ENTREP: Summary Module 2

Include equipment, facilities, raw material, & financial resource. often listed in asset section of firm’s balance sheet

This concept has emerged people with a specific concern for the environment.

Use the strength to counteract the threats

Products have to be moved from the seller to the buyer. involves a decision on the channel thru w/c product will flow

This is a specific market segment toward which enterprise aims its marketing activities, should know who they intend to

The marketing mix 4 Ps

exact time you want to achieve the goal

its skills to combine the available resources to create value

This concept emerged out of the weaknesses of the marketing concept.

is the one who purchases and pays for a product or service,

describes the desired future position of the company.

____ strategy is the basis for marketing mix decisions.

shows when the business owner pays for the input, and when the customer pays for the product.

you can and want to achieve

What is missing?

consists of the society, the economy, the ecology, politics, and technology.

It should be specific in the sense that they should be measurable and terminated

A good vision should be, except?

is the ultimate user of the product or service.

- not complicated what is to do next

Use the strengths to grab the opportunities

Customers have to be informed of the existing products and persuaded to buy the products.

important part of personal initiative &self-regulation because ultimate goal of these two concepts is achieving goals

Statement is a brief description of why a company or nonprofit organization exists.

When customer wants are backed up by buying power, they become?

means that the firm offers the same product or service that already exists in the market but with different properties.

market is it increasing, decreasing or constant?

basic direction of business development & should guarantee that business maintains its profitability & achieve long term

characterized by two features: the firm’s resources and its capabilities to exploit the available resources.

Which is not entrepreneurial characteristics/behavior of Mr. Heny Sy in:

This concept considers a business that is obsessed with its own products (perhaps even arrogant about how good they are)

What kind of product(s) are you going to sell to your customers? What will be the depth and width of your product(s)?

What is missing?

Overcome weaknesses and counteract the threats

A firm pursuing this strategy aims at offering the same product with the same quality at a lower price.

describes how the product or service is made

creates matrix that helps business owner to develop strategy for dealing w/ future events & for developing own business.

This figure gives overview of the environmental factors each firm has to consider to develop a viable business strategy

which is not a long term plan?

oriented business is said to be mainly concerned with making as many units as possible.

Overcome weaknesses and counteract the threats

divided in five components: existing competitors, new entrants, substitute products, the customers, and the suppliers.

The marketing mix 4 Ps are added by three?

is a set of actual and potential buyers of a product. It is an arena for potential exchange.

What is missing?

Which is not involved in marketing

To make your envisioned business come true you have to get resources such as?

is something that is offered to the customers for purchase to satisfy their needs and wants.

This involves dividing the market into smaller clusters or segments with similar characteristics

It should be more abstract and they should not completely specify the way how to achieve positive outcome

include for example know-how, information, brand strength, patents, and copyrights.

depicts when & how customers’ order are received, when orders are entered into the system, & when customer receives bill

are the starting point for actions.

is an overview of the work that remains to be completed before you can launch your business.

basis available to a firm consists of the total of tangible and intangible

as the act of obtaining a desired object from someone by offering something in return.

- how much exact figure

is a quid pro quo influencing process. leader utilizes rewards & coercive power to get people doing what leader wants.

should plan the position they wish to occupy, that is how they would like to be remembered in their customers’ minds.

This concept assumes that consumers buy, but they don't buy enough & will buy more if influenced by promotion efforts.

WHAT IS MARKETING?

The goal setting should be articulated into ?