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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?
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?
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?
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?
In the context of business planning, what does an organizational chart illustrate?
Which industry does NOT fall under the Philippines Standard Industrial Classification?
Which industry does NOT fall under the Philippines Standard Industrial Classification?
Which of the following best describes a vision statement in a business plan?
Which of the following best describes a vision statement in a business plan?
Which of these is a primary type of business according to ownership?
Which of these is a primary type of business according to ownership?
What does the term 'business objective' refer to in a business plan?
What does the term 'business objective' refer to in a business plan?
What is considered physical evidence in a service context?
What is considered physical evidence in a service context?
Which of the following best defines a target market?
Which of the following best defines a target market?
What is the main goal of identifying specific target markets in marketing management?
What is the main goal of identifying specific target markets in marketing management?
What is the main purpose of market research?
What is the main purpose of market research?
Which market strategy involves raising customer awareness to increase market share?
Which market strategy involves raising customer awareness to increase market share?
What does market development entail?
What does market development entail?
Which of the following is NOT a benefit of conducting market research?
Which of the following is NOT a benefit of conducting market research?
Which strategy is characterized by high costs and high risks due to the adoption of new business practices?
Which strategy is characterized by high costs and high risks due to the adoption of new business practices?
What does the term 'generic brand' refer to?
What does the term 'generic brand' refer to?
Which of the following is a factor to consider when choosing a brand name?
Which of the following is a factor to consider when choosing a brand name?
What does product development aim to achieve?
What does product development aim to achieve?
Which statement best describes 'branding'?
Which statement best describes 'branding'?
Identifying a target audience primarily involves which of the following?
Identifying a target audience primarily involves which of the following?
What is an essential characteristic of a strong brand name?
What is an essential characteristic of a strong brand name?
Why is 'pronounceability' important in brand naming?
Why is 'pronounceability' important in brand naming?
Which of the following is true regarding trademarks?
Which of the following is true regarding trademarks?
What distinguishes retailing from wholesaling?
What distinguishes retailing from wholesaling?
Which type of business involves converting raw materials into finished goods?
Which type of business involves converting raw materials into finished goods?
What is a characteristic of batch manufacturing?
What is a characteristic of batch manufacturing?
Which statement best describes a hybrid business?
Which statement best describes a hybrid business?
Which business structure is managed by an elected board of directors?
Which business structure is managed by an elected board of directors?
What is a common advantage of starting a cleaning service?
What is a common advantage of starting a cleaning service?
What does a sole proprietorship primarily indicate?
What does a sole proprietorship primarily indicate?
In professional services, what is essential for success in assisting clients?
In professional services, what is essential for success in assisting clients?
What is the primary function of a product in marketing?
What is the primary function of a product in marketing?
When establishing a price for a product, which of the following is NOT a consideration?
When establishing a price for a product, which of the following is NOT a consideration?
What is the primary purpose of the promotion element in marketing?
What is the primary purpose of the promotion element in marketing?
Which element of the marketing mix emphasizes the importance of employees?
Which element of the marketing mix emphasizes the importance of employees?
What is a key role of distribution in marketing?
What is a key role of distribution in marketing?
Which of the following best describes packaging in marketing?
Which of the following best describes packaging in marketing?
In the context of marketing, what does the term 'promotion' encompass?
In the context of marketing, what does the term 'promotion' encompass?
What is the significance of the 'Place' element in the marketing mix?
What is the significance of the 'Place' element in the marketing mix?
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.
