ENTREP

survey

data-gathering technique that can be conducted via direct mail, phone, internet,oremail.

survey

The most common way to gather data using questionnaires or interview schedules

personal interview

the traditional method of data collection normally done in personwiththerespondents.

focus group discusssion

For generating and screening ideas and concepts

market research

process of gathering, analyzing, and interpreting information about products,services, and potential consumers.

opportunity seeking

process of considering, evaluating, and pursuing market-basedactivitiesthat are believed to be advantageous for a firm.

personal interview

The traditional method of data collection done personally with respondents

marketing mix

set of controllable variables (product, place, price, promotion) usedtosatisfya target group better than competitors

product

an item produced specifically to satisfy the needs of a certain group of people.

goods

Tangible products like tires, MP3 players, and clothing are referred to as

interview

One of the most reliable and credible ways of getting relevant information directly fromtargetcustomers is through

marketing mix

can be intangible or tangible, appearing in the form of services or goods.

data gathering

The most common way to gather primary data with questionnaires or interviewschedulesiscategorized as

promotion

how a business creates awareness of its products or services in the market.

entrepreneurial mind frame

allows an entrepreneur to see things in a positive andoptimisticlight even during a crisis or difficult situation.

entrepreneurial gut game

refers to an entrepreneur's ability to sense things without usingthefive senses, also known as intuition.

entrepreneurial heart frame

an essential trait that refers to the driven passionofanindividual.

service requirement

what selects the specific type of customer requirement

changing customer preferences and highly noticeable product differentiation

Factors of substitute products that pose a great threat to the industry include

potential for backward integration and when switching costs are minimal.

The bargaining power of a buyer poses less of a threat when there is

estimate the potential market

The first step in conducting strategic marketing is to

output requirements

refer to the tangible things that can be seen by the customer

brand concept

Variables considered in behavioral segmentation include perception, reaction, and benefits, but do not include

completeness of proportion

When creating an effective USP, an entrepreneur should be specific and keep it simple, but ——- is not a standard tip for this process.

unique selling proposition

refers to the specific way you sell your products or servicestoyourcustomers to stand out.

intangible

A service requirement is an ——- thing or product that cannot be touched but provides fulfillment to the customer.

size and growth of the segment

are considered favorable indicators for doingbusinessinaparticular location.

behavioral segmentation

refers to dividing a market according to the behavior patternsofcustomers as they interact with a company.

market research

To determine the possible number of customers in a specific locality, an entrepreneur must conduct

convince customers to purchase a particular productor service.

The function of a Value Proposition is

opening of an entrepreneurial venture

The primary result of successfully identifying entrepreneurial opportunities is the

framework of each business industry

The relationship between a unique selling proposition and a value proposition is that theybothserveas the

past experience

Using expertise and skills developed from a previous job to open a related business enterpriseisanexample of leveraging

peoples interest

Determining the interests, hobbies, and preferences of people is a way to find entrepreneurial ideas through

natural resources

The societal environment consists of economic, sociocultural, and political forces, but it excludes

buyers

the individuals who pay cash in exchange for your goods and services.

needs and wants

The forces competing within an industry include new entrants, substitutes, and rivals, but do not include

people

the individuals responsible for every element of sales, marketing strategies, andactivities