Question
Describe any three fields of ideas with suitable examples.
✓
Answer
Idea fields: The process of generation of ideas can be streamlined by developing an awareness for different "idea fields". This will help the entrepreneur in enlarging the scope of thinking, at the same time structuring the ideas according to convenient frames of reference.
- Natural resources: Ideas can be generated based on natural resources. A product or service may be desired from forest resources, agriculture, horticulture, mineral, animal husbandry, wind, sun and human resource. For example natural resourceFlowers Selling in market. potential use of flower is Selling at a wider scale, to provide to floral decorators.
- Existing products or services: A great business idea combines skills with imagination and market demand. A business opportunity or idea often comes from everyday problems that someone solves. Successfulbusinesses find a need and fill it by providing a service or product. Entrepreneurs who look at ways to make an existing product or service better can be as successful as those who create or invent products. for example, you own a hair product supply store that sells flat irons for straightening hair. More and more places are selling ceramic irons as hair experts say they are better for hair. In this case, it would be advantageous to update the products to reflect the latest in technology.
- Market driven or demand driven ideas: We have already seen that one of the important methods for generating ideas is to carry out a market research. Such a study yields valuable data about trends of supply, demand and consumer preferences. Market research is any organized effort to gafther information about target markets or customers. It is a very important component of business strategy. The term is commonly interchanged with marketing research, however, expert practitioners may wish to draw adistinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research provides important information to identify and analyze the market need, market size and competition. For example Nokia phones were famous in India but due to competition Nokia could not cope with latest technology therefore his existing customers switched to Samsung, Apple and other phones and therefore Nokia lost the market share in India.
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