Podcast
Questions and Answers
What is the first step to identifying good opportunities for entrepreneurship?
What is the first step to identifying good opportunities for entrepreneurship?
Which of the following is NOT mentioned as a factor to assess during self-assessment?
Which of the following is NOT mentioned as a factor to assess during self-assessment?
When considering an idea or technology, which question is most relevant to understanding customer demand?
When considering an idea or technology, which question is most relevant to understanding customer demand?
What is essential for establishing a competitive advantage?
What is essential for establishing a competitive advantage?
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What is one potential way to start a new venture according to the provided content?
What is one potential way to start a new venture according to the provided content?
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Which of the following describes starting a venture by having technology?
Which of the following describes starting a venture by having technology?
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What element of self-assessment involves understanding inefficiencies from past work experiences?
What element of self-assessment involves understanding inefficiencies from past work experiences?
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What can be a driving factor for someone to start a venture based on passion?
What can be a driving factor for someone to start a venture based on passion?
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Which of the following factors is crucial when evaluating the problem to be solved?
Which of the following factors is crucial when evaluating the problem to be solved?
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Which question would help assess the viability of the market for your idea?
Which question would help assess the viability of the market for your idea?
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Which statement reflects a common misconception about starting a new venture?
Which statement reflects a common misconception about starting a new venture?
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What should be considered when evaluating your connections for entrepreneurship?
What should be considered when evaluating your connections for entrepreneurship?
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During which week is a tutorial discussion scheduled for M3 preparation?
During which week is a tutorial discussion scheduled for M3 preparation?
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What is not one of the three ways to start a new venture mentioned?
What is not one of the three ways to start a new venture mentioned?
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What activity is scheduled for Week 17 in January?
What activity is scheduled for Week 17 in January?
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Which of the following is likely the focus of Week 12 activities?
Which of the following is likely the focus of Week 12 activities?
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What percentage of recyclable products does FairPhone use in its modular cell phones?
What percentage of recyclable products does FairPhone use in its modular cell phones?
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What does 'market pull' refer to in business strategy?
What does 'market pull' refer to in business strategy?
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What is a crucial step before moving to market segmentation?
What is a crucial step before moving to market segmentation?
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Why might skipping straight to market segmentation be problematic?
Why might skipping straight to market segmentation be problematic?
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What is recommended if someone does not have an initial idea for a business?
What is recommended if someone does not have an initial idea for a business?
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Which of the following is true about coming up with a good market pull?
Which of the following is true about coming up with a good market pull?
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What should an entrepreneur be open to during the ideation process?
What should an entrepreneur be open to during the ideation process?
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What must be true for a new venture's idea to be considered viable?
What must be true for a new venture's idea to be considered viable?
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What is the main goal of positioning a product in the market?
What is the main goal of positioning a product in the market?
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Why is it problematic for a product to attempt to appeal to all consumers?
Why is it problematic for a product to attempt to appeal to all consumers?
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In the context of biotechnology products, what should positioning focus on?
In the context of biotechnology products, what should positioning focus on?
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What is the essence of branding as defined in the provided content?
What is the essence of branding as defined in the provided content?
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How can real positioning of a product be classified?
How can real positioning of a product be classified?
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What type of positioning focuses on consumer perceptions and expectations?
What type of positioning focuses on consumer perceptions and expectations?
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For market research, what is essential for ensuring representativeness?
For market research, what is essential for ensuring representativeness?
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In branding, what is a significant aspect for biotechnology products?
In branding, what is a significant aspect for biotechnology products?
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What should be considered when determining the appropriate sample size for market research?
What should be considered when determining the appropriate sample size for market research?
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What is NOT a characteristic of effective product differentiation?
What is NOT a characteristic of effective product differentiation?
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What is the primary goal of a firm's competitive strategy?
What is the primary goal of a firm's competitive strategy?
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Which category in the Growth/Share Matrix refers to products with low growth or market share?
Which category in the Growth/Share Matrix refers to products with low growth or market share?
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What characterizes an open market?
What characterizes an open market?
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Which of the following is a characteristic of a closed market?
Which of the following is a characteristic of a closed market?
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In a fragmented market, what does it mean when it is described as being shared by several brands?
In a fragmented market, what does it mean when it is described as being shared by several brands?
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What is a feature of a concentrated market?
What is a feature of a concentrated market?
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Which example best represents a structured market?
Which example best represents a structured market?
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In strategic planning, which of the following best describes 'Cash cows'?
In strategic planning, which of the following best describes 'Cash cows'?
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What is the impact of a protectionist market on international competition?
What is the impact of a protectionist market on international competition?
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Which of the following markets is likely to be non-structured?
Which of the following markets is likely to be non-structured?
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What is a characteristic of random sampling?
What is a characteristic of random sampling?
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What is a potential drawback of quota sampling?
What is a potential drawback of quota sampling?
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Which of the following is a characteristic of open questions?
Which of the following is a characteristic of open questions?
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What is a significant drawback of closed questions?
What is a significant drawback of closed questions?
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What is an example of a pre-formatted question?
What is an example of a pre-formatted question?
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In which situation might quota sampling be challenging?
In which situation might quota sampling be challenging?
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How does the interpretation of open questions compare to closed questions?
How does the interpretation of open questions compare to closed questions?
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Which of the following describes a benefit of using closed questions?
Which of the following describes a benefit of using closed questions?
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Study Notes
Introduction to Innovation and Business Creation in Bioengineering
- The presentation focuses on innovation and business creation within the field of bioengineering.
- It details a program called IGNILAB, designed to support entrepreneurs in transforming ideas into social impact businesses.
