Entrepreneurship 1st Quarter Reviewer 2024-2025

Entrepreneurship ENTREP ENTREPRENEURSHIP : 1ST QUARTER AY 2024-2025 [INSTRUCTOR : SIR MARLON SALVADOR]...

Entrepreneurship ENTREP ENTREPRENEURSHIP : 1ST QUARTER AY 2024-2025 [INSTRUCTOR : SIR MARLON SALVADOR] 1ST SEMESTER 4. Entrepreneurship controls the local wealth OUTLINE and balances the regional development. I Entrepreneurship - It makes sure local resources are used A. Importance of Entrepreneurship II The Entrepreneur properly and that every area has an A. Qualities of Entrepreneur appropriate allocation of resources. B. Filipino Entrepreneurs 5. Entrepreneurship reduces social conflict and III Considerations in Identifying Market Problem IV The Entrepreneurial Process political unrest. V Scanning the Environment - Imagine if there were no or only a few A. Seeking, Screening, and Seizing sari-sari or supermarket stores in your area. B. Sources of Opportunities VI The 3S Opportunity All of you will then fight for the good supplies A. Market Need because the store cannot supply all your B. Opportunity Seeking C. STEEPLED Analysis needs. VII Opportunity Screening 6. Entrepreneurship elicits economic A. 3 Ways of Screening Opportunities independence and capital information. VIII Opportunity Seizing IX The 7P’s of Marketing Mix - Countries with more entrepreneurs are highly A. Product likely to become financially independent and B. Place C. Price will less likely need the help of other D. Promotion countries. E. People - This also applies to families, barangays, and F. Packaging G. Positioning cities. Entrepreneurship creates wealth X Development of a Brand instead of borrowing wealth. 7. Entrepreneurship disperses economic power ENTREPRENEURSHIP and creates equality. The science of converting processed ideas into a - It balances the economy by distributing remarkable business venture. national income to more businesses rather A capacity for innovation, investment and than to only a few. expansion in new markets, products and techniques. THE ENTREPRENEUR A proactive process of developing a business venture and operating a business out of the Wage Employment – people who are employed opportunity, and assessing its risks and rewards to earn through salary or wages given by their through close monitoring operations. employers. Self-Employed – people who earn money by IMPORTANCE OF ENTREPRENEURSHIP working for themselves. They are entrepreneurs. 1. Employment is one great factor in economic ENTREPRENEUR development. - Entrepreneurs provide work for people that Entrepreneur came from the French verb “entreprendre” which means “to undertake”, propel the economic development of the with “entre” meaning “between” and “prendre” nation. meaning “to take”. 2. Entrepreneurship amplifies economic Entrepreneurs have the innate ability and activities of different sectors of society. extraordinary dedication to establish and manage - A simple eatery in a rural area and a coffee a business, acknowledging all the risks and shop in an urban area both ignite economic reaping its rewards. Entrepreneurs are individuals who are alert to activity regardless of their business scale. profitable opportunities for the exchange of 3. Entrepreneurship introduces new and goods or services. innovative products and services. MA. ANDREA M. BALOD | STEM 12 - JADE 1  REVIEW WELL, FELLOW STUDENTS! An entrepreneur will only expect the already items such as fried chicken, fries, and added or created value out of an opportunity. burgers. Caktiong was able to expand An entrepreneur is a person who organizes across the country after embracing the business or businesses, taking on financial risks. fast-food business model, growing his QUALITIES OF ENTREPRENEURS humble restaurant into one of the Philippines’ most successful businesses. 1. Discipline Furthermore, by establishing a franchise, he 2. Confidence has been able to break into the international 3. Open-minded market. With over 2,500 outlets in the 4. Self-starter 5. Competitive Philippines and locations in the United 6. Creative/Innovative States, China, Saudi Arabia, Vietnam, 7. Determination Singapore, Brunei and the UK, Jollibee is a 8. Strong People Skills fast-food behemoth. 