Module 1 - Entrepreneurial and its Environment Flashcards
(15 cards)
process of discovering new ways of combining resources.
Entrepreneurship
are the people behind successful businesses that possesses characteristics to obtain positions and serve others.
Entrepreneurs
covers the identification or information of customers. Potential customers are assessed depending on their needs, as well as the competitor’s activity and market trends were analysed.
Market Segmentation
is a place where buying and selling happen or the so-called exchange.
Market analysis
Three Major Principles Guide Market Segmentation
(1) Geographic Segmentation
(2) Demographic Segmentation
(3) Psychological Segmentation
refers to segmenting the number of business based on product offers, volume of sales,…
Geographic Segmentation
refers to segmenting the general characteristics of the owner’s new venture. Ex. age, gender, nationality, educational background, etc.
Demographic Segmentation
refers to segmenting customer’s main motivation for purchasing a particular product.
Psychological Segmentation
Six Dimensions of the Environment that should be examined.
(1) Economic
(2) Sociocultural
(3) Political & Legislative
(4) Technological
(5) Ecological
(6) Operational
opportunity of the business to whether it has a chance to survive.
Economic
Entrepreneurs acquire customer profile that affect firm’s marketing strategy. This includes demographic and social characteristics.
Sociocultural
marketing environment involves the “international law”.
Political & Legislative
on-going updates and familiarity on innovations of company’s product and services through the use of internet.
Technological
Conserves and protect natural resources. Firms have to be aware of the practices that affect the environment at large.
Ecological
Has something to do with firm’s direct and indirect competitors. Entrepreneurs have to know the controllable and uncontrollable factors that require, that will allow them to find different role from competitors.
Operational
