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1st Quarter GRADE 12 > ENTREP MT 1 B > Flashcards

ENTREP MT 1 B Flashcards

(55 cards)

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1
Q

first two entrepreneurial process

A

OPPORTUNITY SPOTTING AND ASSESSMENT
DEVELOPING A BUISNESS PLAN

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2
Q

last two entrepreneurial process

A

DETERMINING THE CAPTIAL NEEDED
RUNNING THE BUSINESS

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3
Q

step by step process in establishing any kind of business that an entrepreneur has to undergo

A

ENTREPRENEURIAL PROCESS

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4
Q

beginning of the process and considered most difficult

A

OPPORTUNITY SPOTTING AND ASSESSMENT

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5
Q

formulation of business plan

A

DEVELOPING BUSINESS PLAN

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6
Q

calculate the resources needed and compare it against the entrepreneurs current resources

A

DETERMINING THE CAPTIAL NEEDED

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7
Q

entrepreneurs using the resources allocated for the new venture

A

RUNNING THE BUSINESS

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8
Q

starting to have a concept in mind about business and opportunities

A

OPPORTUNITY SPOTTING AND ASSESSMENTS

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9
Q

what is a comprehensive paper that deals the marketing, operational , human resources, financial , strategies and tactics of the businesses

A

BUSINESS PLAN

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10
Q

core guide when starting a business

A

DEVELOPING BUSINES PLAN

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11
Q

business plan should be implemented

A

RUNNING THE BUSINESS

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12
Q

should allign with your goals

A

OPPURTUNITY SPOTTING AND ASSESSMENT

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13
Q

entrepreneur should have a control of monitoring system to serve as a check and balance of the formulated plans

A

RUNNING THE BUSINESS

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14
Q

marketing environment is the starting point of any new venture that involves understanding and knowing intricacies of microenvironmrnt and iternal environments

A

SCANNING

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15
Q

what to find first

A

OPPURTUNITY BEFORE PRODUCTt

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16
Q

the business idea that can potentitally become a commercial product/ service in the future

A

OPPORTUNITY

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17
Q

what is 3s

A

SEEKING
SCREENING
SEIZING

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18
Q

first step and most difficult process of all due to the number of options entrepreneur will have to choose from

A

SEEKING THE OPPORTUNITY

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19
Q

process of selecting the best opportunity ; apply due diligence and indepedent judgement

A

SCREENING THE OPPORTUNIYY

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20
Q

entrepreneurs tolerance of business risks

A

RISK APPETITE

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21
Q

cosidered one of the most critical resources of an entreepreneurs it should be devoted to worthwhile business onlly

A

TIME

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22
Q

aims to assist entrepreneurs in ensuring that the opportunity that they venture into is an attractive and feasibe product

A

OAT
OPPORTUNITY ATTRACTIVENESS TEST

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23
Q

who made OAT

Study These Flashcards
A

YOUNGLESON 2009N

24
Q

brief vision statement(what do the business should do in the future )

Study These Flashcards
A

CONCEPTS AND STRATEGIES

25
critical success factors by determining the attractiveness
OPPORTUNITY METRICS
26
last step "pushing through" with the chosen opportunity
SEIZING THE OPPORTUNITY
27
process of positively improving an existing product or service
INNOVATION
28
3 types of INNOVATION
BREAKTHROUGH TECHNOLOGICAL ORDINARY
29
the main objective that the business will accomplish in the entrepreneurs life
INTERNAL INTENT
30
will address the compelling needs of the target market
EXTERNAL INTENT
31
refers to the entrepreneurs tolerance of business risk
RISK APPETITE
32
process of seizing (5 STAGES)
IDEA STAGE CONCEPT STAGE PRODUCT DEVELOPMENT STAGE TEST MARKETING STAGE COMMERCIALIZATION STAGE
33
entrepreneur determines what are the feasible products and / or services that will perfectly suit the opportunity
IDEA STAGE
34
developed idea will undergo a consumer acceptance test
CONCEPT STAGE
35
actual reactions from potential customers are determined
PRODUCT DEVELOPMENT STAGE
36
the product is tested with a particular target market, to find out whether or not it is acceptable to the consumer
TEST MARKETING STAGE
37
involves launching your product and making it widely available for your target segment
COMMERCIALIZATION STAGE
38
states why customers should buy a certain product/service
VALUE PROPOSITION (VP)
39
refers to how you will sell the product or service to your customers
UNIQUE SELLING PROPOSITION
40
term that clearly sets you apart from your competition, positioning you the more logical choice
UNIQUE
41
persuades another to exchange money for PRODUCT or SERVICE
SELLING
42
a proposal or offer suggested for acceptance
PROPOSITION
43
size of arena where the entrepreneurs business will play
MARKET SIZE
44
represents the percentage of an industry or market's total sales
MARKET SHARE
45
approximate number of customers that will buy the product/service
MARKET UNIVERSE/MARKET SPACE
46
specific features and characteristic that customer need from a product/service
CUSTOMER REQUIREMENT
47
dividing a heterogeneous market into a several homogeneous groups
MARKET SEGMENTATION
48
segmenting customers according to age, gender, civil status, income , education , family organization and religion
DEMOGRAPHIC SEGMENTATION
49
other term demographic segmentation
SOCIOENOMIC SEGMENTATION
50
process of grouping customers according to their perception way of life, motivations and inclinations
PSYCHOGRAPHIC SGEMENTATION
51
process of grouping customers according to their actions
BEHAVIORAL SEGMENTATION
51
segmenting customers according to location, population, density and climate
GEOGRAPHCIC SEGMENTATION
52
most reliable and credible ways of getting relevant information from the target customer
INTERVIEW
53
mining customer and noncustomer experience by definite responses using equitable scales
SURVEY
54
one of the most prefered and practical method of generating ideas because the researcher documents the behavioral patterns of people/ events without requiring them to participate in the research process.
OBSERVATION

1st Quarter GRADE 12 (19 decks)

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