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ENTREPRENEURSHIP > Lesson 5: Understanding The Market > Flashcards

Lesson 5: Understanding The Market Flashcards

1
Q

Is a composition of systems, institution, procedure, social relations or infrastructures whereby parties engage and exchange.

A

Market

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2
Q

Is the process by which the prices of goods and services are established.

A

Market

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3
Q

It facilitate trade and enable the distribution and resource allocation in a society.

A

Markets

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4
Q

It allow any trade-able item to be evaluated and priced.

A

Markets

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5
Q

It emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of right of services and goods.

A

Market

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6
Q

Generally supplant gift economies and are often held in place through rules and customs, such as booth fee, competitive pricing, and source of goods for sale.

A

Markets

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7
Q

Structure that allows buyers and sellers to exchange any type of goods, services and information.

A

Concept of a market

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8
Q

The exchange of goods or services, with or without money is called?

A

Transaction

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9
Q

Are the destructive thinkers comma offering innovative yet commercially viable ideas, later culminating in to success business stories.

A

Entrepreneurs

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10
Q
  • It means what exists in the mind as a representation or a formulation.
  • Is the content of cognition or the main thing one is thinking about or intends to do.
  • may apply to a mental image or formulation of something seen or known or imagined, to a pure obstruction, or to something that exist in the mind of a person.
A

Idea

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11
Q

Celebrated economies who perceived an entrepreneur as a person having the willingness in the ability to convert a new idea or invention into a successful innovation.

A

Joseph Schumpeter

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12
Q

A person having the willingness and the ability to convert a new idea or invention into a successful innovation.

A

Entrepreneur

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13
Q

Seven features of sound business idea

A
  1. Fullfil a customer need - a problem is solved
  2. Clear focus
  3. Innovative number
  4. Unique
  5. Sustainable
  6. Profitable in the long term
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14
Q

3 Aspects to be considered

A
  1. End User’s Benefit
  2. Market
  3. Revenue Mechanism
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15
Q

The first vital aspect of a business successful business idea is to clearly describe what need will be catered to and how.

A

End User’s Benefit

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16
Q

USP mean

A

Unique Selling Proposition

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17
Q

Identify how big the target market is for the product or service offered and how it differentiates itself from the products and services of competitors.

A

Market - second aspect

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18
Q

Business idea should be clearly reflect the manner in which the revenue will be earned along with the quantum of revenue to be earned by selling the product or service.

A

Revenue mechanism re

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19
Q

Concerned with collection, compilation and analysis of economic data for the eventual purpose of locating possible opportunities for investment and with the development of such opportunities.

A

Project identification

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20
Q

Three kinds of opportunities according to Drucker

A
  1. Additive
  2. Complementary
  3. Breakthrough
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21
Q

Opportunities which enable the decision maker to better utilize the existing resources without in any way involving a change in character of business.

These opportunities involved minimum disturbance to the existing state of affairs and hence the least risk.

A

Additive opportunities

22
Q

Opportunities involved the introduction of new ideas and such do lead to a certain amount of change in the existing structure.

A

Complementary opportunities

23
Q

Opportunities involved fundamental changes in both the structure and character of business.

This opportunities involve minimum disturbance to the existing state of affairs and hence the least risk.

A

Breakthrough opportunities

24
Q

One of the most important sources of project ideas.

A

Observation

25
Q

Provide a very fertile source of project ideas.

A

Trade and professional magazines

26
Q

Is the exchange of capital, goods, and service across international borders or territories because there is a need or want of goods or services.

A

International trade

27
Q

Several sources

A
  1. Observing markets
  2. Prospective consumers
  3. Developments in other nations
  4. Study of Project profiles
  5. Government Organizations
  6. Trade fairs and exhibitions
  7. Attending motivation campaigns
28
Q

Generating ideas

A
  1. Brainstorming
  2. New ways of doing old things
  3. Converting hobby into business
  4. Utilizing waste material
  5. Improving an existing product
29
Q

Is a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.

A

Brainstorming

30
Q

Three different customers

A
  1. Purchasers
  2. Influencers
  3. End users
31
Q

Is an organization created by an individual or individuals to conduct business, engage in a trade, or partake in similar activities.

A

Business entity

32
Q

Is an organization that uses economic resources to provide goods or services to customers in exchange for money or other groups and services.

A

Business entity

33
Q

Three major type of businesses as to product

A
  1. Service business
  2. Merchandising business
  3. Manufacturing business
34
Q

A feature that makes your product attractive to customers.

A

Value preposition

35
Q

A specific group of consumers food be interested in the product.

A

Target market

36
Q

A unique feature of your product or service that cannot easily be copied by competitors.

A

Competitive advantage

37
Q

A list of fixed and variable expenses your business requires to function and how this affect pricing.

A

Cost structure

38
Q

The ways your company measures success.

A

Key metrics

39
Q

The physical, financial, and intellectual assets of your company.

A

Resources

40
Q

Your target customers’ pain points, and how your company intends to meet them.

A

Problem and solution

41
Q

A framework that identifies viable income sources to pursue.

A

Revenue model

42
Q

The multiple ways your company can generate income.

A

Revenue streams

43
Q

The amount your revenue exceeds business costs.

A

Profit margin

44
Q

Describe the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other context.

A

Business model

45
Q

12 Business Models

A
  1. Subscription model
  2. Bundling model
  3. Freemium model
  4. Razor blades model
  5. Product to service model
  6. Leasing model
  7. Crowdsourcing model
  8. One - for- one model
  9. Franchise model
  10. Distribution model
  11. Manufacturer model
  12. Retailer model
46
Q

Can be applied to both traditional brick and mortar businesses and online businesses alike.

A

Subscription model

47
Q

Involves companies selling two or more products together as a single unit often for a lower price than they would charge selling the product separately

A

Bundling model

48
Q

Involves receiving opinions, information, or work from any different people using the internet or social media.

This type of business model allow companies to tap into a vast network of talent without having to hire in house employees.

A

Crowdsourcing model

49
Q

Means that a company donates one item to a charitable cause for every item that is purchased.

A

One-for-one model

50
Q

Is responsible for taking manufactured goods to the market.

They buy the product in bulk and sell it to retailers at a higher price.

A

Distribution model

51
Q

Is a process of fixing the value that a manufacture will receive in the exchange of services and goods.

Is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business marketing plan.

A

Pricing

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