BA101 (Week 2) Chapter 6

Question 1

List Pros and Cons of being an Entrepreneur

Answer 1

(+) 
- Profits
-Be own boss
-Satisfaction 
(-)
-Risk
-Responsibility

Question 2

List the Marketing Conditions

Answer 2

• Demand
  (Ex: demand on babies clothes, how many babies on earth?)
• Competition
  (Competition increase, reduce firm’s market share)
• Labor Conditions
  (Ex: Labor unions, labor cos, labor strikes)
• Regulatory Conditions
  (intended to enhance safety of financial system)

Question 3

Market Share

Answer 3

Market Share is firm’s sales as a percentage of the total market.

Question 4

How to have a Competitive Advantage

Answer 4

• Produce products efficiently
• Produce higher-quality product
• use internet.

Question 5

SWOT

Answer 5

Strength
Weakness
Opportunities
Threats

Question 6

Marketing Plan

Answer 6

• Target Market
• Product Characteristics
• Pricing
• Distributions
• Promotion

Question 7

Business Risk

Answer 7

uncertainty of future performance of business.

Question 8

Economics vs. Business

Answer 8

ECONOMICS is HOW are things produced, distributed, and consumed? Market is Equilibrium.
BUSINESS is strategy and tactics with human and financial resources. Marketing is dynamic.

Question 9

Entrepreneurial Profile

Answer 9

• Risk Tolerance
• Creativity
• Initiative

Question 10

Segments

Answer 10

subsets of a market that reflects a specific type of business and the perceived quality.