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ENTREP > THE MARKET AND PRODUCT > Flashcards

THE MARKET AND PRODUCT Flashcards

1
Q

is a market assessment tool used by businesses and analysts to understand the competitive dynamics of an industry.

A

INDUSTRY ANALYSIS

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2
Q

One of the most commonly used models

A

Porters Five Forces Model

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3
Q

Through this model, you will able to define the industry and what is the presence of your existence in the industry.

A

Porters Five Forces Model

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4
Q

MICHAEL E PORTER’S FIVE FORCES

A

threat of new entrants
bargaining power of buyers
bargaining power of suppliers
threat of substitute products or services
rivalry among existing competitors in the industry

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5
Q

shows a detailed description of your potential buyers, competitors, pricing policy, advertising or promotional strategies, and sales projections.

A

MARKET STUDY

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6
Q

Identifying your potential market is very important in planning a business

A

MARKET DEMAND

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7
Q

shows the volume of goods or services that your competitors produce or offer for sale in the market.

A

MARKET SUPPLY

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8
Q

formula for growth rate

A

(new gap - old gap) / old gap

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9
Q

is generally conducted to gather the information needed in a marketing plan.

A

MARKET SURVEY

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10
Q

are those set of actions, or tactics, that a company uses to promote its brand, product or service in the market. This is composed of the 7P’s which are vital mix elements.

A

MARKETING MIX

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11
Q

MARKETING MIX 7P’s

A

Price
Product
Promotion
Place
People
Packaging
Positioning

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12
Q

a good service, idea, or experience that satisfies the needs and wants of the target market

A

product

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13
Q

is the amount of money the vendor is willing to take from the buyer in exchange of the products being sold or service being rendered

A

price

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14
Q

one of the most essential elements of marketing mix

A

price

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15
Q

also referred as to distribution

process of bringing the product or service visible and readily available to the target market

A

place

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16
Q

ways to tell your consumers about your products or services and includes how to market and to sell

A

promotion

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17
Q

five types of promotion

A

advertising
personal selling
public relations
sales promotions
direct marketin

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18
Q

five types of promotion

A

advertising
personal selling
public relations
sales promotions
direct marketing

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19
Q

most important component of marketing mix

A

people

20
Q

wrapping or enclosing of the product to enhance security

materials in which covers the finished goods

A

packaging

21
Q

formation of an image or reputation that the enterprise desires to deliver to its target customers

A

positioning

22
Q

According to Gallardo, et. al. (2018), there are _____ of Operations.

A

4M’s

23
Q

TRUE OR FALSE:
Aspiring entrepreneurs must possess the skills, patience, and passion for the business, as well as the courage to face reasonable risks.

A

TRUE

24
Q

TRUE OR FALSE:
Aspiring entrepreneurs must not possess the skills, patience, and passion for the business, as well as the courage to face reasonable risks.

A

FALSE

25
Q

TRUE OR FALSE:
Each employee must be qualified to perform his or her job.

A

TRUE

26
Q

TRUE OR FALSE:
Each employee must not be qualified to perform his or her job.

A

FALSE

27
Q

TRUE OR FALSE:
Proper machines and equipment should be installed to facilitate operations.

A

TRUE

28
Q

TRUE OR FALSE:
Proper machines and equipment should not be installed to facilitate operations.

A

FALSE

29
Q

TRUE OR FALSE:
Raw materials should be readily available.

A

TRUE

30
Q

TRUE OR FALSE:
Raw materials should not be readily available.

A

FALSE

31
Q

TRUE OR FALSE:
The methods or technology used by the organization must give it a competitive edge over its competitors.

A

TRUE

32
Q

TRUE OR FALSE:
The methods or technology used by the organization must not give it a competitive edge over its competitors.

A

FALSE

33
Q

TRUE OR FALSE:
There must be a market for a potential product or service.
.

A

TRUE

34
Q

TRUE OR FALSE:
There must not be a market for a potential product or service.

A

FALSE

35
Q

As many organizations have pointed out, their EMPLOYEES are their MOST VALUABLE RESOURCES. Goods and services cannot be produced without manpower. Even the latest, fastest, and most precise machines cannot function unless operated by an individual.

A

MANPOWER

36
Q

Big organizations maintain SIGNIFICANT FUNDS which they can easily tap when business opportunities arise. But individuals with limited or money can still find opportunities to start a business.

A

MONEY

37
Q

State-of-the-art machines and equipment facilitate the processing of raw materials into finished products. In some public and private institutions, machines record, sort and interpret volumes of data in real time, fast-tracking the completion of multiple transactions.

A

MACHINE

38
Q

A steady and sufficient supply of quality RAW MATERIALS ensures the continuous production off goods and eventually, their sales to end user.

A

MATERIALS

39
Q

A reputable management promotes good governance within the organization, adheres to ethical standards, and practices social responsibility. Managers set the vision, mission, and objectives of the organization

A

MANAGEMENT

40
Q

The marketing plan must include the number of competitors, both local and foreign; the prices and quality of goods; and potential end users. The lack of competitors, unreasonable prices or low quality of existing goods in the market, and a large number of potential consumers are considered indicators of good business opportunities

A

MARKET

41
Q

The use of superior technology or methods in processing or producing goods can give an enterprise a competitive edge, as it can help ensure customer satisfaction.

A

METHODS

42
Q

7M’s of operation

A

manpower
money
machine
method
market
materials
management

43
Q

is a miniature but exact replica of the object it represents.

A

prototype

44
Q

TRUE OR FALSE:
The product prototype is subjected to a series of tests.

A

TRUE

45
Q

TRUE OR FALSE:
The product prototype is not subjected to a series of tests.

A

FALSE

ENTREP (7 decks)

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