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It may not be cost-effective enough. Never forget that it's all about profit in business so a new product idea should:
1. Appeal to a very wide range of potential customers.
2. Be relatively cheap to manufacture.
3. Be protectable (patent or otherwise).
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Why do you study entrepreneurship?
Entrepreneurship is focused on developing knowledge, skills, and understanding of how an innovative and creative idea, product, or process can be used to form a new and successful business or to help an existing firm to grow and expand.
How did Kevin plank get his idea for a new product?
by doing your mother
Why is the government the only one in the economy that can provide public goods?
They're not the only one that can, but a firm won't because it is not efficient for them to provide a public good. Public goods are attached to a free-rider problem, in which agent's (actors) in the economy do not want to pay for the good because it will be available to them regardless of their contribution. Remember, two aspects of public goods is their non-excludability, which means that no one is blocked from using them and public goods are non-rival, which means one person's enjoyment of them does not inhibit another's use. A firm, wishing only to maximize profits will not produce public goods, because a public good's optimal production lies at a point which would cause the firm to incur loss. This is the main idea, for a technical proof of this, an understanding of marginal rates of substitution and deriving optimal first order conditions are needed, however to understand the intuition, or idea behind it, is enough.
In presenting the idea of a demand curve economists presume that the most important variable in determining the quantity demanded is the price of the product itself or consumer income?
The price of the product itself.
What best expresses the idea all consumption is motivated by the desire to maximize benefit?
because all people differ from one another, anyone, or any combination of the above statements could be what motivates someone to consume a product
Reading a product review before purchasing a product is a good idea because?
experts are able to judge the quality of a product.
Would it be a good idea for a small firm to outsource database management?
It would be a great idea for a small firm to outsource a database management because you can keep records easily, and when you need to find something, it's all in the database.
Does advertising language give a fair idea about the product to the costomers?
if you ask me i believe that advertising is not dining a fair idea about the prodact because advertising is always trying to perfect the product!
Who is Idea Buyer LLC?
Idea Buyer, LLC is a New Product Development company that owns and operates IdeaBuyer.com. The Idea Buyer Network is a new product database used by leading consumer product companies and entrepreneurs seeking original product ideas in many different industries. Idea Buyer has been credited with numerous patent licensing agreements and patent sales as a product development firm and as an online marketplace. The mission and practices of Idea Buyer LLC streamline the product development and sale process within the consumer product market by giving inventors a platform of monitored exposure to top consumer product buyers. This gives companies an efficient way to scout for original product ideas and patents for sale by inventors. The company offers individuals an online marketplace, self-help products, and services as a platform to sell or license their intellectual property.
Why is brainstorming called brainstorming?
because your brain is thinking so its storming for the answer or idea's like if you need a new idea for product development you brainstorm to think of a great idea.:]
What is the difference between idea and phantasm?
phantasm - product of imagination idea - product of the intellect
Seven phases to new product development?
The Seven Phases of New Product Development: 1. Idea Generation-looking for product ideas that will help a firm to achieve its objectives. 2. Screening-a firm's managers consider whether the organization has personnel with the expertise to develop and market the proposed product. 3. Concept Testing-product idea is presented to a small sample of potential buyers through a written or oral description to determine their attitudes and initial buying intentions regarding the product. 4. Business Analysis-provides tentative ideas about a potential product's financial performance, including probable profitability. The firm considers how the new product would affect the firm's sales, costs, and profits if it were introduced. 5. Product Development-the company must find out if it is technically feasible to produce the product and then if the product can be made at costs low enough to justify a reasonable price. It is then transformed into a prototype. 6. Test Marketing-the limited introduction of a product in several towns or cities chosen to be representative of the intended target market. Its aim is to determine buyers' probable reactions. 7. Commercialization-plans for full‐scale manufacturing and marketing must be refined and completed, and budgets for the project must be prepared.
Why do you study entrepreneurship?
Entrepreneurship is focused on developing knowledge, skills, and understanding of how an innovative and creative idea, product, or process can be used to form a new and successful business or to help an existing firm to grow and expand.
How is promotion related to communication?
promotion related to communication because without communication you cannot promote your product by simply presenting it and have your own idea on how to sell your product
What is a product in marketing?
a product is a good, services or an idea that satisfies the customer.
What is advertisement about?
it's about a product or an idea
If one has an idea that will improve a product not invent but improve how does one go about marketing the idea?
An improvement to an existing product is still patentable.
