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Questions and Answers
What is one of the key contributions of entrepreneurship to the economy?
What is one of the key contributions of entrepreneurship to the economy?
Which factor is NOT typically associated with economic development through entrepreneurship?
Which factor is NOT typically associated with economic development through entrepreneurship?
Which of the following best describes a 'penetrated market'?
Which of the following best describes a 'penetrated market'?
What does the 'Marketing Mix' primarily consist of?
What does the 'Marketing Mix' primarily consist of?
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What distinguishes a service from a product?
What distinguishes a service from a product?
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Which statement is true regarding a 'target market'?
Which statement is true regarding a 'target market'?
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What is a crucial trait of an entrepreneur?
What is a crucial trait of an entrepreneur?
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Which of the following best describes the role of a talent recruiter?
Which of the following best describes the role of a talent recruiter?
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What does the concept of 'available market' imply?
What does the concept of 'available market' imply?
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Which of the following describes 'promotions' in marketing?
Which of the following describes 'promotions' in marketing?
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Study Notes
Relevance of Entrepreneurship
- Develops managerial capabilities critical for organizational success.
- Enhances the standard of living through job creation and economic growth.
- Fosters the establishment of new organizations contributing to market diversity.
Definition and Origin
- The term "entrepreneur" is derived from the French verb "entreprendre," meaning "to undertake."
Contributions to Economy and Society
- Creates employment opportunities and reduces unemployment.
- Develops new markets and expands existing ones.
- Introduces innovations that enhance productivity and efficiency.
- Generates new sources of materials, promoting sustainability.
Essential Entrepreneurial Factors for Economic Development
- Focus on innovative ideas translating to new business opportunities.
- Maximization of output from limited resources, increasing overall efficiency.
- Development of essential managerial skills for effective business operations.
Significance of Entrepreneurship
- Plays a crucial role in identifying and nurturing managerial talent.
- An entrepreneur's strong desire to achieve drives innovation and business creation.
Types of Venture Creation
- New venture creation includes launching a company, purchasing a business or franchise, or starting a family business.
Roles in Business
- Sales Representative: Represents the company, manages accounts, and follows up on leads.
- Talent Recruiter: Combines people skills with a deep understanding of business needs.
- Research and Development (R&D): Involves understanding and applying business concepts and practices.
Market Definitions
- Penetrated Market: Consumers actively using a specific product.
- Available Market: Willing and able customers targeting a product or service.
- Potential Market: Part of the population expressing interest in a product or service.
- Target Market: Specific customer segments the company aims to reach with marketing efforts.
Product vs. Service
- Product: A tangible offering, potentially reusable, created to meet consumer needs.
- Service: Intangible offerings not associated with physical items, often linked to product sales.
Marketing Elements
- Marketing Mix: Composed of product, place, price, and promotion, aimed at satisfying a target group effectively.
- Price: The cost paid by customers to acquire a product or service.
- Promotions: Activities designed to communicate and raise awareness of a product, brand, or service, encouraging consumer preference.
Characterization of Goods
- Goods are items produced to satisfy specific consumer needs, contributing to overall market offerings.
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Description
This quiz explores the significance of entrepreneurship within organizations. It covers the development of managerial capabilities, the creation of employment, and the introduction of innovation. Understand how entrepreneurship enhances economic growth and societal improvement.
