Marketing Flashcards
It is a process to calculate the resources needed to establish the business.
Determining the Capital Needed
This is the now the part where the entrepreneur should use the resources allocated for the new venture.
Running the Business
it is a comprehensive paper that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.
Business Plan
it is the starting point of a new venture that involves understanding and knowing the complexity of the environment.
Scanning the Marketing Environment
This stage validates the work done from the first three stages to measure success in the commercialization of the product or service.
Test Marketing Stage
These factors represent a general view of a locality’s traditions, customs, beliefs, norms and perceptions.
Socio-cultural Factors
.It is a method of in generating ideas wherein a moderator handles a very open, free flowing, and in-depth discussion.
Focused Group Discussion
In this stage the entrepreneur determines what are feasible products or services that will perfectly suit the opportunity.
Idea Stage
In this stage the entrepreneur leverages on the information generated from the prospective customers via the concept stage.
Product Development Stage
In this stage the developed idea will undergo a consumer acceptance test.
Concept Stage
This is commonly originating from market analysis and technology pull instead of a technology plan.
Ordinary Innovation
In this stage the opportunity was tested according to its attractiveness and feasibility in the screening process.
Product or Service Planning and Development Process
.it is a process wherein entrepreneurs take note of interesting trends in the environment.
Opportunity Spotting and Assessment
It is the first and is the most difficult process to the number of options that the entrepreneur will have to choose from.
Seeking the Opportunity
.These are the current needs and wants of the potential customers that should be discovered right away by a building entrepreneur.
Consumer Preferences, Interest and Perception
.These are the characteristics of the people in the target market.
Demographic Factors
.These factors are mostly induced by the government policies and administrations which can have a strong effect in the entrepreneur’s business.
Political Factors
.These factors play a vital role in scanning of marketing environment because it directly affects any business venture.
Economic Factors
This factor will help the entrepreneur determine if the business he or she is entering into will comply with the standards or will just be a hazard to people, animals, and nature.
Environmental or Ecological Factors
These are government laws and regulations that can restrict or allow business activities.
Legal Factors
.It is a process of cautiously selecting the best opportunity. The selection will depend on the entrepreneur.
Screening the Opportunity
It is a process to calculate the resources needed to establish the business.
Determining the Capital Needed
These are the projected opportunities that can possibly affect the new business while its while it is running.
Futuristic Opportunity
.It is an innovation which includes inventions occur infrequently as these establish the platform on which future innovations in the area developed.
Breakthrough Innovation
