– are the target market’s stated or silent problems which refers to existing inefficiencies

(a)  

– process of gathering and assessing data to understand the industry conditions

To determine the best strategies for growth and development

(a)  

Direct a company’s advertising activities and staff members as develop creative

Brand-specific ad campaigns

(a)  

Deliver marketing programs to support expansion and growth of company’s service and product

(a)  

Manage all marketing for the company within the marketing department

Develops marketing strategy align with company’s objectives

(a)  

High-level Human Resource duties

Analyze and improve organizational processes and improve quality and efficiency

(a)  

Overall responsibilities for the successful initiation, planning, design, execution, monitoring, and controlling of a project

(a)  

Sell advertising space

Contact potential clients, make sales presentations, and maintain client accounts

(a)  

The highest-ranking executive in a company

Has the major corporate decisions

Board of directors

(a)  

– someone who launch a company, enterprise

The role of creating a business

(a)  

– Someone who can write articles in a prime position

Write business news and business stories in unique and interesting ways to increase leadership.

Keeps update the business

(a)  

– someone whose job is in sourcing, attracting, recruiting, interviewing, on-boarding employees to an organization

(a)  

– the one who educate and train students to solve business problems

Inspire students to increase their entrepreneurial intentions

(a)  

– someone who understands the business concepts and practices

The one who check and assess for business

(a)  

The word “entrepreneur” was derived from the French verb?

(a)  

technical term for business

(a)  

3 types of relevance of Entrepreneurship to an Organization

(a)  

someone who brings resources, labor, materials, and other assets into a combination

An AGGRESSIVE COMPETITOR

Introduces changes and innovations

(a)  

Are those who make new things by thinking of new ideas

(a)  

Are those who only follow the ideas of other entrepreneurs

(a)  

Skeptical about changes to be made in an organization

Analyze first the situation before coming into trends

(a)  

– someone who raise money for specific purpose or events

Organizing the event for raising fund in the business

(a)  

Are those who live on the labor of others

Resistant to change

(a)  

Are those who initiate changes and drive social innovations and transformations in the community

(a)  

Must be firm in making decisions

(a)  

An entrepreneur must have a convincing power

(a)  

An entrepreneur must have the charisma to be obeyed by his employees

(a)  

Has the courage to pursue business ideas

(a)  

The ability to be the first to see business chances

(a)  

An entrepreneur can control the situation by making things happen or by preparing for possible future problems

(a)  

Has big business ideas, does not stop improving and thinking worthwhile ideas for his business

(a)  

Ability to take actions that go beyond job requirements or demands of the situation

(a)  

Taking repeated actions to overcome obstacles that get in the way of achieving goals

(a)  

– someone who knows how to represent a company

Responsible for implementing strategic soles plan

A person that present daily operations or sales to investors or shareholders

(a)  

– assist clients to address operational inefficiencies and possible solutions of a business

Gives advices

(a)  

Speaking politely but firmly, telling others clearly what they have to do

(a)  

Responding positively to employee’s specific needs

(a)  

Desire to produce work of high quality products

(a)  

An entrepreneur must consistently look for ways to do things faster

(a)  

People who have already purchased your product

(a)  

Importance of Market Problems:

People in your target market who are not currently looking for a solution

(a)  

These are the needs that customers openly express or request.

clear and specific

(a)  

These are the needs customers don’t explicitly say

Clearly because they already understood or unaware about the product

(a)  

– the ability to survive and persist

Long-term

Survival of holding profits over a period of time

(a)  

Clearly set the Mission and Vision of a business

(a)  

The people who work for your business

Simply they work for the entrepreneur and they work for the company

(a)  

Helps easing work for employees, speeds up work, increase productivity, and improves quality of products

(a)  

Stand out from others

(a)  

Refers to how much will you finance your new venture

(a)  

Your market/target market (who is your customer?)

(a)  

Do better from your competitors

(a)  

What affect their spending behavior?

(a)  

Your business must consider if it is seasonal or not

(a)  

Your business’ marketing strategy

(a)  

Proper financial plan

(a)  

Must be legal, can the product or service work?

(a)  

Steps in Market Analysis

Once the market analysis is completed, the insights can be used to create effective business strategies, including marketing, product development, and pricing.

(a)  

– the lifeblood of the business

Thoughts, feeling, and experiences shape the decision of the business

(a)  

– market segment to which particular good or service is marketed

(a)  

People who need your product, willing and has the power to buy

(a)  

People who have limited purchasing power

(a)  

– the process of getting information about customer demand, competitors’ product, etc

(a)  

– the process of studying the dynamics and determining the characteristics of a particular marke

(a)  

– the process of grouping similar consumers according to:

(a)  

Socio-economic variables

(a)  

Location

(a)  

Perceptions

(a)  

actions

(a)  

Increase resource efficiency

Stronger brand name

Greater potential for brand loyalty

Stronger and better market differentiation

(a)  

– a statement of your product and service on how it solves for customer’s challenge

(a)  

– a statement that summarizes why customer would choose your product or service.