9. Strong Work Ethics Edgar Sia – Mang Inasal 10. Passion o Edgar Sia, the brains behind Mang Inasal is FILIPINO ENTREPRENEURS widely regarded as the Philippines’ pioneer in limitless rice meals. Sia, who is native to Socorro Ramos – National Book Store Iloilo City, dropped out of college at the age o Socorro Ramos began her career in of 19 to start his own laundry and publishing and retail as a salesgirl in a photo-developing business. Sia, then 26 bookshop. With a capital of PHP200, she years old, decided to launch the fast-food and her husband launched the National restaurant Mang Inasal – meaning “Mr. Book Store in Escolta at the age of 19, Barbecue” in his native Hiligaynon – in 2003. selling books and school supplies to In his hometown, the first branch was children. The Japanese imposed censorship erected in a mall parking lot. The restaurant on books and publications at the time, which was a huge success. Jollibee's Tony included her burgeoning business. She and Caktiong bought Mang Inasal for PHP5 her husband supplemented their income by billion after hearing about Sia’s growing selling other products such as candles and business. Sia invested the proceeds from the soaps. The Ramoses built a nine-story sale of Mang Inasal into banking and structure along Avenida, after the postwar healthcare. He is the country’s youngest boom brought increased revenue for the billionaire, at the age of 42. company. Ramos adopted a hands-on Milagros, Clarita, and Doris Leelin – approach to running her business, even Goldilocks designing the company’s logo herself. The o When Milagros, Clarita, and Doris Leelin National Book Store now has around 3,000 founded Goldilocks, it was a employees. At the age of 98, Socorro Ramos 70-square-meter Makati store with only two is worth an estimated USD3.1 billion, making cake displays and ten employees. Sisters her one of the country’s richest people. Milagros and Clarita Leelin had a passion for Tony Tan Caktiong – Jollibee Foods baking, and opened their first branch with o The cheerful tagline “langhap sarap” – a the help of their sister-in-law, Doris. Jollibee trademark – is well-known among Goldilocks debuted its franchising Filipinos. Tony Tan Caktiong, another programme in 1991. The bakeshop franchise Chinese immigrant, is the brains behind this now has around 420 stores, with additional popular food chain. His family maintained a locations in the United States, Canada, and Chinese restaurant in Manila at the time, Southeast Asia. Goldilocks has grown from a which enabled him to finish college. He PHP 66,000 start-up to a multimillion-dollar bought an ice cream shop in 1975, but food company with over 4,000 workers. owing to low sales, he decided to add other Henry Sy – SM (Shoe Mart) MA. ANDREA M. BALOD | STEM 12 - JADE 2  REVIEW WELL, FELLOW STUDENTS! o Shoe Mart, or SM for short, is one of the - This is the beginning of the process and is country’s retail behemoths, and far more considered the most difficult. Entrepreneurs than just a mall. It is now a well-loved at this point take note of interesting trends in their environment. institution of which many Filipino families - Consumers are reliable resources of hold fond memories. It provides a wide opportunity information because market range of services, including shopping, needs originate from them. theaters, locations for date nights, parties - Other major sources of opportunity are the and other special occasions, ice skating, glaring problems in the environment, and food courts. SM started modestly and problems encountered by co-entrepreneurs, from humble beginnings, despite its now new trends, processes, and developments in the environment. upmarket reputation. Henry Sy grew up in - Other minor sources are feedback from Jinjang, Xiamen, China, in a low-income distribution or business partners such as household. Due to the challenges in their retailers, wholesalers, manufacturers, and home country, they moved to the Philippines technical people that the entrepreneur is in 1936 and opened a tiny convenience shop working with. in Manila. - The entrepreneur's toughest job is to carefully assess the opportunity through o Shortly after, World War II broke out and estimation of opportunity length, ruined the family business. Sy, on the other capitalization required, threats, profitability, hand, continued to pursue his and calculation of real and perceived value. entrepreneurial interests by selling worn - Entrepreneurs should also assess if the military combat boots and other items to opportunity is aligned with their personal American soldiers. This is where the name goals and attributes. “Shoe Mart” originates: it was Manila’s first - Lastly, entrepreneurs should already think in advance how they will position the product shoe store at the time. Despite being unable or service in the market and showcase its to find vendors that could make the shoes unique selling proposition. he wanted, Sy persisted. Sy, who died in b. Developing a Business Plan 2019 at the age of 94, was survived by his - Entrepreneurs should formulate a business family. Sy’s legacy lives on today in his many plan when they have already spotted and SM malls and other acquired businesses. As assessed the opportunities for a market. a result, he was one of the world’s wealthiest - A business plan is a comprehensive paper that details the marketing, operational, men. human resource, financial, strategic direction, and tactics of the business. CONSIDERATIONS IN IDENTIFYING - The business plan will be the core guide and MARKET PROBLEM direction of the entrepreneur in calculating 1. Existing Customers the resources needed, assessing how to - People who have already purchased the obtain these resources efficiently, and product you are selling. running the business sustainably. 