Lesson: Industry and Environmental Analysis - Identification of Business Opportunities Flashcards

1
Q

10 key principles

A

Scalability
Big Ideas
Systems
Sustainability
Growth
Vision
Purpose
Autonomy
Profitability
Standards

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2
Q

an undertaking by a person or a group of persons or a group of persons whose main objective is to earn profit for the owners.

A

Scalability

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3
Q

a business is no more effective than the idea upon which it is built.

A

Big Ideas

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4
Q

which all parts contribute to the success and failure of the whole.

A

Systems

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5
Q

-must be dynamic - able to thrive through all economic conditions, in all markets, providing meaningful highly differentiated
results to all of its customers.

A

Sustainability

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6
Q

is essential in business. Without continued growth, operations will stagnate.

A

Growth

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7
Q

A business must manifest the higher purpose upon which it
was seeded. It was meant to exemplify the mission it was intended to fulfill.

A

Vision

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8
Q

A business is the fruit of a Higher Aim in the mind of the
person who conceived it.

A

Purpose

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9
Q

A business is not part of the
owners life, but is, in fact, its own entity.

A

Autonomy

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10
Q

A business is an economic entity, driving an economic reality, creating an economic certainty for the communities in which it thrives.

A

Profitability

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11
Q

which all small businesses are measured as either successful, or not. All small businesses should aim to thrive beyond the standards that formerly existed.

A

Standards

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12
Q

10 tools:

A

Use technology to speed up workflow

Shorter meetings fuel efficiency

Smart office space pays

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Small changes, big savings

Keep a firm grip on cash flow

Stay connected on the move

Use time for efficiently

Get the best deal on insurance

Don’t be lax with the legal

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13
Q

Hold a brief meeting standing up, every morning, where each person explains what they are going to work on

A

Use technology to speed up workflow

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14
Q

Businesses should be looking to innovations in technology to solve dayto-day inconveniences and to
increase efficiency.

A

Shorter meetings fuel efficiency

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15
Q

an area where some smarter thinking can make a real difference.

A

Smart office space pays

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16
Q

keeps your business top of mind so consumers think of it when they require or need a service or product.

A

Advertisement

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17
Q

One way of improving efficiency is for business owners to make small changes to the way they handle their company’s expenses.

A

Small changes, big savings

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18
Q

“Cash is King not profit”. Ensure the right management of your inflow and outflow of cash

A

Keep a firm grip on cash flow

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19
Q

The growing trend towards mobile and flexible working means the employees are permanently connected and on
the go.

A

Stay connected on the move

20
Q

“The shorter the amount of time you allow yourself, the more you will get done

A

Use time for efficiently

21
Q

Businesses need insurance because it helps cover the costs associated with property damage and liability
claims.

A

Get the best deal on insurance

22
Q

In the hectic process of starting up a business, the
founders often put off sorting out the legal matters until later, or not at all.

A

Don’t be lax with the legal

23
Q

is what sets your business apart from your competition.

highlights the benefits a customer receives when they do business with you.

It could be your products, service,
reputation, or even your location

A

Competitive Advantage

24
Q

METHODS OF COMPETITIVE ADVANTAGE:

A

Cost Leadership
Differentiation
Defensive Strategies
Alliances

25
Q

an advantage occurs when a business is able to offer the same products at a lower price.

A

Cost Leadership

26
Q

find attributes that are important and set them apart from their competitors.

A

Differentiation

27
Q

used a defensive strategy to distance themselves from competitors.

A

Defensive Strategies

28
Q

advantage of seeking strategic alliance with others within related or within businesses.

A

Alliances

29
Q

Individuals or companies who desire to possess or make use of products and services.

They play a huge role in the success of your business.

A

CUSTOMERS

30
Q

Provide inputs that the firms in an industry need to create the goods and services that they turn to sell to their buyers.

A

SUPPLIERS

31
Q

Goods/services that can be used in place for another. These goods may, even if partly, satisfy the same needs of a
consumer such that the consumer may use one for instead for another.

A

SUBSTITUTES

32
Q

Decision Making Tools:

A

Decision Matrix
T-Chart
Decision Tree
Multivoting
Pareto Analysis
Cost-Benefit
Conjoint Analysis

33
Q

Used to evaluate all the options of a decision

A

Decision Matrix

34
Q

Used when weighing the pluses and minuses of the options.

A

T-Chart

35
Q

A graph or model that involves contemplating each option and the outcomes of each.

A

Decision Tree

36
Q

Used when multiple people are involved in making a decision.

A

Multivoting

37
Q

A technique used when a large number of decisions need to be made.

A

Pareto Analysis

38
Q

Used when weighing the financial ramifications of each possible alternative as a way to

A

Cost-Benefit

39
Q

Used by business leaders to determine consumer
preferences when making decisions.

A

Conjoint Analysis

40
Q

Seven Steps in Effective Decision-Making:

A

Identify the Decision to be Made
Gather Relevant Information
Identify Alternatives
Weigh Evidence
Choose among Alternatives
Take Action
Review Decision and Consequences

41
Q

one of the fundamental factors explain limited growth, productivity, and employment in the economy.

A

Weak Competition

42
Q

Technical Marketing Techniques:

A

Create Utility and Usefulness with your product

Change your pricing

Emphasize your product’s key benefit to the customer

Deliver true value of your product to your customer

43
Q

Types of Business Competition:

A

Performance Competition
Head to Head Competition
Controlling Supplies
Advertising
Distribution
Predatory Competition

44
Q

party that supplies goods and services.

Also called Vendor

A

Supplier

45
Q

Impact of Suppliers to Business:

A

Quality
Timeliness
Competitiveness
Innovation
Finance

46
Q
A