Lesson 2:Definition, Purpose, and Market Need Identification

Question 1

written description of the business that you will establish in the future.

Answer 1

Business plan

Question 2

can be written before or during the first few years of the enterprise.

Answer 2

Business Plan

Question 3

This is to guide the entrepreneur on which strategies would be most beneficial for the enterprise to take.

Answer 3

Business Plan

Question 4

is the blueprint of your proposed business.

Answer 4

Business plan

Question 5

Why prepare a business plan?

5 reason

Answer 5

To test the feasibility of your business idea
To give your new business the best chance of success
To secure funding
To make business planning more effective
To attract investors

Question 6

Composing a business plan is tedious, however it’s basic if you want to have an effective business that will endure the startup stage.

Answer 6

True

Question 7

Three Factors of a Good Business Plan

Answer 7

It’s realistic

It’s specific
It’s followed through

Question 8

A realistic business plan accounts for the feasibility of implementation. If the business plan is not practical or too good to be true, then, no operational method can be devised to achieve the strategy.

Answer 8

True

Question 9

is the method of determining what a client needs from a product.

Answer 9

Identifying customer needs

Question 10

Customer needs are non-technical, and they reflect the customers’ perception of the merchandise, not the particular style or specifications, though oftentimes they’re closely connected.

Answer 10

True

Question 11

Identifying Customer Needs

4 steps

Answer 11

Gather raw data
Interpreting data
Organizing the data
Reflect the process

Question 12

It’s all too easy to collect data about everything you can, but it’s important to only collect the data that you actually need.

Consider these 3 questions:

What information do you actually need?

What information is available?
What information will be useful?

Answer 12

True

Question 13

When collecting data what 3 questions need to consider

Answer 13

Consider these 3 questions:

What information do you actually need?

What information is available?
What information will be useful?

Question 14

When collecting data what 3 questions need to consider

Answer 14

Consider these 3 questions:

What information do you actually need?

What information is available?
What information will be useful?

Question 15

In the _____, ______ developed a categorization system known as the ______ that arranged needs. The essence of the technique are the qualities that product features will have.

Answer 15

1980s

Professor Noriaki Kano

KANO TECHNIQUE

Question 16

that arranged needs.

The essence of the technique are the qualities that product features will have.

Answer 16

Kano technique

Question 17

KANO Technique 5 Qualities

Answer 17

Attractive Quality
One-Dimensional Quality
Must-Be Quality
Indifferent Quality
Reverse Quality

Question 18

When the product qualities are met, they provide satisfaction, however, once they aren’t met, they do not cause discontentment.

For instance, a backpack features a separate compartment for a laptop computer, while other backpacks don’t. It is nice to have that feature, but its absence does not lead to discontentment on the product.

Answer 18

Attractive Quality

Question 19

When the qualities are met, they supply satisfaction, and when they aren’t met, they produce discontentment.

For instance, once the shoulder straps on a backpack are cushioned, they provide comfort, however, once not cushioned, they are painful.

Answer 19

One-Dimensional Quality

Question 20

These product qualities are assumed to be met, and they cause discontentment when they aren’t met.

For instance, backpacks are expected to be able to hold books.

Answer 20

Must - Be Quality

Question 21

These qualities are neither sensible not dangerous, and they don’t increase nor decrease customer satisfaction once met or not met.

For instance, backpacks have a lock to secure the bag. With or without it, it will not affect the satisfaction of the customer.

Answer 21

Indifferent Quality

Question 22

These qualities cause either satisfaction or discontentment once met. However, it’s customer dependent.

For instance, backpacks with plenty od compartments and pouches. Some customers like the wealth of storage choices these spaces offer, and different customers actively dislike how excessive or unmanageable those same areas are.

Answer 22

Reverse Quality