Focus Group Methodologies

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Questions and Answers

What is the main purpose of a MINI FOCUS GROUP?

  • To obtain detailed, individual feedback from a smaller group of participants. (correct)
  • To conduct focus groups remotely through video conferencing tools like Zoom, Skype, or Team.
  • To facilitate brainstorming and the generation of new ideas from experts in different fields.
  • To provide a more private and intimate setting for participants to share their thoughts on sensitive topics.

What is a key benefit of using a TELECONFERENCE FOCUS GROUP?

  • It enables participants to share their thoughts and ideas in an anonymous setting. (correct)
  • It allows for a more diverse range of participants, ensuring a broader perspective on the topic.
  • It is more cost-effective than in-person focus groups, saving time and resources.
  • It promotes a more casual and relaxed environment, encouraging participants to be more open and honest.

Which type of focus group emphasizes the collaboration and input of experts from various fields?

  • TELECONFERENCE FOCUS GROUP
  • MINI FOCUS GROUP
  • VIDEO CONFERENCE FOCUS GROUP
  • CREATIVITY FOCUS GROUP (correct)

What is the main difference between a MINI FOCUS GROUP and a traditional focus group?

<p>MINI FOCUS GROUPS involve a smaller number of participants, creating a more intimate atmosphere. (D)</p> Signup and view all the answers

What is a potential downside of conducting focus groups remotely via video conferencing?

<p>It can be more challenging to establish rapport and build trust among participants in a virtual setting. (D)</p> Signup and view all the answers

What does the French word 'Entreprendre' mean?

<p>To undertake (A)</p> Signup and view all the answers

Which of the following is NOT a common competency in entrepreneurship?

<p>Impatient (D)</p> Signup and view all the answers

Which competency involves the ability to see business opportunities first?

<p>Opportunity seeker (A)</p> Signup and view all the answers

What does it mean for an entrepreneur to be proactive?

<p>To control situations by making things happen (C)</p> Signup and view all the answers

What characteristic defines an entrepreneur's ability to persuade others?

<p>Persuasion (D)</p> Signup and view all the answers

Which of the following describes the entrepreneurial trait of perseverance?

<p>Pursuing goals despite obstacles (B)</p> Signup and view all the answers

What is involved in the economic activity of entrepreneurship?

<p>Creating and operating an enterprise (C)</p> Signup and view all the answers

What risk-related quality is essential for entrepreneurs?

<p>Taking calculated risks (D)</p> Signup and view all the answers

Which type of entrepreneur is known for creating new things through innovative ideas?

<p>Innovative entrepreneur (B)</p> Signup and view all the answers

What do imitating entrepreneurs primarily do?

<p>Follow the ideas of others (A)</p> Signup and view all the answers

Which type of entrepreneur requires satisfaction before they take action?

<p>Fabian entrepreneur (C)</p> Signup and view all the answers

Which type of entrepreneur is most likely to resist change and rely heavily on traditional methods?

<p>Drone entrepreneur (D)</p> Signup and view all the answers

What is one of the main benefits of entrepreneurship to an organization?

<p>Development of managerial capabilities (B)</p> Signup and view all the answers

How do social entrepreneurs contribute to society?

<p>By initiating change in various fields (B)</p> Signup and view all the answers

What aspect of entrepreneurship is associated with risk bearing?

<p>Making calculated risks to offset potential losses (A)</p> Signup and view all the answers

Which of the following is NOT a relevance of entrepreneurship to an organization?

<p>Developing culinary skills (B)</p> Signup and view all the answers

Which method allows a business to sell products without carrying inventory?

<p>Dropshipping (C)</p> Signup and view all the answers

What does the unique selling proposition primarily describe?

<p>How a product is sold to customers (A)</p> Signup and view all the answers

Which one of the following is NOT a characteristic of a potential market?

<p>Manufacturing cost (C)</p> Signup and view all the answers

In understanding the market, what does gaining a deep understanding of your target audience involve?

<p>Analyzing competitors and industry landscape (C)</p> Signup and view all the answers

Which factor can create high demand in a market?

<p>Profitability (B)</p> Signup and view all the answers

What does demographic information in market analysis typically refer to?

<p>Consumer characteristics like age and income (B)</p> Signup and view all the answers

What role do substitute products play in a market?

<p>They serve the same purpose as another product (A)</p> Signup and view all the answers

What is a crucial concept in business involving understanding competitors and the market landscape?

<p>Value Proposition (A)</p> Signup and view all the answers

What is a key component in assessing cultural considerations in a market?

<p>Researching supply and demand in the local context (A)</p> Signup and view all the answers

What does a SWOT analysis help to identify?

