1. The document discusses the key elements of entrepreneurship including innovating, opportunity seeking, risk taking, and economic and personal rewards. It also outlines factors affecting entrepreneurship like initiative and being a problem solver.
2. Potential markets and sources of opportunities for entrepreneurs are explored, including changes in the environment, technology, and customer needs. Market research methods like surveys and interviews are described to gather customer requirements and determine market size.
3. The 7Ps of marketing are defined as product, price, place, promotion, people, packaging, and positioning. Other frameworks covered include the 4Ms of production: manpower, materials, machine, and method.
1. The document discusses the key elements of entrepreneurship including innovating, opportunity seeking, risk taking, and economic and personal rewards. It also outlines factors affecting entrepreneurship like initiative and being a problem solver.
2. Potential markets and sources of opportunities for entrepreneurs are explored, including changes in the environment, technology, and customer needs. Market research methods like surveys and interviews are described to gather customer requirements and determine market size.
3. The 7Ps of marketing are defined as product, price, place, promotion, people, packaging, and positioning. Other frameworks covered include the 4Ms of production: manpower, materials, machine, and method.
1. The document discusses the key elements of entrepreneurship including innovating, opportunity seeking, risk taking, and economic and personal rewards. It also outlines factors affecting entrepreneurship like initiative and being a problem solver.
2. Potential markets and sources of opportunities for entrepreneurs are explored, including changes in the environment, technology, and customer needs. Market research methods like surveys and interviews are described to gather customer requirements and determine market size.
3. The 7Ps of marketing are defined as product, price, place, promotion, people, packaging, and positioning. Other frameworks covered include the 4Ms of production: manpower, materials, machine, and method.
1. The document discusses the key elements of entrepreneurship including innovating, opportunity seeking, risk taking, and economic and personal rewards. It also outlines factors affecting entrepreneurship like initiative and being a problem solver.
2. Potential markets and sources of opportunities for entrepreneurs are explored, including changes in the environment, technology, and customer needs. Market research methods like surveys and interviews are described to gather customer requirements and determine market size.
3. The 7Ps of marketing are defined as product, price, place, promotion, people, packaging, and positioning. Other frameworks covered include the 4Ms of production: manpower, materials, machine, and method.
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M1 ETREPRENEUR Government’s thrust, programs, and policies –
Entrepreneur – means to undertake government programs/projects
- Entreprende same meaning People’s Interest - interest/hobbies - Manage and assume the risk of bussines Past Experiences - skills Entrpreneurship – They discover or exploit new oppurtunities Forces of Competition - “five forces of competition” Bussines – focus on profit Buyers - pay cash Entrepreneur – focus on discovering new Potential New Entrants – enter a particular Elements of Entreperneurship industry. Innovating – Discovering something new Rivalry among Existing Firms - competition Opportunity Seeking – Take Advantage Substitute Products – same purpose as another Resource Mobilizing – Finding new resource product Encountering Risk – Failure or Success Suppliers - provide something Economic & personal rewants – Benefits Factors Affecting Entrepreneurship Recognize & Understand The Market Initiative Value Proposition (VP) – summarizes why a consumer Proactive should buy a product/service Problem solver Elements Perseverance - Target Customer Persuasion - Needs/opportunity Planner - Name of the product S – ociocultural - Name of the enterprise/company P - oliticall Unique Selling Proposition (USP) – how you sell E - cological TIPS: E - conomical - Identify and rank the uniqueness of the product T – echnology - Be very Specific Opportunities for Entrepreneurship - Keep it Short and Simple (KISS) - Bussiness Consultant A. Target Market - determine the buyers with - Techer common needs - Researcher Methods - Reporter Geographic segmentation – the market is divided according to geographical location. M2 POTENTIAL MARKET - Climate Entrepreneurial Ideas - creation of an entrepreneurial idea - Dominant ethnic group leads to the identification of entrepreneurial opportunities - Culture Essentials in Opportunity Seeking - Density (either rural or urban) mind frame - positive and optimistic way Demographic Segmentation – divided based on heart flame - driven by passion consumers gut game - intuitive/ intuition. - Income - Occupation Sources of Opportunities - Religion - Education Changes in the environment Psychological Segmentation – how customers think - Physical – (climate, wildlife, etc) and believe - Societal – (politics, economic, etc) - Needs and wants - Knowledge & awareness - Industry – (competitors, customers, employee) - Attitudes - Brand concept - Personality traits - Lifestyle Technological discovery & advancement - new Behavioral Segmentation – customers’ behavior discovery or technology pattern - Perceptions - Benefits - Knowledge - Loyalty - Reaction - Responses B. Customer Requirements - customers need from a product or a service. 2 types of CS requirements : 3. Price - Value of money 1. Service requirement - Intangible Pricing Strategies 2. Output requirements - tangible > Penetration - Lower price products C. Market Size - calculate the market size > Skimming - higher price then slowly lowers it > Competition - same price as the competitor M4 MARKET RESEARCH > Product Line - prices for multiple products Market Research - process of gathering, analyzing and > Bundle - multiple products in a single package for a lower interpreting the information price Data Collection - a valuable tool > Premium - higher value higher amount > Psychological - setting prices lower than a whole number Tips : Example: $3.99 is perceived as “cheaper” than $4 Organize > optional - cross selling ex. Coke + royal Know the message > Cost Plus - adding a markup - ex. Construction Collect more data > Cost Based - Fixed Sum example. Adobo/ ingredients Create more data > Value Based - how much the customer believes a product Take notes is worth SURVEYS - use of questionnaires or interview schedule. 4. Promotion - Attract the buyer Guidelines : Promotional Mix - Keep it simple > advertise - technology or mouth, ex. Radio, word of mouth - clearly easy to read > Public relations - sharing info in a public - block related questions > Personal Selling - individual selling - Be more specific questions > sales promotion - uses trials example free taste - concise and easily understood > direct marketing - presenting product or service w/out - Avoid questions that are difficult to answer advertisement - INTERVIEW - researcher asks pertinent questions 5. People - Employees, staff - last 15 to 40 minutes, 6. Packaging - outside appearance of a product - Personal interviews - traditional method 7. Positioning - creating an image - example: BDO - TELEPHONE - interviews are less expensive and less time- we find ways consuming, Focus group discussion FGD - group interviews M6 4M’S M5 7p’s of Marketing Mi - frameworks for the purpose of 1. Manpower - human labor marketing Example : employee, staff 1. Product - any goods or service 2. Mateials - raw materials to create a product Types of product : 3. Machine - equipment use to create a product > consumer goods - direct demand 4. Method - transforming raw materials into a finish product > business goods - derived demand
2. PLACE - location Channel 1 - Wholesaler and retailer Channel 2 - retailer Channel 3 - direct marketing