2. Recognize a Potential Market

Question 1

is the part of the market you can capture in the future.

Answer 1

potential market

Question 2

includes the groups that do not currently your customers but could become customers in the future.

Answer 2

potential market

Question 3

They might become your customers because you expand your available products or services, or because you begin marketing your current products and services in a new way and to new groups of buyers.

Answer 3

potential market

Question 4

This could refer to existing inefficiencies, awkward workflows or non-optimal solutions.

Answer 4

Market problems

Question 5

are the target market’s stated or silent problems.

Answer 5

Market problems

Question 6

The key to finding a market problem is to ………

Answer 6

listen for frustrations, or “if only” statements, that arise during interviews.

Question 7

Market needs a ____________ that relates to the functional or emotional needs or desires of a target market.

Answer 7

marketing concept

Question 8

In identifying market problem, the following can be considered:

Answer 8

1. Existing customers
2. Target market users
3. Prospects

Question 9

The entrepreneurial process of creating a new venture is presented in the diagram below.

Answer 9

1. Creation of Entrepreneurial Ideas
2. Creation of Entrepreneurial Ideas
3. Creation of Entrepreneurial Ideas

Question 10

is the process of spotting, evaluating, and pursuing relevant and sustainable revenue and profit generating activities in the market place

Answer 10

opportunity seeker

Question 11

SEEKING THE OPPORTUNITY

Answer 11

1.Changes in the environment
2. Technological Industry and Advancement
3. Government thrust programs, and policies.
4. People’s interest
5. Past experiences

Question 12

It is also known as the “five forces of competition,”

Answer 12

forces competition model

Question 13

it is the act or process of trying to get or win something

Answer 13

competition

Question 14

These are the five forces competing within the industry:

Answer 14

Buyers
Potential new entrants
Rivalry among existing firms
Substitute products
Supplier

Question 15

are the one that pays cash in exchange to your goods and services.

Answer 15

buyers

Question 16

has a strong and magnified bargaining power.

Answer 16

buyer

Question 17

The threat of its bargaining power will be less if the following factors notice:

Answer 17

a. There are several suppliers available in the market.
b. The buyer has the potential for backward integration.
c. The cost of switching the supplier cost is minimal.
d. The product represents a high percentage of the buyer’s cost.
e. The buyer purchases large portions of the seller’s product or services.

Question 18

is defined as the one who enters something.

Answer 18

potential new entrants

Question 19

or example, the level of capital requirements, if the business requires huge capital, new entrants should decline to join the business. This gives a threat to the business. This can be notice if there is the presence of the following factors:

Answer 19

a. Substantial capital requirement.
b. Strict government policy.
c. Difficulty in accessing distribution channels.
d. Economies of scale. (savings in costs gained by increase in production)
e. High cost of product differentiation(what makes your product more attractive to consumers)

Question 20

is a state or situation in which people or groups are competing with each other. For example it depends on the Marketing strategy of your competitor, like giving freebies and special offers.

Answer 20

Rivalry among Existing Firms

Question 21

means anything that takes the place or function of another

Answer 21

substitute products

Question 22

A substitute product can give a big threat in the industry environment if the following factors are notice:

Answer 22

a. Switching cost is low.
b. Preferences and tastes of the customers easily change.
c. Product differentiation is highly noticeable
d. The quality of substitute products dramatically improves.
e. The price of substitute product is substantially lower.

Question 23

are the one that provide something that is needed or wanted

Answer 23

suppliers