Entrepreneurship Flashcards

Flashcards reviewing entrepreneurship concepts from lecture notes, including definitions, importance, competencies, product levels, marketing strategies, and opportunity seeking.

Entrepreneurship

Proactive process of developing a business venture to make a profit.

The four importances of entrepreneurship education

Key driver of the economy, lifelong learning process, energizes school management, transforms learners into innovators.

Entrepreneurship

Science of converting processed ideas into a remarkable business venture; capacity for innovation, investment and expansion into new markets, products, and techniques.

Useful skills learned for entrepreneurship

Enhance business operations knowledge, find further training, demonstrate business management, use business plan components, consider becoming an employer, and change attitudes toward entrepreneurship.

Competency

Capability, capacity, and ability in handling situations in marketing, management, production, or finance.

10 competencies for entrepreneurial success

Integrity, conceptual thinking, risk taking, networking/collaboration, strategic thinking, commercial aptitude, decisiveness, optimism, customer relation service, people centered.

The core competencies in entrepreneurship

Negotiating, planning, risk assessing, purchasing accounting, recruiting and training, selling, controlling, dealing with emergencies.

The industry-wide/work competencies

Networking and collaboration, creative and critical thinking, organizing, checking, examining, and recording, planning, business principles, computer competencies

Employment

One great factor in economic development and income opportunity in the countryside is still subsistence in nature

The levels of a product

Tangible (actual), augmented, generic (core).

Tangible products

Durable and non-durable goods.

Services

Rented-goods, owned-goods, and non-goods services.

Consumer products

Goods/services for personal/family use.

Industrial products

Goods/services used in production/manufacturing.

Factors in new product development

Internal (company objectives and resources) and external (customer needs and wants).

Consumer products ( based on satisfying features )

Convenience, shopping, specialty, and unsought.

Establishing products and services

Branding, packaging, labeling, and product support service.

The Stages of Product Life Cycle

Idea generation, idea screening, concept testing, marketing strategy & development, business analysis, product development, test marketing, commercialization, introduction, growth maturity, decline.

Unique Selling Proposition (USP)

A marketing strategy focused on a product's special feature not carried by other products.

Trital Value Proposition

A promise of value to be delivered and recognized; customer's belief about the benefits they will receive.

Target Market

The potential buyer of the product.

The factors for business to business markets

Target market, frequency of product purchase, replacement vs. expansion purchasing.

Internal factors influencing price determination

competition, objectives, positioning, and target market.

Marketing objectives

Sales-based, profit-based, and status quo based.

The broad price policies

Penetration and skimming pricing.

Price strategies

Cost-based, demand-based, and competition-based.

The implemented price strategies

Customary, variable, one-price, flexible, odd, price-quality association, prestige, leader, multiple-unit, price lining, price bundling, unbundled, geographic, and terms of payment.

The external factors influencing price determination

Market demand, competition, economy, society.

Place

Location or the medium of transaction.

A Channel of Distribution

People or organizations involved in distribution.

The channels of distribution

Direct sale, original equipment manufacturer sales, manufacturer's representative, wholesalers, brokers, retailers.

Some threats to business

Entrance of competition, limited supply of raw materials, the emergence of leftwing labor unions.

Market Segmentation

Grouping customers by similar characteristics or similar purchase behaviors.

The micro business plan steps

Demographic, segmentation, target market, market need, competition.

Physical Distribution

Efficient delivery of raw materials/products to proper places and times in good condition.

Why do Price Adjustments occur

Due to cost changes, competitive conditions, and consumer demand.

The promotion mix tools

Advertising, publicity/public relations, personal selling, sales promotion.

The promotion strategy include

Advertising aspects, public relations, sales promotion, personal sales.

Why is People important in the extended marketing Mix

Identifies job roles and descriptions so employees understand their purpose and can serve well.

Why is Process important in the extended marketing Mix

The step-by-step procedure or activity.

Why is Promotion important in the extended marketing Mix

Presenting products/services to the public to address their needs, wants, problems, or desires.

Branding

Part of the brand that appears in the form of symbols designed in distinctive lettering or colors.

Branding strategies

Producer's and Middleman's strategy

The advantages of Co-Branding

Creates broader customer appeal, develops greater brand equity and expands the middlemen brand in the market

The disadvantages of Co-Branding

Coordination is oftentimes difficult with the producer and the middlemen. It entails legal contract which can be complex and difficult.