2. Target Market Users c. Determining the capital needed - People in your target market who are not - A big idea can never be translated into reality currently looking for a solution. if the entrepreneur's resources are limited. 3. Prospects Therefore, it is mandatory in the - People who have not yet purchased your entrepreneurial process to calculate the product but have intention to buy. resources needed to establish the business and compare this against the entrepreneur's THE ENTREPRENEURIAL PROCESS current resources. - Caution must be applied in computing the The entrepreneurial process is a step-by-step complete set of resources needed and procedure in establishing any kind of business include only those items that are considered that an entrepreneur has to undergo. It is as the real needs in venture creation. composed of four aspects: a. Opportunity Spotting and Assessment MA. ANDREA M. BALOD | STEM 12 - JADE 3  REVIEW WELL, FELLOW STUDENTS! -Allowance must be considered as well and demographic factors. This because there will be times that resources represents the general environment will be inadequate or unsuitable. where the entrepreneur can identify d. Running the business business opportunities from and where - This is the part where the entrepreneur the future business is about to operate. should use the resources allocated for the new venture. The business plan prepared in b. Industry step 2 should already have been - This is the source of current trends on implemented. what is happening in the industry where - All aspects of the business plan should be the future business will belong to. critically observed from operations, c. New discovery or Knowledge marketing and sales, human resources, - These are new trends that can be the finance, and strategy implementation. - The entrepreneur should have a control and core business model of new ventures. monitoring system to serve as a check and For example, the influx of model balance of the formulated plans. applications necessitates businesses to have this platform as one of their SCANNING THE ENVIRONMENT transaction channels. Scanning the marketing environment is a starting d. Futuristic Opportunities point of any new venture that involves - These are projected new opportunities understanding and knowing the intricacies of the that can possibly affect the new macroenvironment, microenvironment, and business while it is running. For internal environment. example, Sari sari stores in the future The process of seeking, screening, and seizing will be able to incorporate financial is adapted to create the most suited product or transactions such as accepting bills service for an opportunity. The general rule is to payment and process remittance. find the opportunity first before coming up with a 2. Microenvironmental Sources new product or service, not the other way a. Consumer preferences, interests, and around. This is one of the mistakes that budding perception entrepreneurs commit in starting a new venture. b. Competitors c. Unexpected opportunities from SEEKING, SCREENING, AND SEIZING customers d. Talent, hobbies, skills, and expertise The 3S opportunity spotting and assessment is e. Irritants in the marketplace such as the framework that most of the promising deterrents, problems, complains, and entrepreneurs use to finally come up with the delays ultimate product or service suited for a specific f. Location opportunity. An opportunity is an entrepreneur’s business THE 3S OPPORTUNITY idea that can potentially become a commercial product or service in the future. Opportunity The 3S of opportunity is the framework that seeking is the first step and is the most difficult most of the promising entrepreneurs use to finally process of all due to the number of options that come up with the ultimate product or service the entrepreneur will have to choose from. suited for a specific opportunity. SOURCE OF OPPORTUNITIES MARKET NEED 1. Macro Environmental Sources It refers to the functional needs, desires and goals a. STEEPLED of a target audience. A company may identify an - This is a mnemonic for sociocultural, area of the market with unmet needs and create a technological, economic, product or service that addresses them. environmental, political, legal, ethical, MA. ANDREA M. BALOD | STEM 12 - JADE 4  REVIEW WELL, FELLOW STUDENTS! In analyzing Market Need, that cost of doing business and the following should be asked: