entre[ 2 -4

Question 1

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

Answer 1

A potential market

Question 2

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

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 2

Your potential market

Question 3

are the target
market’s stated or silent problems.

Answer 3

Market problems

Question 4

This could refer to existing inefficiencies, awkward
workflows or non-optimal solutions. The key to
finding a market problem is to listen for
frustrations, or “if only” statements, that arise
during interviews.

Answer 4

M arktet [rpblenm

Question 5

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

Answer 5

marketing
concept

Question 6

Identify the Market Problem wjhat to consider

Answer 6

Existing customers

2. Target market users
3. Prospects

Question 7

How to evaluate market
problems?

Answer 7

1. Consider if the market problem is urgent.
2. Evaluate if the market problem is pervasive
   or easily diffused.
3. Determine if the buyers will pay to have this
   problem solved.

Question 8

entrepreneurial process of creating a venture

Answer 8

creation of entrepreneurial ideas - identification of e opportunities - opening of e venture

Question 9

is the process of spotting, evaluating, and pursuing relevant and sustainablerevenue and profit generating activities in the marketplace

Answer 9

opportunity seeking

Question 10

The following are some of the sources of
opportunities:

Answer 10

1 changies in the environment
2 technological industry and advancement
3 governement thrust prgrams and policies
4 peopels interest
5 past ecxperiences

Question 11

Entrepreneurial ideas arise when changes happen in
the external environment.

External environment refers to the physical
environment, societal environment, and industry
environment where the business operates.

Answer 11

1.Changes in the environment

Question 12

A person with entrepreneurial interest
sees possibility of business
opportunities in any new discovery or
because of the use of latest
technology.

Answer 12

2. Technological Industry and
   Advancement

Question 13

The priorities, projects, programs,
and policies of the government are
also good sources of ideas.

Answer 13

3.Government thrust programs,
and policies.

Question 14

The interest, hobbies and
preferences of people are rich
sources of entrepreneurial
ideas.

Answer 14

4. People’s interest

Question 15

The expertise and skills developed by a
person who has worked in a particular
field may lead to the opening of related
business enterprise.

Answer 15

5. Past experiences

Question 16

It is also known as the “five forces of competition,” An industry environment
is a competitive environment. Regardless of what product or services you
have, competition is always present.

Answer 16

FORCES OF COMPETITION MODEL

Question 17

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

Answer 17

competition

Question 18

These are the five forces competing within the industry:

Answer 18

Buyers

Potential new entrants

Rivalry among existing firms

Substitute products

Supplier

Question 19

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

has a strong and magnified bargaining power.

Answer 19

The buyer

Question 20

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

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.

Answer 20

maybe not needed

Question 21

is defined as the one who enters something. For
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.

Answer 21

potential new entrant

Question 22

This can be notice if there is the
presence of the following factors:

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)

Answer 22

meybe not

Question 23

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 23

Rivalry among Existing Firms

Question 24

means anything that takes the place or function of another. For example the consumers
decide to use margarine as a substitute for butter. In case the price of butter increases, preferably the
consumer will gradually switch to margarine.

Answer 24

Substitute Products

Question 25

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

Answer 25

maybe3 not needed

Question 26

are the one that provide something that is needed or wanted. For example if the supply and services being offered is unstable or keep. The intensity of the threat is strong in this kind of the competitive force in the industry.

Answer 26

Suppliers

Question 27

is a business or marketing statement that summarizes why a consumer should buy a company’s product or use its service. This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.

Answer 27

Value Proposition

Question 28

In creating Value Proposition, entrepreneurs will consider the basic elements.

Answer 28

Target customer Needs/opportunity Name of the product Name of the enterprise

Question 29

is a vital part of a company’s business strategy. Since the proposition provides a company with a method to influence the decision-making of customers, it is frequently displayed on the company’s marketing materials, such as a website.

Answer 29

The development of a value proposition

Question 30

is a powerful tool to drive sales and build a customer base. Additionally, a perfect and compelling one can advance the effectiveness of the company’s marketing strategies.

Answer 30

The value proposition

Question 31

Generally, it is regarded as the most effective and wide-reaching marketing activity.

