Entrepreneurship (2ND SEM - Part III) Last Examination Flashcards
2 Types of Customer Requirements
Service Requirement
Output Requirement
Intangible Products, depends on skills
Service Requirements
Tangible Products, things that can be touched
Output Requirements
Size of Arena where the entrepreneurs will play their business.
Market Size
Most valuable tool of any type of research study
Data collection
Method to find information
Market Research
Surveys, Focus Group Discussion, Interviews
Data Collection Techniques
3 Data Collection Techniques
Surveys, Focus Group Discussion, Interviews
The Most Common way to gather primary research
Survey
Most reliable and credible ways of getting relevant information from target customers
Interviews
2 Types of Interviews
Personal Interviews
Telephone Interview
Interview : How many minutes
15-40 Minutes
High response rates in survey research
Personal Interviews
Disadvantages are the response is not as high as the face to face
Telephone Interviews
An excellent method for generating and screening ideas and concept
Focus Group Discussion
FGD : How many minutes
90 - 120 minutes
FGD : How many participant
8 - 10 participants
set of controllable and connected variables
Marketing Mix
7P’s
Products
Place
Price
Promotion
People
Packaging
Positioning
7 Developing Brand Name
Purpose
Consistency
Emotion
Flexibility
Employee Involvement
Loyalty
Competitive Awareness
4M’s Production
Manpower
Method
Machine
Materials
Details around features so their obliqued to buy
Product Description
A duplication
Prototyping
7 Supply Chain
Raw Materials
Suppliers
Manufacturers
Distributors
Moderators
Retailers
Consumers