generating income. d. Environmental/Ecological 1. Who will be interested in my product/ service? - These factors should be given much 2. What does the market need or want? importance in conducting a business 3. Who will be buying the product/ service? By how especially when the world has already much? Why are they buying those products/ suffered severely from human-induced services? calamities. The scan of these factors will help the entrepreneur determine if the OPPORTUNITY SEEKING business he or she is entering into will The first step and is the most difficult process of comply with the environmental standards all due to the number of options that the or will just be a hazard to people, entrepreneur will have to choose from. It involves animals, and nature. Moreover, the the development of new ideas from various entrepreneur will know if the business sources. venture will be suited with the weather conditions in his/her locality. STEEPLED ANALYSIS e. Political - These factors are mostly induced by The result of the STEEPLED scan will aid the government policies and administrations, entrepreneur in deciding what product or service which can have a strong effect in the to set up and whether this new venture will entrepreneur’s business succeed or not. f. Legal The entrepreneur should fully scan these factors - Related with political factors, legal factors so he/she can decide if there is a compelling are government laws and regulations that business opportunity or an impending threat. can restrict or allow business activities. a. Socio-Cultural g. Ethical - These factors represent a general view of - These are the factors that will serve as an a locality’s traditions, customs, beliefs, entrepreneur’s guide on how to be ethical norms, and perceptions. These factors in running the business. affect how a person of the locality h. Demographic behaves and reacts to marketing and - These are the characteristics of the selling activities. people in the target market. b. Technological - These are composed of innovations of an OPPORTUNITY SCREENING existing technology or an invention of a In this phase, the entrepreneur will lay down a list new one mostly in applied science and of several opportunities, which he will evaluate engineering research areas. prior to transforming his business idea into a Entrepreneurs should always be reality. up-to-date with the technological It is the process of making both qualitative and changes, as these are catalysts in quantitative assessment of a business ideas improving a product or service or capability of producing sales growth and replacing them entirely. promising financial performance c. Economic - These factors play a vital role in the 3 WAYS OF SCREENING OPPORTUNITIES scanning of the marketing environment because economic factors directly affect 1. Personal Screen any business venture. These factors - In this method of screening opportunity, the include income, expenses, and resources entrepreneur considers his preferences and capabilities. MA. ANDREA M. BALOD | STEM 12 - JADE 5  REVIEW WELL, FELLOW STUDENTS! - Ask the following questions: Returns 1. Do I have the drive to pursue this - It is a fact that the products with low business opportunity to the end? cost of production and operations are 2. Will I spend all my time, effort, and sold at higher prices will definitely yield money to make the business higher returns or profit. opportunity work? Revolutionary Impact 3. Will I sacrifice my existing lifestyle, - If you think that the opportunity will endure emotional hardship and forego most likely be the “next big thing” or my usual comforts to succeed in this even a “game changer” that will business opportunity? revolutionize the industry. 2. The 12 R’s Resources Required Resonance to Values - Opportunities requiring fewer resources - The opportunity must match the values from the entrepreneur may be more and desired virtues that you have or favored that those requiring more wish to impart. resources. Responsiveness to Customer Needs and Risks Wants - Some opportunities carry more risk that - If the opportunity that you want to others, such as those with high pursue addresses the unfulfilled or technological, market, financial & underserved market needs and wants of people risk. consumers/customers then you have a 3. Pre-feasibility Study bigger chance of succeeding. Relative Ease of Implementation OPPORTUNITY SEIZING - Will the opportunity be relatively easy to At this stage, the entrepreneur must already have implement or there will be a lot of an idea about where to put up the business and obstacles and competition? the means and methods of marketing the Reach products and/or services. - Opportunities that have good chances Things to do: of expanding through branches, 1. Crafting a business position