Answer 31

value propostion

Question 32

how to create value proposition

Answer 32

1 know yhour ucstomers 2 undrstand your costs and benefits 3 dont forget your competitors 4 keep it short and simple

Question 33

It refers to how you sell your product or services to your customer. You will address the wants and desires of your customers. A marketing concept that persuade your target market.

Answer 33

unique selling propostion

Question 34

How to write a Unique Selling Proposition (USP)

Answer 34

Identify and rank the uniqueness of the product. Be specific Keep it short and simple

Question 35

Commonly used Methods for Segmenting the Market

Answer 35

geographic demographic psychological behavioral

Question 36

Variables to consider: climate Culture, dominant ethnic group, density (rural or urban)

Answer 36

Geographic segmentation

Question 37

-gender, age, income, occupation, educational attainment, religion, family size

Answer 37

Demographic segmentation

Question 38

-needs and wants, attitudes, social class, brand concept, lifestyle

Answer 38

3. Psychological segmentation

Question 39

-benefits, loyalty, perceptions, reaction, buying habits

Answer 39

4. Behavioral segmentation

Question 40

Are the specific characteristics that the customers need from a product or a service.

Answer 40

B. Customer Requirements

Question 41

Types of customer requirement:

Answer 41

Service requirement Output requirement

Question 42

It includes all aspects of how a customer expect to be treated while purchasing a product.

Answer 42

Service requirement(intangible)

Question 43

Characteristic specifications that a customer expects to be fulfilled in the product.

Answer 43

2. Output requirement (tangible things)

Question 44

It is like a size of arena where entrepreneurs will play their business. It is the approximate number of sellers and buyers in a particular market.

Answer 44

Market Size

Question 45

Steps to estimate the potential market

Answer 45

Approximate number of customers that will buy the product Estimate the customers who probably dislike to buy your product. 3. Estimate the market share, that means plotting and calculating of the competitor’s market share to determine the portion of the new venture.

Question 46

Market size of rice business in Gapan City = Number of families who eat rice X average consumption per annum.

Answer 46

the something

Question 47

is a written document describing a company's core business activities, objectives, and how it plans to achieve its goals.

Answer 47

A business plan

Question 48

Startup companies use _____ to get off the ground and attract outside investors.

Answer 48

business plans

Question 49

Good business plans should include

Answer 49

an executive summary, products and services, marketing analysis and strategy and financial planning.

Question 50

⮛This should cover the foundation of the company, including the market served, business structure, main business objectives, and advantages over the competition.

Answer 50

Executive Summary #

Question 51

Executive Summary #

Answer 51

market served, business structure, main business objectives, and advantages over the competition.

Question 52

⮛For startups, this section should showcase the experience and skills of the founder and key managers. ⮛ It should also include a brief description of the startup plan.

Answer 52

Company Summary. #

Question 53

⮛This section describes the company’s products and services, as well as how they are positioned to serve current and future market segments.

Answer 53

Products and Services. #

Question 54

⮛Here the plan should identify the reasons why customers will buy from the company, and the value proposition that underpins the company’s success.

Answer 54

Market Analysis. #

Question 55

⮛This section should describe the company’s high-level strategies and anticipated results.

Answer 55

Strategy Implementation. #

Question 56

⮛Strategic priorities should fit into one of the following categories:

Answer 56

financial, customer, products and services, people, or internal capabilities.

Question 57

⮛This analysis should describe the strengths and weaknesses of key competitors.

Answer 57

Competitor Analysis #

Question 58

⮛ Emphasis should be on the supply chain for manufacturing and delivering products and services. ⮛ This data will help enable more detailed planning by managers in different sub- functions. ⮛ Key areas to cover include: equipment, capital asset management, materials, production, quality, facilities, and plant and office space.

Answer 58

Annual Operating Plan #

Question 59

⮛In this portion of the plan, a description of each member of the company management team is provided. ⮛ It should include their qualifications, accomplishments, and commitments to business success.

Answer 59

Management Aspect #

Question 60

⮛This section is very important to the startup and routine management of a company. ⮛ The key elements are the income statement and the balance sheet.

Answer 60

Financials #