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Entrepreneurship 1st Quarter > Lesson 2: Market Opportunity and Consumer Analysis > Flashcards

Lesson 2: Market Opportunity and Consumer Analysis Flashcards

1
Q

Sources of
Entrepreneurial
Ideas

A
  1. Changes in the Government
    2.Government’s programs and
    policies
    3.Technological discovery and
    advancement
    4.People’s interests
    5.Past Experiences
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2
Q

The requirement for businesses
to cater for disabled people, by
building ramps into offices,
shops etc.
The design and implementation
of workplace and
environmental regulations

A

1.Changes in the Government

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3
Q

Establishment of
PWD malls and
facilities

A

2.Government’s programs and
policies

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4
Q

IATF regulations
for public space
safety

A

2.Government’s programs and
policies

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5
Q

Restrictions for
mass gatherings.

A

2.Government’s programs and
policies

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6
Q

Virtual Reality

A

3.Technological discovery and
advancement

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7
Q

Magnetic Resonance
Imaging (MRI)

A

3.Technological discovery and
advancement

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8
Q

Lab Grown Meat

A

3.Technological discovery and
advancement

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9
Q

Magnetic Induction System
(Wireless Charging)

A

3.Technological discovery and
advancement

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10
Q

The passion and interest
of people paved way to
great entrepreneurial
ideas.

A
  1. People’s Interest
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11
Q

Edgar Sia decided to open the
barbecue fast food restaurant __________—Ilonggo for “Mr. Barbecue.
“

A

Mang Inasal

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12
Q

Socorro Ramos entered the
publishing and retail industry by
working as a salesgirl at a
bookstore.

A

National Bookstore

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13
Q

Debbi Fields started making
homemade chocolate cookies.

A

Mrs. Fields

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14
Q

Walt Disney first sold his first drawing
of his neighbor
‘
s horse at a young
age.

A

Disney

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15
Q

Entrepreneurial Process

A

Step 1: Opportunity
Spotting and
Assessment
with the 3S

Step 2: Developing a
Business Plan

Step 3: Determining
the capital
Needed

Step 4: Running the
business

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16
Q

Something people must have
for survival or to strive for a
certain necessity.

A

NEEDS

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17
Q

These may
vary on the external situation
of the person as it may include
food, water, medicine,
clothing, security, house, and
others

A

NEEDS

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18
Q

Simply anything that would
satisfy a person’s desire
whether necessary or not.

A

WANTS

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19
Q

The level of desire or need in
particular good or service

A

DEMAND

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20
Q

An entrepreneur’s
business idea that can
potentially become a
commercial product or
service in the future

A

OPPORTUNITY

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21
Q

It is a result of a
creative thinking
process.

A

IDEA

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22
Q

3S

A

(Seeking,Screening, Seizing)

23
Q

(Opportunity Spotting)
is the first step and is the
most difficult process of all
due to the number of options
that the entrepreneur will have
to choose from.

A

STEP1: SEEKING

24
Q

The environment in which a business operates is a major
consideration in determining an organization’s design

A

BUSINESS ENVIRONMENT

25
Q

These are sources outside
of the business that the
owner has very little control

A

A. Macroenvironmental Sources

26
Q

These are larger societal
forces that may directly
and indirecty the business.

A

A. Macroenvironmental Sources

27
Q

(Macro Environment)

Government policies and administrations:
Corruption level
Tax policy
Government effectiveness
National Minimum Wage
Corporate Taxes

A
  1. Political
28
Q

(Macro Environment)

The general view of locality’s traditions, customs, beliefs,
norms and perceptions.

A
  1. Socio-cultural
29
Q

(Macro Environment)

These include income, expenses and
resources that can influence the
cost of doing business and
generating income. (growth rate,
labor costs, interest rates)

A
  1. Economic
30
Q

(Macro Environment)

These include the technology and
modernization affecting the
operation, production, marketing
and financing the business.

A
  1. Technological
31
Q

(Macro Environment)

The environmental standards
or will just be a hazard to
people, animals or nature.

A
  1. Environmental
32
Q

(Macro Environment)

These are the characteristics of
the people on the target market.

A
  1. Demographic Factors
33
Q
  1. Demographic Factors
A

Age
Gender
Education
Income
Social Class

34
Q

(Macro Environment)
These are government
laws and regulations that
could restrict or allow
business activities.

A
  1. Legal
35
Q

These are sources
that entrepreneur may have some
control over and
directly affects the
business.

A

B. Micro-market Sources

36
Q
  1. Customers
  2. Suppliers
  3. Competitors
  4. Intermediaries
  5. Some publics
A

B. Micro-market Sources

37
Q

(Opportunity Spotting)

The process of cautiously
selecting the best
opportunity and the
selection will depend on
the entrepreneur
’s.

A

STEP 2: SCREENING

38
Q

(Opportunity Spotting)
The “pushing through”
with
the chosen opportunity.

A

STEP 3: SEIZING

39
Q

Is the process of positively
improving an existing product
or service.

A

INNOVATION

40
Q

Turning an idea into a solution that adds value
from a customer
‘s perspective

A

INNOVATION

41
Q

These are the innovations that
occur infrequently; must be
protected by a patent, a trade
secret, or a copyright.

A

Breakthrough Innovation

42
Q

These are the innovations that occur
more frequently, technological
advancements of an existing product
or service.

A

Technological Innovation

43
Q

These are innovations that occur ordinarily.

A

Ordinary Innovation

44
Q

This means that the market has a strong
influence on the implementation of the
innovation.

A

Ordinary Innovation

45
Q

defined as
‘the systematic design, collection,
interpretation, and reporting of
information to help entrepreneurs
solve marketing problems or take
advantage of business
opportunities from the consumer
data

A

Consumer Analysis

46
Q

Customer’s Characteristics

A

Demographics

47
Q

Demographics - Customer’s Characteristics: ?

A

Age
Gender
Income Level
Family Size
Culture
Tradition
Health
Occupation
Education
Social Class
Religion
Tace
Generation
Nationality
Family Size

48
Q

Customer’s Location

A

Geographic

49
Q

Geographic - Customer’s Location: ?

A

Countries
Regions
Cities
Climate
Ethnic Group

50
Q

Customer’s Personality

A

Psychographic

51
Q

Psychographic - Customers personality: ?

A

Hobbies
Leisure activities
Psychological / personality traits
Lifestyle
Brand concept

52
Q

Customer’s Buying Preferences

A

Behavioral

53
Q

Behavioral -Customer’s Buying Preferences

A

-Knowledge and Attitude
-Response to a product
-changing attitudes
-purchase patterns
-buying preferences in terms of features, brand, priorities, and travel time
-Occasion

Entrepreneurship 1st Quarter (2 decks)

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