BAED-ENTR2122 Entrepreneurship

OED EXAM ANSWERS (GRADE 11)

Created by: An Ice Tea Enthusiast (ifykyk)

Those who sell non-competing products and which generally help your sales.
> Complementors

Individuals and households who buy goods for their own use or benefit.
> The consumer market

This concept believes in the pull strategy and says that you need to make your brand
so strong that customers themselves prefer your brand to every other competitor.
> Marketing Concept

The entire concept of customer development is __________

> Feedback Driven

The entire size of the market for a product at a specific time.

> Market Potential

The needs that are explicit statements from your market that declare, “I want a
product to do X.”
> Stated Needs

The __________________ is what we call the “Get it Done” phase.

> Opportunity Realization

The French word where the word entrepreneur originates.

> entreprendre

The basic proposition of this concept is that customers will choose products and
services that are widely available and are of low cost.
> Production Concept

The __________________ phase is crucial when beginning a new enterprise, it is

important to seek new opportunities throughout the entire lifetime of any enterprise
> Opportunity Recognition

This concept believes in the consumer and it says the consumers are more likely to
be loyal if they have more options of products or they get more benefits from the
product of the company
> Product Concept
The __________ concept is the most followed ideology by top companies.
> Marketing Concept

According to a French economist, J. B. Say, an entrepreneur is a person who shifts

economic resources out of an area of lower productivity into an area of higher
productivity and greater yield.
> Entrepreneur

A set of circumstances that makes it possible to do something.

> Opportunity

The middlemen or intermediaries, such as wholesalers and retailers, who buy

finished goods and resell them for a profit.
> The industrial market

This concept proposes that consumers will prefer products that have better quality,
performance and features as opposed to a normal product.
> Product Concept

The collective learning of the organization, especially how to co-ordinate the diverse
production skill and integrate multiple stream of technologies.
> Core Competency

Many businesses offer products based on the attitudes, beliefs and emotions of their
target market.
> Psychographic

Individuals, groups or organizations that purchase your product or service for direct
use in producing other products or for use in their day-to-day operations.
> The industrial market

The roadmap which predicts what core competencies to build and which related
technologies are needed.
> Strategic Architecture

A general view, examination, or description of someone or something.

> Survey

The __________ concept is more operations oriented than any other concept.
> Production Concept

People in your target market who are not currently looking for a solution.
> Target market user

_________________ is created when such innovation results in new demand.

> Wealth
The ____________________concept calls upon marketers to build social and ethical
considerations into their marketing practices.
> Societal Concept

Those who have products and services similar to you and where customers who are
buying something will compare your offerings and prices directly, weighing one up
against the other.
> Competitors

The process of breaking down a larger target market into smaller segments with
specific characteristics.
> Market Segmentation

This concept was an offshoot of the marketing concept wherein an organization

believes in giving back to the society by producing better products targeted towards
society welfare.
> Societal Concept

A thought process or method used to generate creative ideas by exploring many

possible solutions.
> Divergent thinking

The most important organization or people in the market are your ________.
> Customers

_____________ are like competitors but their products are not the same.
> Substitutors

The ability to generate ideas

> Creativity

A person who is able to identify business opportunities and implement actions to

maximize on the opportunities.
> Entrepreneur

This concept proposes that customers, be individual or organizations will not buy
enough of the organization’s products unless they are persuaded to do so through
selling effort
> Selling Concept

People who have not yet purchased your product but are considering it
> Prospects

Potential customers are identified by criteria such as age, race, religion, gender,
income, level, family size, occupation, education level and marital status.
> Demographic
Who coined the term core competency in 1989.
> Dr. C. K Prahalad and Prof. Gray Hamel

This is an employed staff e.g. manager who innovates for the company and takes
risks only on behalf of the employer.
> Intraperneur

This concept proposes that the success of the firm depends on the marketing efforts
of the company and in delivering a better value proposition as compared to its
competitors in its own target market.
> Marketing Concept

This is the development within a large co-operation of internal markets and

relatively small autonomous business units producing products, services or
technologies that employ the firms‟ resources in a unique way.
> Intrapreneurship

The degree to which a business or activity yields profit or financial gain.

> Profitability

There are also groups and organizations who have no direct control but who will
seek to promote their own agendas by influencing players within the marketplace,
including regulators and retailers.
> Influencers

Focuses on needs / wants of target markets & delivering value better than
competitors do that preserves the consumer and society’s well-being
> Societal Concept

The ability to give the "correct" answer to standard questions that do not require
significant creativity
> Convergent thinking

_____________ may sell directly into the market, for example selling spare parts,
but largely they need to be kept aligned to your strategy.
> Supplier

Potential customers are in a local, state, regional or national marketplace segment

> Geographic

People who have already purchased your product

> Existing Customer

The ability to implement the appropriate ideas.

> Innovativeness
Austrian economist who placed the definition of entrepreneurship an emphasis on
innovation.
> Joseph Schumpeter

Points out to identifying various opportunity gaps

> Strategic Intent