Entrepreneurship

rd
3 Quarter Exam
Made by Venjie Embayarte

Those who have products and services similar to you and where customers who are buying something
will compare your offerings and prices directly, weighing one up against the other.

Competitors

The process of breaking down a larger target market into smaller segments with specific characteristics.

Market Segmentation

_____________ may sell directly into the market, for example selling spare parts, but largely they need
to be kept aligned to your strategy.

Supplier

The ability to give the "correct" answer to standard questions that do not require significant creativity

Convergent thinking

Potential customers are identified by criteria such as age, race, religion, gender, income level, family
size, occupation, education level and marital status.

Demographic

A general view, examination, or description of someone or something.

Survey
This concept believes in the consumer and it says the consumers are more likely to be loyal if they have
more options of products or they get more benefits from the product of the company

Product Concept

According to a French economist, J. B. Say, an entrepreneur is a person who shifts economic resources
out of an area of lower productivity into an area of higher productivity and greater yield.

Entrepreneur

The basic proposition of this concept is that customers will choose products and services that are widely
available and are of low cost.

Production Concept

Those who sell non-competing products and which generally help your sales.

Complementors

The ____________________concept calls upon marketers to build social and ethical considerations into
their marketing practices.

Societal Concept

Potential customers are in a local, state, regional or national marketplace segment

Geographic

A set of circumstances that makes it possible to do something.

Opportunity

A person who is able to identify business opportunities and implement actions to maximize on the
opportunities.

Entrepreneur
Focuses on needs / wants of target markets & delivering value better than competitors do that
preserves the consumer and society’s well-being

Societal Concept

The __________ concept is more operations oriented than any other concept.

Production Concept

This is an employed staff e.g. manager who innovates for the company and takes risks only on behalf of
the employer.

Intrapreneur

_________________ is created when such innovation results in new demand.

Wealth

The ability to generate ideas

Creativity

Individuals and households who buy goods for their own use or benefit.

The consumer market

People who have not yet purchased your product but are considering it

Prospects

Individuals, groups or organizations that purchase your product or service for direct use in producing
other products or for use in their day-to-day operations.

The industrial market

The entire size of the market for a product at a specific time.

Market Potential
Points out to identifying various opportunity gaps

Strategic Intent

People in your target market who are not currently looking for a solution.

Target market user

The most important organization or people in the market are your ________.

Customers

The French word where the word entrepreneur originates.

entreprendre

This concept was an offshoot of the marketing concept wherein an organization believes in giving back
to the society by producing better products targeted towards society welfare.

Societal Concept

This concept proposes that customers, be individual or organizations will not buy enough of the
organization’s products unless they are persuaded to do so through selling effort

Selling Concept

The __________ concept is the most followed ideology by top companies..

Marketing Concept

The __________________ phase is crucial when beginning a new enterprise, it is important to seek new
opportunities throughout the entire lifetime of any enterprise

Opportunity Recognition

The degree to which a business or activity yields profit or financial gain.

Profitability
This is the development within a large co-operation of internal markets and relatively small autonomous
business units producing products, services or technologies that employ the firms‟ resources in a unique
way.

Intrapreneurship

The needs that are explicit statements from your market that declare, “I want a product to do X.”

Stated Needs

A thought process or method used to generate creative ideas by exploring many possible solutions.

Divergent thinking

The middlemen or intermediaries, such as wholesalers and retailers, who buy finished goods and resell
them for a profit.

The industrial market

People who have already purchased your product

Existing Customer

The ability to implement the appropriate ideas.

Innovativeness

The roadmap which predicts what core competencies to build and which related technologies are
needed.

Strategic Architecture

This concept believes in the pull strategy and says that you need to make your brand so strong that
customers themselves prefer your brand to every other competitor.

Marketing Concept

The collective learning of the organization, especially how to co-ordinate the diverse production skill and
integrate multiple stream of technologies.

Core Competency
This concept proposes that the success of the firm depends on the marketing efforts of the company
and in delivering a better value proposition as compared to its competitors in its own target market.

Marketing Concept

The entire concept of customer development is __________

Feedback Driven

There are also groups and organizations who have no direct control but who will seek to promote their
own agendas by influencing players within the marketplace, including regulators and retailers

Influencers

_____________ are like competitors but their products are not the same.

Substitutors

Many businesses offer products based on the attitudes, beliefs and emotions of their target market.

Psychographic

Austrian economist who placed the definition of entrepreneurship an emphasis on innovation.

Joseph Schumpeter

The __________________ is what we call the “Get it Done” phase.

Opportunity Realization

Who coined the term core competency in 1989.

Dr.C.K Prahalad and Prof. Gray Hamel

This concept proposes that consumers will prefer products that have better quality, performance and
features as opposed to a normal product.

Product Concept