief retailers on advertsiement plans and the investment its backing the product with

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