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entrepreneurship > exam review > Flashcards

exam review Flashcards

1
Q

intrapreneurship

A

responsible for innovating within an existing organization

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2
Q

entrepreneurs

A

owns their own company

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3
Q

Enterprising people

A

one who seeks opportunities in all areas of life

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4
Q

Ways a company can encourage intrapreneurship

A

give your employees time
- highlight problems and how u an solve them

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5
Q

Why are people Intrapreneurs?

A

they question the status quo and wonder if there might be a better way to do things. They may also identify a gap in services,

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6
Q

What is business?

A

they question the status quo and wonder if there might be a better way to do things. They may also identify a gap in services,

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7
Q

Needs vs. wants

A

Needs are the things you can’t get by without, Wants are things that are nice to have but not absolutely necessary,

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8
Q

goods vs service

A

A good is a tangible item. A service is not a tangible or physical entity (massage)

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9
Q

Supply & Demand

A

Supply refers to the market’s ability to produce a good or service, whereas demand refers to the market’s desire to purchase the good or service

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10
Q

Influences influencing wants and needs

A
  • geographic
  • social environment
    -education
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11
Q

Invention vs. Innovation

A

invention is the creation of a product. Innovation is if someone improves on or makes a significant contribution to an existing product,

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12
Q

ways to start a business

A

-start from scratch
- inherent / buy
-buy a franchise

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13
Q

factors that affect price

A

Costs and Expenses.
Supply and Demand.
Consumer Perceptions.
Competition.

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14
Q

Consumer perceptions

A

he opinions, feelings, and beliefs customers have about your brand

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15
Q

Competition

A

the process of strategically selecting price points for your goods or services based on competitor pricing in your market

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16
Q

Pricing strategy decisions

A

a model or method used to establish the best price for a product or service.

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17
Q

Psychological pricing

A

a strategy that uses pricing to influence a customer’s spending or shopping habits to make more or higher value sales 5.00 -4.99

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18
Q

effects of Technology on Small Business

A

Productivity
Outsourcing
Customer base
Communication - advantages and disadvantages

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19
Q

Venture - definition

A

A business enterprise in which the expectation of gain is accompanied by the risk of loss or failure.

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20
Q

for-profit

A

one that operates with the goal of making money.
example. H & M

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21
Q

Not-for-profit

A

organisations that provide services to the community and do not operate to make a profit for its member
ex. Canadian cancer society

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22
Q

What is a venture plan?

A

A business plan is a formal written document containing the goals of a business

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23
Q

Components of venture plan?

A

■ Executive summary
■ Company description
■ Description of product/service
■ Marketing plan

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24
Q

Executive summary

A

short document or section of a document produced for business purposes. It summarizes a longer report

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25
Q

Net income/loss formula

A

Total Revenues – Total Expenses = Net Income

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26
Q

Pricing Strategies

A

Consumer perceptions
Competition
Pricing strategy decisions
Price skimming
Penetration pricing
Psychological pricing
Markup pricing

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27
Q

price skimming

A

set new products high and subsequently lower then when competitors enter the market

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28
Q

Penetration pricing

A

low initial price to get customers attention

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29
Q

Psychological pricing

A

setting prices like 3.99 rather than 4

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30
Q

large scale

A

national or international more than 50 employees

31
Q

small scale

A

local or provincial less than 50 employees

32
Q

local

A

small business in your home town

33
Q

provincial

A

operates in a number om towns and cities within a province ex farm boy

34
Q

national

A

operates in more than one provence ex. Shoppers Drug mart

35
Q

international

A

in more than one country mcdonald’s

36
Q

cartersitics

A

the feature that belongs to a person

37
Q

skill

A

the ability to do something well

38
Q

Entrepreneurial spirit

A

help u take ownership of your business look at your tasks “how can we do this better”

39
Q

Fad

A

shoots up in popularity really fast and is short lived ex. fidget spinners

40
Q

trend

A

a direction of change

41
Q

How to fads & trends help us?

A

interesting and relatable social media campaign. trends can organization’s long-term marketing approach and product development efforts.

