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Entrepreneurship > Lesson 4: Selecting The Best Product Or Service > Flashcards

Lesson 4: Selecting The Best Product Or Service Flashcards

1
Q

General Rule

A

“Find a need and fill it.”

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2
Q

3S OF OPPORTUNITY SPOTTING AND ASSESSMENT

A

Seeking
Screening
Seizing

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3
Q

It the framework that most of the promising entrepreneurs user to finally come up with the ultimate product or service suite for specific opportunity.

A

3S OF OPPORTUNITY SPOTTING AND ASSESSMENT

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4
Q
  • is an entrepreneur’s business idea that can potentially become a commercial product or service in the future.
A

Opportunity

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5
Q
  • is the first step and the most difficult process of all due to the number of options that the entrepreneur will have to choose from.
A

Opportunity Seeking

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6
Q

Opportunity Seeking
- It involves the development of new ideas from various sources as follows:

A

External/Macroenvironment (PESTEL Analysis)
Internal/Microenvironment (SWOT Analysis)

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7
Q

IMPORTANCE OF ENVIRONMENTAL SCANNING

A
  • It identifies the expected threats and opportunities existing in the environment.
  • It points out the possible factors that will determine the success of the business venture.

-It assists in the formulation of the most appropriate business strategies.

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8
Q

It involves the larger societal forces that influences the internal environment.

A

External/ Macro Environment

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9
Q

is one important tool that executives can rely on to organize factors within the general environment and to identify how these factors influence industries and the firms within them.

A

PESTEL Analysis

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10
Q
  • It include government policies, leadership, and change; foreign trade policies; internal political issues and trends; tax policy; regulation and de-regulation trends.
A

Political Factors

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11
Q
  • It include elements such as interest rates, gross domestic product, unemployment rates, and inflation.
A

Economic Factors

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12
Q
  • It includes trends in demographics such as population consumers’ lifestyles, buying habits, education, religion, beliefs, values, social classes, sexuality and attitudes.
A

Socio-cultural Factors

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13
Q
  • It basically refer to the trends and developments in computer and information technology that have impact on business.
A

Technological Factors

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14
Q
  • These factors are important due to the increasing scarcity of raw materials; pollution targets; doing business as an ethical and sustainable company; carbon footprint targets.
A

Environmental Factors

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15
Q
  • It include laws involving issues such as employment, health and safety, discrimination.
A

Legal Factors

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16
Q

Factors under PESTEL Analysis

A
  • political factors
  • economic factors
  • socio-cultural factors
  • technological factors
  • environmental factors
  • legal factors
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17
Q

can be defined as a type of marketing strategy that targets a specific niche of your overall target audience.

A

Micromarket Sources

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18
Q

These are the current needs and wants of potential customers that should be discovered right away by a budding entrepreneur.

A

Consumer preferences, interests, and perception

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19
Q

-Recognizing and understanding potential competitors will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition

A

Competitors

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20
Q

Often, entrepreneurs just have to look at their environment and they will be able to spot a business opportunity right away.

A

Location

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21
Q

SWOT stands for?

A

Strengths, Weaknesses, Opportunities, and Threats

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22
Q

is a technique for assessing these four aspects of your business.

A

SWOT Analysis

23
Q

The primary objective of a SWOT analysis is

A

to help organizations develop a full awareness of all the factors involved in making a business decision.

24
Q

Use your SWOT analysis to

A

discover recommendations and strategies, with a focus on leveraging strengths and opportunities to overcome weaknesses and threats.

25
Q

What questions should be answered under Strengths?

A
  • What do you do well?
  • What unique resources can you draw on?
  • What do others see as your strength?
26
Q

What questions should be answered under weaknesses?

A
  • What could you improve?
  • Where do you have fewer resources than others?
  • What are others likely to see as weakness?
27
Q

What questions should be answered under opportunities?

A
  • What opportunities are open to you?
  • What trends could you take advantage of?
  • How can you turn your strengths into opportunities?
28
Q

What questions should be answered under Threats?

