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CONENT > RECOGNIZING THE POTENTIAL MARKET > Flashcards

RECOGNIZING THE POTENTIAL MARKET Flashcards

1
Q

is a step-by-step procedure in establishing any kind of business that an entrepreneur has to undergo

A

The entrepreneurial process

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2
Q

4 Aspects of entrepreneurial process

A

Opportunity Spotting and Assessment
Developing Business Plan
Determining the Capital Needed
Running the Business

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3
Q

the beginning of the whole process.

A

Opportunity spotting and assessment

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4
Q

the most DIFFICULT step in the whole entrepreneurial process.

A

Opportunity spotting and assessment

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5
Q

Entrepreneurs at this point take note of interesting trends in their environment.

A

Opportunity spotting and assessment

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6
Q

Entrepreneurs can get their information through_____

A

CUSTOMERS

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7
Q

Opportunity spotting and assessment

A

Evaluate the identified opportunity
Conceptualize and measure the opportunity
Identify the perceived value of the opportunity to the company and the customers.
Do cost-benefit analysis of the opportunity including risk analysis
Match the opportunity with the entrepreneur’s skills and objectives
Scan the strengths and weaknesses of competitors

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8
Q

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

A

BUSINESS PLAN

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9
Q

Entrepreneurs should formulate a _______when they have already spotted and assessed the opportunities for a market.

A

business plan

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10
Q

Developing a business plan

A

Come up with a business description and analysis
Perform industry analysis
Come up with the marketing plan
Prepare the operations plan including the organizational plan
Come up with the financial plan
Identify strategies and tactics
Perform monitoring and control

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11
Q

This is an important and crucial step in the entrepreneurial process. Caution must be applied in computing the complete set of resources needed; and
include only those items that are considered as the real needs in venture creation .

A

Determining the capital needed

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12
Q

Calculate the______ and ______ capital needed

A

intrinsic, extrinsic

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13
Q

Calculate the existing capital
Calculate the difference between the needed capital and the existing capital. Choose the most cost efficient suppliers or service providers
Develop contact and relationship with suppliers and service providers

A

Determine the capital needed

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14
Q

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

A

Running the business

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15
Q

The entrepreneur should have a _____ and ________ to serve as a checck and balance of the formulated plans. (Running the business)

A

control , monitoring system

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16
Q

Running the business

A

Practice the leadership as a way of life
Recognize critical success factors
Identify existing and foreseeable problems and issues
Employ risk-mitigating controls and monitoring systems
Devise an expansion sustainability strategy

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17
Q

Also known as Opportunity Spotting Assessment.

A

Scanning the market enviroment

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18
Q

With this process of scanning the general environment, an entrepreneur can ______ and at the same time understand thoroughly the arena where the future business will operate.

A

recognize various opportunities

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19
Q

where the future business will operate.

A

Arena

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20
Q

is an entrepreneur’s business idea that can potentially become a commercial product or service in the future

A

Opportunity

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21
Q

this 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.

A

3S of Opportunity spotting and assessment

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22
Q

3S of Opportunity spotting

A

Seeking
Screening
Seizing

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23
Q

It involves the development of new ideas from various sources.

A

Seeking

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24
Q

It is the first step in Opportunity Spotting and Assessment

A

Seeking

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25
Q

Considered as rhe most difficult step

A

Seeking

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26
Q

Macroenvironment

A

STEEPLED
Industry
New discovery or Knowledge
Futuristic Opportunities

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27
Q

Microenviroment

A

Consumer preferences, interests, and perception
Competitors
Unexpected opportunities from customers
Talents, hobbies, skills, and expertise
Irritants in the marketplace such as deterrents, problems, complains, and delays
Location

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28
Q

This is a mnemonics that represents the general environment where the entrepreneur can identify business opportunities.

