potential market

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    Created by
    Jennalyn Cariño Dela Concepcion

    Cards (39)

    • entrepreneurial ideas

      opening of an entrepreneurial venture
    • looks into size of the market both value and volume.
      market analysis
    • following activities can be recommended:
      demographic and segmentation
    • stats of human population
      demographics
    • process of dividing into segments
      segmentation
    • focusing on their needs
      market need
    • potential customer

      target market
    • essentials in entrepreneurs opportunity seeking
      Entrepreneurial mind frame, entrepreneurial heart flame, entrepreneurial gut game
    • sources of opportunity
      1changes in the environment,2 technological discovery and advancement, 3government's thrust programs, and policies, 4peoples interest 5 past experience
    • changes happen in external environment
      changes in the environment
    • physical environment changes
      climate, natural resources, wildlife
    • societal environment changes
      political forces, economic forces, sociocultural forces, technological environment
    • industry environment changes
      competitors, customers, creditors, employees, government, suppliers
    • sees possibilty of business in any new discovery or latest technology
      technological discovery and advancement
    • priorities project of the government
      governments thrust, programs, and policies
    • preference of people
      people's interest
    • skills developed by a person who has worked
      past experience
    • trying to get or win something

      competition
    • five forces competing within the industry
      buyers, potential new entrants, rivalry among existing firms, substitute products, supplier
    • levels of product
      augmented product, tangible product, generic product
    • Intangible benefits that the costumer will be getting from buying the product
      augmented product
    • free recipe book
      augmented product
    • warranty
      augmented product
    • basic physical appearance which can be idea having precise specification
      tangible products
    • vehicle

      tangible product
    • gadget

      tangible product
    • impacts of the product to the consumer not the seller
      generic product
    • tissue
      generic market
    • food
      generic product
    • Types Of Product
      1. Goods
      2. services
      3. durable goods
      4. non-durable goods
      5. rented-goods services
      6. owned-goods services
      7. non-good service
    • characteristics of service
      1. intangibility
      2. credibilty
      3. inseparabilty
      4. variability
    • purchased with less effort
      convenience product
    • low prices items that routinely purchase

      staples
    • customer does not plan to buy
      impulse products
    • product satisfying features
      1. design
      2. product color
      3. product quality
      4. product warranty
    • set of features, ability to satisfy human needs
      product quality
    • very important attribute
      product warranty
    • design and appearance
      design
    • customer's rejections or acceptance of the product
      product colors
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