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1st Quarter GRADE 12 > ENTREP MT 1 B > Flashcards

ENTREP MT 1 B Flashcards

1
Q

first two entrepreneurial process

A

OPPORTUNITY SPOTTING AND ASSESSMENT
DEVELOPING A BUISNESS PLAN

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2
Q

last two entrepreneurial process

A

DETERMINING THE CAPTIAL NEEDED
RUNNING THE BUSINESS

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3
Q

step by step process in establishing any kind of business that an entrepreneur has to undergo

A

ENTREPRENEURIAL PROCESS

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4
Q

beginning of the process and considered most difficult

A

OPPORTUNITY SPOTTING AND ASSESSMENT

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5
Q

formulation of business plan

A

DEVELOPING BUSINESS PLAN

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6
Q

calculate the resources needed and compare it against the entrepreneurs current resources

A

DETERMINING THE CAPTIAL NEEDED

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7
Q

entrepreneurs using the resources allocated for the new venture

A

RUNNING THE BUSINESS

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8
Q

starting to have a concept in mind about business and opportunities

A

OPPORTUNITY SPOTTING AND ASSESSMENTS

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9
Q

what is a comprehensive paper that deals the marketing, operational , human resources, financial , strategies and tactics of the businesses

A

BUSINESS PLAN

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10
Q

core guide when starting a business

A

DEVELOPING BUSINES PLAN

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11
Q

business plan should be implemented

A

RUNNING THE BUSINESS

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12
Q

should allign with your goals

A

OPPURTUNITY SPOTTING AND ASSESSMENT

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13
Q

entrepreneur should have a control of monitoring system to serve as a check and balance of the formulated plans

A

RUNNING THE BUSINESS

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14
Q

marketing environment is the starting point of any new venture that involves understanding and knowing intricacies of microenvironmrnt and iternal environments

A

SCANNING

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15
Q

what to find first

A

OPPURTUNITY BEFORE PRODUCTt

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16
Q

the business idea that can potentitally become a commercial product/ service in the future

A

OPPORTUNITY

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17
Q

what is 3s

A

SEEKING
SCREENING
SEIZING

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18
Q

first step and most difficult process of all due to the number of options entrepreneur will have to choose from

A

SEEKING THE OPPORTUNITY

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19
Q

process of selecting the best opportunity ; apply due diligence and indepedent judgement

A

SCREENING THE OPPORTUNIYY

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20
Q

entrepreneurs tolerance of business risks

A

RISK APPETITE

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21
Q

cosidered one of the most critical resources of an entreepreneurs it should be devoted to worthwhile business onlly

A

TIME

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22
Q

aims to assist entrepreneurs in ensuring that the opportunity that they venture into is an attractive and feasibe product

A

OAT
OPPORTUNITY ATTRACTIVENESS TEST

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23
Q

who made OAT

A

YOUNGLESON 2009N

24
Q

brief vision statement(what do the business should do in the future )

A

CONCEPTS AND STRATEGIES

25
Q

critical success factors by determining the attractiveness

A

OPPORTUNITY METRICS

26
Q

last step “pushing through” with the chosen opportunity

A

SEIZING THE OPPORTUNITY

27
Q

process of positively improving an existing product or service

A

INNOVATION

28
Q

3 types of INNOVATION

A

BREAKTHROUGH
TECHNOLOGICAL
ORDINARY

29
Q

the main objective that the business will accomplish in the entrepreneurs life

A

INTERNAL INTENT

30
Q

will address the compelling needs of the target market

A

EXTERNAL INTENT

31
Q

refers to the entrepreneurs tolerance of business risk

A

RISK APPETITE

32
Q

process of seizing (5 STAGES)

A

IDEA STAGE
CONCEPT STAGE
PRODUCT DEVELOPMENT STAGE
TEST MARKETING STAGE
COMMERCIALIZATION STAGE

33
Q

entrepreneur determines what are the feasible products and / or services that will perfectly suit the opportunity

A

IDEA STAGE

34
Q

developed idea will undergo a consumer acceptance test

A

CONCEPT STAGE

35
Q

actual reactions from potential customers are determined

A

PRODUCT DEVELOPMENT STAGE

36
Q

the product is tested with a particular target market, to find out whether or not it is acceptable to the consumer

A

TEST MARKETING STAGE

37
Q

involves launching your product and making it widely available for your target segment

A

COMMERCIALIZATION STAGE

38
Q

states why customers should buy a certain product/service

A

VALUE PROPOSITION (VP)

39
Q

refers to how you will sell the product or service to your customers

A

UNIQUE SELLING PROPOSITION

40
Q

term that clearly sets you apart from your competition, positioning you the more logical choice

A

UNIQUE

41
Q

persuades another to exchange money for PRODUCT or SERVICE

A

SELLING

42
Q

a proposal or offer suggested for acceptance

A

PROPOSITION

43
Q

size of arena where the entrepreneurs business will play

A

MARKET SIZE

44
Q

represents the percentage of an industry or market’s total sales

A

MARKET SHARE

45
Q

approximate number of customers that will buy the product/service

A

MARKET UNIVERSE/MARKET SPACE

46
Q

specific features and characteristic that customer need from a product/service

A

CUSTOMER REQUIREMENT

47
Q

dividing a heterogeneous market into a several homogeneous groups

A

MARKET SEGMENTATION

48
Q

segmenting customers according to age, gender, civil status, income , education , family organization and religion

A

DEMOGRAPHIC SEGMENTATION

49
Q

other term demographic segmentation

A

SOCIOENOMIC SEGMENTATION

50
Q

process of grouping customers according to their perception way of life, motivations and inclinations

A

PSYCHOGRAPHIC SGEMENTATION

51
Q

process of grouping customers according to their actions

A

BEHAVIORAL SEGMENTATION

51
Q

segmenting customers according to location, population, density and climate

A

GEOGRAPHCIC SEGMENTATION

52
Q

most reliable and credible ways of getting relevant information from the target customer

A

INTERVIEW

53
Q

mining customer and noncustomer experience by definite responses using equitable scales

A

SURVEY

54
Q

one of the most prefered and practical method of generating ideas because the researcher documents the behavioral patterns of people/ events without requiring them to participate in the research process.

A

OBSERVATION

1st Quarter GRADE 12 (19 decks)

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