A

STEEPLED

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29
Q

STEEPLED

A 
S - ociocultural
T - echnological
E - conomic
E – nvironmental or ecological
P - olitical
L - egal
E - thical
D - emographic
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30
Q

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

A

Sociocultural factors

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31
Q

Some sociocultural factors to take note

A 
Health consciousnesses
Educational level
Attitude towards imported goods and services
Attitude towards the person’s lifestyle
Attitude towards product quality and customer service
Attitude towards savings and investing
Emphasis on safety
Buying habits 
Regional and beliefs
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32
Q

These are composed of innovations of an existing technology or an invention of a new one mostly on applied science and engineering research areas.

A

Technological factors

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33
Q

Some Technological factors to take note

A 
Basic infrastructure level
Rate of technological change
Spending on research and development
Technological incentives
Legislation regarding technology
Communication infrastructure
Access to newest technology
internet infrastructure and penetration.
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34
Q

These factors play a vital role in the scanning of marketing environment because economic factors directly affect any business venture.

A

Economic factors

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35
Q

Some Economic factors to take note

A 
Growth rates
Inflation rates
Interest rates
Exchange rates
Unemployment trends
Labor costs
Stages of business cycle
Trade flows and patterns
Monetary policies
Fiscal policies
Price fluctuations
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36
Q

These factors should be given much importance in conducting a business especially when the world has already suffered severely from human-induced calamities.

A

Environmental or Ecological factors

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37
Q

Some Environmental or Ecological factors to take note

A 
Weather
Climate change
Laws regulating environmental pollution
 Air and water pollution
Recycling
Waste management
Attitudes toward “green” or ecological products
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38
Q

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

A

Political factors

39
Q

Some Political factors to take note

A 
Bureaucracy 
Corruption level
Tax policy (rates and incentives)
Freedom of press
Rule of law
Government effectiveness
Political rights
40
Q

Related with political factors, legal factors are government laws and regulations that can restrict or allow business activities.

A

Legal Factors

41
Q

Some Legal factors to take note

A 
Anti-trust law
Discrimination law
Copyright, patents/ intellectual property rights
Consumer protection
Employment law 
Health and safety law
Data protection law
42
Q

are regulations that monitor the distribution of economic power in business, making sure that healthy competition is allowed to flourish and economies can grow. also referred to as competition laws, are statutes developed by the U.S. government to protect consumers from predatory business practices. They ensure that fair competition exists in an open-market economy.

A

Antitrust laws

43
Q

These are the factors that will serve as an entrepreneur’s guide on how to be ethical in running the business.

A

Ethical Factors

44
Q

Some Ethical factors to take note

A

Ethical advertising and sales practices
Accepted accounting, management, and marketing standards
Attitude toward counterfeiting and breaking patents
Attitude toward development and well-being of employees.

45
Q

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

A

Demographic Factors

46
Q

Some Demographic factors to take note

A 
Population growth rate
Age distribution and life expectancy rates
Gender distribution
Social classes
Family size and structure
Minorities
47
Q

This is the source of current trend on what is happening in the industry where the future business will belong to.

A

industry

48
Q

These are new trends that can be the core business model of a new venture.

A

New discovery or knowledge

49
Q

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

A

Futuristic opportunities

50
Q

micromanagement

A

attention to small details in management

51
Q

macro management

A

bigger scope

52
Q

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

A

Consumer preferences, interests, and perception

53
Q

something needed to survive

A

needs

54
Q

something that people desire to have

A

wants

55
Q

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

A

Competitors

56
Q

Oftentimes, the most brilliant ventures come from the most unexpected opportunities.

A

Unexpected opportunities from customers

57
Q

The sticky toy was originally marketed as a wall cleaner

A

Play doh

58
Q

an annoying customer kept asking a restaurant to make his French fries thinner and crispier. George Crum, the chef, sliced them wafer thin as a joke

A

Potato chips

59
Q

Spencer Silver discovered a ‘low tack’ adhesive in 1968 for which he found no use. Art Fry was frustrated with not having sticky notes for his church books.

A

Post-its

60
Q

John and Will Kellogg (Yeah, they were actual people) discovered the staple breakfast cereal when they accidentally left a pot of boiled grain on the stove for a number of days.

