Quarter 1 Module 2: Recognize a Potential Market Flashcards
(26 cards)
are the ones who pay cash in exchange for your goods and services.
Buyers
it is the act or process of trying to get or win something.
Competition
can be defined as the steps taken in order to begin a new enterprise. It is a step-by-step method one has to follow to set up a business.
Entrepreneurial process
an innovative concept that can be used for financial gain that
is usually centered on a product or service that can be offered for money.
Entrepreneurial ideas
these are the basic foundation that the entrepreneur must have in seeking opportunities, such as entrepreneurial mind frame, heart flame and gut game.
Essentials of entrepreneur’s opportunity
refers to the physical environment, societal environment, and
industry where the business operates.
External environment
refers to the local government (municipality, city, or provincial) or the national government and its branches.
Government
the one who enters something.
New entrants
is a state or situation in which people or groups are competing with each other.
Rivalry
anything that takes the place or function of another.
Substitute
are the ones who provide something that is needed or wanted.
Suppliers
All are core competencies in Entrepreneurship, except:
A. basic bookkeeping/ accounting skills
B. communication skills
C. building relations with customer D. building competitive advantage
D. building competitive advantage
Which of the following is not a business competency? This competency covers the outcomes required to build, and grow a micro/small-scale enterprise - like developing and maintaining small-scale business, establish customer base, and manage business finances.
A. Establish customer service
B. Manage finances
C. Preparing business letters
D. Monitoring operations
C. Preparing business letters
Which is not a goal of entrepreneurial competency?
A. Expanding the enterprise
B. Expanding markets and
clientele
C. Developing individuals and teams
D. Enhancing one’s business skill
C. Developing individuals and teams
All are important aspects of Entrepreneurship as a course, except:
A. Discussion on economic issues and concerns.
B. Explanation of key concepts of competencies in Entrepreneurship.
C. Discussion on the relevance of the course.
Exploration of career opportunities.
A. Discussion on economic issues and concerns.
is the part of the total population that has shown some level of interest in buying a particular product or service.
Potential market
Potential market is also called?
Total addressable market (TAM)
is the total demand for a product in a given business environment?
Market potential
A set of customers or clients who are already using a particular product or service.
Penetrated Market
People who have already purchased your product.
Existing customers
People in your target market who are not currently looking
for a solution.
Target market users
TRUE OR FALSE:
A market is any place where two or more parties can meet to engage in an economic transaction—and should only involve legal tender.
TRUE OR FALSE:
Market includes retail stores and other similar businesses that sell
individual items to wholesale markets selling goods to other distributors but may not be virtual.
TRUE OR FALSE:
Market refers to the whole area of operation of demand and supply.
TRUE
