potential market

• 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