18 Questions
What is the main focus of the ABM course described in the text?
Business formation and organization
Which stage of the business cycle involves identifying potential business opportunities to capitalize on?
Business opportunity search
In the context of the text, what does the slogan 'Langhap Sarap' represent?
Brand identity
What is emphasized as a key objective in exploring external and internal markets according to the text?
Recognizing business opportunities
Which aspect of the business cycle involves appropriately using technologies in a business enterprise?
Business implementation and control
What does 'Bida ang sarap' suggest in the context of 'Just Do It' and 'Think Imagination different'?
Innovation mindset
What drives an entrepreneur to pursue a potential business, according to the text?
Talents and skills
Which factor is NOT mentioned as an internal source of business opportunities in the text?
Competitors analysis
How can understanding customers' mindset benefit businessmen?
By offering satisfactory products
Which of the following is NOT listed as a factor influencing business opportunities in the text?
Competitive advantage
What do slogans like 'Just Do It' and 'Langhap Sarap' represent in the context of branding?
Differentiation in branding
In market analysis, what does the physical location of the entrepreneur refer to?
Geographical area where the business operates
What does Market Potential measure?
Market size and growth rate
Which element in the OAM System refers to the upper limits of the market for a product?
Market Size
What does Financial Feasibility focus on?
Capital recovery period
Which aspect of a business strategy involves presenting super value to customers?
Cost Leadership
What is the main purpose of the elements listed in the OAM System?
To validate initial business opportunities
In the provided text, which element is associated with determining how much start-up capital is required?
Capitalization
Study Notes
Accounting, Business, and Management (ABM) Strand
- Integrates key concepts and processes of ABM, applying them to real-life activities following the business cycle
- Covers business opportunity search, product/service development, business formation and organization, business implementation and control, business wind-up, and management reporting in the context of ethical standards and social responsibility
Key Concepts of ABM Strand Subjects
- Scanning the market and identifying potential business opportunities to capitalize on
- Using appropriate analysis frameworks and methodologies in choosing a product feasible to the market, operations, and financials
Business Opportunities
- External sources:
- Economic growth or decline
- Politics and legal factors
- Industry trends
- New discovery or new knowledge
- Futuristic or unexpected opportunities
- Competitors
- Societal problems
- Physical location of the entrepreneur
- Internal sources:
- Talents, hobbies, skills, expertise, or academic background
- Financial capacity
- Process/ operational capacity
- Leadership and people management skills
- Entrepreneurial attitude/ character
- Vision, mission, and strategy
Choosing the Right Product or Service to Market
- Using the Opportunity Attractiveness Elements (OAM) system to validate the initial business opportunity
- Four important elements:
- Market Potential (25%): represents the upper limits of the market for a product, measured by sales value or sales volume
- Financial Feasibility (25%): projects start-up capital, sources of capital, returns on investment, and other financial considerations
- Production/Operational Feasibility (25%): assesses the company's ability to produce the product or service
- Management Feasibility (25%): evaluates the company's management capabilities and resources
Test your knowledge on choosing the right product or service to market using opportunity attractiveness elements components (OAM System) and incorporating important elements like Market Potential. Validate your understanding of business opportunity feasibility and strategic planning.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