statement. distributors or franchise outlets in order ○ In order to craft, positioning statement, to attain rapid growth. the entrepreneur is advised to look at Range the other competitors or substitutes in - The opportunity can potentially lead to a the marketplace. wide range of possible product or service offerings. Relevance to Vision, Mision, and Objectives of Entrepreneur - The opportunity must be aligned with what you have as your personal vision, and objective. Reinforcement to Entrepreneur Interest 2. Conceptualizing the product or service - The opportunity resonates with the offering. entrepreneur’s personal interest, talent ○ After assessing the competing or skills. products, the entrepreneur must then Revenue conceptualize his or her own products. - It is important to determine the sales ○ A concept is an idealized abstraction of potential of the product or services you the product or service to be offered to want to offer and there is enough the prepared market of the market to grab. entrepreneur. MA. ANDREA M. BALOD | STEM 12 - JADE 6  REVIEW WELL, FELLOW STUDENTS! Product refers to any goods or services that are produced to meet the consumers’ wants, tastes and preferences. PLACE Place is the second P in the Marketing Mix. Place represents the location where the buyer and seller 3. Designing, prototyping, and testing the exchange goods or services. It is also called the product. distribution channel. It can include any physical ○ From conceptualization the store as well as virtual stores or online shops on entrepreneur proceeds to the design, the Internet. prototyping and testing of the concept. Stages of Distribution Channel: ○ Designing means that the entrepreneur must render the concept and translate it into very physical and very real dimensions (measurement) 4. Implementing, organizing, and financing. ○ The entrepreneur must begin with the end in mind or his or her desired end results for the chosen opportunity. ○ Channel 1 contains two stages between producer and consumer - a wholesaler and a retailer. A wholesaler typically buys and stores large quantities of several producers' goods and then breaks into bulk deliveries to supply retailers with smaller quantities. For small retailers with limited order quantities, the use of wholesalers makes economic THE 7P’S OF MARKETING MIX sense. There are several important frameworks which ○ Channel 2 contains one intermediary. In you can utilize for the purpose of marketing your consumer markets, this is typically a retailer. product and services. A very crucial structure A retailer is a company that buys products among these is the “7P’s of Marketing Mix”. from a manufacturer or wholesaler and sells This includes product, place, price, promotion, them to end users or customers. In a sense, people, packaging and positioning. Realizing a retailer is an intermediary or middleman these P’s in the most ideal manner can turn out to that customers use to get products from the be very profitable, however, you should totally manufacturers. see each description of the 7 P’s first. ○ Channel 3 is called a "direct-marketing" channel, since it has no intermediary levels. PRODUCT In this case the manufacturer sells directly to customers. The first P in the Marketing Mix is the Product. Marketing strategy typically starts with the PRICE product. Marketers can’t plan a distribution system or set a price if they don’t know exactly The third P in the Marketing Mix is price. The what the product will be offered to the market. price is a serious component of the marketing mix. MA. ANDREA M. BALOD | STEM 12 - JADE 7  REVIEW WELL, FELLOW STUDENTS! In the narrowest sense, price is the value of are the most common medium in promoting a money in exchange for a product or service. product and this is called promotional mix. Generally speaking, the price is the amount or Promotional Mix: value that a customer gives up to enjoy the a. Advertising benefits of having or using a product or service. ○ Radio: Advertising by means of radio Thus, customers exchange a certain value for gives the advantage of selecting the having or using the product – a value we call territory and audience to which the price. message is to be directed. It is also In commerce, price is determined by what (1) a cheaper than TV advertising. buyer is willing to pay, (2) a seller is willing to ○ Television: This is the latest and the accept, and (3) the competition is allowed to be fast-developing medium of advertising charged. With product, promotion, and place of and is getting increased popularity marketing mix, it is one of the business variables these days. It is more effective as over which organizations can exercise some compared to radio as it has the degree of control. advantages of sound and sight. On Different Pricing Strategies and Its