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Entrepreneurship > Week 5 > Flashcards

Week 5 Flashcards

1
Q

These are the things that are essential for us

A

Needs

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2
Q

These are desires, luxury, and extravagance that signify wealth and an expensive way of living

A

Wants

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3
Q

Refers to the group of consumers or organization that is interested in the product on has the resources to purchase the product, and is permitted by law and other regulations to acquire the product

A

Market

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4
Q

The market a company wants to sell its products and services to, and it includes a targeted set of customer for whom it directs its marketing efforts

A

Target market

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5
Q

A marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action

A

Market segmentation

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6
Q

Enumerate the types of market segmentation

A

Geographic, psychographic, demographic, behavioral

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7
Q

Variables to consider in geographic segmentation

A

Climate, dominant ethnic group, culture, and density

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8
Q

Income is an example of what segmentation?

A

Demographic

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9
Q

They provide a broad understanding of the different characteristics of a population

A

Demographics

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10
Q

Social class is an example of what segmentation?

A

Psychographics

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11
Q

A market or segment of the population identified by demographics

A

Business

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12
Q

Focus on understanding the customer’s emotions and values, so you can market more accurately

A

Psychographics

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13
Q

A method of grouping customers by their behavior patterns

A

Behavioral (duh)

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14
Q

It helps marketing and product teams learn how different types of prospects and customers are likely to use their product, how engaged they’ll be, and how long they might remain as customers

A

Behavioral segmentation

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15
Q

The specific characteristics that the customers need from a product or a service

A

Customer requirements

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16
Q

Two types of customer requirements

A

Service requirement and output requirement

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17
Q

Service requirement is..

A

An intangible product that cannot be touched

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18
Q

Output requirement is…

A

A tangible thing that can be seen

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19
Q

it is like a size of the arena where the entrepreneurs will play their business

A

Market size

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20
Q

The first step to conducting a strategic marketing research

A

Estimate the potential market

21
Q

The second step to market research

A

Ito estimate the customers who probably dislike to buy your product

22
Q

The third step to market research

A

Estimate the market share

23
Q

It is the most important factor if you ever need to raise funding for your business

A

Market size

24
Q

Enumerate strategies for reaching the target market

A

Undifferentiated marketing, differentiated marketing, concentrated marketing, micromarketing

25
Q

When a firm produces only one product and promotes it to all customers with a single marketing mix (mass marketing)

A

Undifferentiated marketing

26
Q

A firm produces numerous products and promotes them with a different marketing mix designed to satisfy smaller segments (segment marketing)

A

Differentiated marketing

27
Q

When a firm commits all of its marketing resources to serve a single market segment (niche marketing)

A

Concentrated marketing

28
Q

Involves targeting potential customers at a very basic level, such as by ZiP code, specific occupation, lifestyle, or individual household

A

Micromarketing

29
Q

Internal and positive factors that helps you to take advantage of opportunities in the external environment

A

Strengths

30
Q

These are those characteristics of a business that give disadvantage relative to others

A

Weaknesses

31
Q

These refer to favorable external factors that could give Ann organization a competitive advantage

A

Opportunities

32
Q

These are any external factors that could cause damage to your organizaition

A

Threats

33
Q

He is the proponent of the five forces competitive analysis framework

A

Porter

34
Q

He/she is a person who makes a purchase of a product or service

A

Buyer

35
Q

These are companies who are trying to sell similar goods or services to the same people

A

Competitors

36
Q

It is a person or organization that provides something needed such as a product or service

A

Supplier

37
Q

It refers to the threat new competitors pose to existing competitors in an industry

A

New entrants

38
Q

It is a product or service that can be easily replaced with another

A

Substitute

39
Q

It allows business owners to determine the feasibility of a business before committing substantial resources to the venture

A

Market research

40
Q

Research data may be drawn from

A

Primary sources or secondary sources

41
Q

Primary or secondary?: surveys

A

Primary

42
Q

Primary or secondary?: experiments

A

Primary

43
Q

Primary or secondary?: observational research

A

Primary

44
Q

Primary or secondary?: internal database

A

Secondary

45
Q

Primary or secondary: journals

A

Secondary

46
Q

One of the many ways to assess or validate customer’s satisfaction

A

Interview

47
Q

Two types of interview

A

Telephone interview and face to face interview

48
Q

The process of gathering people with similar interest, background, and experiences to discuss on special topic of interest in order to gather vital information related to the product

A

Focus group discussion

49
Q

This technique is made possible by devising a good set of questionnaires

A

Survey

Entrepreneurship (8 decks)

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