<p>Strengths, weaknesses, opportunities, and threats of a business (D)</p> Signup and view all the answers

When evaluating economic viability, which aspect should be prioritized?

<p>Purchasing power and price sensitivity (B)</p> Signup and view all the answers

Which method can be used to understand customer requirements effectively?

<p>Conducting market research and engaging with potential customers (C)</p> Signup and view all the answers

What should a marketing plan clearly define?

<p>The target demographics and strategies for reaching them (A)</p> Signup and view all the answers

What must be analyzed to identify market gaps successfully?

<p>Competitors' strengths and weaknesses (C)</p> Signup and view all the answers

What is a critical factor for the success of a new product in the market?

<p>Alignment with local cultural values (C)</p> Signup and view all the answers

Which of the following is NOT part of the competitive analysis?

<p>Analyzing consumer demographics (D)</p> Signup and view all the answers

What is the main objective of an informational interview?

<p>To seek advice and learn about a specific employer or sector (C)</p> Signup and view all the answers

What distinguishes a stress interview from other interview types?

<p>It includes pressure tactics to evaluate the candidate's reaction (D)</p> Signup and view all the answers

In a dual-moderator focus group, what is the role of the first moderator?

<p>To ensure that the session runs smoothly (C)</p> Signup and view all the answers

What purpose does the respondent moderator focus group serve?

<p>To allow group respondents to also take on moderator roles (D)</p> Signup and view all the answers

What is a primary characteristic of a two-way focus group?

<p>It involves simultaneous sessions with separate moderators (C)</p> Signup and view all the answers

What is the main advantage of using focus groups for gathering ideas and concepts?

<p>They provide an excellent method for generality and screening (D)</p> Signup and view all the answers

Which type of interview is typically designed to assess problem-solving skills?

<p>Task-oriented interview (A)</p> Signup and view all the answers

What is a common approach in a dueling moderator focus group?

<p>Moderators have opposing opinions to encourage diverse perspectives (B)</p> Signup and view all the answers

Flashcards

Entrepreneur

A person who undertakes the risk of starting and running an enterprise.

Entrepreneurship

The process of creating and managing a new business venture.

Decisive

A competency where an entrepreneur makes firm and timely decisions.

Communicator

An entrepreneur who has convincing power and effectively conveys ideas.

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Opportunity Seeker

An entrepreneur’s ability to identify and act on business chances.

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Innovative

A competency focused on generating new ideas and improving existing ones.

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Risk Taker

An entrepreneur who is willing to take calculated risks in pursuit of business ideas.

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Proactive

The ability to control situations by preparing for future challenges.

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Environmental Factors

Elements impacting entrepreneurship, like political and legal systems.

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Profit Potential

The entrepreneur's ability to earn money from operations.

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Risk Bearing

The entrepreneur's responsibility to manage and offset risks.

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Innovative Entrepreneur

An entrepreneur who creates new ideas and products.

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Imitating Entrepreneurs

Entrepreneurs who copy ideas from others rather than create new ones.

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Fabian Entrepreneurs

Skeptical entrepreneurs who wait for assurance before acting.

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Social Entrepreneurs

Entrepreneurs who drive social change in areas like education and health.

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Means of Economic Development

The role of entrepreneurship in improving overall economic conditions.

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Cultural Considerations

Factors like culture, religion, and environmental influences that impact buying decisions.

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SWOT Analysis

A tool to identify Strengths, Weaknesses, Opportunities, and Threats in a business context.

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Competitive Analysis

The process of evaluating competitors to understand their strategies and gaps in the market.

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Economic Viability

Assessment of purchasing power and price sensitivity to ensure product affordability and profitability.

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Market Research

The act of gathering information about consumer needs and market demand.

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Customer Segmentation

The process of identifying and defining different groups within your target audience.

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Marketing Plan

A strategy that outlines how to promote and sell products to consumers.

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Consumer Behavior

The study of how consumers make decisions about purchasing products or services.

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Value Proposition

A statement that explains why a consumer should buy a product.

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Target Customer

The specific group of consumers a business aims to sell its products to.

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Wholesale

Buying products in bulk from a manufacturer at lower prices.

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Dropship

A retail fulfillment method where the seller doesn’t keep stock but transfers orders to the manufacturer.

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Market Recognition

Understanding your target audience, competitors, and industry landscape.

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Potential Market

A segment or demographic that could buy a product but hasn't yet.

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Demographic

Statistics that characterize a population, such as age or income level.

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Competition Model

Framework outlining how businesses compete in a market.

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Informational Interview

An interview to seek advice about a specific employer or job.

