Scanning the Environment

Question 1

3s of opportunity

Answer 1

seeking, screening, and seizing

Question 2

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

Answer 2

opportunity

Question 3

involves the development of new ideas from various sources

Answer 3

seeking the opportunity

Question 4

seeking the opportunity

Answer 4

1. macroenvironmental sources
2. micromarket sources

Question 5

sociocultural, technological, economic, environmental, political, legal, ethical, demographic

Answer 5

macroenvironmental sources
a. STEEPLED

Question 6

traditions, belies, customs, norms, and perceptions

Answer 6

sociocultural

Question 7

innovations of an existing technology

Answer 7

technological

Question 8

income, expenses, resources

Answer 8

economic

Question 9

weather, waste management

Answer 9

environmental

Question 10

tax policy, political rights, freedom of press

Answer 10

political

Question 11

restrict or allow business activities

Answer 11

legal

Question 12

sales practices, accepted accounting, management, and marketing standards

Answer 12

ethical

Question 13

characteristics of the people

Answer 13

demographic

Question 14

source of the current trend on what is happening in the industry

Answer 14

macroenvironmental sources
b. industry

Question 15

neww trends that can be the core business model o a new venture

Answer 15

macroenvironmental sources
c. new discovery or knowledge

Question 16

projected new opportunities that can possibly affect the neww business

Answer 16

macroenvironmental sources
d. futuristic opportunities

Question 17

current needs and wants of potential customers

Answer 17

micromarket
a. consumer preferences, interests, and perceptions

Question 18

aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition

Answer 18

mircomarket
b. competitors

Question 19

turning unnoticed products into superstar products

Answer 19

micromarket
c. unexpected opportunities from customers

Question 20

micromarket d.

Answer 20

d. talents, hobbies, skills, and expertise

Question 21

micromarket e.

Answer 21

e. irritants in the marketplace such as detterents, problems, complaints, and delays

Question 22

look at a place wwhere they will be able to spot a business opportunity

Answer 22

micromarket
f. location

Question 23

process of cautiously selecting the best opportunity

effective choosing or careful diligence

Answer 23

screening the opportunity

Question 24

pushing through with the chosen opportunity

make the best out of

Answer 24

seizing the opportunity

Question 25

positively improving an existing product or service

Answer 25

innovation

Question 26

three types of innovations according to the degree of distinctiveness

Answer 26

breakthrough innovations, technological innovations, and ordinary innovations

Question 27

occur infrequently, must be protected by patent, trade secret, copyright, internet, computer, airplane

Answer 27

breakthrough innovations

Question 28

occur more frequently than breakthrough innovations, technological advancements of existing products, wifi, laptop, jet airplane

Answer 28

technological innovations

Question 29

occur ordinarily, internet plans, wireless mouse, airbus

Answer 29

ordinary innovations

Question 30

macroenvironmental sources:

Answer 30

STEEPLED, industry, new discovery or knowledge, futuristic opportunities

Question 31

micromarket soruces:

Answer 31

consumer preferences, interests, and perceptions competitors unexpected opportuinities from customers talents, hobbies, skills, and expertise irritants in the marketplace such as detterents, problems, complaints, and delays location