What is the focus of the Product Development Stage?
Click to see answer
Leveraging information generated from prospective customers via the concept stage.
Click to see question
What is the focus of the Product Development Stage?
Leveraging information generated from prospective customers via the concept stage.
What is the purpose of the Test Marketing Stage?
To validate the work done from the first three stages and measure success in commercialization.
What is the main topic of Lesson 1?
Opportunity Seeking, Screening, and Seizing.
Which university is associated with the report?
Sorsogon State University.
What academic program are the group members enrolled in?
BS Entrepreneurship 2E.
What is the school year mentioned in the report?
2023 - 2024.
What is Opportunity Seeking?
The process of identifying and exploring potential business opportunities.
What are Internal Factors in the micro environment?
Elements within a company that can affect its ability to seek opportunities, such as resources and capabilities.
What do socio-cultural factors include in entrepreneurship?
Demographics and cultural dimensions that govern the entrepreneurial endeavor.
What are marketing intermediaries?
Individuals or firms that help a company in promotion, sales, and distribution of its goods to final buyers.
What does PESTLE stand for in the external macro environment?
Political, Economic, Social, Technological, Legal, and Environmental factors.
Why is it important for entrepreneurs to consider socio-cultural factors?
To assess trends and dynamics of the consumer population, including their beliefs, tastes, customs, and traditions.
Why are competitors important in marketing?
They are rivals that a company must outperform in customer value and satisfaction to be successful.
What is Opportunity Screening?
The process of evaluating potential opportunities to determine their viability.
What challenges do technological environments pose for entrepreneurs?
New scientific and technological discoveries can render old products obsolete, requiring investment in new technologies.
What is the role of the general public in a company's marketing environment?
They have an actual or potential interest in the company's product and can impact the organization's objectives.
What is the Opportunity Screening Matrix (OSM)?
A tool used to assess and prioritize opportunities based on specific criteria, including the 12 R's.
What forms can technology take in the entrepreneurial context?
Advanced machinery, new systems, new processes, or new products.
What are the five types of customer markets?
Consumer markets, business markets, government markets, reseller markets, and international markets.
What are the components of a Pre-Feasibility Study?
Market potential, competition assessment, technology viability, investment requirements, and production costs.
What legal factors must companies be aware of?
Health and safety, equal opportunities, advertising standards, consumer rights, product labeling, and product safety.
What does the macro environment refer to?
The big forces that affect the area, industry, and market in which an enterprise operates.
What is Opportunity Seizing?
The process of taking action on identified opportunities.
What does the ecological environment encompass?
Natural resources and the ecosystem, including the habitat of men, animals, plants, and minerals.
What do political factors in the PESTLE analysis include?
Laws, rules, regulations, and necessary permits for business operations.
What are the four stages of Opportunity Seizing?
Identification, evaluation, implementation, and review.
Why is ecological awareness becoming increasingly important?
Due to growing global awareness regarding natural resources and environmental impact.
What drives the economic factors in the macro environment?
Supply and demand forces, along with interest and foreign exchange rates.
What is the purpose of a pre-feasibility study?
To ascertain the viability of the opportunity.
What is Opportunity Seeking?
The ongoing process of considering, evaluating, and pursuing market-based activities believed to be advantageous for the business.
What factors should be considered in a pre-feasibility study?
Market potentials, technology availability, project investment, and financial forecasts.
How does prior experience affect Opportunity Seeking?
It informs the process but may also limit it; continuous reconsideration and adaptive learning are required.
What is opportunity screening?
The process of evaluating and filtering potential business ideas based on feasibility, desirability, and viability.
What does market potential refer to?
The estimated number of possible customers for a product or service.
What determines the needed capacity of operations?
Quantities demanded.
What are the two types of environments that affect Opportunity Seeking?
Internal or Micro Environment and External or Macro Environment.
Why is opportunity screening important for entrepreneurs?
To avoid wasting time and resources on unprofitable or unrealistic ventures.
Why is determining market potential challenging for entrepreneurs?
Due to the many ways customers can be divided and segmented.
What are the four aspects of quality in operations?
(a) Quality of raw materials; (b) Quality assurance process; (c) Quality output; (d) Quality outcomes for customers.
What does the Micro Environment refer to?
The environment in direct contact with the company that affects its routine activities.
What does the Opportunity Screening Matrix (OSM) aim to assist entrepreneurs with?
To concretize the evidence that the chosen opportunity is worth pursuing.
What do delivery expectations involve?
Knowing how much, how frequent, and when to deliver to customers.
What is a common method used by entrepreneurs to segment customers?
Demographics such as income, age, gender, and level of education.
What should an entrepreneur determine in a pre-feasibility study?
The market potential according to broad customer classifications.
What are the six factors in the Micro Environment?
The Company, Suppliers, and others that influence the performance and day-to-day activities of the firm.
What is included in the financial aspect of a pre-feasibility study?
Financial forecast and determination of financial feasibility.
How do customers evaluate price expectations?
According to the value they receive, matched against competitors.
What is the first criterion in the 12 R's of opportunity screening?
Relevance to vision, mission, and objectives of an entrepreneur.
What is the most basic approach to segmenting the market?
Using demographics such as income and age.
Why are suppliers important in the Micro Environment?
They provide essential inputs like raw materials and parts, and their quality and reliability are crucial for smooth business functioning.
What is essential to assess regarding technology in a pre-feasibility study?
Availability and appropriateness of technology.
What does 'responsiveness' refer to in the context of opportunity screening?
The ability to meet customer needs and wants.
What are pre-operating costs?
Costs related to the operation for the launch of the business.
What additional classifications should be considered for market segmentation?
Psychological profiling and lifestyle preferences.
What does production/service facilities investment refer to?
Long-term investment for the actual establishment of the business.
What should be estimated regarding project investment in a pre-feasibility study?
Detailed cost estimates.
What is the significance of 'returns' in opportunity screening?
It refers to the high returns on investments.
What methods can entrepreneurs use for actual field research?
Surveys, focus group discussions, in-depth interviews, and observation techniques.
What is working capital investment?
Investment needed to operationalize the business.
What does the formula for the Opportunity Screening Matrix (OSM) entail?
Rating x Weight = Score.
How does the number of suppliers affect market potential?
It determines how saturated the market is in a given area.
What is Opportunity Seizing?
The final stage after Opportunity Seeking and Screening, where the entrepreneur refines and develops the opportunity.
How are positive and negative indicators treated in the OSM?
Criteria 1 to 10 are positive indicators; the more, the better. Criteria 11 and 12 are negative indicators; the less, the better.
What should entrepreneurs do to assess their strengths and weaknesses?
Compare themselves with the closest competitors.
What is the ideal stage in the Four Stages of Opportunity Seizing?
Determining feasible products and/or services that suit the opportunity.
What should an intrapreneur assess after estimating potential target segments?
The potential market share they can attract.
What occurs in the concept stage of Opportunity Seizing?
Developed ideas undergo a consumer acceptance test.
What factors should be considered when determining market segments?
Gender, age, income, and class.
What questions should be asked to evaluate market potential?
Who has dominance? Who has greater bargaining power? Which segments are saturated or underserved?
