Entrepreneurship and Market Research

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Questions and Answers

What is a want in a business context?

A need that arises during a pandemic situation

Something that a person would like to possess, either immediately or later (correct)

A luxury item that is not essential for daily life

A necessity that a person cannot live without

What is the primary focus of the 'finding out about the market' key to business success?

Manufacturing the product

Identifying the strengths and weaknesses of the competition (correct)

Determining the price of the product

Developing a marketing and promotion strategy

What is a key consideration when setting the price of a product?

The desired profit margin only

The price of similar products in the market

The cost of production only

The cost of production and the desired profit margin (correct)

What is the primary focus of the 'people' key to business success?

Identifying the main skills needed to run the business Signup and view all the answers

What is the primary focus of the 'finance' key to business success?

Determining the finance required to start up Signup and view all the answers

What is the role of coordination in a business?

To ensure all functional areas work together to achieve corporate objectives Signup and view all the answers

Why is it essential to have a good business idea?

Because it defines what business to enter and what to sell Signup and view all the answers

What is a critical factor to consider when introducing a new product, such as a sanitizer, to the market?

All of the above Signup and view all the answers

What is a key aspect of understanding the business environment in this course?

Analyzing the business environment from an ethical and socially responsible perspective Signup and view all the answers

What type of assessment accounts for the largest percentage in the eligibility criteria for passing the course?

CAT Signup and view all the answers

Which author is NOT listed in the recommended learning materials for this course?

Porter, M. Signup and view all the answers

What is one of the primary focuses of Unit 1 in the syllabus outline?

Understanding various forms of business ownership opportunities Signup and view all the answers

Which statement best describes the relationship between business objectives and potential conflicts?

Conflicts can arise between business objectives but can be managed with appropriate solutions. Signup and view all the answers

What is required for the final examination to be considered valid?

A minimum score of 40 must be achieved Signup and view all the answers

Which of the following is a key concept related to ethical business practices discussed in this course?

Balancing profit motives with societal expectations Signup and view all the answers

Which aspect is NOT part of the discussion about the uncertain business environment and business plans?

Ignoring global market trends Signup and view all the answers

Study Notes

Wants and Business Ideas

Wants are desires for possession, either immediate or future.
A strong business idea clearly defines what will be sold, e.g., selling "high quality sports shoes" rather than just "trainers."
Consider the pandemic's impact when developing new business ideas.

Market Research

Identify existing products in the market to understand competition.
Analyze customer preferences and trends, such as fashion choices in footwear.
Assess the competition's strengths and weaknesses before launching a new product like a sanitizer.

Marketing and Finance

Determine appropriate pricing strategies, such as undercutting competitors to build market share.
Calculate startup costs, including rent, wages, machinery, and distribution expenses.

Essential Business Skills

Understand key skills required to manage a business effectively.
Identify necessary manufacturing skills for product creation.

Coordination of Business Functions

Ensure functional areas like finance, marketing, operations, and HRM collaborate to meet corporate objectives.

Startup Failures

Familiarize with reasons startups fail by reviewing case studies from previous years.

Purpose of Business Activity

Recognize the importance of defining the goals and objectives of a business.

Factors of Production

Understand that production requires specific resources, including labor, materials, and technology.

Business Objectives and Value Addition

Business objectives stem from the overall aim and include specific goals.
Value added represents the difference between selling price and raw material costs.
Profit is calculated by subtracting all production costs from total sales revenue.

Class Activity and Stakeholders

Engage in discussions differentiating between a business's vision and mission.
Explore the hierarchy of business objectives and provide relevant examples.
Recognize stakeholders, defined as individuals or groups with interests in an organization's activities.

Course Information

Course credits and assessment details outline the requirements for successful completion.
Eligibility criteria include specific averages from continuous assessments and major projects.

Recommended Learning Materials

Familiarize with suggested textbooks covering various aspects of business studies, management, and organizational behavior.

Syllabus Overview

Unit 1 focuses on understanding the business environment through ethical and responsible perspectives.
Examine forms of business ownership and conflict resolution regarding objectives.
Develop business plans responsive to changing environmental conditions.

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Description

Learn about business ideas, wants, and market research. Understand how to identify competition, analyze customer preferences, and assess strengths and weaknesses.