12. Which of the following is positive external trends or changes that provide unique and distinct possibilities
for innovating and creating value?
1 (A) Strengths
(B) Opportunities
(C) Weaknesses
(D) Threats
Answers
Answer:
Idea fields are well defined frames of reference that guide the generation of ideas.
Various idea fields are examined below: (i) Natural resources: The idea for a product or service can be derived from the available natural resources like
(a)Agricultural
(b)Breeding and Caring of animals (animal husbandry)
(c)Cultivation or Horticulture
(d)Human
(e)Mineral or Soil
(f) Solar
(g)Tidal
(h)Wind
Entirely new products or service related ideas can be generated from these resources or ideas to supplement these natural resources can be derived.
(ii)Current products or services: It requires careful analysis of the existing products or services and put the expertise and imagination to improve the current products or services. The demand for a product or service or the need to tackle the competition will also help in origination of a new idea. As the value addition to the existing product or service is as good as inventing a new product, the existing products or services also act as a good source of new ideas.
(iii)Demand or Market: Conducting a research in the market to procure the information relation to the gap between demand and supply, changing consumer preferences, trends, technology helps in the generation of new ideas for products or services. The data gathered is analyzed using business intelligence and helps as a good sources of new ideas.
In addition to this, the demand prevailing in the market will also help in generation of new ideas.
The analysis of the products and servic