A

Cornflakes

61
Q

British Pharmacist John Walker was stirring his chemicals when he noticed a dried lump on the end of his stirring stick.

A

Matchsticks

62
Q

can be a source of business opportunity.

A

Talents, hobbies, skills, and expertise

63
Q

Generally, entrepreneurs see ____in situations where there is a recurring problem or sometimes where there is no more hope in solving the problem

A

opportunities

64
Q

Often, entrepreneurs just have to look at their ecosystem and they will be able to spot a business opportunity right away.

A

Location

65
Q

These are the methods that will help entrepreneurs to come up with new business products and services

A

Methods of Generating Ideas

66
Q

in this method, a moderator handles a very open, free-flowing, and in-depth discussion with a group of people who can provide insights.

A

Focus Group Discussion

67
Q

This is an activity that allows the participants to share creative ideas by following lenient rules.

A

Brainstorming

68
Q

Lenient rules that should be followed in Brainstorming

A
  • No destructive criticism or judgment is allowed;
  • Wilder ideas are accepted;
  • More ideas are preferred; and
  • Improvement of other’s idea is allowed.
69
Q

This is exactly the same as brainstorming except that the channel used is not face-to-face, but writing or online.

A

Brainwriting or Internet brainstorming

70
Q

this method is similar to the FGD except the participants are already given an inventory of product or service problems. The participants will just identify from the list given the potential product or service instead of generating the ideas from them.

A

Problem inventory analysis

71
Q

It is the process of cautious selecting the best opportunity through the following:Entrepreneur’s internal and external intent, The entrepreneur should take note of the time and learn to say “no”

A

SCREENING

72
Q

The entrepreneur should say no if the opportunity doesn’t have the following characteristics:

A

Has superior value to customers

  • Solves a compelling problem, issue, a need, or want
  • Is a potential cash cow
  • Matches with the entrepreneur’s skills, resources, and risk appetite
73
Q

refers to the entrepreneur’s tolerance of business risks.

A

Risk appetite

74
Q

This is the last step in opportunity spotting and assessment.

A

SEIZING

75
Q

This is the “pushing through” with the chosen opportunity.

A

SEIZING

76
Q

This is the step where innovations and inventions are born

A

SEIZING

77
Q

What are innovations?

A

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

78
Q

“it is a key for economic growth”

A

innovations

79
Q

3 types of innovations

A

BreTechOrd
Breakthrough innovations
Technological innovations
Ordinary innovations

80
Q

May include inventions

A

Breakthrough innovations

81
Q

Occur infrequently as these establish the platform on which innovations in an area are developed

A

Breakthrough innovations

82
Q

Must be protected by a patent, a trade secret, or a copyright.

A

Breakthrough innovations

83
Q

These innovations are technological advancements of the existing product.

A

Technological innovations

84
Q

Occurs more frequently than breakthrough innovations.

A

Technological innovations

85
Q

Must be protected as well.

EXAMPLES: WiFi, THE LAPTOP, AND THE JET AIRPLANE

A

Technological innovations

86
Q

They are commonly originated from the market analysis and technology pull instead of a technology push.

A

Ordinary Innovation

87
Q

Market has a strong influence in implementation of innovation.

A

Ordinary Innovation

88
Q

These innovations occur ordinarily

EXAMPLES: INTERNET PLANS OF TELECOMMUNICATIONS COMPANIES, A WIRELESS MOUSE, AND AN AIRBUS OR ECONOMIC TRAVELERS

A

Ordinary Innovation

89
Q

Product or Service Planning and Development Process:

A

Idea Stage
Concept Stage
Product development Stage
Test marketing Stage

90
Q

involves refining and development process.

A

seizing process

91
Q

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

A

Idea Stage

92
Q

In this stage, the developed idea will undergo a consumer acceptance test.
* This test includes getting the initial reactions of the primary target market and distribution channel.

A

Concept Stage

93
Q

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

A

Product development Stage

94
Q

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

A

Test marketing Stage

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