DEFINITION OF TERMS
Sales Analysis - A determination of the extent to which a sales force has met its sales objectives within the specified timeframe.
Competitive Analysis - This approach emphasizes the importance of competition and assumes that new products should be better than those of competitors in order to be successful. Indeed, this assumption has been proven to be accurate, as numerous empirical research studies with a wide range of products have consistently shown that “product superiority and uniqueness” has the highest impact on the success of new products (42, 43). This conclusion implies that people buy a product if its offerings are better than those of the available alternatives. As a result, this approach assesses the extent to which a new product idea is superior to what is currently or expected to be available and selects it if the product superiority is significant. Consumer And Consumption Analyses - Companies design, develop, manufacture and market new products for their customers. As a result, it is also possible to select new product ideas based on the opinions of the target consumers of the new product idea under consideration. It has been shown in numerous empirical studies that the success of new products depends on the added value that a new product offers to customers (42, 43). Because customers purchase a new product if they perceive a value in it, this approach suggests that the opinions of the target customers can be used as an indication of the likely success of the new product idea. This approach assumes that a new product idea will be successful if the majority of people have a positive attitude towards it. Get A Flavor For The Community - Before deciding to set up shop somewhere, investigate the community. Read some of the local newspapers. Visit the library and do some research on the history of the place. Speak with other small business owners in the area. Ask them if their business is succeeding and if they think...
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