Handout 8

Question 1

in a general sense is the
method of creative and systematic work conducted
to gather new information and mobilize the available
or stock knowledge.

Answer 1

Research and development

Question 2

It must present an
original, new, or unique concept meeting
the specific or general objectives set.

Answer 2

It must be novel

Question 3

It must present a product of
original ideas in the artistic sense, professional
enough to standout. Starbucks offers its drink and
service as an example of developing a product from a
creative sense.

Answer 3

It must be creative

Question 4

It must not be predictable and
incalculable. A business must stand out to remain
competitive in the market.

Answer 4

It must be uncertain.

Question 5

Doing
research and development must follow a set of
planning or system processes. Every business will fail
without following a thorough process.

Answer 5

It must be systematic and methodical

Question 6

It must
produce a result that is not definite, and it must
welcome possible development or transition of
studies through reaching the market and being able
to reproduce it accordingly.

Answer 6

It must be transferable or reproducible.

Question 7

This type of research is being
conducted by producing new knowledge orenhancing
stock or available knowledge through observable facts
and existing events

Answer 7

Basic research

Question 8

This type of research has the
same concept as basic research. The only difference is that this focuses on meeting set goals or objectives. This is also being used to solve any possible
problems or give solutions to any market needs and
develop new technologies that will help in doing so.

Answer 8

Applied research

Question 9

This type of research is being conducted to fully understand the causeand-effect situation of two (2) variables that can help develop additional knowledge

Answer 9

Experimental research

Question 10

This can be done by using the SCAMPER model

Answer 10

Creating new ideas or ideation

Question 11

It is a tool being used to produce new product ideas.

Answer 11

SCAMPER model

Question 12

After coming up with ideas, write everything and do product or service validation,
which will help you assess whether the product or service you will introduce will be somehow
worth the time, effort, and money.

Answer 12

Researching

Question 13

This can be done through a hand-drawn sketch with specific details of the product and service, including its features and functions. An entrepreneur usually does this by drafting the idea or writing an outline of the product/s or service/s he’ll offer along with the details of why he came up with this idea

Answer 13

Planning

Question 14

In this part, an entrepreneur will create a sample of the planned idea. This is done by creating numerous samples until you develop the version you are satisfied enough to introduce
to the market

Answer 14

Prototyping

Question 15

After creating the prototype, the entrepreneur will now look for the possible sources of materials and people or companies that can help manufacture the supplies. Another
term is “building your supply chain”, which means evaluating the vendors, activities, and resources to manufacture the product or start the service to provide and deliver it to the
customers, the sooner, the better.

Answer 15

Sourcing

Question 16

This will reflect all the expenses in manufacturing and delivering the product or service.

Answer 16

Costing

Question 17

This usually serves as a catching phrase to make the product or service known. Some consider this as a tagline or slogan.

Answer 17

Mantra

Question 18

This includes the purpose of developing a product or offering a service. This part highlights how it will be satisfied or how it will be able to meet a need. This also magnifies the
focus of the product being developed or the service being offered.

Answer 18

Mission

Question 19

This covers the detailed information of why the product or service is being
developed or served, what type of market it will incorporate or cater to, what need/s it will meet, and how long it will be beneficial for both developers and users.

Answer 19

Goals and Objectives

Question 20

This part will reflect the due process of the development based on the mission and objectives.

Answer 20

Analysis

Question 21

market condition, location, consumer’s preference, and need, and even the possible shortcomings the product or service will encounter along with its development.

Answer 21

External factors

Question 22

resources that will be
necessary for the production, such as the funding, technology, and people needed for the operation or development itself.

Answer 22

Internal factors

Question 23

As analysis happened, the ways or solutions to meet all the situations based on the analysis will be needed. This includes how a business will market a product in a place or community unaware of it.

Answer 23

Tactics

Question 24

part of the components of creating a business plan
(financial documentation). This is the presentation of the financial resources, funding, and projections of the finances of a venture in a year or two.

Answer 24

Financial Report

Question 25

This includes the financial status at present. This encompasses the assets, the liabilities, and the shareholders’ equity.

Answer 25

Balance Sheet

Question 26

This includes the company’s performance during the period covered and presented in the financial report reflecting whether the company gains profit or has losses.

Answer 26

Income Statement

Question 27

This is the collation of the activity of the shareholders’ equity (ownership of the company and net assets available after all the paid liabilities) from time to time. Any changes in this affect company’s profits or losses.

Answer 27

Statement of Changes in Shareholders’ Equity

Question 28

This includes the movement of the company’s finances during a period
that excludes them from an operation, investment, and even financing activities.

Answer 28

Statement of Cash Flow

Question 29

This includes more of the information regarding the financial statement.

Answer 29

Notes

Question 30

the way of an entrepreneur to show his/her ethical behavior by adding value to the economic development leading to the advancement of ways of living aiming to help the workforce,
families, the community, and the society where it belongs

Answer 30

Social Responsibility

Question 31

goes with social responsibility. This is the way for an entrepreneur to avoid
damaging the natural environment by utilizing resourcefulness in developing or starting the business

Answer 31

Environmental responsibility

Question 32

An entrepreneur or a company should invest in technologies which are enough to suffice the need of the company yet environmentally
established not to destroy nature.

Answer 32

Investment in clean technologies

Question 33

Businessmen and established ventures should acknowledge the usage of renewable sources and learn to use them properly

Answer 33

Using energy from renewable sources

Question 34

This is advised to minimize the effect of the emission of vehicle gases that contributes to climate change.

Answer 34

Reduction in business use of transport and car usage by staff

Question 35

An entrepreneur or a company should take the initiative to go green by finding ways to minimize waste by reducing some items or using alternative products.

Answer 35

Waste minimization/recycling

Question 36

This way will let an entrepreneur or a company minimize the usage of electronic machines, light bulbs, or any appliances alike. This can also be either a way to replace them with those that are more energy saving.

Answer 36

Energy efficiency measures

Question 37

the value of money a business or venture uses to manufacture or deliver its product or service. This value of money can’t be used anymore after consumption.

Answer 37

Cost

Question 38

the amount charged to the product or service that the customer will pay.

Answer 38

Price

Question 39

the type of pricing that includes an increase in a product’s cost through markup percentage. Markup percentage depends on the company’s standard or discretions from the entrepreneur himself.

Answer 39

Cost-based pricing

Question 40

the type of pricing that includes the customer’s decision on how much they want to pay for a product or service. This varies based on what a customer believes to be the supposed value or quality of the product or service or how many products or services are available in the marketplace.

Answer 40

Value-based pricing

Question 41

This is the accessibility of a product or service to the market or even its operating hours.

Answer 41

Convenience

Question 42

This is the customer’s perception of a product or service. If it has a premium image or brand, they don’t hesitate to pay more

Answer 42

Brand or image

Question 43

Having high demands for a product or service, a company or an entrepreneur can be reasonable to set higher prices.

Answer 43

Supply and demand