entrepreneur CT9 3 - 5

A consumer need or want that can potentially be fulfilled by a new business is called:

• Business idea

• Business offer

• Business opportunity

• Source of opportunity

A product or service that people strongly desire is defined as:

• Business opportunity

• Want

• Need

• Entertainment

. 

Four common ways of turning ideas into opportunities are:

• Business agreements, Franchises, New discoveries

• Creating a prototype, Buying a Franchise, Buying an independent business.

• Finding people needs, wants and starting a new business

• Starting a new business, buying an independent business, buying a franchise, and becoming an inventor

Which of the following factors does the macro-environment not

include?

• political and regulatory factors.

• customer needs in a given market.

• social and demographic factors.

• technological changes

"A process and activities which meets customers’ requirements or needs either by satisfying them or by providing value to them in exchange for value to the companies." are definition from ___________

• Management

• Marketing

• Business Communication

• Satisfaction

There are _________________ basic concepts of Marketing

• 2

• 4

• 5

• 8

The products concept holds that consumers will buy products that offer the most quality performance and features.

These are refer as __________________

T

• Production

• Product concepts

• Selling Concept

• Marketing concepts

This concept is used for goods which customers don't buy normally, unsought goods like insurance, blood donation, etc.

• Product concept

• production concept

• selling concept

• societal marketing concept

List down 3 types of planning

Answer explanation

Strategic planning

Tactical planning

Operational planning

Describe the differences between effectiveness and efficiencies.