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Question 1

the process of developing, testing, and commercializing a product or
service with the ultimate objective of solving the problem of the primary target market.

Answer 1

Product Development

Question 2

Steps in Product Development:

Answer 2

• Developing a product or service description
• Creating a prototype
• Testing the product prototype
• Validating the market

Question 3

Tips for composing a Product or Service Description

Answer 3

• It should directly address the primary target market in a personal manner using everyday
  language.
• It should highlight the features that will cater to the customer’s needs or address the
  customer’s problems.
• Realistic superlatives should be used for the product description. Like:
  o Juicylicious, Crispylicious chicken Joy.

Question 4

• This is a preliminary model or sample of a new product or service that is created
  to test a product concept or service process

Answer 4

Prototype

Question 5

This is one of the most exciting but also very challenging parts of product or service
development.

Answer 5

Creating a prototype of a product or service

Question 6

ADVANTAGES OF CREATING A PROTOTYPE

Answer 6

o Creating a prototype enables the entrepreneur to engage in trial-and-error, provides
room for improvements, and refines the functionality of the product design or service
process.
o Creating a prototype provides the entrepreneur a window to test the performance and
specifications of various materials and service processes.
o A prototype helps the entrepreneur effectively describe the product or service to the
product team.
o Creating a prototype elicits respect from key stakeholders and customers. At the same
time, a prototype gives credibility to the entrepreneu

Question 7

The Entrepreneur should apply the following test to the product:

Answer 7

(FoLeSaProCoCo)

Question 8

The participants will provide relevant insights about the new product or service

Answer 8

Focus group discussion

Question 9

The entrepreneur must ensure that the product or service complies with all relevant laws
and regulations and has necessary license or permit to operate a particular business

Answer 9

Legality and ethical test

Question 10

The entrepreneur must ensure that the product is safe to use, safe to be consumed, and
safe to be applied.

Answer 10

Safety test

Question 11

The entrepreneur must examine every stage of the manufacturing process or every
process of the service blueprint to evaluate and finalized the costs involved.

Answer 11

Product costing test

Question 12

Each component of the product or service must be tested independently to identify
component failures for goods or service failures for services

Answer 12

Component test

Question 13

The entrepreneur must test a similar line of products or the competitor’s product or service
itself to compare and get the best practices to be applied to the new product or service.

Answer 13

Competitor’s product/ service test

Question 14

a critical factor that the entrepreneur must validate before launching the
product or service, because this can strongly suggest if the business will be successful or not

Answer 14

Market acceptability

Question 15

an important part of the business plan because it simply states the details in
operating the business.

Answer 15

Operation Plan

Question 16

these controls the implementation of the business plan.

Answer 16

Operation management

Question 17

4Ms of Operation

Answer 17

• Methods
• Material/s
• Machine
• Manpower

Question 18

represents the day-to-day operations of a business

Answer 18

Methods

Question 19

Describes how the entrepreneur will run the business.

Answer 19

Methods

Question 20

this is the process of translating raw materials into finished goods that are
acceptable to the customer’s standards.

Answer 20

Manufacturing

Question 21

Input in manufacturing are the raw materials, machines and equipment used in
producing the product or service, and the people who makes the product.

Answer 21

Input

Question 22

refers to the different process or steps that goes in
creating the product or service.

Answer 22

Process

Question 23

refers to final goods or product.

Answer 23

Output in manufacturing

Question 24

this is where the manufacturing process will take place

Answer 24

Manufacturing site

Question 25

This option is the cheapest and highly flexible; - The entrepreneur can start with products that are usually manageable to be processed at home.

Answer 25

Home-based

Question 26

- A commercial space gives the entrepreneur a more specialized and suited manufacturing site. - This is more expensive compared to Home-based.

Answer 26

Commercial space for rent

Question 27

Requires the biggest amount of capital expenditure. - Compared with renting, purchasing a commercial space is considered more of an investment than an expense.

Answer 27

Commercial space purchase

Question 28

2nd step?

Answer 28

Location

Question 29

An efficient location will make be beneficial to the entrepreneur because he will be able to save more money and at the same time produce high quality products.

Answer 29

efficient

Question 30

– A good location should be accessible to avoid delays in delivery and to avoid having to spend more money in transportation.

Answer 30

Accessible

Question 31

– Due to the reason that one of number highest contributors to pollution are factories, the entrepreneur should make sure that the manufacturing business that he will put up will be environmentally friendly and as much as possible will not destroy the natural environment.

Answer 31

Environment-Friendly

Question 32

each space should be maximized to save on manufacturing costs

Answer 32

: Floor Plan

Question 33

3rd step?

Answer 33

: Floor Plan

Question 34

A product-based layout is a type of layout where based on how the product is made

Answer 34

Product-based layout

Question 35

A process-based layout is a type of layout where the machines are segregated according to their function, but the arrangement does not necessarily follow how the product is being made.

Answer 35

Process-based layout

Question 36

Fourth Step

Answer 36

Manufacturing process flow

Question 37

step-by-step guide of the employees and the manufacturing equipment

Answer 37

Manufacturing process flow

Question 38

s for Service type of business in Manufacturing process flow

Answer 38

a service blueprint

Question 39

g a detailed flowchart of the service business

Answer 39

service blueprint

Question 40

this is a part of the process where there is an apparent inefficiency and where the customers wait longer

Answer 40

Bottleneck

Question 41

– this is the process of bringing the products or services to customers.

