Lesson: Industry and Environmental Analysis: Identification of Business Opportunity:Types of Industries and Business Opportunity part 2 Flashcards

1
Q

commerce in farming and farming-related activities.

refers to the agricultural products and services industry involved in growing,
processing, and distributing food.

It includes small and large-scale farming operations, farming equipment such as
tractors and harvesters, growth aids like fertilizer, food processing plants, and
distribution chains involved in shipping, storing, and selling food.

A

AGRIBUSINESS

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2
Q

ONE WAY TO REMEMBER THE KEY ELEMENTS OF AGRIBUSINESS IS THROUGH THE FOUR “F’S”:

A

Food
Fiber
Forest
Fuel

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3
Q

OBJECTIVES OF AGRIBUSINESS

A

Create an innovative and feasible agribusiness sector led by the private sector

Increase productivity

Commercialization of agriculture

Advance in high-potential sectors: horticulture, livestock, and fisheries

Use of modern technologies

Reducing the cost of production

Value Addition

Export Agriculture

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4
Q

AGRIBUSINESS SYSTEM 3 sectors:

A

Agricultural input sector

Agricultural production sector

Manufacturing sector

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5
Q

MAJOR AREAS:

A

Farm supplies
Production
Processing
Marketing
Research & Extension
Govt. Policies & Programmers

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6
Q

IMPORTANCE OF AGRIBUSINESS:

A

Single most important contributor to the world’s economy.

It represents approximately 1⁄4 of total world production.

Employs nearly 1⁄2 the population of the planet.

Play an important role in the economic development of most countries.

Maturing of the production sector gives rise to other sectors.

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7
Q

NATURE OF SUCCESSFUL AGRIBUSINESS:

A

Clean objectives
Planning
Sound organization
Research
Finance
proper plant location, layout, and size
Efficient management
Harmonious relations with the workers

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8
Q

the process of turning raw materials or parts into finished goods through the use of tools, human labor, machinery, and chemical processing.
an integral and huge part of the economy.

It involves the processing and refinement of raw materials, such as ore, wood, and foodstuffs, into finished products, such as metal goods, furniture, and processed foods.

A

Manufacturing

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9
Q

TYPES OF MANUFACTURING:

A

Additive Manufacturing
Advanced Manufacturing
Contract Manufacturing

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10
Q

This type of manufacturing is commonly referred to as 3D printing. It involves the use of
layers that are built up upon each other to create shapes and patterns in a three-
dimensional process using a special piece of equipment,such as a 3D printer.

A

Additive Manufacturing

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11
Q

This method involves new forms of technology to
improve the production process.

A

Advanced Manufacturing

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12
Q

manufacturing industry. Companies will enter into
partnerships and business relationships with other firms to outsource certain
manufacturing processes.

A

Contract Manufacturing

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13
Q

TYPES OF MANUFACTURING
PROCESSES:

A

Discrete Manufacturing
Process Manufacturing
Mixed Mode Manufacturing
Job Shop Manufacturing
Repetitive Manufacturing

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14
Q

is aptly named because each product manufactured can be specifically identified.

A

Discrete Manufacturing

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15
Q

batch process manufacturing entails manufacturing a product based on a specific standard that uses a recipe or formula

A

Process Manufacturing

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16
Q

This is often the case for goods manufactured using batch process before these standardized goods are converted to more specific individual package.

A

Mixed Mode Manufacturing

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17
Q

This process is most often used when there is a batch to process yet the batch is different than a company’s normal product.

A

Job Shop Manufacturing

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18
Q

A potential subset of other manufacturing processes, repetitive manufacturing often breaks long manufacturing processes into smaller parts.

A

Repetitive Manufacturing

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19
Q

STEPS IN MANUFACTURING:

A

Develop the Idea
Perform Market Research
Design the Product
Finalize and Prototype
Prototype Testing
Manufacture the Good
Monitor the Process

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20
Q

involves selling goods directly to customers through physical/online stores and providing them with a variety of products needed to consume in daily life.

