EASY HELP

Entrepreneurship - Unit 2 Test Review Answer the following questions in order to prepare for your upcoming exam. All answers may be found in your notes and in the PowerPoints provided on Google Classroom Lesson 1 Know and Understand the Following key Term and concepts: 01. What does value proposition/differentiate mean? 02. What is a product? 03. What is a service? 04. What is a SWOT Analysis? 05. Before you decide on a business opportunity, you need to do what? b. Lesson 2 06. Define market research: 07. Customers buy goods and services to satisfy needs and wants. What are Needs? What are Wants? 08. Know the steps of the Market Research Process Step #1: Define the question A: You must define exactly what you want to find out from your market research. Step #2: Determine the data needed. A: Once you define the question, you need to determine what data you need to answer the question Step #3: Gathering/Collecting information Step #4: Analyze and Interpret Information A: After data is gathered, it must be analyzed and interpreted. Helps determine your target market, forecasts of sales. Step #5: Take Action A. Once data analyzed, determine the course of action Fundamental purpose of Market Research - better decisions. Step #6: Evaluate Results A. Evaluate regularly 09. What is primary data? Give examples