Dr. Bagley said research can come from surveys of people, published material from libraries, or the Department of Commerce. Dewald and Pierce added that personal observation, experiments, focus groups, and test markets can also be used. The three panelists agreed that after a business is established there is a need for continued evaluation or control to ensure that plans are staying on track and that the business continues to be worthwhile. Costs are highest during the introduction phase. During growth, most of the energy is put into improving the product.
Maturity makes it easy to be complacent.
Decline signals a need to renew or scrap the product. Most organizations need projects at different stages to keep going, said Dewald and Pierce. The Children's Museum of Denver is an example of an organization with a number of projects including a pet care activity guide for children, a children's activity book for cross-country airline flights, a parenting fair, and dessert parties. EDA uses their funds mostly to help remove obstacles in the way of the economy and to help relieve unemployment. First Idaho Corporation helps businesses to raise venture capital by making director loans, by making investments, or issuing guarantees to banks.