A
  • What threats could harm you?
  • What is your competition doing?
  • What threats do your weaknesses expose to you?
29
Q

Give a brief SWOT Analysis of Jollibee

A

STRENGTHS
- Very strong brand name in the Philippines
- Tasty fast food dishes that are also healthier.
- Locally styled food catered to Filipinos.
- Convenient locations Family
- Oriented Branding & Internal Governance

WEAKNESSES
- Super healthy and clean eating diet trends lower the appeal of eating fast-food.
- Small number of stores outside the Philippines
- Product offerings don’t change often
- the pandemic caused a loss of about $336M and led to the closing of close to 255 worldwide.

OPPORTUNITIES
- Acquiring or creating businesses that have a “clean eating” and healthy lifestyle brand identity.
- Offer new products and continue to innovate.
- Further expansion in the international markets.

THREATS

  • The ever increasing competition in the fast-food industry.
  • Regulations.
30
Q

is the process by which entrepreneurs evaluate innovative product ideas, strategies, and marketing trends.

A

Opportunity Screening

31
Q

helps determine the potential for success in pursuing the idea and can help refine planning.

A

Screening

32
Q

The entrepreneur should say no to an opportunity if it does not contain any of these business opportunity elements:

A
  • Has a superior value to customers
  • Solves a compelling problem, issue, a need, or a want
  • Is a potential cash cow
  • Matches with the entrepreneur’s skills, resources, and risk appetite
33
Q

ells a customer the number one reason why a product or service is best suited for that particular customer.

A

Value creation proposition

34
Q

should be communicated to customers directly, either via the company’s website or other marketing or advertising materials.

A

Value proposition

35
Q

Nike’s four primary value propositions:

A

accessibility, innovation, customization, and brand/status

36
Q

simply defined as what the business should do in the future. States the aspirations of the firm.

A

Vision Statement

37
Q

It states the company’s reason for being. It clarifies what the company wants to achieve, who they want to support, and why they want to support them.

A

Mission Statement

38
Q

It is the last step in opportunity spotting and assessment.
This is the pushing through with the chosen opportunity.

A

Opportunity Seizing

39
Q

is the process of positively improving an existing product or service. It is a key driver for economic growth.

A

Innovation

40
Q

Three (3) types of innovations according to the degree of distinctiveness:

A
  1. Breakthrough Innovation
  2. Technological Innovation
  3. Ordinary Innovation
41
Q

– which may also include inventions, occur infrequently as these establish the platform on which future innovations in an area developed.

A
  1. Breakthrough Innovation
42
Q

Breakthrough innovation – which may also include inventions, occur infrequently as these establish the platform on which future innovations in an area developed.
It must be protected by

A

patent, a trade secret, or a copyright

43
Q

these innovations are technological advancements of an existing product or service. These innovations need to be protected too.

A

Technological Innovation

44
Q

most frequent extensions of technological innovations, provides a better product or service from the previous one.

A

Ordinary Innovation

45
Q

Opportunity seizing involves refining and developing this opportunity. This process is called

A

Product or Service Planning and Development.

46
Q

n this stage, the entrepreneur determines what are the feasible products and/or services that will perfectly suit the opportunity.

A

Idea stage

47
Q

What happens in Idea stage? give the two bullets

A
  • Market Evaluation
  • Assessment of the value of new products/services
48
Q
  • the developed idea will undergo a consumer acceptance test. This test includes getting the initial reactions of the primary target market.
A

Concept Stage

49
Q

What happens under concept stage? give the three bullets.

A
  • Conversational interviews
  • Sending out an online survey to get feedback

-Launching a “coming soon” page to gauge interest via email opt-ins or pre-orders

50
Q

-typically refers to all stages involved in bringing a product from concept or idea through market release and beyond.

A

Product Development Stage (Prototyping)

51
Q

-This stage validates the work done from the first three stages to measure success in the commercialization of the product or service. Actual sales results will be the foundation of the consumers’ acceptance level and will be the basis in commercializing the product or service.

A

Test Marketing Stage

52
Q

Example of breakthrough innovation

A

Internet, computer, or airplane

53
Q

example of technological innovation

A

Wireless Fidelity, laptop, and jet airplane

54
Q

example of ordinary innovation

A

Unlimited internet plans, a wireless mouse

Entrepreneurship (4 decks)

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