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entreprentew > entre[ 2 -4 > Flashcards

entre[ 2 -4 Flashcards

1
Q

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

A

A potential market

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2
Q

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.

A

Your potential market

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3
Q

are the target
market’s stated or silent problems.

A

Market problems

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4
Q

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.

A

M arktet [rpblenm

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5
Q

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

A

marketing
concept

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6
Q

Identify the Market Problem wjhat to consider

A

Existing customers

  1. Target market users
  2. Prospects
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7
Q

How to evaluate market
problems?

A
  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.
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8
Q

entrepreneurial process of creating a venture

A

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

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9
Q

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

A

opportunity seeking

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10
Q

The following are some of the sources of
opportunities:

A

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

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11
Q

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.

A

1.Changes in the environment

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12
Q

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

A
  1. Technological Industry and
    Advancement
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13
Q

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

A

3.Government thrust programs,
and policies.

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14
Q

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

A
  1. People’s interest
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15
Q

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

A
  1. Past experiences
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16
Q

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.

A

FORCES OF COMPETITION MODEL

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17
Q

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

A

competition

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18
Q

These are the five forces competing within the industry:

A

Buyers

Potential new entrants

Rivalry among existing firms

Substitute products

Supplier

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19
Q

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

has a strong and magnified bargaining power.

A

The buyer

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20
Q

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.

A

maybe not needed

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21
Q

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.

A

potential new entrant

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22
Q

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)

A

meybe not

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23
Q

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.

A

Rivalry among Existing Firms

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24
Q

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.

A

Substitute Products

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25
Q

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.

A

maybe3 not needed

26
Q

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.

A

Suppliers

27
Q

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.

A

Value Proposition

28
Q

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

A

Target customer

Needs/opportunity

Name of the product

Name of the enterprise

29
Q

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.

A

The development of a value proposition

30
Q

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.

A

The value proposition

31
Q

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

A

value propostion

32
Q

how to create value proposition

A

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

33
Q

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.

A

unique selling propostion

34
Q

How to write a Unique Selling
Proposition (USP)

A

Identify and rank the
uniqueness of the product.

Be specific

Keep it short and simple

35
Q

Commonly used Methods for Segmenting the Market

A

geographic
demographic
psychological
behavioral

36
Q

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

A

Geographic segmentation

37
Q

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

A

Demographic segmentation

38
Q

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

A
  1. Psychological segmentation
39
Q

-benefits, loyalty, perceptions,
reaction, buying habits

A
  1. Behavioral segmentation
40
Q

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

A

B. Customer Requirements

41
Q

Types of customer requirement:

A

Service requirement

Output requirement

42
Q

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

A

Service requirement(intangible)

43
Q

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

A
  1. Output requirement
    (tangible things)
44
Q

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.

A

Market Size

45
Q

Steps to estimate the potential market

A

Approximate number of customers
that will buy the product

Estimate the customers who probably
dislike to buy your product.

  1. Estimate the market share, that means
    plotting and calculating of the competitor’s
    market share to determine the portion of the
    new venture.
46
Q

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

A

the something

47
Q

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

A

A business plan

48
Q

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

A

business plans

49
Q

Good business plans should include

A

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

50
Q

⮛This should cover the foundation of the
company, including the

market served,

business structure,

main business objectives, and

advantages over the competition.

A

Executive Summary

#

51
Q

Executive Summary

#

A

market served,

business structure,

main business objectives, and

advantages over the competition.

52
Q

⮛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.

A

Company Summary.

#

53
Q

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

A

Products and Services.

#

54
Q

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

A

Market Analysis.

#

55
Q

⮛This section should describe the

company’s high-level strategies and
anticipated results.

A

Strategy Implementation.

#

56
Q

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

A

financial,

customer,

products and services,

people, or internal capabilities.

57
Q

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

A

Competitor Analysis

#

58
Q

⮛ 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.

A

Annual Operating Plan

#

59
Q

⮛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.

A

Management Aspect

#

60
Q

⮛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.

A

Financials

#

entreprentew (4 decks)

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