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Question 1

For a market economy to function, producer must supply the goods that consumer wants

Answer 1

The law of supply and demand

Question 2

Is reflective of both supply and demand

Answer 2

Price

Question 3

Means that there are other players in the market-entity selling similar or the same product

Answer 3

Competition

Question 4

A furniture vehicle machines or gadgets

Answer 4

Tangible products

Question 5

Individuals offering services include doctors dentist barbers waiters or online services such as wireless internet service online server and other digital

Answer 5

Intangible products

Question 6

A business concept that results in profits if it is turned into a tangible and intangible product or service

Answer 6

Business idea

Question 7

Defined as a situation that enables an entrepreneur to offer marketable products or services to interested buyers or end users

Answer 7

Opportunity

Question 8

It is same as opportunity recognition or discovery of business opportunities

Answer 8

Opportunity identification

Question 9

Approach to opportunity identification

Answer 9

1. Observe changes in the environment
2. Recognize a need that customers have that is not being satisfied
3. Recognize problem and find solution

Question 10

Important environment forces to observe

Answer 10

Economic forces
Social forces
Technogical advances
Political and regulatory statues

Question 11

Occurs whenever there is a need and wants to fulfill

Answer 11

Opportunity

Question 12

Problems can be recognized by observing the challenges that people encounter in their daily lives. Solution to the problem represented a business opportunity.

Answer 12

Recognize problem and find solution

Question 13

Opportunity identification process

Answer 13

Search for changes in the environment
Recognize needs and wants and solution
Recovery of opportunity

Question 14

Are the other sources of ideas and opportunities

Answer 14

Primary sources
a Observation
b Interviews
c Surveys
d Experiments
Secondary Sources
a Reliable Existing Data
b References
c Mass Media and Electronic Media

Question 15

Data gathered by observing and recording the respondents actions

Answer 15

Observation

Question 16

Field research covers interviews with customer suppliers competitors and industry experts

Answer 16

INTERVIEWS

Question 17

Development of a short questionnaire with respect to the targeted product the question should be very specific

Answer 17

Surveys

Question 18

product sampling is another option to test the acceptability in the market

Answer 18

Experiments

Question 19

Information obtained from annual report or companies

Answer 19

reliable Existing data

Question 20

Entrepreneur can use publish information from the library internet and so on

Answer 20

References

Question 21

Advertisement and information in the newspaper magazine and internet can be a source of business opportunity of an entrepreneur

Answer 21

Mass media and electronic media

Question 22

These are the strong point of the business products or services

Answer 22

Strength

Question 23

These are the set of problems that the business is facing at present from the time the business was established

Answer 23

Weaknesses

Question 24

These are good chances for future advancement which the business should take advantage

Answer 24

Opportunity

Question 25

These are obstacles that prevent the business from achieving its financial objectives which may totally damage the venture causes its downfall and the progress of your business or they can be external conditions that may work against you beyond your control

Answer 25

Threats