Entrep Exam

Front 1

An act of creating a business or businesses while building and scaling it to generate a profit.

No bosses, no schedules, and no one holds you back.

Back 1

Entrepreneurship

Front 2

Are part of the market that you can capture for your business's future growth (Lake, 2019).

The part of the total population that has shown some level of interest in buying a particular product or service.

Back 2

Potential Market

Front 3

Will enable you to analyze the market need.

It gathers information that will make the entrepreneur aware of the customer's needs and wants...

Back 3

Market Research

Front 4

Is something produced by a human or mechanical effort or by a natural process, as an item that is made, refined, and marketed and offered for sale that is tangible.

Back 4

Product

Front 5

Name the 5 importance of Potential Markets

Back 5

Ensure the future of your business by identifying new customers.

Think proactively about ways for your business to prosper.

Show the potential of your business to investors and collaborators.

Increase your revenue.

Create a plan B that will make weather changes in the economy or market.

Front 6

These are prospects who are willing and capable buyers, and have access to a particular market or service.

Back 6

Available Market

Front 7

This refers to a group of potential customers to whom a company wants to sell its products and services.

Back 7

Target Market

Front 8

Helps a company understand the level of investment it should make further in the market, while taking into consideration other factors.

Back 8

Size of a Potential Market

Front 9

This is a set of customers or clients who are already using a particular product or service.

Back 9

Penetrated Market

Front 10

This refers to the motivating force that compels "action" for its "satisfaction".

Back 10

Need

Front 11

A ________ is a place where two parties can gather to facilitate the exchange of goods and services.

The parties involved are usually buyers and sellers.

Back 11

Market

Front 12

These are people who have already purchased your product.

Back 12

Existing Customers

Front 13

These are people who have not yet purchased your product but are considering it.

Back 13

Prospects

Front 14

These are people in your target market who are not currently looking for a solution.

Back 14

Target Market Users

Front 15

It is important to consider this because it will havean impact on the product's price.

Back 15

Consider Product Size and Weight

Front 16

- It's important to consider this to guarantee the product will reach the customer in perfect condition.

- It will need extra attention....

Back 16

Consider Product Fragility

Front 17

It refers to color, size and other variations of a single product The more ____ the more attention, time and money you will need to spend in tracking and maintaining inventory.

Back 17

Consider the Stock Keeping Unit (SKU)

Front 18

Considering this will be a great choice from a business perspective 'cause you can improve the way you earn customers' loyalty and build your business or repeat sales.

Back 18

Consider Product Lifespan

Front 19

Considering __________ means that there are different levels of demand for a product throughout the year.

Includes running timely promotions and shipping internationally.

Back 19

Consider Seasonality

Front 20

Selling a product with a higher price tag doesn't prevent you from finding e-commerce success. So it's important to consider _______ ________.

Back 20

Consider 'Price Point'

Front 21

It's important to consider this due to less 'competition' means the more leverage you have to win a large share of the market.

Back 21

Consider Competition

Front 22

On top of choosing a product that's viable in the market, you should consider one that you actually enjoy 'yourself'; One that solves a problem that you have experienced.

Back 22

Consider Yourself

Front 23

7 Ways to Guarantee Success and Profitability Starting a Business

(Abbreviation: STePh CaLLS)

Back 23

Start by identifying a customer you want to serve.

Talk to your customers.

Presell your Product.

Create your Minimum Viable Product (MVP).

Let your customers create your Business.

Launch the business when you have sufficient funds.

Scale your business.

Front 24

A special form of product which consists of activities, benefits or satisfactions offered for sale that are intangible and don't result in the ownership of anything.

Back 24

Services

Front 25

List down customer needs

Identify product weaknesses, gaps in your product range and areas for product improvement.

Back 25

Idea Generation

Front 26

Develop a set of criteria to evaluate your ideas.

Back 26

Idea Screening

Front 27

What is SWOT Analysis?

Back 27

Identifying the Strengths, Weaknesses, Opportunities, and Threats of each idea.

Front 28

Products that include items like jewelry and automobile parts.

Back 28

Imperishable Products

Front 29

These services include airline flights, auto repair, theater entertainment, and manicures.

Back 29

Perishable Services

Front 30

Are the named and unnamed needs of customers when they come in contact with the different business establishments or when they search for the solutions which businesses provide.

Back 30

Customer Needs

Front 31

A marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference.

Back 31

Market Segmentation

Front 32

Introduced the term by Neil Borden in the year 1953.

It defines as a mixture of several ideas & plans followed by a marketing representative to promote a particular product or brand.

Back 32

Marketing Mix

Front 33

What are the 4C's of Marketing Mix?

Back 33

Commodity, Cost, Channel, Communication (modernized by Lauterborn, later on considered as Consumer, Cost, Convenience & Communication)

Front 34

The 6 Importance of Marketing Mix in the Business (Bhasin 2018)

Back 34

It helps a clean mix creation.

It helps in new product development.

It helps increase the product portfolio.

It is a guide to improve the business.

It helps in differentiation.

It helps you to be Dynamic.

Front 35

Components of a Product; Product Life Cycle

(G-phase, M-phase, SD-phase)

Back 35

Growth phase, Maturity phase, Sales Decline phase

Front 36

7 P's of Marketing

Back 36

Product, Place, Price, Promotion, People, Positioning/Process, Physical Evidence/Packaging

Front 37

Represents the location, where the buyer and seller exchange goods or services.

Back 37

Place

Front 38

The 'money' that a buyer pays for a product.

Back 38

Price

Front 39

Refers to the various strategies and ideas implemented by the marketers to make the end-users aware of their brand.

Back 39

Promotion

Front 40

Print media, Television, radio are effective ways to entice customers and make them aware of the brand's existence.

Taglines also increase the recall value of the brand amongst the customers.

Back 40

Advertising

Front 41

The individuals involved in the sale and purchase of products or services come under ___________.

Back 41

People

Front 42

Refers to a process used by marketers to create an image in the minds of a target market.

Back 42

Positioning or Process

Front 43

This is the concept of branding and using of Unique Selling Proposition (USP). Think of it like a trademark to make the brand of the business noticeable at first glance.

Back 43

Physical Evidence or Packaging

Front 44

These are so you can move strategically towards your goals.

Back 44

Setting Objectives and Targets

Front 45

Your business position in the market against your competitors.

Back 45

Competitive Analysis

Front 46

Are different from products in a way that a "_______" is "what the consumers buy", while the product is "what concern/companies make".

Back 46

Brand

Front 47

Helps the customers identify and differentiate one product from another.

Back 47

Brand Name

Front 48

It's the use of a name, term symbol or design---or a combination of these---to identify a product.

Back 48

Branding

Front 49

5-step Process of Selecting a renowned and successful Brand Name.

(D, G, S, G, C)

Back 49

Define the objectives of branding in terms of six criterions (descriptive, suggestive, compound, classical, arbitrary & fanciful).

Generation of multiple names.

Screening of names based on branding objectives & marketing considerations to have a more synchronized list

Gathering more details on each finalized names.

Conducting consumer research

Front 50

The ability to make a profit.

Back 50

Profitability