Unit 2: The Business Plan Lesson 1 Definition Purpose PDF

Unit 2: The Business Plan Lesson 1 Definition, Purpose, and Market Need Identification Entrepreneurship Senior High School Applied - Academic Have you ever wondered how a certain business is established? Is it easy to establish one? ENGAG EXPLO EXPLAI EXTEN EVALUA 2 ...

Unit 2: The Business Plan Lesson 1 Definition, Purpose, and Market Need Identification Entrepreneurship Senior High School Applied - Academic Have you ever wondered how a certain business is established? Is it easy to establish one? ENGAG EXPLO EXPLAI EXTEN EVALUA 2  Define what is a business Learning plan. Objective Identify the purposes of a s business plan. At the end of the lesson, you Identify market needs. should be able to do the following: ENGAG EXPLO EXPLAI EXTEN EVALUA 33 Which of the stalls in your school campus has a lot of students patronizing their product or service? ENGAG EXPLO EXPLAI EXTEN EVALUA 4 What do you think are the reasons why that certain stall in your school attracts more students to patronize their product or service? ENGAG EXPLO EXPLAI EXTEN EVALUA 5  The Business Plan A business plan is a written description of the business that you will establish in the future. ENGAG EXPLO EXPLAI EXTEN EVALUA 6  The Business Plan A business plan can be written before or during the first few years of the enterprise. This is to guide the entrepreneur on which strategies would be most beneficial for the enterprise to take. ENGAG EXPLO EXPLAI EXTEN EVALUA 7 Why should an entrepreneur need to prepare a very good business plan? ENGAG EXPLO EXPLAI EXTEN EVALUA 8  Why prepare a business plan? The business plan is the blueprint of your proposed business. ENGAG EXPLO EXPLAI EXTEN EVALUA 9  Why prepare a business plan? 1. To test the feasibility of your business idea 2. To give your new business the best chance of success 3. To secure funding 4. To make business planning more effective 5. To attract ENGAG EXPLO investors EXPLAI EXTEN EVALUA 10 Remember Composing a business plan is tedious, however it's basic if you want to have an effective business that will endure the startup stage. 11 Three Factors of a Good Business Plan 1.It’s realistic 2.It’s specific 3.It’s followed through ENGAG EXPLO EXPLAI EXTEN EVALUA 12 Remember A realistic business plan accounts for the feasibility of implementation. If the business plan is not practical or too good to be true, then, no operational method can be devised to achieve the strategy. 13 How will you identify the needs of your target market? 14  Identifying Customer Needs Identifying customer needs is the method of determining what a client needs from a product. ENGAG EXPLO EXPLAI EXTEN EVALUA 15 Customer needs are non-technical, and they reflect the customers’ perception of the merchandise, not the particular style or specifications, though oftentimes they're closely connected. ENGAG EXPLO EXPLAI EXTEN EVALUA 16  Identifying Customer Needs 1. Gather raw data 2. Interpreting data 3. Organizing the data 4. Reflect the process ENGAG EXPLO EXPLAI EXTEN EVALUA 17 17 Tip It’s all too easy to collect data about everything you can, but it’s important to only collect the data that you actually need. Consider these 3 questions: What information do you actually need? What information is available? What information will be useful? 18  Identifying Customer Needs Attractive Quality One-Dimensional Quality Must-Be Quality Indifferent Quality Reverse Quality ENGAG EXPLO EXPLAI EXTEN EVALUA 19 19  Customer Needs Identification Using the 4-step Method Situationer A group of students is going to identify customer needs, specifically, the food inside the school premises. They conducted a survey and come up with the following answers in the 4-step method. ENGAG EXPLO EXPLAI EXTEN EVALUA 20 20  Customer Needs Identification Using the 4-step Method Step Example Gather Raw The students gathered data using interviews to Data identify their needs. They have 20 respondents. ENGAG EXPLO EXPLAI EXTEN EVALUA 21 21  Customer Needs Identification Using the 4-step Method Step Example Interpreting The students analyze the data and omit Data data that are not essential and aligned with their research. ENGAG EXPLO EXPLAI EXTEN EVALUA 22 22  Customer Needs Identification Using the 4-step Method Step Example Organizing They categorized the data gathered based Data on its nature. For instance, junk foods, beverages, main dishes, side dishes, etc. ENGAG EXPLO EXPLAI EXTEN EVALUA 23 23  Customer Needs Identification Using the 4-step Method Step Example Reflect the They will decide if the Process process is enough for the business plan. ENGAG EXPLO EXPLAI EXTEN EVALUA 24 24  Activity If you will identify your customer needs, how will you implement the four steps of Customer Needs Identification? ENGAG EXPLO EXPLAI EXTEN EVALUA 25  Questions Part A. 1. Why do you need to test the feasibility of your business before implementing it? 2. If your group will propose a business, how will you make sure that it will be successful? 3. How should a business plan should be written and prepared? 4. What can be the hindrances or challenges in identifying your customer needs? 5. Why is it essential to have a business plan before opening a business? ENGAG EXPLO EXPLAI EXTEN EVALUA 26  Questions Part B. Using the Kano Technique of organizing data, give an example of a situation that best applies the five (5) qualities. Quality Example Attractive Quality One-Dimensional Quality Must-Be Quality Indifferent Quality Reverse Quality ENGAG EXPLO EXPLAI EXTEN EVALUA 27  Wrap Up A business plan is a written description of the business that you will establish in the future. You can either write a business plan in the early stage of your business or for the growth of your established business. 28  Wrap Up Identifying customer needs is the method of determining what a client needs from a product. 29 Wrap Up 30  Bibliography Cooper, R. “Winning at New Products : Accelerating the Process from Idea to Launch.” OCLC WorldCat Permalink, 1992. Accessed March 19, 2020. http://www.worldcat.org/oclc/27726156. Griffin, A., and J.R. Haussen. “The Voice of the Customer.” Marketing Science Vol. 12 No.1 (1993). Accessed March 18, 2020. http://www.jstor.org/stable/183735. “Three Qualities of a Good Business Plan.” Organizers Direct. Accessed March 19,2020. https://organizersdirect.com/blog/three-qualities-of-a-good-business-plan/. Ulrich, K. T., and Eppinger S. D. “Product Design and Development.” OCLC WorldCat Permalink. McGraw-Hill, 2012. Accessed March 20, 2020. http://www.worldcat.org/oclc/706677610. Wolf, Andres Simpson. “Customer Needs Identification.” Electrical and Computer Engineering Design Handbook. Accessed March 19,2020. https://sites.tufts.edu/eeseniordesignhandbook/2013/customer-needs-identification-2/. 31