Definition: account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer. ○ Print: The print media carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail. ○ Electronic: You can also advertise electronically through your company website and provide important and pertinent information to clients and customers. You can protect some parts of your website through passwords and give access to member customers. You can also send advertisements via direct e-mail as part of your promotional strategy. ○ Word of Mouth: Word-of-mouth advertising is important for every business, as each happy customer can steer dozens of new ones your way. And it's one of the most credible forms of advertising because a person puts their reputation on the line every time PROMOTION they make a recommendation and that person has nothing to gain but the Promotion is the fourth P in the Marketing Mix. appreciation of those who are listening. Promotion refers to the complete set of activities, ○ Generic: The promotion of a particular which communicate the product, brand or service commodity is without reference to a to the user. The idea is to create an awareness, specific producer, brand name or attract and induce the consumers to buy the manufacturer. Producers join together product, in preference over others. The following to expand total demand for the commodity, thereby helping their own MA. ANDREA M. BALOD | STEM 12 - JADE 8  REVIEW WELL, FELLOW STUDENTS! sales. These activities are often other elements of the marketing self-funded through assessments on communications or promotions mix). marketing called check-off programs. ○ Sales Promotion Techniques: b. Public Relations or PR Free Gifts: There are many ways to ○ In public relations, the article that utilize this particular sales features your company is not paid for. promotion technique. A newly The reporter, whether broadcast or opened store, for example, may print, writes about or films your offer the first 10 customers free company as a result of information he items worth 100 pesos. or she received and researched. Free Samples: Providing free ○ Many people use the term PR and samples is a technique used to advertising interchangeably, PR introduce new products to the involves sharing information with the marketplace. Samples give the public using platforms that do not consumer a chance to see how require a payment, such as social media well they like a product or try or through press releases shared with something they otherwise would magazines and newspapers. PR not normally buy. professionals package information and Free Trial: A free trial is a way for a disseminate it in the hopes that it will be consumer to try a new product organically shared. The goal of public while eliminating risk. It may be relations is to shape public perception used when a product is unique to of a business, presenting a positive the marketplace. image through various strategies to its Customer Contests: Contests various constituents. offer the customer a chance to win c. Personal Selling prizes like cash or store ○ Personal selling occurs when an merchandise. individual salesperson sells a product, Special Pricing: Special pricing is service or solution to a client. used to offer consumers a lower Salespeople match the benefits of their price for a period of time or to offering to the specific needs of a client. purchase in multiple quantities. For Today, personal selling involves the example, a retailer may offer a development of long standing client product that normally costs 35 relationships. pesos at a price of 3-for-100-pesos ○ Personal selling involves a selling during the promotional period. process that is summarized in the e. Direct Marketing following Five Stage Personal Selling ○ Direct marketing is a promotional Process. The five stages are: method that involves presenting Prospecting information about your company, Making first contact product, or service to your target The sales call customer without the use of an Objection handling advertising middleman. It is a targeted Closing the sale form of marketing that presents d. Sales Promotions information of potential interest to a ○ Sales promotion is any initiative consumer that has been determined to undertaken by an organization to be a likely buyer. promote an increase in sales, usage or ○ Forms of Direct Marketing: trial of a product or service (i.e., Brochure initiatives that are not covered by the Coupons Catalogs MA. ANDREA M. BALOD | STEM 12 - JADE 9  REVIEW WELL, FELLOW STUDENTS! Email gases and fumes, microbiological Fliers organisms like bacteria, yeasts and Phone calls molds, heat, cold, dryness, Newsletters contaminants and insects and rodents. Text messages ○ Physical protection: The packaging is Postcards also used for physical protection, which include