Requirements: 1- What are some of the more frequently used sources of new ideas for

entrepreneurs? (2 Marks)

ANSWER:
Following are the more frequently used sources of new ideas for entrepreneurs
 Market Gap Analysis
This is used to uncover areas in the market in which needs and wants far exceed the
supply
 Life Style Analysis Method
This is used to uncover life style analysis for product service ideas.
 Customers
Customers knows best what they want & which product would be popular shortly.
 Brainstorming
Organized group can brainstorm and find the best creativity to identify which product can
run into the market,
 Research & Development
R&D generates largest amount of new ideas.

2- How existing companies (competitors) can help City Sweets to hunt new business ideas? (3
points) (6 Marks)

1) City Sweets can compare the taste of competitor most running brand & try to introduce
new product having similar taste with better presentation that would help city sweet
company to attract the new customers.

2) City Sweets can compare the marketing strategy of competitors and start using to
advertise their products in more creative way to attract the customers.

3) City Sweets can see the mode of delivery of competitor and start delivering product on
call, social media or online web application.

4) City Sweet can compare the bakery infrastructure of competitor & try look for any
improvement that can be done to attract the customers.

5) City Sweets can compare the selling strategy of competitors & try to give incentives or
product sales for limited time to attract customers.
6) City Sweets also compare if competitor is using any 3rd party to further enhance the
product portfolio & try to find any other creative solution to improve the market share.