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sdhajfl Flashcards

1
Q

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

A

Product Development

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2
Q

Steps in Product Development:

A
  • Developing a product or service description
  • Creating a prototype
  • Testing the product prototype
  • Validating the market
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3
Q

Tips for composing a Product or Service Description

A
  • 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.
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4
Q
  • This is a preliminary model or sample of a new product or service that is created
    to test a product concept or service process
A

Prototype

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5
Q

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

A

Creating a prototype of a product or service

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6
Q

ADVANTAGES OF CREATING A PROTOTYPE

A

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

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7
Q

The Entrepreneur should apply the following test to the product:

A

(FoLeSaProCoCo)

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8
Q

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

A

Focus group discussion

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9
Q

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

A

Legality and ethical test

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10
Q

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

A

Safety test

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11
Q

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

A

Product costing test

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12
Q

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

A

Component test

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13
Q

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.

A

Competitor’s product/ service test

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14
Q

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

A

Market acceptability

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15
Q

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

A

Operation Plan

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16
Q

these controls the implementation of the business plan.

A

Operation management

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17
Q

4Ms of Operation

A
  • Methods
  • Material/s
  • Machine
  • Manpower
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18
Q

represents the day-to-day operations of a business

A

Methods

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19
Q

Describes how the entrepreneur will run the business.

A

Methods

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20
Q

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

A

Manufacturing

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21
Q

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

A

Input

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22
Q

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

A

Process

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23
Q

refers to final goods or product.

A

Output in manufacturing

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24
Q

this is where the manufacturing process will take place

A

Manufacturing site

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25
Q

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

A

Home-based

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26
Q
  • A commercial space gives the entrepreneur a more specialized and suited
    manufacturing site.
  • This is more expensive compared to Home-based.
A

Commercial space for rent

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27
Q

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

A

Commercial space purchase

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28
Q

2nd step?

A

Location

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29
Q

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.

A

efficient

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30
Q

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

A

Accessible

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31
Q

– 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.

A

Environment-Friendly

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32
Q

each space should be maximized to save on manufacturing costs

A

: Floor Plan

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33
Q

3rd step?

A

: Floor Plan

34
Q

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

A

Product-based layout

35
Q

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.

A

Process-based layout

36
Q

Fourth Step

A

Manufacturing process flow

37
Q

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

A

Manufacturing process flow

38
Q

s for Service type of business in Manufacturing process flow

A

a service blueprint

39
Q

g a
detailed flowchart of the service business

A

service blueprint

40
Q

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

A

Bottleneck

41
Q

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

A

Distribution

42
Q

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

A

supply
chain or distribution channel

43
Q

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

A

Manufacturer

44
Q

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

A

Distributor

45
Q

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

A

Agents

46
Q

Agents then get
_______ for every product sold

A

commission

47
Q

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

A

Bad Debts

48
Q
  • Entrepreneurs should make sure that their supplies and raw materials are enough.
  • Look for suppliers that offer cheap price but high-quality raw materials.
A

Materials

49
Q

producing own raw materials and producing own products or offer
services

A

Manufacturing

50
Q

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

A

Outsourcing

51
Q

– Purchasing own product or service from present suppliers.

A

Purchasing

52
Q

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

A

Outsourcing

53
Q

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.

A

d

54
Q

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

A

Logistics

55
Q

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

A

Warehousing

56
Q

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

A

Transportation

57
Q
  • is the array of finished goods or goods used in production held by a company.
A

Inventory

58
Q

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

A

Machines

59
Q

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.

A

Telecommunications and information Technology:

60
Q

Getting the right employees to help you with your business.

A

Manpower

61
Q

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

A

Job description

62
Q

he heading of a job description

A

ob Title

63
Q

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

A

. Compensation and benefit range

64
Q

describes the job that the employee will assume

A

Duties

65
Q

which must be communicated well to the employee

A

. Responsibilities and accountabilities

66
Q

– the specific days and working hours must be written.

A

Work schedule

67
Q

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

A

Educational Background

68
Q

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.

A

Educational Background

69
Q

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.

A

Work experience –

70
Q

This one is important on technical jobs that require high
proficiency

A

Specific skill or knowledge

71
Q

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

A

Work attitude –

72
Q

Identifying what jobs would be open for applicant

A

Preparatory Selection of Applicants:

73
Q

Interviewing applicants
- Giving test and exams to screen the applicant

A

election of Job Applicants:

74
Q

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

A

Job Offer

75
Q

Providing training seminars, and workshops for career growth and development

A

Employee Development

76
Q

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

A

AFSD

77
Q

Steps in selling a product or service:

A

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

78
Q

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;

A

Business records

79
Q

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

A

Business records

80
Q

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

A

Business transactions

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