A

RETAIL INDUSTRY

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21
Q

It derived from the french word “tailler”
that means

A

“to trim/cut”

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22
Q

“retail is selling goods in
units to sustain consumers’ needs. “

A

According to Kotler

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23
Q

RETAIL BUSINESS TYPE:

A

Product Retail
Service Retail
Non-store Retail

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24
Q

Products sold by retailers include apparel, jewelry, housewares, small appliances, electronics, groceries, and pharmaceutical products.

A

Product Retail

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25
motorbike shop, salons, restaurant
Service Retail
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retailing without using physical stores
Non-store Retail
27
TYPES OF RETAIL INDUSTRY:
Grocery Store Convenience Store Department Store Shopping Center SuperMarket Hypermarket
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offers more food and beverages essential in home are available here such as biscuits, household items, antibacterial products
Grocery Store
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sells ready-to-eat foods, beverages, and essential items
Convenience Store-
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multiple brands and stalls that offer items such as home appliances, cosmetics, and furniture that share the same space
Department Store
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consists of multiple stores who share the same building but do not share the same space
Shopping Center
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smaller space compared to hypermarket
SuperMarket
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department store + supermarket
hypermarket
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RETAIL SUPPLY CHAIN:
Manufacturer Wholesaler Retailer Customer
35
In industries, services refer to intangible offerings provided to meet specific needs or requirements. Unlike tangible goods, services are non-physical and include activities, expertise, or support.
SERVICE INDUSTRY
36
The scope of services in any industry is broad and diverse, encompassing a wide range of activities and offerings. It typically Includes:
Professional Services Technical Services Consulting Services IT Services Financial Services HealthCare Services Educational Services Logistics and Supply Chain Services Customer Support Services Maintenance Services
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This involves expertise provided by professionals such as consultants, engineers, architects, and lawyers.
Professional Services
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Support and maintenance services for technical systems, machinery, or equipment fall under this category.
Technical Services
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Advising clients on various aspects, including business strategy, operations, and management.
Consulting Services
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Covering software development, system integration, cybersecurity, and technical support.
IT Services
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Services related to financial management, accounting, auditing, and consulting.
Financial Services
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Medical care, diagnostics, and wellness services fall within this scope.
HealthCare Services- Medical care, diagnostics, and wellness services fall within this scope.
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Training, workshops, and educational programs provided to individuals or organizations.
Educational Services
44
Involves transportation, warehousing, and distribution services.
Logistics and Supply Chain Services
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Addressing customer inquiries, troubleshooting, and providing assistance.
Customer Support Services
46
Ensuring the proper functioning and upkeep of equipment, facilities, or infrastructure.
Maintenance Services
47
In the world economy, goods and services are exchanged across national boundaries.
International Trade
48
3 TYPES OF TRADING:
EXPORT TRADE IMPORT TRADE ENTREPOT TRADE
49
when goods manufactured in a specific country are purchased by the residents of another country.
EXPORT TRADE
50
where goods or services are brought into one country from another, where they were originally manufactured or created.
IMPORT TRADE
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where goods are imported into a country and then re-exported out, without being distributed within the importing country.
ENTREPOT TRADE
52
IMPORTANCE OF INTERNATIONAL TRADE:
TO EARN FOREIGN EXCHANGE ENCOURAGES INVESTMENT DIVISION OF LABOR AND SPECIALIZATION OPTIMUM ALLOCATION AND UTILIZATION OF RESOURCES STABILITY IN PRICE LEVEL AVAILABILITY OF MULTIPLE CHOICES BRINGS REPUTATION AND HELPS EARN GOODWILL
53
ADVANTAGES OF INTERNATIONAL TRADING:
More Job Opportunities Improved Risk Management Greater Variety of Goods Available Better Relations Between Countries Enhanced Company Reputation
54
DISADVANTAGES OF INTERNATIONAL TRADING:
