MGT 3111 Chapter Notes - Chapter 3: Adwords, American City Business Journals
Document Summary
It is a preliminary evaluation of a business idea to determine if it is worth pursuing. It is important because it determines whether or not a business idea is viable. Primary research - research that is original and is collected firsthand by the entrepreneur by, for example, talking to potential customers and key industry participants. Secondary research - data collected previously by someone else for a different purpose. It is an assessment of the overall appeal of the product or service being proposed. The 2 components (primary issues) of a product/service feasibility analysis: desirability, demand. Buying intentions survey - an instrument that is used to gauge customers" interest in a product or service. Concept test - a representation of the product or service to prospective users to gauge customer interest, desirability, and purchase intent. 3 commonly utilized methods of determining demand for product/service: talking face-to-face, utilizing online tools (google adwords, library, internet, and gumshoe research.
