Entrepreneurship 2nd Sem
Terms in this set (51)
Information coming directly from customers about the satisfaction or dissatisfaction they feel with a product or a service
Survey, Focus Group Discussion, Interview
What are the common primary research tools for customer feedback?
These are fixed sets of questions, which are usually used to collect quantifiable information (e.g. the percentage of people happy with a particular product).
FGD and Interview(s)
These are most effective for qualitative research, as they let you explore people's opinions and attitudes (e.g. how they feel about your products and what improvements they would like to see in your business).
True or False?
FGD and interviews ask open-ended questions.
the motivation that is driving the participant's actions and feelings
barriers or roadblocks that prevent the participant from fulfilling their need
people, places and things the participant interacts with through their experience
something the participant has said that helps clearly exemplify the learnings or next steps you have identified
Need, Pain Point, Touchpoint, Quote
What are the 4 things that must be noted in an interview?
These types of customers are less in numbers but promote more sales and profit as compared to other customers as these are the ones which are completely satisfied.
These types of customers are also frequent visitors but they are only a part of business when offered with discounts on regular products and brands or they buy only low cost products.
These customers are difficult to convince as they want to do the business in urge or caprice. They don't have any specific item into their product list but urge to buy what they find good and productive at that point of time.
These customers are product specific and only tend to buy items only to which they are habitual or have a specific need for them. These are frequent customers but do not become a part of buying most of the times so it is difficult to satisfy them.
These are the least profitable customers as sometimes they themselves are not sure what to buy. These customers are normally new in industry and most of the times visit suppliers only for confirming their needs on products.
Sole Proprietorship, Partnership, Corporation
What are the three forms of business organizations?
Most basic among the legal forms.
Cheapest and simplest way to start a business.
Owners can set this form of business organization up more quickly compared to corporation
In partnerships and sole proprietorships, owners share _______.
Universal partnership of all present property, Universal partnership of profits
Types of partners according to contribution.
General (partner), Limited (partner)
Types of partners according to liability.
Partnership at will, Partnership with a fixed term
Types of partners according to duration.
Types of partners according to purpose.
De jure partnership, De facto partnership
Types of partners according to legality of existence.
liable to the extent of his separate property after all the assets of the partnership are exhausted
One who is liable only to the extent of his capital contribution.
One who contributes money or property to the common fund of the partnership.
One who contributes his knowledge or personal service to the partnership.
One whom the partners has appointed as manager of the partnership.
One who is designated to wind up or settle the affairs of the partnership after dissolution.
One who does not take active part in the business of the partnership and is not known as a partner.
One who does not take active part in the business of the partnership though may be known as a partner.
One who takes active part in the business but is not known to be a partner by outside parties.
Also known as a partner by estoppel. One who is actually not a partner but who represents himself as one.
A corporation requires ____ minimum people - ____ maximum people to create.
This can function even when the owners die.
Board of Directors
The management of a corporation is handled by the ______________.
A corporation has (limited/unlimited) liability to shareholders.
Share capital is divided into shares and are authorized to distribute among the shareholders.
No part of the income is distributed.
Organized for charitable, religious, educational, professional, cultural, literary, fraternal, scientific or social civic purposes.
Shares are not transferrable in a corporation.
Responsible for producing the goods or providing the services offered by the organization.
The management of organizing, leading and controlling resources that create goods and/or provide services.
Inputs, Transformation Process, Output
Elements of Operations
Six Sigma Quality
It is a highly disciplined process that helps us focus on developing and delivering nearly-perfect products and services.
a statistical term that measures how far a given process deviates from perfection
Six Sigma Quality
Is a method that provides organizations tools to improve the capability of their business processes.
an analytical tool used for Six Sigma.