Alpha Test (Product) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is an Alpha Test?An alpha test is exposing the product to a group of internal constituents to monitor their impressions, perceptions, and use of the product. What is the Purpose of the Alpha Test? The main purpose of the Alpha test is to test the functionality of...

Product Development Process – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Product or Service Development?Product and service development (PSD) is more than simply manufacturing a product or devising procedures for carrying out at service. PSD involves strategic assessment of your concept and how it delivers value to the customer....

Secondary Research – Explained

by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing

What is Secondary Research?Secondary research regards identifying and using information previously collected by third parties. Below are the most common sources of data for secondary research. Professional (Trade) Resources Professional resources include collections...

Primary Market Research – Explained

by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing

What is Market Research?You now understand the litany of information that is important in determining whether a business idea is a feasible opportunity. The information you acquire when conducting the feasibility analysis is not lost at the time you decide to...

Customer Priority – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Customer Priority?Customer priority involves the emotional drive of the customer to buy your product or service. An entrepreneur may create a product that fulfills an important need or want for the customer; however, the customers willingness to buy that...

Market Potential – Explained

by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing

What is Market Potential?Generally, you will determine potential sales based on the market size and a reasonable percentage of the customers that you will serve. Most entrepreneurs are unrealistic in assuming the percentage of the market that they will be able to...

Pricing a Product – Explained

by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing

What is Product Pricing? Product pricing hinges upon the concept of customer value. That is, what is the value of your product or service to customers in the market? Value is a relative to word to the entrepreneur and his or her intended audience. The entrepreneur...

Determine Market Size – Explained

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What is Market Size?Market size is likely the most important factor in the feasibility analysis. Without a sufficient market size, the idea may not be able to create the amount of desired value. Market size is generally measured in one of two manners the total number...

Critical Points About Entrepreneurship

by TheBusinessProfessor | Feb 23, 2025 | Strategy, Entrepreneurship, & Innovation

What are some critical aspects to remember about entrepreneurship?All TalkEveryone likes to talk (or brag) about his or her great idea. 99% of these people will never do anything about it. Entrepreneurship is about doing let everyone else do the talking.Entrepreneurs...

Customer Segmentation – Explained

by TheBusinessProfessor | Feb 23, 2025 | Principles of Marketing

What is Customer Segmentation?Customer segmentation deals with grouping potential customers according to their preferences or characteristics. In a way, customer segmentation is a form of stereotyping. It assumes that like customers with certain, specified...