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Technopreneurship Midterms > MARKET IDENTIFICATION AND ANALYSIS - bone > Flashcards

MARKET IDENTIFICATION AND ANALYSIS - bone Flashcards

1
Q

Is an essential part of the business process because it is the responsibility of a company
to watch out for things that might harm their clients or their business.

A

Environmental Scanning

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2
Q

Is a dimension of market analysis where it facilitates reaching the products to the enduser on real time.

A

. Distribution Channel

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3
Q

. Is a dimension of market analysis where it is a perceived tendency of a market upward
or downward movement over a specific period of time

A
  1. Market Trends
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4
Q

It is known as the process of determining the groups of customers to focus on in a
company’s marketing mix

A

. Target Market Identification

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5
Q

It refers to the buying and selling of a product, as well as the establishment of its price,
in a broad sense

A

market

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6
Q

. It includes the detailed steps in executing the marketing strategy.

A

Marketing Plan

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7
Q

It is the overview of how the company will promote their business and meet their
goals

A

Marketing Strategy

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8
Q

He developed the 7 P’s of marketing products and services in 1960.

A

Edmund Jerome McCarthy

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9
Q

7 P’s of marketing mix where it refers to the goods or service that a business offers its
customers.

A

Products

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10
Q

A model that identifies and analyzes five competitive forces that shape every industry
and helps determine an industry’s weaknesses and strengths.

A

Porter’s 5 Forces Model

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11
Q

Under porter’s 5 forces model which refers to the number of competitors and their
ability to undercut a company.

A

Competition in the Industry

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12
Q

Under porter’s 5 forces model which is the ability that customers have to drive prices
lower

A

Power of Customers

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13
Q

Are elements which help the business to achieve great success on the market

A

Key Success Factors

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14
Q

Is a market segmentation where it is consists of dividing the market through different
variables such as age, gender, occupation, income, etc.

A

Demographic Segmentation

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15
Q

Refers to the current and potential sales of the selected market.

A

. Market Size

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16
Q

. This is the process of dividing a market into groups of consumers known as segments

A

Market Segmentation

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17
Q

Consists of grouping the target audience based on their behavior, lifestyle, attitudes,
and interest.

A

Psychographic Segmentation

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18
Q
  1. Consists of dividing market through different variables such as age, gender,
    occupation, income, etc
A

Demographic Segmentation

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19
Q

Is an established tool for analyzing competition.

A

Five Forces Framework

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20
Q

It is simply an assessment of the practicality of a proposed project plan or method

A

Feasibility Study

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21
Q

The 5 different areas of market analysis includes Competitive analysis: what are the
market characteristics?

A

t

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22
Q

The 5 different areas of market analysis include Market description: target market
development.

A

f

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23
Q

Behavioral segmentation consists of grouping the target audience based on their
lifestyle, attitudes, and interests.

A

f

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24
Q

Process in 7P’s of marketing mix refers to the procedures and steps involved in
delivering a product or service to the end-user

A

t

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25
Q

The 4 steps in performing market analysis are: industry overview, define your
competitors, competition, and pricing and forecast

A

f

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26
Q

One main goals of competitor’s analysis is to determine your competitor’s strategies

A

t

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27
Q

The speculation and expectations of investors can affect the market

A

t

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28
Q

The demand side of the market are the producers, and the supply side of the market are
the customers.

A

f

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29
Q

One benefit of target market identification is that it helps you choose the right
marketing channels

A

t

30
Q

You may modify the product, price, and distribution methods to better fit the wants
and wishes of your clients.

A

t

31
Q

Knowing the benefits of target market identification can maximize sales and profits

A

t

32
Q

Porter’s 5 forces model includes Industry Overview

A

f

33
Q

. The ultimate goal of marketing strategy is to achieve and communicate a sustainable
competitive advantage over competitors.

A

t

34
Q

The importance of market identification and analysis are: regulation of product,
competition, demographics, technological assessment, and barriers.

A

t

35
Q

A company’s power is also affected by the force of new entrants into its market

A

t

36
Q

Market analysis refers only to qualitative evaluation of a market.

A

f

37
Q

It is important to conduct a preliminary analysis when doing a feasibility study

A

t

38
Q

The ultimate goal of a marketing strategy is to achieve and communicate a sustainable
competitive advantage over rival companies.

