ENTREP - QUIZ 1

industry

a group of organizations involved in producing or handling the same type of product or service

rivals or competitors

those competing for the same or similar markets

suppliers

the ones that provide something that is needed or wanted

suppliers of inputs

as wells as suppliers of machinery and equipment, suppliers of manpower and expertise, and suppliers of merchandise

marketing channels

- used by industry participants to reach the end consumers

- a medium used to advertise your company

consumer market segments

those being served by all those competing in the industry

market segmentation/customer segmentation

the process of dividing the consumer or business market into meaningful sub-groups of current or potential customers known as segments

substitute products or service

a product or service that can be used in place of another

market sources of opportunities

- refers to the actual and potential demand and supply of the industry that the enterprise belongs to

- can be discovered from increased to decreased demand as well as higher or lower supply

micro market

- refers to the specific target market segments of a particular enterprise

- self-service stores selling a variety of items

new entrants

the one who enter something

buyers

the ones that pays cash in exchange to your goods and services

rivalry

is a state or situation in which people or groups are competing with each other

goods

refer to the tangible products that consumers can observe with their senses

services

they are intangible. they are not manufactured, transported, or stocked. there are produced and consumed simultaneously

relevance

alignment of vision, mission, and objectives

resonance

matching the values and desired virtues

reinforcement of entrepreneurial interest

personal interest, talents, and skills

revenues

sales potential of the products and services

responsiveness

customer needs and wants

reach

expanding through branches, distributorships, dealerships or franchise outlets

range

wide range of possible product or service offerings

revolutionary impact

next big thing or game-changer

returns

returns of investment

relative ease of implementation

easy to implement

resources required

fewer or more resources

risks

technological, market, financial and people risks