Entrep Reviewer

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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

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