A

t

39
Q

Industry Overview is included in Porter’s 5 Forces Model

A

f

40
Q

Competitor’s analysis refers to an assessment of your own company’s strengths and
weaknesses.

A

f

41
Q

Your project must meet legal requirements. That includes laws and regulations that
apply to all activities and deliverables in your project scope.

A

Legal Feasibility (D)

42
Q

Consists in determining if your organization has the technical resources and expertise
to meet the project requirements

A

Technical Feasibility (C)

43
Q

Refers to business’s overall game plan for reaching prospective consumers and turning
them into customers and turning them into customers for their products or services

A

Marketing Strategy (B)

44
Q

Pertains to the communication strategies employed to make potential customers aware
of and attracted to the product

A

Promotion (A)

45
Q

Refers to the tangible aspects of a product, including packaging, branding, and more.

A

Physical Evidence (B)

46
Q

Refers to the increase in size and/or sales within a particular target market over a given
period of time

A

Market Growth Rate (B)

47
Q

Commonly thought of as a physical location where we go to buy food or other goods

A

Market (C)

48
Q

This is the sole piece of marketing puzzle that generates income

A

. Price (D)

49
Q

The ability that customers have to drive prices lower, or their level of power

A

. Power of Customers (D)

50
Q

Substitute goods or services that can be used in place of a company’s products or
services pose a threat.

A
  1. Threat of Substitute
51
Q

This will help determine how you
position your company in the market

A

. Pricing (e)

52
Q

This will show what portion of the
market you hope to get

A

Forecast (m)

53
Q

Factor affecting the market where
strength of a country’s economy is
influenced by the flow of capital between
countries

A

International Conditions (l)

54
Q

Refers to how well your project
matches your organization’s capacity
planning, resources, strategic goals, and
business objectives

A

Operational Feasibility (g)

55
Q

Describe your industry and discuss the
direction that it’ headed

A

Industry Overview (k)

56
Q

In this location, people are able to buy
product.

A

. Place (b)

57
Q

The “why’s” behind a marketing
effort. It

A

Marketing Strategy (a)

58
Q

This dimension is about reducing cost
by identifying and eliminating non-value
adding activities.

A

Industry Cost Structure (f)

59
Q

Are the employees, customers, and
other stakeholders who interact with a
business

A

. People (d)

60
Q

The “how” behind marketing effort

A
  1. Marketing Plan (n)
61
Q

This will estimate the time that will
take to execute the project and set
deadlines.

A

. Time Feasibility (j)

62
Q

Addresses how easily suppliers can
drive up the cost of inputs.

A
  1. Power of Suppliers (o)
63
Q

Refers to the procedures and steps
involved in delivering a product or
service to the end-user

A
  1. Process (i)
64
Q

Selecting one or more market
segments or consumer groups to target in
your marketing mix.

A

. Target Market Identification (c)

65
Q

It is the push and pull dynamic in
prices.

A

. Supply and Demand (h)

66
Q

What are the Porter’s 5 Forces Model?

A
  • Competition in the Industry
  • Potential of New Entrants into an Industry
  • Power of Suppliers
  • Power of Customers
  • Threat of Substitutes
67
Q

5 Different Areas of Marketing Analysis

A
  • Market description: examine your market!
  • Market size and market development: How enticing is the
    current market?
  • Competitive Analysis: what are the market characteristics?
  • Analysis of the customer industry
  • Potential analysis of the target market: How will the market
    develop in the future?
68
Q

Give the 6 objectives of Market Analysis

A
  • To know the buyers
  • To measure the impact of promotional efforts
  • To know consumer response
  • To know market cost and profits
  • To master the external forces
  • To design and implement marketing control
69
Q

. What are the 4 Market Segmentation?

A
  • Geographic Segmentation
  • Demographic Segmentation
  • Psychographic Segmentation
  • Behavioral Segmentation
70
Q

Give 5 dimensions of market analysis

A

Market Size
* Market Growth Rate
* Market Profitability
* Market Segmentation
* Market Trends

71
Q

. 5 Importance of Market Identification and Analysis

A

Regulation of Product
* Demographics
* Competition
* Technological Assessment
* Barriers

72
Q

. 5 Typres of Feasibility Study

A
  • Technical Feasibility
  • Economic Feasibility
  • Legal Feasibility
  • Operational Feasibility
  • Time Feasibility

Technopreneurship Midterms (11 decks)

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