Answer 41

Distribution

Question 42

Distribution is not a straight process from the entrepreneur to customer; thus the term

Answer 42

supply chain or distribution channel

Question 43

handles the invention, development, and production of the product or service

Answer 43

Manufacturer

Question 44

Are entrepreneurs who often buy products or services to the manufacturers and sell them at a markup price to either wholesalers or retailers.

Answer 44

Distributor

Question 45

don’t own the products or services. Instead, they negotiate buyers as to how much or how many are to be sold

Answer 45

Agents

Question 46

Agents then get _______ for every product sold

Answer 46

commission

Question 47

The objective for all entrepreneurs is to ensure efficient collection of accounts receivables and avoid

Answer 47

Bad Debts

Question 48

- Entrepreneurs should make sure that their supplies and raw materials are enough. - Look for suppliers that offer cheap price but high-quality raw materials.

Answer 48

Materials

Question 49

producing own raw materials and producing own products or offer services

Answer 49

Manufacturing

Question 50

this is where the entrepreneur gets a third party to manufacture the product or service.

Answer 50

Outsourcing

Question 51

– Purchasing own product or service from present suppliers.

Answer 51

Purchasing

Question 52

is is the process of appointing a third party manufacturer to do the manufacturing operations of the business.

Answer 52

Outsourcing

Question 53

Since in outsourcing the entrepreneur will be working with a third party, the entrepreneur should make sure that his products are well protected with the use of patents and trademark.

Answer 53

d

Question 54

the overall process of managing how resources are acquired, stored and transported to their final destination.

Answer 54

Logistics

Question 55

is storing the finished goods manufactured in a facility until they are distributed to end users.

Answer 55

Warehousing

Question 56

is the process of efficiently transferring the products to retailers or consumers.

Answer 56

Transportation

Question 57

- is the array of finished goods or goods used in production held by a company.

Answer 57

Inventory

Question 58

the “best friend” of manpower in producing goods and offering services can replace employees

Answer 58

Machines

Question 59

Landline phones and Mobile phones: Purpose: order-taking, telemarketing, and teleconferencing with business partners and customers.  Laptop and desktop computers: Purpose: over-taking, internet marketing, online banking, inventory reports.  POS machines: Purpose: charging customers’ debit or credit card, tracking sales, storing.

Answer 59

Telecommunications and information Technology:

Question 60

Getting the right employees to help you with your business.

Answer 60

Manpower

Question 61

Employee job descriptions are written statements that describe the duties, responsibilities, required qualifications, and reporting relationships of a particular job.

Answer 61

Job description

Question 62

he heading of a job description

Answer 62

ob Title

Question 63

details the potential salary and benefits that the employee will get.

Answer 63

. Compensation and benefit range

Question 64

describes the job that the employee will assume

Answer 64

Duties

Question 65

which must be communicated well to the employee

Answer 65

. Responsibilities and accountabilities

Question 66

– the specific days and working hours must be written.

Answer 66

Work schedule

Question 67

This gives the entrepreneur an idea on the degree of the candidate’s knowledge of basic things

Answer 67

Educational Background

Question 68

This will tell him or her what to expect from the applicant and what he or she can potentially contribute to the business based on his past positions and experience.

Answer 68

Educational Background

Question 69

This will tell him or her what to expect from the applicant and what he or she can potentially contribute to the business based on his past positions and experience.

Answer 69

Work experience –

Question 70

This one is important on technical jobs that require high proficiency

Answer 70

Specific skill or knowledge

Question 71

This deals with the worker’s integrity and how he or she deals with his or her co-workers, bosses, and customers.

Answer 71

Work attitude –

Question 72

Identifying what jobs would be open for applicant

Answer 72

Preparatory Selection of Applicants:

Question 73

Interviewing applicants - Giving test and exams to screen the applicant

Answer 73

election of Job Applicants:

Question 74

Choosing the best applicant for the vacant position and offering it to him.

Answer 74

Job Offer

Question 75

Providing training seminars, and workshops for career growth and development

Answer 75

Employee Development

Question 76

Employee Contract should have the following: - Rank or position of the candidate - A list of responsibilities and its scope of limitations - The salary and benefits including vacation and sick leaves - Work schedule - Probationary period if any and qualifications to become a regular employee - Duration of the contract - Resignation procedure

Answer 76

AFSD

Question 77

Steps in selling a product or service:

Answer 77

Step 1: Finding prospects Step 2: Sell credibly to your primary target market ( sales presentation) Step 3: Manage customers’ inquiries and objections Step 4: Close the sale Step 5: Develop a long-lasting relationship with customers

Question 78

s serve as a powerful analytical tool to review the past performance of the business, to understand the current performance of the business, and to project future business performance;

Answer 78

Business records

Question 79

serve as an audit trail where the entrepreneur can track the transactions of the past.

Answer 79

Business records

Question 80

e initially recorded in a general journal, and then in the general ledger

Answer 80

Business transactions