ENTREP Quiz Flashcards
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is a person who creates unique ideas that will be useful for starting a business
entrepreneur
the science of converting processes ideas into remarkable business venture
entrepreneurship
Why should you study entrep? (4)
- It develops skills that will be needed in starting up a business.
2 It enhances Knowledge on how to operate business - 4 demonstrate how to manage a business
- Learners consider becoming than an employee.
Importance entrep education
- Key economic education
- Increase the level of knowledge, competence and improve the quality of life
- alternative career path.
entrep common competencies.
1 specific goal setting
2. self efficacy
3. need for achievement
4 ambition
5. willing to learn
6 Adaptability and flexibility
7. willingness to take Risk
8. interpersonal Skills
example, an entrepreneur Knows what is good and night Do what is best for everyone and do not act without thinking
integrity
Review outcome projects in order to understand where problems occurred, check the impact of the solution to the proposed both customers and employee
Thinking
an entrepreneur swiftness to an alternative strategy to reach a goal. It generates new ideas and innovative solutions
Decisiveness
the demographics and the cultural dimension that govern the relevant entrepreneurial endeavor.
socio-cultural environment
governance system of the country on the local area of the demand that business economic the supply affects consumption and production environmental natural ecosystem, habitat of resources men
Political
general correlation on core competencies
- The action must provide superior value of benefits to the consumer
- It should be difficult for a competitor to replicate.
- It should be rare.
is a special tool used in the implementation of any business which is made
Marketing mix
refers to any item that is produced to satisfy of certain the group of needs & demands people.
product
is the only element in why it is Streams the revenue generating marketing mix. That is why it is firmly linked with the revenue streams of any business
pricing
Focus on a smaller market segment or niche.
The product can be positioned as that which best satisfies the specific need of the small segment.
The absolute number of segment is not large but marketing niche is efficient because all efforts are purposefully directed to an exclusive need of a particular market.
The product has the potential to build a strong relationship with the niche.
It is easier to recognize and manage with modest financial and logistical resources, and has potential to greater profit.
Any changes in financial status of the niche, its needs or its preferences may significantly affect the product.
Niche marketng
Tailor-fit product offerings and plans to individual preferences, like personalized goods
and promotional messages.
It provides a choice of selecting products and services that are aimed at addressing the specific personal need, usually at the expense of price and expediency as compared to mass-produced products.
For marketers, there is a potential for more profit, but implementation can be time-consuming.
Individual Marketing
To mentally organize the market place, customers categorize products and services based on product characteristics and on their personal needs.
Market Positioning
the consumer creates a definition and a meaning to the product in relation to competing products in the category.
Product positioning
To guide the consumer through the process of determining product positioning so that their brands are placed at an advantage against competitive products.
Positioning Map
may also be accompanied by product fact and brand details that support and substantiate the claims. This statement called the reason-to-believe, allows the customer to have greater conviction on the proposition.
Positioning Statement
is a short (three or four words) sentence that sometimes accompanies a business logo.
Taglines
