Entrepreneur Skills and Business Concepts Quiz
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Questions and Answers

What section of the market analysis provides an overview in just one paragraph?

  • SWOT Analysis
  • Market Overview (correct)
  • Target Market Analysis
  • Competitive Landscape
  • Which type of business model involves converting raw materials into products?

  • Franchise
  • Consulting
  • Manufacturing (correct)
  • Retail
  • In the SWOT Analysis, which factors are considered external and could raise profit?

  • Weaknesses
  • Opportunities (correct)
  • Threats
  • Strengths
  • Which type of business model involves a service that requires monthly payments, like Netflix or Spotify?

    <p>Subscription</p> Signup and view all the answers

    What is the main purpose of the Recommendation section in a market analysis?

    <p>Suggest actions based on the analysis</p> Signup and view all the answers

    Which part of the market analysis focuses on analyzing internal factors that could affect profit?

    <p>SWOT Analysis</p> Signup and view all the answers

    What is a key skill set needed for an entrepreneur to succeed?

    <p>Creativity and innovation</p> Signup and view all the answers

    Which type of customer makes purchases only when materials are needed?

    <p>Need-based customer</p> Signup and view all the answers

    What does competitive advantage refer to in business?

    <p>Being able to produce goods or deliver services better than competitors</p> Signup and view all the answers

    What does cost-leadership strategy in establishing a competitive advantage involve?

    <p>Becoming the lowest cost manufacturer of a good or service</p> Signup and view all the answers

    Which component of competitive advantage involves developing a unique product or service that competitors can't replicate?

    <p>Value proposition</p> Signup and view all the answers

    What type of customer makes purchases based on sales seasons?

    <p>Discount customer</p> Signup and view all the answers

    What is the main focus of the Cost Focus strategy mentioned in the text?

    <p>Being the lowest cost producer in a concentrated market segment</p> Signup and view all the answers

    How is a customer classified in the context of Market Analysis as per the text?

    <p>As a specific person that avails a product</p> Signup and view all the answers

    Which question should be answered by conducting a Market Study, according to the text?

    <p>What are the shopping habits of customers?</p> Signup and view all the answers

    What is the purpose of drawing graphics of customers in Market Analysis?

    <p>To identify potential customers</p> Signup and view all the answers

    In Market Analysis, what does 'Differentiation focus' involve?

    <p>Customizing products for a narrow segment</p> Signup and view all the answers

    What is the key aspect of Market Identification based on the text?

    <p>Quantitative appraisal of the market</p> Signup and view all the answers

    What does a trademark or service mark represent?

    <p>A recognizable sign to distinguish goods or services</p> Signup and view all the answers

    Which type of intellectual property protects the visual appearance of a product?

    <p>Industrial Design</p> Signup and view all the answers

    What does a patent grant to an inventor?

    <p>Exclusive rights to an invention for a limited time</p> Signup and view all the answers

    What is the purpose of protecting undisclosed information?

    <p>To safeguard confidential business information</p> Signup and view all the answers

    What does a geographic indication identify?

    <p>The origin of a product from a specific place</p> Signup and view all the answers

    In terms of intellectual property, what is the purpose of layout design of integrated circuits protection?

    <p>To protect the visual layout of circuit designs</p> Signup and view all the answers

    What is the purpose of a Subscription box service?

    <p>To provide products that are exclusive to subscribers</p> Signup and view all the answers

    What is the main function of Intellectual Property Rights?

    <p>To provide exclusive ownership rights to creators</p> Signup and view all the answers

    What did the passing of RA 8293 in 1997 signify for the Philippines?

    <p>Creation of the intellectual property code</p> Signup and view all the answers

    Which concept grants creators exclusive rights to their original work for a limited time?

    <p>Copyright and related rights</p> Signup and view all the answers

    What is the purpose of Fair Use exception to copyright?

    <p>To legally use copyrighted works under certain conditions</p> Signup and view all the answers

    What are Copyright and related rights intended to do?

    <p>Enable creators to receive compensation for their intellectual effort</p> Signup and view all the answers

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