Midterm Flashcards
Is an entrepreneurial tool in determining the profitability of the business operation.
SWOT analysis
Is the price determinants
Production cost
Is created when people at the top of the management fail to sustain a vigorous effort for expansion and growthwhen managementsets on his laurels and ventured on vices and other extra activities that will lose his total investment
Weak product management
Guiding tools for its plans and programs
Mission and Vision
Is the ability to plan, organize, direct, and control the organization towards the goals and objective of the organization
Managerial Leadership
Refer to the need in making the product or service
Production and Technology Studies
Refers to the capital investment and sources of funding the operation of the business
Financial Management
Contains therationale and the background of the study undertaken
Introduction
Refers to the originators of the project, its owners or equity holders in the business
Proponents
Refers to the hierarchy in organization ladder and their corresponding duties and responsibilities and their respective qualification for the position
Personnel Structure
This refers to the market segmentation for teh distribution of teh product or service
Market Profile
This refers to the selling price of the product
Selling price
It refers to the competing productin the market as to its quality and market acceptability
Competitions
Thie refers to the means of reaching the target market or it is the method or strategy to penetrate a particular market segments
Channel of product distribution
It is analysis of how competitors distribute the product to existing end users.
General Competitive Practice
Enjoys the challenges of putting his money and time into a test without the legs your various alternatives open to him and careful in the choice of actions
Positive risk
Deals with how the leader will relate himself With the people around him And those that he will Encounter in the course of his business
Human skills
Is an important requirement and making effective decisions
Entrepreneur’s natural intelligence
The risk involved in the management of business has to be identified and analyze before solutions could be made
Identifying the problem
Good and intelligent entrepreneur Must be able to get the data that brought about the problem
Gather the data that brought the problem
Not all information are relevant to the solution of the problem
Analyzing the data
The intrapreneur entrepreneur makes various alternative solutions to the problem at hand
Formulating alternative solutions
After all alternative course of action has been analyzed the entrepreneur makes the decision. the decision has to be implemented with the last possible risk in terms of money, time, and money
Selecting the best alternative course of action
Are best arrived at when people who will be implementing the decisions are properly consulted and their opinions and ideas are taken into account before the final decision is implemented
Problems and solutions
Is another vital component that must be addressed before making investments
Business firecasting and planning skills
Is usually born by the experience of the entrepreneur from his previous employment or exposure
The desirability of the business concept
Are two important factors that encourage the entrepreneur to make the stability of the business become possible
Profit and business income
It is designing the firm of ownership of the Business which at the outset is known to the investors
Management structure and component
Show deal with product demand analysis
Marketing and distribution study
Refer to the need in making the product or service
Production and technology studies
Refers To the capital investment and sources of funding operation of the business
Financial management
The persons in charge of activities in the pre-operation activities
Pre-operating component
This refers to the personnel that will be assigned the task of handling the day-to-day operations of the business
operating period
Standard operating procedure must be established to simplify decision making and to pinpoint accountability for operation
Development of policy manuals and procedures
This refers to the means of reaching the target market or it is the method or strategy to penetrate particular market segments
Channel of product distribution
It is analysis of how competitors distribute the product to exusting end users
General competitive practice
This refers to the placeOf target market and approaches to penetrate the marketing niche
Geographic segmentation strategy
This refers to educational background and the lifestyle of target market
Psychographic strategy
this refers to the target market as sex, age, income and the other personal factors of the target market.
Demographic segmentation strategy
this has something to do with the price index of any pricing strategy that will attract customers.
Pricing strategy
the choices could be retailers, wholesalers, dealership, franchise, or direct marketing.
Channel of distribution
media network, personal selling, billboard, or any media penetration strategy.
Promotion and advertising
it tells about the product or service that the entrepreneur will offer to its target market. It is an elaborate presentation of the properties of the products and the benefits related therein. It is the service that will be offered to the target consumer.
Product specification
it is the detailed layout of the production process as the products goes into the production line indicating the flow process, materials and equipment to be used and normal time table that the product will be finished.
Production process
– this refers to the volume of production per shift per day or a monthly basis considering target market consumption. It must also make projections for five years forecast and the technical factors involved.
Plant related capacity
it involves the kind of machine to be used, its sources spare parts, working guarantees, rated capacity per day, and the cost estimates involved in its purchase.
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Machinery and equipment
a drawing or plant location and the vicinity map as to its accessibility to supply a raw materials, and the transport of finished product to the market. It must show advatages and other plus factors for employees and other services.
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Plant location
– it must describe the type of building that will be constructed or sketch of the building plan, electrical plants, drainage, and other utilities. it must contain the cost estimates involved and the total floor plan.
Building and facilities
it deals with the raw material requirements and its specification, its source, cost and terms of payment, availability and the possible long term supply. It must alo show alternative suppliers of other sources.
Raw Materials
utilities refers to the supply of electricity, water, and its availability in the processing of the product. It also has to do with environment disposal of waste and compliance with government requirements. Drainage system has to comply with sanitary requirements imposed by municipal and national laws.
Power supplies and utilities
this refers to the direct labor and administrative cost in the processing the producs. Unit cost must be computed as basis for pricing and marketing strategies.
Production cost
this has to do with the entrepreneur fixed cost and the working capital in the operation of the business.
Total project cost
The contour of the land, it’s size, and shape Must be suitable to the plant site
Land area
The land area must have ample space for plant expansion and provisions for parking Facilities for customers and employees
Facilities for expansion
Availability of power supply and the cost of electricity involved in the operation and great factors In the production of goods
Power and utilities
The building must be within the restrictions codeof municipality or city.
Building and other utilities
The plant site are must be accessible to public Or service transport for its employees and valued customers
Plant site acccessibility
Product design Should appeal to customers demand
Product design and appeal
Is the greatest opportunity of the entrapreneur
Product demand
Must be maintained according to product standards that are acceptable to customers
Product specifications
Must be make together with product specifications
Production schedule
Needs demand analysis for the last five years as to the major users of the product
Marketing program
Is determined the quality and price
Product competitiveness
string determinants
- Leadership and Managerial Abilities
- Positive risk takers
- self-confidence and positive outlook
- Innovativeness and forward looking
- Natural intelligence and decision-makingg skills
decision making process
- Identify the problem
- Gather the data that brought the problem
- Analyze the data
- Formulating alternatuve solutions
- Selecting the best alternative course of action
- Implementing the alternatives
the analysis of the ff. steps will benefit the entrepreneur before going into the field of business
- The change in life path
- the desirability of the business concept
- the feasibility of the business concept
- forming the business enterprise
- stability of the business income and profit
basic phases of entrepreneurial studies
- Management structure and component
- marketing and distribution system
- production and technology
- financial management
the identification of business opportunity
- the starting point of conceiving the idea of the type of business
- the teachnical feasibility and time frame
before venturing into the field of business
- know your product or service
- analyze the market potentials
- determine the marketing strategy
- know the competition
- do not set on your laurels
