Creative thinking

• External market research 


  Usually conducted by an outside specialist
• Nominal group technique 


  Used to avoid the disadvantages of group discussions

  The group is divided into 5 or 6 people around a table

  The Bromley is defined clearly
• Importance of market research

  Market research assess the needs and desires of customers

  Helps business in advancing the product
• SWOT analysis 


  It is a strategic tool

  It summaries a large amount of data into user friendly diagram
• Delphi technique 


  Method that relies on a panel of experts to find solutions to a problem

  A panel of experts are invited to participate during the process
• Aspects of executive summary

  Form business enterprise

  Main business activity

  Information about the owner of the business
• Purpose of executive summary

  Most lenders and investors read it before the entire business plan
• Impact of creative thinking

  New,innovative, better ideas and solutions are formed

  Improves quality of solutions to business problems

  Increased productivity of the entire business
• Decision making and problem solving

  Decision

  Usually made by one person

  Various alternative ideas are considered before deciding on the best one

  Process of choosing from several alternatives

  Problem solving

  A group or team

  Alternative solutions are identified and evaluated

  Process of finding a solution to a problem
• Internal market research 


  Usually conducted in the business
• Force field analysis


  Aimed at facilitating change in the business

  Change should be communicated effectively amount employees

  Explain the benefits and reasons of change to all staff
• Factors to be considered when preparing a verbal presentation

  Write down the main points of the presentation

  Relevant and accurate presentation of information
• Problem solving


  Ability to search for and find information relating to the problem

  Process of finding solutions to difficult and complex issues
• Brainstorming 


  Group activity to find solution for a specific problem by gathering a list of ideas spontaneously. The problem should be identified clearly. All ideas should be written on a flip chart.