Module 1:Lesson 2

Question 1

Propose solutions in terms of product and services that will meet the need using techniques on?

Answer 1

Seeking,screening,and seizing opportunities

Question 2

The marketing environment is the starting point of any venture that involves understanding and knowing the macroenvironment, microenvironment, and internal environment

Answer 2

Scanning

Question 3

The 3s of opportunity spotting and assessment are?

Answer 3

Seeking,screening,and seizing

Question 4

Is the framework that most of the promising entrepreneurs use to finally come up with the ultimate product or service suited for a specific opportunity.

Answer 4

The 3s of opportunity spotting and assessment

Question 5

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

Answer 5

Seeking the opportunity

Question 6

What is the acronym of STEEPLED

Answer 6

•Socio cultural
•Technological
•Economic
•Environmental
•Political
•Legal
•Ethical
•demographic

Question 7

Represent a general view of a locality’s traditions,custom beliefs,norms and perceptions

Answer 7

Socio cultural

Question 8

Composed of innovation of an existing an existing technology or an invention of a new one mostly on applied science and engineering research areas

Answer 8

Technological

Question 9

Has a direct effect on any business venture

Answer 9

Economic

Question 10

Will help the entrepreneur determine if the business he or she is entering into will comply with the environmental standards or will just hazard to people,animals,nature

Answer 10

Environmental

Question 11

Induced by the government policies and administrations

Answer 11

Political

Question 12

Government laws and regulations that can restrict or allow business activities

Answer 12

Legal

Question 13

Factors that will serve as entrepreneurs guide on how to be ethical in running the business

Answer 13

Ethical

Question 14

These are the characteristics of the people in the target market

Answer 14

Demographic

Question 15

This is the source of current trend on what is happening in the industry where the future business will belong to

Answer 15

Industry

Question 16

These are the new trends that can be the core business model of a new venture.

Answer 16

New discovery

Question 17

These are projected new opportunities that can possibly affect the business while it’s running

Answer 17

Futuristic opportunities

Question 18

It involves the development of new ideas from various sources

Answer 18

1.macroenvironmental sources
2.Micromarket

Question 19

These are the current needs and wants of potential customers that should be discovered right away by building entrepreneur

Answer 19

Consumer preferences interest and percetion

Question 20

Recognizing and understanding potential competitors will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition.

Answer 20

Competitors

Question 21

Often times the most brilliant ventures come from the most unexpected opportunities it may happen in unlikely situations unlikely places and with unlikely people

Answer 21

Unexpected opportunities from customers

Question 22

Methods of generating new ideas for Entrepreneurs are?

Answer 22

1.focused group discussion(FGD
2.Braintstorming
3.Brainwriting
4.problem inventory analysis

Question 23

In this method a moderator Handles a very open free flowing and in depth discussion with a group of people who can provide insightful ideas about new product or service

Answer 23

Focused group discussion

Question 24

Business opportunities do not just come from outside forces but also from within the entrepreneurs talent, hobbies,skills,expertise

Answer 24

Talent,hobbies,skills, expertise

Question 25

Irritants in the market such as deterrents,problems,delays-entrepreneurs see opportunities in situations where there is a recurring problem or sometimes when there is no more hope in solving the problem

Answer 25

Irritants in the market-detterents,problems,delay

Question 26

Often entrepreneurs just have to look at their ecosystem and they will be able to spot a business opportunity right way

Answer 26

Location

Question 27

Similar to an FGD ______ is an activity that allows the participants to share creative ideas.

Answer 27

Brainstorming

Question 28

Brainstorming ideas using the rules those are ?

Answer 28

a.no distructive criticism or judgement is allowed b.wilder ideas are accepted c.more ideas are preferred d.imporvemovement of other ideas is allowed

Question 29

This is the same as brainstorming except that the channel used is not face to face but in writing or online

Answer 29

Brainwriting

Question 30

This method is similar to the FGD except that the participants are already given an inventory of product or service problems

Answer 30

Problem inventory analysis

Question 31

The key here is in the effective choosing or careful diligence entrepreneurs should start with the big picture

Answer 31

Screening the opportunity

Question 32

Is the process of cautiously selecting the best opportunity the selection will depend on the entrepreneurs internal intent and external intent

Answer 32

opportunity screening

Question 33

This is the "pushing through" with the chosen opportunity. Entrepreneurs should make the best out of this opportunity and they should exert effort and full dedication for the success of the new venture

Answer 33

S3:Seizing the opportunity

Question 34

The entrepreneurs idea can be any type of innovations list and those are?

Answer 34

•time •the opportunity attractiveness test •S3:seizing the opportunity

Question 35

Is the process of positively improving an existing product or service.

Answer 35

Innovation

Question 36

Must be considered by the entrepreneur in the screening the opportunity's at hand as it's considered one of the most critical.

Answer 36

Time

Question 37

Aims to assist entrepreneurs in ensuring that they will venture into is an attractive and feasible prospect.

Answer 37

Opportunity attractiveness test(OAT)

Question 38

Is the last step in opportunity spotting and assessment

Answer 38

Seizing the opportunity

Question 39

Three types of INNOVATIONS are?

Answer 39

1.breakthrough innovation 2.technological innovation 3.ordinary innovation

Question 40

Include inventions,occur infrequently as these establish the platform.must be protected by a patent, a trade secret or a copy right.

Answer 40

Breakthrough innovation

Question 41

Technological advancements of an existing product or service ex:WiFi,laptop,jet,airplane

Answer 41

Technological innovation

Question 42

They are commonly originating from market analysis.examples are unlimited internet plans telecommunications companies a wireless mouse and an Airbus for economical travelers.

Answer 42

Ordinary innovation