Week 3 Flashcards
___ are your
market’s stated or silent problems
which refer to existing
inefficiencies, awkward workflows
or non-optimal solutions
Market Problems
They are the people who have already purchased your product
Existing customer
People who have not yet purchased your product but are
considering it.
Prospects
People in your target market who are not
currently looking for a solution
Target market users
___ are explicit statements from your market
Stated needs
____ are problems with yet undefined
solutions
Silent needs
Enumerate on how to evaluate market problems.
- Is the market problem urgent?
- Is the market problem pervasive?
- WIll your buyers pay to have this problem solved?
Once you identify a problem that applies to the market,
ensure that potential and existing customers actually care
about the problem. Is the perceived problem actually
urgent? Will customers care if the problem is not solved?
Is the market problem urgent?
Determine if the identified market problem applies to a significant
percentage of your target market. Use quantitative research to
collect the data. Methods of data collection include surveys,
census information and other primary market research.
Is the market problem pervasive?
If the problem is significantly urgent and pervasive, chances are
good that customers would agree to pay for a solution. The next
step would be to understand how much they would be willing to
pay for a solution to this problem.
Will your buyers pay to have this problem solved?
What are the essentials in entrepreneur’s opportunity seeking?
Entrepreneurial mind frame, entrepreneurial heart flame and entrepreneurial gut game.
This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk- taker, an entrepreneur can find solutions when problems arise.
Entrepreneurial mind frame
Entrepreneurs are driven by passion; they are
attracted to discover satisfaction in the act and process of discovery.Passion is the great desire of an entrepreneur to achieve his/her goals
Entrepreneurial heart flame
This refers to the ability of the entrepreneur of
being intuitive. This also known as intuition. The gut game also means
confidence in one’s self and the firm belief that everything you aspire can be
reached
Entrepreneurial gut game
Enumerate sources of opportunity
- Changes in environment
- Technological discovery and advancement
- GOVERNMENT’S THRUST, PROGRAMS, AND
POLICIES - People’s interest
- Past experiences
Entrepreneurial ideas arise when
changes happen in the external
environment. A person with an
entrepreneurial drive views
these changes positively.
Changes in the environment
A person with
entrepreneurial interest sees
possibility of business
opportunities in any new
discovery or because of the use
of latest technology
technological discovery and advancement
The priorities, projects, programs,
and policies of the government are
also good sources of ideas.
Government’s thrust, programs, and policies
The interest, hobbies, and
preferences of people are rich
sources of entrepreneurial
ideas, like the increasing
number of Internet Cafés at
present could lead to the
strong attachment of young
people to computers
People’s interest
The expertise and skills
developed by a person who has
worked in a particularfield may
lead to the opening of a related
business enterprise
Past experience
______ Is the rivalry between
companies selling similar
products and services with the
goal of achieving revenue
Competition
___ refers to the immediate
industry in which your
company is doing
business.
Competitive environment
____ process of collecting
information about the external
marketing environment to
identify and interpret potential
trends
Environmental scanning
What are the three types of competitors?
Direct, Indirect and replacement
