p.9
Opportunity Seizing Definition
What does production/service facilities investment refer to?
Long-term investment for the actual establishment of the business.
p.5
External Macro Environment - PESTLE Analysis
What do socio-cultural factors include in entrepreneurship?
Demographics and cultural dimensions that govern the entrepreneurial endeavor.
p.8
Market Potential and Segmentation
What is the most basic approach to segmenting the market?
Using demographics such as income and age.
p.5
External Macro Environment - PESTLE Analysis
What does the ecological environment encompass?
Natural resources and the ecosystem, including the habitat of men, animals, plants, and minerals.
p.6
Opportunity Screening Process
What is opportunity screening?
The process of evaluating and filtering potential business ideas based on feasibility, desirability, and viability.
p.7
Pre-Feasibility Study Components
What is included in the financial aspect of a pre-feasibility study?
Financial forecast and determination of financial feasibility.
p.5
External Macro Environment - PESTLE Analysis
What forms can technology take in the entrepreneurial context?
Advanced machinery, new systems, new processes, or new products.
p.3
Internal Micro Environment Factors
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.
p.2
External Macro Environment - PESTLE Analysis
What does PESTLE stand for in the external macro environment?
Political, Economic, Social, Technological, Legal, and Environmental factors.
p.4
External Macro Environment - PESTLE Analysis
What drives the economic factors in the macro environment?
Supply and demand forces, along with interest and foreign exchange rates.
p.6
Opportunity Screening Process
Why is opportunity screening important for entrepreneurs?
To avoid wasting time and resources on unprofitable or unrealistic ventures.
p.7
Pre-Feasibility Study Components
What is essential to assess regarding technology in a pre-feasibility study?
Availability and appropriateness of technology.
p.5
External Macro Environment - PESTLE Analysis
What challenges do technological environments pose for entrepreneurs?
New scientific and technological discoveries can render old products obsolete, requiring investment in new technologies.
p.3
Internal Micro Environment Factors
What does the Micro Environment refer to?
The environment in direct contact with the company that affects its routine activities.
p.8
Market Potential and Segmentation
What additional classifications should be considered for market segmentation?
Psychological profiling and lifestyle preferences.
p.9
Four Stages of Opportunity Seizing
What occurs in the concept stage of Opportunity Seizing?
Developed ideas undergo a consumer acceptance test.
p.1
Opportunity Seeking Definition
Which university is associated with the report?
Sorsogon State University.
p.2
Opportunity Screening Process
What is Opportunity Screening?
The process of evaluating potential opportunities to determine their viability.
p.6
Opportunity Screening Matrix (OSM) and the 12 R's
What does the Opportunity Screening Matrix (OSM) aim to assist entrepreneurs with?
To concretize the evidence that the chosen opportunity is worth pursuing.
p.9
Opportunity Seizing Definition
What is working capital investment?
Investment needed to operationalize the business.
p.2
Opportunity Seizing Definition and Stages
What is Opportunity Seizing?
The process of taking action on identified opportunities.
p.3
Opportunity Seeking Definition
How does prior experience affect Opportunity Seeking?
It informs the process but may also limit it; continuous reconsideration and adaptive learning are required.
p.8
Pre-Feasibility Study Components
What should an entrepreneur determine in a pre-feasibility study?
The market potential according to broad customer classifications.
p.8
Opportunity Screening Process
What methods can entrepreneurs use for actual field research?
Surveys, focus group discussions, in-depth interviews, and observation techniques.
p.10
Opportunity Seeking Definition
What is the focus of the Product Development Stage?
Leveraging information generated from prospective customers via the concept stage.
p.1
Opportunity Seeking Definition
What is the main topic of Lesson 1?
Opportunity Seeking, Screening, and Seizing.
p.4
External Macro Environment - PESTLE Analysis
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.
p.4
External Macro Environment - PESTLE Analysis
What does the macro environment refer to?
The big forces that affect the area, industry, and market in which an enterprise operates.
p.9
Opportunity Seizing Definition
What do delivery expectations involve?
Knowing how much, how frequent, and when to deliver to customers.
p.8
Assessing Competition in Market
What questions should be asked to evaluate market potential?
Who has dominance? Who has greater bargaining power? Which segments are saturated or underserved?
p.4
Internal Micro Environment Factors
What are marketing intermediaries?
Individuals or firms that help a company in promotion, sales, and distribution of its goods to final buyers.
p.5
External Macro Environment - PESTLE Analysis
Why is ecological awareness becoming increasingly important?