42
Q

Perfect competition

A

same product or service

43
Q

indirect competition

A

competition between products or services in different categories

44
Q

Benefits and Disadvantages of competition

A

can help u grow an improve your business they will make mistakes for you.

45
Q

Grant from government

A

is a sum of money given to a business by the government to support them in establishing projects that contribute to societal development.

46
Q

Cash flow positive

A

If a business’s cash acquired is more than cash spent

47
Q

estimating revenue

A

calculating the amount if revenu your business is likely to earn

48
Q

Break even point

A

the point at which total cost and total revenue are equal,

49
Q

Pitch Deck - how long, what’s in it?

A

should be no longer than 20 slides, and it should define the problem being addressed by the new service or product,

50
Q

Differences between business plan, pitch deck & elevator pitch

A

pitch deck - visual summary of business plan
elevator pitch: pitch with no additional support

51
Q

business plan

A

a document that defines in detail a company’s objectives and how it plans to achieve its goals.

52
Q

Angel Investor

A

wealthy person who invests his or her own money in a company—usually a start-up ( elon musk)

53
Q

Venture Capitalist

A

a private equity investor that provides capital to companies with high growth potential in exchange for an equity stake (the dragons)

54
Q

Repositioning a product

A

the process of changing a target market’s understanding or perception of a product or service

55
Q

debono hats

A

-BLUE - calm, organized, plan maker, goal setters
-RED- emotional, passionate, confident, go getter
-YELLOW- joyful, matavating, collaborative
-WHITE- emotionless, level headed
-BLACK - Gloomy, resilient, negative stubborn, cautious
GREEN- creative, innovative, fresh

56
Q

Brand Authenticity

A

customers perceive a brand to be faithful and true toward itself and its consumers, and to support consumers being true to themselves’

57
Q

Loyalty Card

A

issued by a supermarket or chain store to a customer and used to record credit points awarded for money spent in the store. ex. indigo plum card

58
Q

sale promotion

A

marketing activity that is designed to increase sales, encourage customer loyalty, or generate brand awareness.

59
Q

Contests & sweepstakes

A

items of value (prizes) are awarded to participating consumers by chance, with no purchase or entry fee required to win.

60
Q

coupon

A

a voucher entitling the holder to a discount for a particular product.

61
Q

Premiums & Self-Liquidating

A

when a consumer is expected to pay a designated monetary value for a gift or item. had to spend a certain amount to get a free item

62
Q

market segmentations (STP)

A

Demographics
Geography
Psychographics
Socioeconomics
Consumptions patterns
Behavioural patterns

63
Q

AIDA

A

Attention
Interest
Desire
Action

64
Q

what is advertising

A

marketing tactic involving paying for space to promote a product, service, or cause.

65
Q

6 steps of market research

A
  • define the question
  • determine the data needed
    collect the data
    -analyze the data
    -take action
    -evaluate results
66
Q

7 steps of product development

A
  • generate idea
  • screen ideas
  • develop a business plan
    develop a product
  • test - market the product
  • introduce the product
  • evaluate customer acceptance
67
Q

4 parts of market segmentation

A

Demographics
Geographics
Psychographics
Behavioural

68
Q

SWOT

A

Strengths
Weaknesses
Opportunities
Threats

69
Q

perfect competition

A

market with large number of small companies selling identical products EX. SELLING WHEAT

70
Q

Monopolistic competition

A

a market with a large number if companies selling similar products RESTAURANTS, CONVENIENT STORES

71
Q

Oligopoly

A

a market with a small number of large companies selling similar products LARGE AMOUNT OF MARKET CONTROL EX BELL VS ROGERS

72
Q

Monopoly

A

a market in which a single company has complete market control. NO COMPETITION

72
Q

Monopoly

A

a market in which a single company has complete market control. NO COMPETITION

73
Q

Life Cycle of a Business

A

Pre-start up stage
Startup
Rapid growth stage
Maturity
Decline
Rebirth or Death

entrepreneurship (1 decks)

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