ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Launch, testing, developing, business plan, market research, brainstorming
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Brainstorming, launch, test, develop, business plan, market research
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Brainstorming, market research, business plan, developing the product/service, testing and launch
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Brainstorming, market research, developing, business plan, testing and launch
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Detailed explanation-1: -Idea generation (Ideation) Product definition. Prototyping. Initial design. Validation and testing. Commercialization. 01-Nov-2022
Detailed explanation-2: -The four phases include: Inspiration, Incubation, Illumination and Implementation.
Detailed explanation-3: -Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization. Use the following development framework to bring your own product idea to market.
Detailed explanation-4: -To turn an idea into a business, you need to identify a customer base through market research, conduct competitive analysis to hone your message, and develop a business plan that outlines both your profit potential and how you’ll reach it.
Detailed explanation-5: -Step 1: Develop your vision. This is a crystallization of what you want your practice to become and guides the development of strategy and organization. Step 2: Develop your mission. Step 3: Set your goals. Step 4: Develop your strategy. Step 5: Develop your tactics. Step 6: Your action plan.