Lesson: Industry and Environmental Analysis - Identification of Business Opportunities

Question 1

10 key principles

Answer 1

Scalability
Big Ideas
Systems
Sustainability
Growth
Vision
Purpose
Autonomy
Profitability
Standards

Question 2

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.

Answer 2

Scalability

Question 3

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

Answer 3

Big Ideas

Question 4

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

Answer 4

Systems

Question 5

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

Answer 5

Sustainability

Question 6

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

Answer 6

Growth

Question 7

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

Answer 7

Vision

Question 8

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

Answer 8

Purpose

Question 9

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

Answer 9

Autonomy

Question 10

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

Answer 10

Profitability

Question 11

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

Answer 11

Standards

Question 12

10 tools:

Answer 12

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

Question 13

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

Answer 13

Use technology to speed up workflow

Question 14

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

Answer 14

Shorter meetings fuel efficiency

Question 15

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

Answer 15

Smart office space pays

Question 16

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

Answer 16

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Question 17

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

Answer 17

Small changes, big savings

Question 18

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

Answer 18

Keep a firm grip on cash flow

Question 19

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

Answer 19

Stay connected on the move

Question 20

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

Answer 20

Use time for efficiently

Question 21

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

Answer 21

Get the best deal on insurance

Question 22

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.

Answer 22

Don’t be lax with the legal

Question 23

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

Answer 23

Competitive Advantage

Question 24

METHODS OF COMPETITIVE ADVANTAGE:

Answer 24

Cost Leadership
Differentiation
Defensive Strategies
Alliances

Question 25

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

Answer 25

Cost Leadership

Question 26

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

Answer 26

Differentiation

Question 27

used a defensive strategy to distance themselves from competitors.

Answer 27

Defensive Strategies

Question 28

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

Answer 28

Alliances

Question 29

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.

Answer 29

CUSTOMERS

Question 30

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

Answer 30

SUPPLIERS

Question 31

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.

Answer 31

SUBSTITUTES

Question 32

Decision Making Tools:

Answer 32

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

Question 33

Used to evaluate all the options of a decision

Answer 33

Decision Matrix

Question 34

Used when weighing the pluses and minuses of the options.

Answer 34

T-Chart

Question 35

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

Answer 35

Decision Tree

Question 36

Used when multiple people are involved in making a decision.

Answer 36

Multivoting

Question 37

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

Answer 37

Pareto Analysis

Question 38

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

Answer 38

Cost-Benefit

Question 39

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

Answer 39

Conjoint Analysis

Question 40

Seven Steps in Effective Decision-Making:

Answer 40

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

Question 41

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

Answer 41

Weak Competition

Question 42

Technical Marketing Techniques:

Answer 42

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

Question 43

Types of Business Competition:

Answer 43

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

Question 44

party that supplies goods and services.

Also called Vendor

Answer 44

Supplier

Question 45

Impact of Suppliers to Business:

Answer 45

Quality
Timeliness
Competitiveness
Innovation
Finance