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Would you be willing to invest in my idea if I tell you I am certain in my mind that my idea is a guaranteed winner? Probably not — unfortunately for me. You would insist on more qualitative and quantitative evidence prior to giving me money. Smart choice.
Take the Week 1 idea for your final presentation in Week 7 that has been approved and create a marketing research plan associated with the idea. Use both primary and secondary research for the assignment.
Why do this? So your data will be able to paint the picture of if the idea is market viable.
With a new or enhanced product find out if there is interest for your idea.
Learn about the possibility of having a profitable business for your idea.
Need to define if there is a problem that your idea will solve.
This is an initial pass at refining your idea prior to formally presenting.
Assignment details: Analyze and assign in which quadrant your idea from Week 1 fits in the supply and demand matrix below and explain why. The details describing the matrix sections are found here