Entrepreneurship Concepts PDF

### ENTREPRENEURSHIP 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 1. 2. 3. 4. 5. 6. 7. ***Accounting*** Type oF core competencies who can ***Market Need*** determine the needs oF the manage the money and trusted. market through analysis based From research ***Recruiting and training***...

### ENTREPRENEURSHIP 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 1. 2. 3. 4. 5. 6. 7. ***Accounting*** Type oF core competencies who can ***Market Need*** determine the needs oF the manage the money and trusted. market through analysis based From research ***Recruiting and training*** Know how to trade knowledge to the employee. ***Competition*** determining the competitor's ***Selling*** Type oF core competencies that initiates the weaknesses need For For products in the environment. ***Controlling*** Type oF core competencies Who is the the includes the image and service Features oF a boss that can control the business? certain entity ***Dealing with emergencies*** Type oF core ***Tangible products (Actual)*** In levels oF product competencies who know how to deal in emergency. what is the basic physical appearance which can ***Common*** Is a basic essential For general business speciFications and is oFFered under a and Core is crucial, critical skills. given/speciFied description or model number ***Business Plan*** A document that deFines in detail a ***Generic product (Core)*** In levels oF product what company\'s objectives and how it plans to achieve its is the core or emphasizes the impact oF the goals product to the consumer ***Business Plan*** Lays out a written road map For the ***Consumer Products*** These are goods and services Firm From marketing, Financial, and operational destined/produced For the Final consumer For standpoints. Both startups and established personal, Family, or household use companies use business plans. ***Marketing and Distribution Study*** Deal with ***Convenience Products*** purchased with the product demand analysis. minimum or less eFFort because the buyer has ***Production and Technology Study*** Need in making shopping the product or service. ReFers to the machineries, plant location, and other technical aspect in the ***Shopping products*** products that the consumers making oF product. acquire through Further knowledge and ***Financial Management*** ReFers to the capital decisions investment and sources oF Funding the operation oF the business. ***Specialty products*** items with particular brands ***Market Need Analysis*** is a quantitative and ready to exert special eFFort qualitative assessment oF a market ability to respond positively. **Unsought products** products or services that ***Demographic*** -statistical characteristics oF human existence or have awareness oF the brand population however not usually considering buying it ***Segmentation*** -process oF dividing into segments with similar characteristics. I***ndustrial Products*** goods or services purchased ***Target Market*** type oF customers that are production/manuFacturing oF other goods or Focused within the market. services, in the operation oF a business or For ***Branding*** reFers to name, term, signs, symbols, designs, or combinations oF these which serve as identiFication oF the products, services, or institutions. ***Packaging*** pertains to the process oF designing and producing container or wrapper For products. ***Labeling*** simple tags to intricate graphics, label plays a vital role in creating an identity to the brands. It serves as identiFication or ID card oF the brand ***Product support service*** essential in building healthy relationship with customers. ***Brand Awareness*** How well consumer recognize the brand. ***Brand Association*** What consumers think when they hear the brand. ***Perceived Quality*** Consumer\'s opinion on quality ***Brand Loyalty*** Commitment to the brand od the consumers. ***Things measured in brand equity*** Brand Awareness Brand Association Perceived Quality Brand loyalty **Positioning** how product occupies consumer\'s mind ***Key Elements of Positioning*** ***Proofpoints-*** How do you backup your clains ***Brand Promise*** - What Value do you oFFer ***Competitive Advantage*** - what makes you unique ***Target Audience*** - Who ***Consistency***- How do you maintain your position ***4P Of Marketing Mix*** ***Place*** - location or medium oF transaction ***Price***- Value associated to the product ***Product*** - physical goods ***Promotion -*** To attract people ***Marketing Mix*** ***Direct Channel Distribution*** ManuFacturer to consumer with no intervention oF middle man. I***ndirect Channel of Distribution*** ManuFacturers