Due to growing global awareness regarding natural resources and environmental impact.
p.3
Internal Micro Environment Factors
What are the two types of environments that affect Opportunity Seeking?
Internal or Micro Environment and External or Macro Environment.
p.3
Internal Micro Environment Factors
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.
p.8
Assessing Competition in Market
What should entrepreneurs do to assess their strengths and weaknesses?
Compare themselves with the closest competitors.
p.2
Opportunity Screening Matrix (OSM) and the 12 R's
What is the Opportunity Screening Matrix (OSM)?
A tool used to assess and prioritize opportunities based on specific criteria, including the 12 R's.
p.7
Pre-Feasibility Study Components
What factors should be considered in a pre-feasibility study?
Market potentials, technology availability, project investment, and financial forecasts.
p.7
Market Potential and Segmentation
What is a common method used by entrepreneurs to segment customers?
Demographics such as income, age, gender, and level of education.
p.6
Opportunity Screening Matrix (OSM) and the 12 R's
What is the significance of 'returns' in opportunity screening?
It refers to the high returns on investments.
p.2
Internal Micro Environment Factors
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.
p.2
Pre-Feasibility Study Components
What are the components of a Pre-Feasibility Study?
Market potential, competition assessment, technology viability, investment requirements, and production costs.
p.2
Four Stages of Opportunity Seizing
What are the four stages of Opportunity Seizing?
Identification, evaluation, implementation, and review.
p.6
Opportunity Screening Matrix (OSM) and the 12 R's
What is the first criterion in the 12 R's of opportunity screening?
Relevance to vision, mission, and objectives of an entrepreneur.
p.8
Assessing Competition in Market
How does the number of suppliers affect market potential?
It determines how saturated the market is in a given area.
p.2
Opportunity Seeking Definition
What is Opportunity Seeking?
The process of identifying and exploring potential business opportunities.
p.4
Market Potential and Segmentation
What are the five types of customer markets?
Consumer markets, business markets, government markets, reseller markets, and international markets.
p.4
External Macro Environment - PESTLE Analysis
What do political factors in the PESTLE analysis include?
Laws, rules, regulations, and necessary permits for business operations.
p.7
Market Potential and Segmentation
What does market potential refer to?
The estimated number of possible customers for a product or service.
p.9
Opportunity Seizing Definition
How do customers evaluate price expectations?
According to the value they receive, matched against competitors.
p.9
Opportunity Seizing Definition
What is Opportunity Seizing?
The final stage after Opportunity Seeking and Screening, where the entrepreneur refines and develops the opportunity.
p.5
External Macro Environment - PESTLE Analysis
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.
p.5
External Macro Environment - PESTLE Analysis
What legal factors must companies be aware of?
Health and safety, equal opportunities, advertising standards, consumer rights, product labeling, and product safety.
p.3
Opportunity Seeking Definition
What is Opportunity Seeking?
The ongoing process of considering, evaluating, and pursuing market-based activities believed to be advantageous for the business.
p.9
Opportunity Seizing Definition
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.
p.9
Opportunity Seizing Definition
What are pre-operating costs?
Costs related to the operation for the launch of the business.
p.8
Market Potential and Segmentation
What should an intrapreneur assess after estimating potential target segments?
The potential market share they can attract.
p.10
Opportunity Screening Process
What is the purpose of the Test Marketing Stage?
To validate the work done from the first three stages and measure success in commercialization.
p.4
Assessing Competition in Market
Why are competitors important in marketing?
They are rivals that a company must outperform in customer value and satisfaction to be successful.
p.7
Pre-Feasibility Study Components
What is the purpose of a pre-feasibility study?
To ascertain the viability of the opportunity.
p.7
Market Potential and Segmentation
Why is determining market potential challenging for entrepreneurs?
Due to the many ways customers can be divided and segmented.
p.6
Opportunity Screening Matrix (OSM) and the 12 R's
What does 'responsiveness' refer to in the context of opportunity screening?
The ability to meet customer needs and wants.
p.9
Four Stages of Opportunity Seizing
What is the ideal stage in the Four Stages of Opportunity Seizing?
Determining feasible products and/or services that suit the opportunity.
p.6
Opportunity Screening Matrix (OSM) and the 12 R's
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.
p.8
Market Potential and Segmentation
What factors should be considered when determining market segments?
Gender, age, income, and class.
