Lesson: Industry and Environmental Analysis: Identification of Business Opportunity:Types of Industries and Business Opportunity

Question 1

Types of Industries:

Answer 1

Agribusiness
Manufacturing
Retail and Services
International Trade

Question 2

Earns most or all of its
revenues from agriculture.

A large-scale business operation and may experiment in farming, processing and manufacturing and or the packaging and distribution of products.

Answer 2

Agribusiness

Question 3

List of Agribusiness in the Philippines:

Answer 3

Hog Raising
Poultry Raising
Cattle Raising
Goat Raising
Rice Farming
Vegetable Farming
Fish Pens
Corn Farming

Question 4

Process of converting raw materials, components, or parts into finished goods that meet a customer’s expectation or specification

Commonly employs a man-machine setup with division of labor in a large scale production.

Answer 4

Manufacturing

Question 5

Some of the best small manufacturing ideas
that can carried out at your home include:

Answer 5

Furniture Making
Drinking Water Business
Soap Manufacturing Business
Commercial Bread Baking

Question 6

Manufacturing the Future
Findings indicate the following points:

Answer 6

Manufacturing role is changing.
Manufacturing is not Monolithic.
Manufacturing is entering a dynamic new -phase.

Question 7

The process of selling consumer goods or services to customers through multiple channels of distribution to earn profit.

Answer 7

Retail and Services

Question 8

Types of Retail Products:

Answer 8

Food Products
Hard goods or durable goods hardline retailers
Soft goods or Consumables
Arts

Question 9

Typically require cold storage facilities.

Answer 9

Food Products

Question 10

Goods that do not quickly wear out and provide utility over time.

Answer 10

Hard goods or durable goods hardline retailers

Question 11

Goods that are consumed after one use or have a limited period in which you may
use them.

Answer 11

Soft goods or Consumables

Question 12

Contemporary art galleries, bookstores, handicrafts,musical instruments, gift shops and supplies for them.

Answer 12

Arts

Question 13

Is the exchange of capital, goods, and services across international borders
or territories, which could involve the activities of the government and
individual.

Answer 13

International Trade

Question 14

The careful study of various factors influencing the business.

The process by which organization monitor their relevant environment to identify opportunities and threats affecting the business.

Answer 14

Environment Analysis

Question 15

Objectives of Environment Analysis:

Answer 15

To understand Current and Probable Change in Environment.
To provide input for Decision-Making
To ensure optimum utilization of resources
To identify the threats and opportunities of environment
To identify strength and weakness of the business
To diversify the business in new areas and to keep the business dynamic
To foresee the impact of various helps the organization of business environment

Question 16

Process of Environment Analysis:

Answer 16

Monitoring
Searching and Scanning
Forecasting
Evaluation and Assessment

Question 17

It means to understand the various environmental factors which affect the business and to identify published or unpublished sources of information which affects business.

Answer 17

Monitoring

Question 18

Even when the sources required information exists. These may not be readily available.

Answer 18

Searching and Scanning

Question 19

Estimation of direction and intensity of change in environment factors.

Answer 19

Forecasting

Question 20

Answer to the key issue presented by the environment and their impact on business.

Answer 20

Evaluation and Assessment

Question 21

Techniques of Business Environment Analysis:

Answer 21

Executive Opinion Method

Expert Opinion Method

Delphi Method

Economic Indicator Analysis Method

Past Projection Method

Statistic Methods

Scenario Development Method

Brainstorming

Question 22

is based on opinion and views of top executives

Answer 22

Executive Opinion Method

Question 23

Business forecast is based on the opinion of
outside experts

Answer 23

Expert Opinion Method

Question 24

Used to consolidate the different expert opinions so as to reach a common estimate.

Answer 24

Delphi Method

Question 25

Forecasting is based on certain indicators affecting business units.

Answer 25

Economic Indicator Analysis Method

Question 26

Past events will have their impact on the future

Answer 26

Past Projection Method

Question 27

Are more scientific and estimates made through these methods are more reliable.

Answer 27

Statistic Methods

Question 28

Is a popular method of forecasting when it is possible to make a precise forecast of the future.

Answer 28

Scenario Development Method

Question 29

Used to generate new, innovative and unique ideas and forecast.

Answer 29

Brainstorming

Question 30

The SWOT Techniques:

Answer 30

Strengths
Weaknesses
Opportunities
Threats

Question 31

Characteristics of a business or project that give itan advantage over others.

Answer 31

Strengths

Question 32

Characteristics that place a business at a disadvantage relative to others.

Answer 32

Weaknesses

Question 33

Elements that a business or project could exploit to its advantage.

Answer 33

Opportunities

Question 34

Elements in the environment that could cause trouble for a business or project.

Answer 34

Threats

Question 35

Internal factor

Answer 35

4Ps - Price, Product, Promotion and Place

Question 36

External Factors

Answer 36

Macroeconomic matters, like
Technological Change, Legislation and Sociocultural Change

Question 37

Identification of Business Opportunities:

Answer 37

Create a list of potential small business opportunities in the Philippines and choose your top three.

Assess and choose your number one from the list.

Consider Franchising

Question 38

How to identify Business Opportunities:

Answer 38

Study Demand and Supply Gap

Study Import- Export Movements

Capitalize on Available Resources

Adapt, Complement, Reshape
Explore Forward-Backward
Industry Linkages

Screen and Select the Best Investment Alternative