to independent resellers to consumers. ***Product Strategy*** Roadmap oF product that outlines processes and what the product will become. ***Promotion*** Used to inForm, persuade people about the image, product, services. ***Price*** Peso value assigns to a product aFter considering its cost, position, objectives ***Common pricing Strategies*** Cost-based Competition Based Price Bundling Penetration Pricing Psychological pricing ***Penetration Pricing*** OFFers a low price oF product/service then gradually increasing ***Promotion Elements*** Selling Advertising Sales promotion Public Relation ***People*** Most IMPORTANT ELEMENT oF product or services ***Networking*** Entrepreneurs and businesses man meets to create opportunities ***Packaging*** How a product is presented to customers ***Servicescape*** Overall Ambience oF the place where service is perFormed. ***Positioning*** How Firm diFFerentiation their product From competitors. ***Packaging*** Science, art, technology oF enclosing and packaging/protecting a product. ***Elements of Packaging Protection -*** saFeguards product ***Preservation -*** shelF\'s live ***Information -*** product details and usage instructions ***Differentiation -*** uniqueness ***Legal Requirements*** Country oF Origin label oFInFormation For Food products. ***Warning labels*** Recycling and disposal inFormation ***Packaging and product Positioning*** ***Perceptual Mapping*** Visual Tool to Analyze competitive positioning and identiFy gaps in the market ***Repositioning*** Changing brands position in consumers mind ***Packaging Impact on MARKETING MIX Product*** - enhances Features and quality ***Price*** - InFluences Perceived Value ***Place*** - aFFects shelF presence and online appeal ***Promotion*** - \"Silent Salesman\" ***Market Volume*** Find potential market value = No. OF target customer \* penetration rate ***Market Research*** Process or set oF multiple activities link to an organization through gathering and analysis ***Market Size*** Analtzed or estimated on the basis oF several parameters. Particular Sector or industry For all compinent chain in the industry. The number oF individuals in a certain market who are potential buyers or sellers oF a product ***4M's of Operations in entrepreneurship*** Manpower Machine Methods Materials ***Why is the Operations Plan important in a business plan?*** It states the details oF operating the business ***What are the three kinds of Qualification Standards for workers?*** Manpower Experience Academics ***What does the Manpower qualification standard refer to?*** Personality traits manners values appearance ***What should a resume attached to a business plan include?*** Name, position, responsibility, education, experience, skills, prior job employment, special skills, past track record, industry recognition, and community involvement. ***What are the four main activities listed in the business?*** Marketing Production Finance Administration ***Why is it important to have proper equipment in operations?*** Without it, tasks cannot be perFormed eFFiciently. ***What does the Methods aspect refer to in operations?*** Conversion oF raw materials into Finished products ***What should be defined for proper execution in Methods?*** The sequence oF operation ensuring product quality ***What types of materials are included in the Materials aspect?*** Both direct and indirect or consumable materials ***What specifications should be stated for*** ***What does Operations Management control?*** ***materials?*** It controls the implementation oF the business SpeciFications, quantity needed, and schedule oF plan delivery **Which among the core competencies says** ***An entrepreneur has a positive sense of values and*** **that an entrepreneur must be motivated,** ***personal beliefs, creating in making business*** **persistent, and persevere even in the face of** ***decisions, influencing in making the desired*** **situational challenges?** ***actions they will take, particularly when in*** a. *Ambition* ***difficult or challenging situations.*** b. *Locus Control* a. *Optimism* c. *Risk Taking* b. *Planning* *d. Strong initiative* c. *Decisiveness* d. **A science of converting processed ideas into** **a remarkable business venture.** ***Which one is NOT an advantage of*** a. *Economics* ***Entrepreneurship?*** b. *Entrepreneurship* a. *Can choose a business of interest* c. *Marketing* b. *Make a lot of money* *d. Management* c. *You will make decisions alone* d. **The one who undertakes an enterprise,** **especially a contractor- acting as** ***Which of the following persons would most likely*** **intermediary between capital and labor.