Marketing

Question 1

It is a process to calculate the resources needed to establish the business.

Answer 1

Determining the Capital Needed

Question 2

This is the now the part where the entrepreneur should use the resources allocated for the new venture.

Answer 2

Running the Business

Question 3

it is a comprehensive paper that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.

Answer 3

Business Plan

Question 4

it is the starting point of a new venture that involves understanding and knowing the complexity of the environment.

Answer 4

Scanning the Marketing Environment

Question 5

This stage validates the work done from the first three stages to measure success in the commercialization of the product or service.

Answer 5

Test Marketing Stage

Question 6

These factors represent a general view of a locality’s traditions, customs, beliefs, norms and perceptions.

Answer 6

Socio-cultural Factors

Question 7

.It is a method of in generating ideas wherein a moderator handles a very open, free flowing, and in-depth discussion.

Answer 7

Focused Group Discussion

Question 8

In this stage the entrepreneur determines what are feasible products or services that will perfectly suit the opportunity.

Answer 8

Idea Stage

Question 9

In this stage the entrepreneur leverages on the information generated from the prospective customers via the concept stage.

Answer 9

Product Development Stage

Question 10

In this stage the developed idea will undergo a consumer acceptance test.

Answer 10

Concept Stage

Question 11

This is commonly originating from market analysis and technology pull instead of a technology plan.

Answer 11

Ordinary Innovation

Question 12

In this stage the opportunity was tested according to its attractiveness and feasibility in the screening process.

Answer 12

Product or Service Planning and Development Process

Question 13

.it is a process wherein entrepreneurs take note of interesting trends in the environment.

Answer 13

Opportunity Spotting and Assessment

Question 14

It is the first and is the most difficult process to the number of options that the entrepreneur will have to choose from.

Answer 14

Seeking the Opportunity

Question 15

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

Answer 15

Consumer Preferences, Interest and Perception

Question 16

.These are the characteristics of the people in the target market.

Answer 16

Demographic Factors

Question 17

.These factors are mostly induced by the government policies and administrations which can have a strong effect in the entrepreneur’s business.

Answer 17

Political Factors

Question 18

.These factors play a vital role in scanning of marketing environment because it directly affects any business venture.

Answer 18

Economic Factors

Question 19

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.

Answer 19

Environmental or Ecological Factors

Question 20

These are government laws and regulations that can restrict or allow business activities.

Answer 20

Legal Factors

Question 21

.It is a process of cautiously selecting the best opportunity. The selection will depend on the entrepreneur.

Answer 21

Screening the Opportunity

Question 22

It is a process to calculate the resources needed to establish the business.

Answer 22

Determining the Capital Needed

Question 23

These are the projected opportunities that can possibly affect the new business while its while it is running.

Answer 23

Futuristic Opportunity

Question 24

.It is an innovation which includes inventions occur infrequently as these establish the platform on which future innovations in the area developed.

Answer 24

Breakthrough Innovation

Question 25

.It is the process of positively improving an existing product or service.

Answer 25

Innovation

Question 26

This is the publishing through with the chosen opportunity.

Answer 26

Seizing the Opportunity

Question 27

.These innovations are technological advancements of an existing product or service.

Answer 27

Technological Innovation

Question 28

.Business opportunities do not just come from outside forces but also from within the entrepreneur.

Answer 28

Talents, Hobbies, Skills, and Expertise

Question 29

It is an activity that allows the participants to share creative ideas using the following rules.

Answer 29

Brainstorming

Question 30

.This is similar to the FGD except that the participants are already given an inventory of product or service problems.

Answer 30

Problem Solving Analysis