Questions and Answers
Which factor accounts for the largest percentage of the grading system in this entrepreneurship course?
What is an essential skills prerequisite for students in this entrepreneurship course?
Which institutional value encourages students to analyze and evaluate information critically in the context of entrepreneurship?
What is NOT one of the learning outcomes of this entrepreneurship lesson?
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Which of the following is NOT mentioned as a material for the entrepreneurship course?
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What is the main focus of the introductory lesson in the entrepreneurship course?
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How many hours are allocated for the introductory lesson on entrepreneurship?
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Which of the following best describes the relevance of Entrepreneurship to society?
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What is the main focus of service requirements in customer specifications?
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Which of the following best defines Must Haves in customer requirements?
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What distinguishes Satisfiers from Delighters in customer requirements?
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Which type of requirement refers to tangible characteristics of a product?
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What is an example of a Satisfier based on customer expectations?
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In customer requirements, which of the following is considered a Delighter?
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How do Must Haves typically affect customer satisfaction when fulfilled?
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Which aspect is NOT included in Service Requirements?
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What aspect indicates that a proposed business has a competitive edge?
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Why is it important to have sufficient funds for a proposed business venture?
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Which of the following items is NOT included in the Business Viability Checklist?
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What is the purpose of identifying a business' uniqueness in the viability checklist?
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How does understanding consumer economic status impact the viability of a business?
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When should a financial plan be established according to the viability checklist?
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What should be considered according to the Business Viability Checklist relevant to seasonal offerings?
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What main purpose does the Business Viability Checklist primarily serve?
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What is the primary goal when identifying new potential markets?
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Which of the following is NOT a question to help identify new markets?
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Which market example would be a suitable target for a business selling face masks and PPE?
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What type of information is crucial when developing new marketing strategies for a potential market?
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When assessing new demographic groups, what should be a key focus?
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Which of the following describes 'available market' in the context provided?
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What is a critical component for recognizing overlaps between current and new customers?
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How can a business utilize demographic information of a new group?
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What initial step did Josephine take to grow her business?
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What was a key quality that Josephine attributed to the success of her business?
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How did Josephine react to customer requests for new products?
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What business did Josephine start in response to the community's house construction boom?
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What financial strategy did Josephine employ before starting her sari-sari store?
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How does Josephine feel about treating her customers?
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What does Josephine define as the key to resolving customer issues?
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What main principle does Josephine follow regarding customer satisfaction?
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Study Notes
Identifying Potential Markets
- Analyze commonalities among target groups to identify new buying patterns.
- Consider demographic information shared between current customers and potential markets.
- Anticipate new life milestones that may influence customer purchasing behaviors.
- Explore related products needed by customers now and in the future.
- Identify alternative customer segments that can utilize existing products.
Business Market Examples
- Potential markets include healthcare industries, businesses prioritizing employee health, workers needing protective gear, and households making essential outings.
- Hospitals require PPE due to exposure risks associated with viruses.
- Organizations aim to safeguard employee health and business continuity.
Reaching the Potential Market
- Profile the target market by identifying shared demographic traits.
- Determine effective media channels for engagement.
- Understand shopping preferences and purchase behaviors of the target audience.
- Address specific concerns and struggles that products can alleviate.
- Highlight values that resonate with the market, influencing both daily life and shopping decisions.
Market Dynamics
- Available market refers to prospects able and willing to buy specific products or services.
- Penetrated market represents the subset of the available market that has been effectively reached.
Entrepreneurship Course Overview
- Course content includes understanding business concepts, principles, and practical implementation of business plans.
- Key components involve discussing the course relevance, fundamental concepts, core competencies, and career opportunities.
- Assessment criteria include performance activities, tests, and culminating tasks.
Customer Requirements
- Differentiates between service and output requirements in product satisfaction.
- Three levels of customer requirements:
- Must Haves: Essential features customers expect as standard.
- Satisfiers: Desirable features that enhance customer satisfaction when offered.
- Delighters: Extra features that create exceptional customer experiences, not expected but appreciated.
Business Viability Checklist
- Evaluate potential business ideas based on uniqueness, funding, target market identification, and market conditions.
- Consider competitive advantages and economic status of consumers before launching a venture.
- Ensure proactive marketing and financial planning precedes business operations.
Entrepreneurial Success Story
- Josephine Rectin exemplifies gradual business growth through responsive adaptations to customer demands.
- Started with a small capital as a vegetable seller; evolved into a multi-million business through diversification based on market needs.
- Emphasizes strong customer relations, patience in service, and attentiveness to feedback as keys to successful entrepreneurship.
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Description
This quiz explores strategies for identifying potential markets by analyzing common traits among target groups and anticipating shifts in purchasing behavior. Focus areas include understanding demographics, life milestones, and market needs in various industries such as healthcare and corporate settings.