** ***be described as innovative?*** a. *Comptroller* a. *Anthony, because he is usually quiet during* b. *Boss c. Manager* *brainstorming sessions* b. **This can be considered as the capability,** c. *Jake, because he is always willing to adapt to* **capacity, and ability of the learner in** *changes* **handling situation in various areas in** d. *Elizabeth, because she gets frustrated when she* **business operations such as marketing,** *needs to learn new skills* **management, production or technical and** ***What role do entrepreneurs play in economics of*** **financial.** ***the Philippines?*** a. *Investment* a. *Entrepreneurs tell consumers what they should* b. *Risk Assessment* *want or need* c. *Services* b. *Entrepreneurs borrow money from the economy to* *d. Competencies* *start their business* c. **Entrepreneurs must be well versed in** *products that meet the wants and needs of* **market knowledge, economic principles, and** *consumers* **ethical practices are essential** d. *Entrepreneurs spend a lot of money and time to* **entrepreneurial knowledge.** *implement the idea* a. *Specific goal setting* b. *Computer competency* ***Which of the following SWOT elements are*** c. *Risk Assessment* ***internal factors for a business?*** d. *Business Principles* a. *Opportunities and Threats* b. **The entrepreneur understands the act or** c. *Strengths and Weaknesses* **fact of doing something that involves** d. *Strengths and Opportunities* **danger or risk in order to achieve a goal.** a. *Networking* **A business project which is either new or for an** b. *Risk Assessment* **expansion which must undertake a careful** c. *People Centered* **planning that will serve as a guide in business** a. b. c. ***Which of the following could be an*** ***These are products purchased with minimum or less*** ***opportunity of a business?*** ***effort because the buyer has knowledge of product*** a. *Having quality processes and procedures* ***characteristics prior to shopping.*** b. *Moving into new market segments that offer* a. *Shopping products* *improved profits* b. *Consumer products* c. *The location of a business* *c. Convenience products* *d. Special marketing expertise* *d. Specialty products* ***Which of the following could be a threat?*** ***The following are examples of non-good service*** a. *Changes in technology* ***EXCEPT:*** b. *Lack of marketing expertise* a. *Accountant acts as a bookkeeper* c. *A market vacated by an ineffective* b. *Teacher acting as a tutor* *competitor* c. *Car wash* d. *Location of your business* *d. Receptionist* ***SWOT is one of the most commonly used*** ***This group believes that their present brands are*** ***analysis tools in business, but what does it*** ***superior to others and are willing to pay fair prices*** ***analyze?*** ***for products just to acquire it.*** a. *The organization\'s current situation* a. *Status Seeker* b. *The external marketing environment* *b. Brand Loyal Customer* *c. The internal marketing environment* *c. Convenience Shopper* *d. The competitive environment* *d. Price Shopper* ***It is a state where buyer is assured that the*** ***Mica buys a signature bag Louis Vuitton at the*** ***product meets the specifications stated in the*** ***mall. What kind of consumer is she?*** ***product*** a. *Status seeker* a. *Product Quality* b. *Convenience shopper* *b. Product colors* *c. Brand-loyal customer* *c. Product Warranties* *d. Price shopper* ***the final consumer for personal, family, or*** ***This group of consumers are interested in the best*** ***household use. These are products which are*** ***deal of product. They are commonly called*** ***normally and routinely used by consumers.*** ***PRAKTIKAL and price conscious.*** a. *Convenience products* a. *Brand-loyal customers* b. *Consumer products* *b. Price shoppers* *c. Shopping products* *c. Service or feature shoppers* *d. Industrial products* *d. Convenience shoppers* ***This is set of features and attributes of a*** ***It can be defined as the potential buyer of the*** ***product or service that determine its ability*** ***product whose needs are identified and satisfied by*** ***to satisfy human needs. It might vary from*** ***the organization.*** ***individual to individual depending on his set*** a. *Client* ***of perceptions about the product.*** b. *Retailer* a. *Product warrantees* c. *Target market* b. *Product colors* *d. Prospects* c. *Design* a. b. c. d. a. b. c. d. a. b. c. d. a. b. c. a. b. c. d. a. b. c. d. a. b. c. d. a. b. c. a. b. c. d. a. b. c. d. a. b. c. d. a. b. c. d. a. b. c. d. a. b. c. d. a. b. a. b. c. d. 1. a. b. c. d. 2. e. f. g. h. 3. i. j. k. l. 4. 5. m. n. 6. o. p. q. r.