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Stress Interview

An interview method that tests candidates under pressure.

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Task-Oriented Interview

Structured interviews that assess problem-solving through tasks.

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Focus Group Discussion

A moderated group interview to gather user insights and ideas.

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Two-Way Focus Group

Two simultaneous focus groups with separate moderators.

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Dueling Moderator Focus Group

Focus group where moderators take opposing views.

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Respondent Moderator Focus Group

A focus group where participants take on moderator roles.

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Focus Group with Clients

Focus groups that include clients for direct insights.

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Mini Focus Groups

Small groups of 4 to 5 participants used for private discussions.

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Creativity Focus Group

A group designed to generate ideas by inviting diverse respondents to a single project.

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Remote Focus Groups

Focus groups held via teleconference to reduce biases and maintain anonymity.

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Teleconference Focus Groups

Focus groups conducted by telephone to ensure participant anonymity, especially for sensitive topics.

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Videoconference Focus Groups

Focus groups conducted using video tools like Skype or Teams for a virtual meeting space.

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Study Notes

Concept of Entrepreneurship

  • "Entrepreneur" is derived from the French word "Entreprendre," meaning "to undertake"
  • An entrepreneur takes on the risk of starting a business
  • Entrepreneurship is the process of creating an enterprise by an entrepreneur

Factors Affecting Entrepreneurship

  • Personality:
    • Initiative: Taking action without prompting
    • Proactive: Identifying and seizing opportunities
    • Problem-solving: Maintaining good relationships with others
    • Perseverance: Pursuing goals despite challenges
    • Persuasion: Convincing others to buy products/services
    • Planning: Developing plans before action
    • Risk-taking: Willingness to gamble (calculated)
  • Environmental:
    • Political climate
    • Legal system
    • Economic climate

Common Competencies in Entrepreneurship

  • Decisiveness: Firm in decision making
  • Communication: Convincing communicators
  • Leadership: Charismatic leaders
  • Opportunity seeking: Identifying business opportunities
  • Proactive: Controlling situations by making things happen
  • Risk Taking: Courage to pursue business ideas
  • Innovative: Developing new business ideas and continuously improving

Core Competencies in Entrepreneurship

  • Economic and dynamic activity: Entrepreneurship is an economic activity that creates value and wealth
  • Innovative: Constantly seeking new ideas and being creative

Profit Potential in Entrepreneurship

  • The entrepreneur can be compensated by profits from business operations
  • Entrepreneurs need to manage risk

Types of Entrepreneurs

  • Innovative: Creates new things
  • Imitative: Follows the ideas of others
  • Fabian: Skeptical, initiate only after satisfied
  • Drone: Relies on others' labor
  • Social: Aims to create positive societal change

Career Opportunities in Entrepreneurship

  • Business consultant: Offers advice to other entrepreneurs
  • Teacher: Using experience to teach entrepreneurship
  • Researcher: Employed within enterprises/industries
  • Salesperson: Selling products/services
  • Business reporter: Reports on business trends

Determining Products for Local Markets

  • Market Research: Analyzing demographics to discover trends
  • Surveys and Interviews: Collecting data about the local market's needs and preferences
  • Competitor Analysis: Examining existing businesses and identifying gaps
  • Community Engagement: Understanding local residents' interests
  • Spending Patterns: Identifying spending habits of residents
  • Evaluating Unmet Needs: Identifying local problems and needs
  • Using Government and Market Data: Assessing local market needs
  • Leveraging Online Tools: Using tools to identify local interests/gaps

Viability, Profitability, and Customer Requirements

  • Failing of a business product negatively impacts a small business.
  • Consider making, manufacturing, wholesaling, or dropshipping the business.

Understanding the Market

  • Understanding target audience, competitors, and the overall industry landscape

Buyers

  • Buyers are the consumers of goods and services

Potential New Entrants

  • Businesses looking to enter the industry

Rivalry Among Existing Firms

  • Competition between existing companies

Substitute Products

  • Products that serve a similar purpose to the main product

Suppliers

  • Suppliers of necessary products/services to the business

Market Research

  • Systematic process involving data analysis for market understanding

Interviewing Techniques

  • Primary market research: New data collection
  • Secondary market research: Existing data analysis
  • Quantitative research: Numerical data
  • Qualitative research: Non-numerical data
  • Types of interviews: Individual, group (small or large), second-round/on-site, all-based behavioral

Focus Groups

  • Useful in identifying ideas and understanding needs
  • Types: Two-way Focus, Dual-moderator, Respondent Moderator, Focus Groups with Clients, Mini-Focus Group
  • Remote Focus Groups: Conducted via phone/video conference

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