entrep week 5-6

TRUE OR FALSE: Segmenting the market is required to classify and describe the customers of his/her proposed business venture.

Refers to the various aspects withing which enterprise—big, small, medium and other have to operate.

the Environment therefore, influences the enterprise. By and large, an environment created by political, social, economic, national, legal forces, among others, influences Entrepreneurship.

enumerate the 3 Environment of the Entrepreneurial Venture

is the primary layer of the environment. its is composed of the natural elements that are inherent in the earth.

3 classifications of Physical environment

The entrepreneur must study the widespread climatic condition of the area where he/she aims to open the business to control whether it can withstand or is it fit to the climatic condition in the limited area.

The entrepreneur must critically evaluate the convenience of raw materials in the area before opening a new business.

The entrepreneur must guarantee that his/her business donates to the protection and not the demolition of ecological system of the local community and our country in general.

It comprises the beliefs, desires, values, and attitudes of consumers and public members. ex: consumption patterns, desires, and behaviors of the market

Is usually composed of social, political, cultural and economic, legal, and technological forces.

6 classifications of Societal Environment

Are elements in society resulting from human relations that can affect the thoughts, behavior, attitude, actions, and even the beliefs and customs of the people. it includes values, traditions, literacy level, consumer psychology, time orientation, and lifestyle pattern, and professional career goals.

are various elements usually including political parties, political systems, and other related political groups that significantly affect the political stability of the country. includes trade regulations, taxation, government stability, unemployment, worker's benefits and election practices.

refers to the combined characteristics of a group of people or ethnic groups in a specific society including the following, religion, language, beliefs, customs and education.

are factors that are mainly produced by changes or movements in the Philippine economy that have direct or indirect effects on the entrepreneurial venture includes the following inflation rates, fiscal policies, monetary policies, income, exchange rates, employments and consumer confidence

are elements and forms that are implicated in the regulation and explanation of laws and ordinances affecting the business.

refer to the trends and developments in computer and information technology that have impact on business.

Is a tabular framework of the trends and developments in the different forces in the external environment. The acronym PESTEL stands for Political, Economic, Sociocultural, Ecological, and Legal Forces.

is the evaluation and full study of the environment where the business works.

it is the external environmental layer where the trends and changes are simply and directly handled by the business.

6 classifications of industry environment

refers to the system or institution that handles the affairs of a particular country.

refers to individual persons or companies that provide the required materials, parts, or services to the business.

are the buyers of goods or services produced or rendered by the business.

are the forces existing in the industry environment that produce, sell or render products or services which are similar to those of your own business

are the workers of the business who are highly responsible for the production of goods or delivery of services to the consumers.

refer to banks, financial institutions, and financial intermediaries engaged in the lending of money to the borrower usually for a free or charge in the form of interest.

is a set of controllable and connected variables that a company gather to satisfy a customer better than its competitor. It is also known as the “Ps” in marketing.

Originally, there were only 4Ps but the model has been continually modified until it became 7P’s. The original 4 P’s stands for _______, _____, _____ and _________. Eventually, three elements have been added, namely: ______, packaging and positioning to comprise the 7P’s.

refers to any goods or services that are produced to meet the consumers’ wants, tastes and preferences. An example of goods includes tires, MP3 players, clothing and etc.

represents the location where the buyer and seller exchange goods or services. It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet.

a wholesaler and a retailer. A wholesaler typically buys and stores large quantities of several producers' goods and then breaks into bulk deliveries to supply retailers with smaller quantities. For small retailers with limited order quantities, the use of wholesalers makes economic sense.

In consumer markets, this is typically a retailer. A retailer is a company that buys products from a manufacturer or wholesaler and sells them to end users or customers. In a sense retailer is an intermediary or middleman that customers use to get products from the manufacturers.

since it has no intermediary
levels. In this case the manufacturer sells directly to customers.

Is a serious component of the marketing mix. In the narrowest sense, price is the value of money in exchange for a product or service. Generally speaking, this is the amount or value that a customer gives up to enjoy the benefits of having or using a product or service.

refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to attract people to buy your product over others. Advertising, Personal Selling, Sales Promotion, Direct Marketing, and Social Media are examples of _________.

Your team, a staff that makes it happen for you, your audience, and your advertisers are the people in marketing. This consists of each person who is involved in the product or service whether directly or indirectly. They are the ultimate marketing strategy. They sell and push the product. People are one of the most important elements of the marketing mix today.

is a silent hero in the marketing world. Packaging refers to the outside appearance of a product and how it is presented to the customers. The best packaging should be attractive enough and cost efficient for the customers. It is highly functional. It is for protection, containment, information, utility of use and promotion.

When a company presents a product or service in a way that is different from the competitors, they are said to be “positioning” it. Positioning refers to a process used by marketers to create an image in the minds of a target market.