The origin of the word 'entrepreneur'

Derived from the French verb entreprendre, meaning 'to undertake,' referring to those who take the risk of enterprise.

The types of entrepreneurs

Innovative, imitating, fabian, drone, social.

Entrepreneurship according to Aduana (2016)

An art of observing correct practices in managing and operating a self-owned wealth creating business enterprise by providing goods and services that are valuable to the customers.

The Similarities Between Entrepreneurship and Intrapreneurship

Creativity, out-of-the-box thinking, desire to improve products or services and solve real-world problems, leadership abilities, adaptability in an ever-changing business environment, passion for continuous, lifelong learning.

The skills for Entrepreneurial Competencies

Hardworking, Self-Confident, Disciplined, Committed and Ability to Accept Change

Cost Plus Pricing

This is taking the production expenses (including labor, materials and other resources) and adding up a certain profit percentage and then the sum will be the products price.

Value Based Pricing

Instead of using the production cost as basis, an entrepreneur can consider the customers perception of the products value.

Competitive Pricing

You can conduct a survey of the pricing applied by your competitors on a similar product that you are trying to sell and then decide whether to price your product cheaper, the same, or higher.

Promotion

The strategies you use to endorse your product or service in the market.

Advertising

Advertising is a series of related, well-timed, carefully placed television ads coupled with print advertising in selected magazines and newspapers.

Direct Marketing

Refers to direct-to-consumer mail pieces sent to target segments in selected geographic areas, reinforcing the messages from the ads.

Personal Selling

Uses in-person interaction to sell products and services. This is done by the company's sales personnel who are personally interacting with the customers.

Sales Promotion

Are marketing communication tools for stimulating revenue or providing incentives or extra value to distributors, sales staff, or customers over a short time period.

Digital Marketing

Is an umbrella term for using digital tools to promote and market products, services, organizations and brands.

Public Relations

Is the process of maintaining a favorable image and building beneficial relationships between an organization and the public communities, groups, and people it serves.

People in marketing

Everyone who is involved in the product or service whether directly or indirectly is referred to as people.

Packing in marketing

Your packaging is the gold star of your marketing mix - it can dictate how well your strategy is working (Bouma, 2018). The first thing that customers see is the product packaging, it has the ability to catch or divert their attention in a snap.

The Elements of Packaging

The customer should know if a product is food, non-food, chemical or etc. It is not good to confuse them with your packaging, Brand & Variant.

Positioning in marketing

Is a market concept that outlines what a business should do to market its product or service to its customers. (Name, Symbol, Logos & Trademark)

Brand Name

Is a name, symbol, or other feature that distinguishes a seller's goods or services in the marketplace.

Branding

It's a powerful and sustainable high-level marketing strategy used to create or influence a brand.

The Common Used Branding Strategy

functional, intentional, consistency, emotion, flexibility, employee involvement, loyalty and competitive awareness

The Essentials in Entrepreneurs Opportunity Seeking

Entrepreneurial mind frame, Entrepreneurial heart flame & Entrepreneurial gut game.

The 5 Forces of Competition

Buyers, Potential New Entrants, Rivalry among Existing Firms, Substitute Products & Suppliers.

Creative in marketing mix

The ability to stand out and go over your competitors.

Product in marketing mix

Goods & Services.

Business Goods (Wholesale) in marketing mix

Flour & Fabric.

Consumer Goods (Retail) in marketing mix

Cake & Bread.

Place in marketing mix

Distribution or the methods you use for your products or services to be easily accessible to the target customers.

Accessibility relates relate to

Accessibility relates not just to physical approachability but to other means of communication and contact (Chand, 2019).

The Two Types of Distribution Channels

Direct & Indirect

Services in marketing mix

Intangible products such as accounting, banking, cleaning, consultancy, education, insurance, expertise, medical treatment, or transportation.

Price in marketing mix

Monetary value a customer pays in exchange for a merchandise or service.

The Relevance of Entrepreneurship to an organization

Development of Managerial capabilities, Creation of Organizations, Improving standard of living, Means of economic development.

Factors Affecting Entrepreneurship

Personality Factors & Environmental Factors

Common Competencies in Entrepreneurship

Decisive, Communicator, Leader, Opportunity seeker, Proactive, Risk Taker & Innovative