Exhaustion of Vital Resources Language Barrier Reliance on foreign countries Economic planning and unpredictability Lopsided economic growth
55
a strategic tool. It is a process to identify all the external and internal elements, which can affect the organization’s performance.
ENVIRONMENTAL ANALYSIS
56
TOOLS USED IN ENVIRONMENTAL ANALYSIS:
PEST ANALYSIS SWOT ANALYSIS PORTER’S FIVE FORCES
57
to understand what external forces may affect your organization and how those factors could create opportunities It can assess major external factors that influence its operation in order to become more competitive in the market
PEST ANALYSIS
58
It is one of the most effective way used in decision – making process. Identifying external dangers and possibilities enables proactive risk mitigation and advantage capture. SWOT analysis is critical in guiding firms toward long-term growth and competitive positioning in the Market. It shape current and future operations and help develop strategic goals
SWOT ANALYSIS
59
One of the most popular business strategy tools that organizations use to understand more about the main competitive forces at work in their industry. It can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing competitive strategies.
PORTER‘S FIVE FORCES
60
a market favorable condition that leads to business success or failure. Successful leaders capitalize on these opportunities by identifying and planning for them. involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.
Business opportunity, or bizopp
61
GOOD TRAITS OF BUSINESS OPPORTUNITIES:
Clarity Feasibility Relevance Scalability Profitability
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TYPES OF BUSINESS OPPORTUNITIES IN THE PHILIPPINES:
ONLINE BUSINESS FOOD CART BUSINESS UKAY-UKAY BUSINESS LOADING BUSINESS AFFILIATE BUSINESS PRINTING BUSINESS LAUNDRY SHOP WATER STATION POULTRY FARMING HANDICRAFT BUSINESS
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Utilizing different social media platforms to reach a variety of customers.
ONLINE BUSINESS
64
You can set up your business through food cart that can be seen in streets.
FOOD CART BUSINESS
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It means selling a second hand item such as bags, clothes, shoes, etc.
UKAY-UKAY BUSINESS
66
You can sell load on all telecom networks including prepaid sim card.
LOADING BUSINESS
67
One or more affiliates for each customers brought about the affiliate’s marketing effort
AFFILIATE BUSINESS
68
It is in high demand for printing t-shirts, tarpaulin, brochures or any papers used by students.
PRINTING BUSINESS
69
do all the washing of clothes, with people who are very busy
LAUNDRY SHOP
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one of the essential needs nowadays.
WATER STATION
71
an important industry for the production of eggs and meat.
POULTRY FARMING
72
Customers who love personalized items and stuffs.
HANDICRAFT BUSINESS
73
IDENTIFY BUSINESS OPPORTUNITIES:
Identify your Pain Points Talk to your customers Conduct Market Research Question Processes Look at external factors Consider other industries
74
are areas of frustration or areas where something is not working well. They're unmet needs waiting to be satisfied.
Identify your Pain Points
75
Talking to your existing customers can be an effective way to discover new opportunities.
Talk to your customers
76
This includes using industry research to define the competitive landscape and determine your target audience
Conduct Market Research
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Try to evaluate each process with an open mind and ask questions about how you could improve it.
Question Processes
78
You should assess the potential impact of factors such as the economy, government policy changes, and new technology.
Look at external factors
79
Research the trends, technologies, and strategies of these industries to find potential opportunities for your business.
Consider other industries
80
FACTORS TO CONSIDER WHILE IDENTIFYING BUSINESS OPPORTUNITIES:
Availability of Raw Materials Internal Demand Analysis Market Size Management Skill Sets Access to the customers Need for Financing Passion
81
METHODS OF IDENTIFYING BUSINESS OPPORTUNITIES:
Environmental Scanning SWOT Analysis Innovative Brainstorming Market Research Social Listening & Monitoring
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monitoring external factors like economic, political, and technological trends that can impact a business.
Environmental Scanning
83
a strategic planning tool to helps businesses identify their strengths, weaknesses, opportunities, and threats. It helps in identifying internal and external factors that can impact the business and can be used to develop a plan of action.
SWOT Analysis
84
new ideas and possibilities for products, services, or business models could be discovered by gathering a group of people to brainstorm.
Innovative Brainstorming
85
will enable you to identify entrepreneurial business opportunities to come with products or services your customers are looking for.
Market Research
86
entail observing or monitoring social media and other online platforms to stay informed about industry trends, customer preferences, and competitors' activities.
Social Listening & Monitoring
87