Business Services Overview

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Questions and Answers

Which type of business focuses on producing goods or services in a specific industry according to the Philippines Standard Industrial Classification?

Corporate Sector

Informal Economy

Agriculture, Forestry and Fishing (correct)

Service Industry

Which component of a business plan clearly defines the organization's goals and methods to achieve them?

Organizational Chart

Financial Plan

Vision Statement

Mission Statement (correct)

What is the primary purpose of a business plan?

To advertise the business's products and services

To outline the organization's marketing strategies

To summarize the business structure, objectives, and financial performance (correct)

To certify the legality of the business

In the context of business planning, what does an organizational chart illustrate?

Internal structure and relationships within the company Signup and view all the answers

Which industry does NOT fall under the Philippines Standard Industrial Classification?

Software Development Signup and view all the answers

Which of the following best describes a vision statement in a business plan?

An expression of where the organization aims to be in the future Signup and view all the answers

Which of these is a primary type of business according to ownership?

Nonprofit Organization Signup and view all the answers

What does the term 'business objective' refer to in a business plan?

The purpose for which the business is established Signup and view all the answers

What is considered physical evidence in a service context?

The product itself purchased by the customer Signup and view all the answers

Which of the following best defines a target market?

A collection of consumers who share similar needs and interests Signup and view all the answers

What is the main goal of identifying specific target markets in marketing management?

To maximize profit potential through tailored products and promotions Signup and view all the answers

What is the main purpose of market research?

To understand customer reactions to products or services Signup and view all the answers

Which market strategy involves raising customer awareness to increase market share?

Market penetration Signup and view all the answers

What does market development entail?

Finding new regions or segments for current products or services Signup and view all the answers

Which of the following is NOT a benefit of conducting market research?

Creating brand logos Signup and view all the answers

Which strategy is characterized by high costs and high risks due to the adoption of new business practices?

Diversification Signup and view all the answers

What does the term 'generic brand' refer to?

A product lacking an identifiable name or logo Signup and view all the answers

Which of the following is a factor to consider when choosing a brand name?

Word association and pleasant meaning Signup and view all the answers

What does product development aim to achieve?

Enhancing existing products or developing new ones Signup and view all the answers

Which statement best describes 'branding'?

Giving meaning to a product in the consumer's mind Signup and view all the answers

Identifying a target audience primarily involves which of the following?

Understanding the common preferences of a similar group of consumers Signup and view all the answers

What is an essential characteristic of a strong brand name?

It must be distinct and memorable Signup and view all the answers

Why is 'pronounceability' important in brand naming?

It can impact the brand's popularity Signup and view all the answers

Which of the following is true regarding trademarks?

They require unique identification and legal protection Signup and view all the answers

What distinguishes retailing from wholesaling?

Retailing involves selling directly to the final consumer. Signup and view all the answers

Which type of business involves converting raw materials into finished goods?

Manufacturing Signup and view all the answers

What is a characteristic of batch manufacturing?

It mixes aspects of both continuous and job order production. Signup and view all the answers

Which statement best describes a hybrid business?

It can be classified under multiple business types. Signup and view all the answers

Which business structure is managed by an elected board of directors?

Corporation Signup and view all the answers

What is a common advantage of starting a cleaning service?

It offers the ability for one to become their own boss. Signup and view all the answers

What does a sole proprietorship primarily indicate?

It is owned and managed by a single individual. Signup and view all the answers

In professional services, what is essential for success in assisting clients?

Possessing specialized knowledge in a specific area. Signup and view all the answers

What is the primary function of a product in marketing?

To provide customer satisfaction Signup and view all the answers

When establishing a price for a product, which of the following is NOT a consideration?

Customer loyalty Signup and view all the answers

What is the primary purpose of the promotion element in marketing?

To persuade potential customers Signup and view all the answers

Which element of the marketing mix emphasizes the importance of employees?

People Signup and view all the answers

What is a key role of distribution in marketing?

To make products available in desired quantities Signup and view all the answers

Which of the following best describes packaging in marketing?

Preparation for transportation and storage Signup and view all the answers

In the context of marketing, what does the term 'promotion' encompass?

Advertising and public relations Signup and view all the answers

What is the significance of the 'Place' element in the marketing mix?

Making products accessible to customers Signup and view all the answers

Study Notes

Delivery and Cleaning Services

Delivery services streamline supply acquisition, cutting the need for physical shopping.
High demand for cleaning services; starting one provides entrepreneurial opportunities and income potential.

Professional and Trading Services

Professional services necessitate specialized knowledge to support clients effectively.
Trading businesses focus on buying and selling goods, involving management and marketing aspects.
Retailing targets direct sales to end consumers.
Wholesaling buys goods in bulk at lower prices for resale to retailers or small businesses.

Manufacturing Types

Continuous manufacturing involves uninterrupted production processes.
Intermittent or job order manufacturing responds to specific demand instances.
Batch manufacturing combines flow shop and job order methods for production.
Project manufacturing leads to custom products for distinct projects.

Hybrid Business Model

Hybrid businesses blend multiple types, like restaurants that produce food (manufacturing), sell drinks (merchandising), and provide customer service.

Business Ownership Structures

Sole Proprietorship: owned and managed by a single individual.
Partnership: organization owned and managed by two or more individuals.
Corporation: managed by an elected board of directors.

Industrial Categories (Philippines Standard Industrial Classification)

Industries producing goods or services include Agriculture, Mining, Manufacturing, Utilities, Transportation, Accommodation, Real Estate, and more.

Business Planning Essentials

Mission and vision statements define objectives and organizational aspirations.
An organizational chart illustrates internal structures and relationships.
A business plan serves as a blueprint, detailing operations, objectives, and financials.

7 Ps of Marketing

Product: encompasses any offering to satisfy needs, including goods, services, and ideas.
Price: reflects the sale price, factoring in unit costs and expenses.
Place: involves product availability and distribution strategies.
Promotion: encompasses marketing communications like advertising and public relations.
People: critical in service industries; they represent the company's image.
Packaging: protects products during transport and storage.
Physical Evidence: tangible proof of service delivery.

Target Market Identification

Target market refers to a group with similar needs and interests, responding similarly to products.
Effective marketing management involves delivering tailored products and promotions to maximize profits.

Market Strategies

Market Penetration: increasing share within existing markets.
Market Development: entering new markets with current products.
Product Development: improving existing products or creating new ones for current markets.
Diversification: high-risk strategy involving new products in new markets.

Market Research Goals

Gathering information to gauge market reactions and product viability.
Objectives include identifying potential customers, understanding existing ones, setting targets, and uncovering business opportunities.

Branding Fundamentals

Branding adds meaning to offerings and identifies products in consumers’ minds.
Brand name: specific identification for products or services, distinct from generic brands.
Logos serve as visual symbols for brands, while trademarks offer legal protection.

Brand Name Selection Criteria

Distinctiveness prevents confusion with existing products.
Positive word association influences consumer perception.
Legal requirements ensure the brand name can be registered.
Memorability aids in brand recall.
Pronounceability ensures ease of communication for the brand name.

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Description

Explore various types of business services including delivery, cleaning, and professional services. Each service offers unique opportunities for entrepreneurs to establish a successful business. Understand the demands and benefits of these service-oriented industries.