Podcast
Questions and Answers
What is considered a product in the market?
What is considered a product in the market?
- Only services that provide tangible benefits
- A combination of goods and promotional strategies
- Only physical goods that can be sold
- Anything that can be offered in the market (correct)
Why is it essential to assess customer needs?
Why is it essential to assess customer needs?
- To reduce the cost of production
- To increase the number of products in inventory
- To simplify marketing strategies
- To ensure customer satisfaction and loyalty (correct)
What is one method entrepreneurs can use to identify customer needs effectively?
What is one method entrepreneurs can use to identify customer needs effectively?
- Conducting surveys without follow-up
- Ignoring customer feedback
- Listening and asking the right questions (correct)
- Offering a limited range of products
Which of the following is NOT a part of the entrepreneurial process?
Which of the following is NOT a part of the entrepreneurial process?
What should entrepreneurs do after identifying customer needs?
What should entrepreneurs do after identifying customer needs?
What is a critical component of developing a business plan?
What is a critical component of developing a business plan?
Which step includes determining the resources required to start the business?
Which step includes determining the resources required to start the business?
What is the main focus during the Running the Business phase?
What is the main focus during the Running the Business phase?
Flashcards
Product
Product
Anything offered in the market, either advertised or promoting a belief.
Service
Service
A product involving activities or procedures benefiting the buyer, even without a physical purchase.
Customer Needs Assessment
Customer Needs Assessment
Identifying customer needs to ensure satisfaction, address unique needs, and avoid legal issues.
Entrepreneurial Process
Entrepreneurial Process
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Opportunity Spotting
Opportunity Spotting
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Business Plan
Business Plan
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Capital Need
Capital Need
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Running a Business
Running a Business
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Study Notes
Products and Services
- Products are anything offered in the market, potentially advertised or advocating a brand's beliefs.
- Services are activities or procedures benefiting the buyer, even without a tangible purchase.
Assessing Customer Needs
- Crucial for customer satisfaction and loyalty.
- Addresses diverse and complex customer needs.
- Helps customers clarify their needs.
- Reduces legal issues and brand risks.
- Requires identifying customer needs precisely.
- Involves actively listening to and questioning customers.
- Identifying related and additional customer needs is important.
- Entrepreneurs leverage their knowledge and experience to offer appropriate products/services/solutions.
Entrepreneurial Process
- Essential for all businesses across all industries.
- Key steps include:
- Opportunity Recognition & Assessment: Identifying opportunities by studying consumer behavior.
- Business Plan Development: Comprehensive plan detailing marketing, operations, HR, financials, and strategic direction.
- Capital Needs Determination: Evaluating resources required for business establishment and comparing them to available resources.
- Business Execution: Utilizing allocated resources to implement the business plan, monitor operations, marketing, and performance.
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