Module 1:Lesson 2 Flashcards
Propose solutions in terms of product and services that will meet the need using techniques on?
Seeking,screening,and seizing opportunities
The marketing environment is the starting point of any venture that involves understanding and knowing the macroenvironment, microenvironment, and internal environment
Scanning
The 3s of opportunity spotting and assessment are?
Seeking,screening,and seizing
Is the framework that most of the promising entrepreneurs use to finally come up with the ultimate product or service suited for a specific opportunity.
The 3s of opportunity spotting and assessment
Is the first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from.
Seeking the opportunity
What is the acronym of STEEPLED
•Socio cultural
•Technological
•Economic
•Environmental
•Political
•Legal
•Ethical
•demographic
Represent a general view of a locality’s traditions,custom beliefs,norms and perceptions
Socio cultural
Composed of innovation of an existing an existing technology or an invention of a new one mostly on applied science and engineering research areas
Technological
Has a direct effect on any business venture
Economic
Will help the entrepreneur determine if the business he or she is entering into will comply with the environmental standards or will just hazard to people,animals,nature
Environmental
Induced by the government policies and administrations
Political
Government laws and regulations that can restrict or allow business activities
Legal
Factors that will serve as entrepreneurs guide on how to be ethical in running the business
Ethical
These are the characteristics of the people in the target market
Demographic
This is the source of current trend on what is happening in the industry where the future business will belong to
Industry
These are the new trends that can be the core business model of a new venture.
New discovery
These are projected new opportunities that can possibly affect the business while it’s running
Futuristic opportunities
It involves the development of new ideas from various sources
1.macroenvironmental sources
2.Micromarket
These are the current needs and wants of potential customers that should be discovered right away by building entrepreneur
Consumer preferences interest and percetion
Recognizing and understanding potential competitors will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition.
Competitors
Often times the most brilliant ventures come from the most unexpected opportunities it may happen in unlikely situations unlikely places and with unlikely people
Unexpected opportunities from customers
Methods of generating new ideas for Entrepreneurs are?
1.focused group discussion(FGD
2.Braintstorming
3.Brainwriting
4.problem inventory analysis
In this method a moderator Handles a very open free flowing and in depth discussion with a group of people who can provide insightful ideas about new product or service
Focused group discussion
Business opportunities do not just come from outside forces but also from within the entrepreneurs talent, hobbies,skills,expertise
Talent,hobbies,skills, expertise
Irritants in the market such as deterrents,problems,delays-entrepreneurs see opportunities in situations where there is a recurring problem or sometimes when there is no more hope in solving the problem
Irritants in the market-detterents,problems,delay
Often entrepreneurs just have to look at their ecosystem and they will be able to spot a business opportunity right way
Location
Similar to an FGD ______ is an activity that allows the participants to share creative ideas.
Brainstorming
Brainstorming ideas using the rules those are ?
a.no distructive criticism or judgement is allowed
b.wilder ideas are accepted
c.more ideas are preferred
d.imporvemovement of other ideas is allowed
This is the same as brainstorming except that the channel used is not face to face but in writing or online
Brainwriting
This method is similar to the FGD except that the participants are already given an inventory of product or service problems
Problem inventory analysis
The key here is in the effective choosing or careful diligence entrepreneurs should start with the big picture
Screening the opportunity
Is the process of cautiously selecting the best opportunity the selection will depend on the entrepreneurs internal intent and external intent
opportunity screening
This is the “pushing through” with the chosen opportunity. Entrepreneurs should make the best out of this opportunity and they should exert effort and full dedication for the success of the new venture
S3:Seizing the opportunity
The entrepreneurs idea can be any type of innovations list and those are?
•time
•the opportunity attractiveness test
•S3:seizing the opportunity
Is the process of positively improving an existing product or service.
Innovation
Must be considered by the entrepreneur in the screening the opportunity’s at hand as it’s considered one of the most critical.
Time
Aims to assist entrepreneurs in ensuring that they will venture into is an attractive and feasible prospect.
Opportunity attractiveness test(OAT)
Is the last step in opportunity spotting and assessment
Seizing the opportunity
Three types of INNOVATIONS are?
1.breakthrough innovation
2.technological innovation
3.ordinary innovation
Include inventions,occur infrequently as these establish the platform.must be protected by a patent, a trade secret or a copy right.
Breakthrough innovation
Technological advancements of an existing product or service ex:WiFi,laptop,jet,airplane
Technological innovation
They are commonly originating from market analysis.examples are unlimited internet plans telecommunications companies a wireless mouse and an Airbus for economical travelers.
Ordinary innovation
