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10 Cards in this Set
- Front
- Back
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Innovation PG. 21 |
The process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers. |
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Creativity PG.21 |
Creativity is a phenomenon whereby something new and somehow valuable is formed. The created item may be intangible (such as an idea, a scientific theory, a musical composition or a joke) or a physical object (such as an invention, a literary work or a painting). |
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Generating ideas PG. 23 |
1. Everyday activities - shopping, media, talking to people, household duties, watching children, holidays, sport and hobbies. 2. Other sources - checking foreign products, visit tourism facilities, copy others, modify an old product, visit trade shows and examine expired patents. 3. Identify needs - match products, match problems and match needs |
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Generic needs PG. 26 |
1. Matching tourists needs with products 2. Matching tourist problems with products 3. Matching tourist needs to market segments |
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Creativity methods PG. 27 |
1. Manipulating existing products 2. Attribute analysis 3. Problem redefinition 4. Forced connections 5. Mind mapping 6. Brainstorming |
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Protecting your ideas PG. 31 |
1. Secrecy 2. Patents 3. Trade mark 4. Copyright |
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Turning ideas into opportunities PG. 32 |
Match you ideas to your personal resources. Your personal resources are: 1. Your strengths 2. Contacts 3. Finance |
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Characteristics of a good idea PG. 32 |
1. The product/service is something that people need 2. You like doing the work involved in providing the product/service 3. You can do the work involved in providing the product/service 4. The product/service is different from existing ones 5. There are enough customers who need your product/service |
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Identify opportunities PG. 34 |
1. Will it be worthwhile? 2. Will you make a profit? |
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Formula to determine profit PG. 34 |
PROFIT=(SELLING PRICE-COST PRICE) X VOLUME-EXPENSES If the volume cannot be estimated, the minimum number of units that you need to sell to achieve a given profit can be calculated as follow: VOLUME=EXPENSES+PROFIT DIVIDED THROUGH (SELLING PRICE-COST PRICE) 1. Selling price - the price at which the product is sold 2. Cost price - the cost to produce the product 3. Volume - number units to be sold over a period of time 4. Expenses - such as rent, electricity, equipment and stationery |
