Identifying Potential Markets in Business
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Questions and Answers

Which factor accounts for the largest percentage of the grading system in this entrepreneurship course?

  • Enabling Assessment Activity (correct)
  • Long Test
  • Culminating Performance Task
  • Performance Check

    • What is an essential skills prerequisite for students in this entrepreneurship course?

  • Networking with entrepreneurs
  • Identifying one’s entrepreneurial abilities (correct)
  • Understanding market trends
  • Creating a business model

    • Which institutional value encourages students to analyze and evaluate information critically in the context of entrepreneurship?

  • Collaboration
  • Curiosity
  • Critical Thinking (correct)
  • Creativity

    • What is NOT one of the learning outcomes of this entrepreneurship lesson?

    <p>Understand advanced marketing strategies</p> Signup and view all the answers

    Which of the following is NOT mentioned as a material for the entrepreneurship course?

    <p>Online business simulations</p> Signup and view all the answers

    What is the main focus of the introductory lesson in the entrepreneurship course?

    <p>Basic concepts of entrepreneurship</p> Signup and view all the answers

    How many hours are allocated for the introductory lesson on entrepreneurship?

    <p>4 hours</p> Signup and view all the answers

    Which of the following best describes the relevance of Entrepreneurship to society?

    <p>It fosters innovation and job creation.</p> Signup and view all the answers

    What is the main focus of service requirements in customer specifications?

    <p>Intangible aspects of purchasing a product</p> Signup and view all the answers

    Which of the following best defines Must Haves in customer requirements?

    <p>Basic expectations that If unmet, lead to dissatisfaction</p> Signup and view all the answers

    What distinguishes Satisfiers from Delighters in customer requirements?

    <p>Satisfiers are explicitly requested, while Delighters are not missed if absent</p> Signup and view all the answers

    Which type of requirement refers to tangible characteristics of a product?

    <p>Output Requirements</p> Signup and view all the answers

    What is an example of a Satisfier based on customer expectations?

    <p>Offering customers a variety of dessert options in a buffet</p> Signup and view all the answers

    In customer requirements, which of the following is considered a Delighter?

    <p>Complimentary items offered with a purchase</p> Signup and view all the answers

    How do Must Haves typically affect customer satisfaction when fulfilled?

    <p>They don't visibly enhance satisfaction but prevent dissatisfaction</p> Signup and view all the answers

    Which aspect is NOT included in Service Requirements?

    <p>Product design and aesthetics</p> Signup and view all the answers

    What aspect indicates that a proposed business has a competitive edge?

    <p>Identifying the presence of competitors</p> Signup and view all the answers

    Why is it important to have sufficient funds for a proposed business venture?

    <p>To finance initial operations and expenses</p> Signup and view all the answers

    Which of the following items is NOT included in the Business Viability Checklist?

    <p>Presence of sponsorship opportunities</p> Signup and view all the answers

    What is the purpose of identifying a business' uniqueness in the viability checklist?

    <p>To differentiate from competitors</p> Signup and view all the answers

    How does understanding consumer economic status impact the viability of a business?

    <p>It influences pricing and product selection</p> Signup and view all the answers

    When should a financial plan be established according to the viability checklist?

    <p>Before the business operation starts</p> Signup and view all the answers

    What should be considered according to the Business Viability Checklist relevant to seasonal offerings?

    <p>The proposed venture is in time for the season</p> Signup and view all the answers

    What main purpose does the Business Viability Checklist primarily serve?

    <p>To assess the readiness of a business venture</p> Signup and view all the answers

    What is the primary goal when identifying new potential markets?

    <p>To explore new ways to market current products and identify future product needs</p> Signup and view all the answers

    Which of the following is NOT a question to help identify new markets?

    <p>What products are most popular with my competitors?</p> Signup and view all the answers

    Which market example would be a suitable target for a business selling face masks and PPE?

    <p>Households needing daily essentials</p> Signup and view all the answers

    What type of information is crucial when developing new marketing strategies for a potential market?

    <p>The language that resonates with them</p> Signup and view all the answers

    When assessing new demographic groups, what should be a key focus?

    <p>The concerns and struggles that the new group faces</p> Signup and view all the answers

    Which of the following describes 'available market' in the context provided?

    <p>Prospects who can purchase a market or service and have the resources to do so</p> Signup and view all the answers

    What is a critical component for recognizing overlaps between current and new customers?

    <p>Finding common demographic information</p> Signup and view all the answers

    How can a business utilize demographic information of a new group?

    <p>To determine the most effective media to reach them</p> Signup and view all the answers

    What initial step did Josephine take to grow her business?

    <p>Selling vegetables on foot</p> Signup and view all the answers

    What was a key quality that Josephine attributed to the success of her business?

    <p>Good customer relations</p> Signup and view all the answers

    How did Josephine react to customer requests for new products?

    <p>Provided the requested products and expanded her offerings</p> Signup and view all the answers

    What business did Josephine start in response to the community's house construction boom?

    <p>A hardware store</p> Signup and view all the answers

    What financial strategy did Josephine employ before starting her sari-sari store?

    <p>Saving a portion of her earnings over time</p> Signup and view all the answers

    How does Josephine feel about treating her customers?

    <p>A good entrepreneur must treat customers with respect and patience</p> Signup and view all the answers

    What does Josephine define as the key to resolving customer issues?

    <p>Practicing patience and understanding</p> Signup and view all the answers

    What main principle does Josephine follow regarding customer satisfaction?

    <p>The customer is always right, even when they are not</p> Signup and view all the answers

    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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    Related Documents

    Entrepreneurship Senior High School PDF

    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.

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