(a)  

– highlights the specific unique feature

(a)  

– speaks to the overall value of the product

(a)  

– series of interviews of your target market

Used to test a product concept

Process of finding out if the intended primary target market will be buying or availing the product and service.

Always be done before introducing a product ideally

(a)  

– process of gathering, analyzing, and interpreting information about the market

(a)  

Fixed sets of questions

Collects quantifiable information

Can carried out face-to-face through pen and paper, or over the phone online

Keep your surveys short (do not ask many questions)

Close-ended questions

Questions must be clear and easy to understand

(a)  

Based on a set of questions or discussion points

Most effective for qualitative research

Explore people’s opinions or attitudes

Open-ended questionsDevelop a list of questions and key points

Ask follow-up questions

Focus groups last 1-3 hours, and participants are usually paid

(a)  

– refers to the number of participants

(a)  

will give you a clearer picture of your customers

(a)  

You may not need a large sample size to get useful information in more in-depth focus groups

Focus group may consist of 6-8 people, but in surveys larger sample size will help you draw more reliable conclusions from the data you’ve collected

The participants you selected must be able to answer your questions

Select focus group participants based on criteria relevant to your customers

Make sure they agree to participate and outline any potential issues such as confidentiality

(a)  

– communicating the value of a product, service, or brand to customers

Promotion of a product or services

Marketing techniques include choosing target markets through market analysis and market segmentation

(a)  

– putting the right product or combination thereof in the right place, at the right time, and at the right price

(a)  

Manpower

Are reliant to the companies who run them

(a)  

Location where your business is suited for potential customers

It can be online or on-site

(a)  

This is the reason why customers buy or avail them

(a)  

Refers to the monetary value customers pay for a product or service

(a)  

Combination of advertisements

It is used to communicate the value of its products or services to its target audience and persuade them to make a purchase.

(a)  

It is the product that is attracting to customers and cost-efficient at the same time

It captures the attention of your market

(a)  

the procedures and systems put in place to deliver a product or service to the customer

(a)  

– someone who works for a business

(a)  

- the processes, strategies, and skills used to effectively run and grow a business.

(a)  

– how a business structures itself

(a)  

- the shared values, beliefs, and behaviors that influence how individuals and organizations approach innovation, risk-taking, and business development.

(a)  

- focused on prioritizing and addressing customers' needs and satisfaction.

(a)  

- the business of selling goods or services directly to consumers for their personal or household use

(a)  

- the business of buying goods in large quantities

(a)  

- the business of buying goods in large quantities

(a)  

- a powerful tool for communication

(a)  

- where individuals interact directly with each other to exchange goods or services

(a)  

- the strategy of using multiple platforms and methods to reach customers

(a)  

- a pricing strategy where a company initially sets a high price for a new product, then gradually lowers it over time.

(a)  

- a strategy where a company introduces a new product or service at a low initial price to quickly gain market share. Then increase the price later on.

(a)  

- a strategy where a product or service's price is set based on its perceived value to the customer

(a)  

- markup pricing, is a simple pricing strategy where the selling price of a product or service is determined by adding a fixed percentage (the "markup") to the total cost of production.

(a)  

– pricing competitions within the business competitors, a business strategy where a company aims to offer products or services at the lowest possible price within a market or industry, while still maintaining profitability

(a)  

- promotional strategies designed to entice customers with temporary, value-added incentives to encourage immediate purchases

(a)  

- a form of marketing communication used to create awareness and generate interest

(a)  

- a statement of public support for a product or service, often from a well-known person or entity.

(a)  

- a coordinated series of marketing and advertising efforts focused on a specific goal

(a)  

- allowing potential customers to try a product or service for a limited time

(a)  

Uniformity of Offerings

Service Delivery

Service Consumption

(a)  

Design

Quality

Packaging

Warrantie

(a)  

– is a name, symbol, or other feature that distinguishes a seller’s good or services

(a)  

– a long-term design for the development of a popular brand in order to achieve goals and objective

(a)  

; can be viewed in two ways:

Functional: it assesses in profitable reasons or success

Intentional: it provides services by fulfilling to do well in the world

(a)  

To avoid things that do not relate to or improve your brand

Aids to brand recognition, which fuels customer loyalty

(a)  

An emotional voice that whispers “BUY ME”.

You find ways to connect more deeply and emotionally to your customers

(a)  

It allows you to adjust and differentiate your approach from your competition

(a)  

Equally important for your employees to be well versed in how they communicate to customers

(a)  

Important part of brand strategy

A positive relationship between you and your existing customers

Potential customers can expect doing business from you

(a)  

Take it as a challenge to improve your branding and craft a better value in your brand

(a)  

– the overall perception and identity of a business, creates in the minds of a customers

(a)  

– emotional connection to your customers, about who you are

(a)  

– capability of being a leader across the business, about where you stand in the market

(a)