- The target audience for this program includes students, graduates, faculty, and researchers at the University of Minho.
Program IGNILAB
- The program IGNILAB aims to aid entrepreneurs in developing social impact business models from their ideas.
- It helps participants in the initial steps of business development, specifically focusing on product and/or service opportunities.
- Teams of up to five people are encouraged to apply.
Program Schedule and Modules
- A detailed weekly schedule outlines both theoretical and practical coursework for the program.
- Includes introduction to bioengineering and entrepreneurship concepts .
- Several modules cover market and intellectual property research, business models, funding, and customer feedback.
- Includes a practical class, a creativity challenge, and project distribution.
- A final project presentation is planned.
Starting a New Venture
- Having an idea, technology, or passion are three ways to initiate a new venture.
- Individuals with a passion can identify personal strengths and weaknesses to determine suitable venture opportunities.
- Those with an existing idea can refine it to ensure market viability and customer demand.
- Those with technology can assess the urgency of a problem and develop a solution.
- These various starting points should also account for competitor analysis.
- Identifying a market need and potential market size are important factors when developing ideas and technologies.
- Researching and analyzing the competitive landscape to pinpoint a competitive advantage to differentiate from competitors is critical.
Identifying Market Gaps
- A market gap exists when a need is not met, either by a product, service, or an innovative approach.
- Researching existing solutions is recommended to understand customer satisfaction levels, which, if inadequate, signifies a market opportunity (or gap).
- Identify product or service aspects that can be improved, leading to the development of something new or better in the market.
- Thoroughly research, assess, and be flexible in finding suitable market gaps, being ready to adapt ideas for market success.
Market Pull and Technology Push
- "Market pull" focuses on identifying an unmet need and developing a solution to address it, driven by customer demand.
- A "technology push" approach involves leveraging a new technology or a concept to discover a market for it.
Market Segmentation
- Market segmentation divides the target market into homogenous sub-groups based on needs, wants, and behaviour traits.
- Factors to segment the market include geography, demographics, psychographics, and behavior/usage and should provide insight about customer groups.
- A good market strategy should overcome geographical challenges to tap into various market segments and provide appropriate product/service delivery mechanisms across different regions.
B2B and B2C Marketings
- Business-to-business (B2B) marketing involves fewer, larger purchasers.
- Business-to-consumer (B2C) marketing targets many individual purchasers or customers.
- The presentation describes a value chain for both business models.
Types of Business Customer
- Customer segmentation is useful for companies to target different types of customer groups.
- D - Customers who don't have a problem.
- C - Customers who know they have a problem, but don't know what to do about it.
- B - Customers who like the product, but need to do more research.
- A - Customers who want a proposal and can sign.
Consumer Needs Assessment
- Know your customer, have a good product, communicate the product offer, ensure easy product purchase, ensure you get paid.
- Understand who the consumers are - demographics, psychographics, behaviour, usage (age, sex, income, lifestyles, buying habits, preferences) and understanding their needs.
- Segmentation divides a population into homogeneous groups.
Market Positioning
- Positioning means communicating how the product fits into the minds of consumers and how customers perceive the product.
- Differentiate from competitors and recognize your product as different.
- Position the product to address the customer's needs, wants, issues, and values, rather than generic features.
Marketing Tools
- Consider market outlook, potential market analysis and segmentation, consumer need identification.
- Assess factors such as price, performance, duration, versatility, deadlines, precision, ease of use, maintenance and repair.
- Ease of installation, low installation costs, product dimensions, design, and appearance, and the degree of innovation are also important aspects.
- External and internal factors of the organization should be investigated during the SWOT analyses to identify possible opportunities or threats.
Business Intelligence
- Datamonitor, The Economist Intelligence Unit (EIU), Nielsen Media Research, and InformaDB (D&B) are some data analysis providers.
- They provide business solutions leveraging their statistical and analytical expertise.
Competitive Analysis Frameworks
- SWOT analyses: Strength, Weakness, Opportunities, and Threats.
- Porter's Five Forces analysis: Examine the competitive and industrial environment.
- Strategic Group Analysis: Evaluate competitive positions within an industry.
- Benchmarking and Blue Ocean strategy: Evaluate competitors and develop a unique market approach.
- Customer Analysis: Investigate consumer attributes.
Market Research Methods
- Focus groups, surveys, questionnaires, and interviews are methods for collecting and analyzing data on customers.
- Sample selection is a crucial aspect ensuring representative data from the target customers.
- Interviews often work effectively for smaller, specific consumer markets (B2B).
- Questionnaires are valuable for reaching out to extensive consumer markets (B2C).
- The presentation provides examples of question types, such as open-ended and closed-ended questions as well as attitude scales.
Market Pull and Push for New Product Development
- The strategies of market pull and technology push are both important considerations in the development of a new product.
- Market pull focuses on satisfying a need in a market that already exists.
- Technology push focuses on developing new methodologies to create a new market.
Market Types
- Open markets have no restrictions on entry or pricing.
- Closed markets have restrictions to limit competition and protect local producers.
Market Segmentation
- Important factors to segment your customer base (customers’ profile, their needs, their behavior).
- Effective market segmentation helps in understanding the target market better by classifying their characteristics
Additional Information (Summarized):
- The program emphasizes finding a market need and crafting the right product or service to satisfy that need.
- The presentations include visual aids and graphics that summarize specific concepts covered in the presentation, including market segmentation schemes and competitive analyses.
- Examples of product categories are mentioned, including analgesics, TV channels (and associated services), razors, and perfumes.
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