improving shock protection, PEOPLE internal product protection and reducing shock damage caused from vibration, The fifth P in the Marketing mix is People. Your snagging, friction and impact. team, the staff that makes it happen for you, your ○ Safety: A special kind of protective audience, and your advertisers are the people in packaging is required for products that marketing. This consist of each person who is are deemed harmful to those who involved in the product or service whether directly transport them or use them. These or indirectly. products include extremely inflammable People are the ultimate marketing strategy. They gas and liquid, radioactive elements, sell and push the product. People are one of the toxic materials etc. The packaging most important elements of the marketing mix should also be done so that children today. This is because of the remarkable rise of could not easily use or dispose them. the services industry. Products are being sold ○ Waste reduction: Packaging also through retail channels today. If the retail serves to reduce the amount of waste channels are not handled with the right people, especially in case of food distribution. the product will not be sold. Services must be b. Containment: This involves merging of unit first class nowadays. The people rendering the loads for shipping. It starts with spots of service must be competent and skilled enough so adhesives on the individual shippers that that the clients will patronize your service. The stick them together, straps of steel and marketing efforts of people are to create plastic, entire coverings of shrinkable or customer awareness, to arouse customer stretchable plastic films and paper or interest, to educate customers, to close the sale corrugated wraps that surround an entire and to deliver the product. pallet of product. Therefore, the right people are essential in the c. Information: The packaging conveys marketing mix in the current marketing scenario. necessary information to the consumers. PACKAGING The common information that packaging provides include general features of the Packaging is the sixth P in the Marketing Mix. product, ingredients, net weight of the Packaging refers to the outside appearance of a contents, name and address of the product and how it is presented to the customers. manufacturers, maximum retail price (MRP). The best packaging should be attractive enough d. Utility of use: The convenience packaging and cost efficient for the customers. Packaging is has been devised for foods, household highly functional. It is for protection, containment, chemicals, drugs, adhesives, paints, information, utility of use and promotion. cosmetics, paper goods and a host of other Five Basic Functions of Packaging: products. This type of packaging includes a. Protection: One of the major functions of dispensing devices, prepackaged hot packaging is to provide for the effects of metals, and disposable medical packaging. time and environment for the natural and e. Promotion: Companies use attractive manufactured products. The protection colors, logos, symbols and captions to function can be divided into some classes. promote the product that can influence ○ Natural deterioration: It is caused by customer purchase decision. the interaction of products with water, MA. ANDREA M. BALOD | STEM 12 - JADE 10  REVIEW WELL, FELLOW STUDENTS! POSITIONING 6. Get feedback on the name. 7. Make sure the name sounds good when said Finally, the seventh P in the Marketing Mix is aloud. Positioning. When a company presents a 8. Make sure that you are personally happy with the product or service in a way that is different from name. the competitors, they are said to be “positioning” it. Positioning refers to a process used by marketers to create an image in the minds of a target market. There are three basic concepts for positioning. ○ Functional Positions deal with solving a problem, providing benefits and getting a favorable perception from investors, stockholders and consumers. ○ Symbolic Positions deal with self-image enhancement, ego identification, belongingness, social meaningfulness and affective fulfillment. ○ Experiential Positions deal with providing sensory or cognitive stimulation. Steps of the Positioning Process: ○ Step 1: Confirm Your Understanding of Market Dynamics ○ Step 2: Identify Your Competitive Advantages ○ Step 3: Choose Competitive Advantages That Define Your Niche DEVELOPMENT OF A BRAND WHAT IS A BRAND? Defined as a “name, term, design, symbol, or any other feature that identifies one’s seller’s good or service distinction from those of other sellers”. DEVELOPING A BRAND REFERENCES 1. Decide what you’re going to brand. 2. Do your research. Notes from the discussion/learning mats by: 3. Write your brand definition. SIR MARLON SALVADOR 4. Develop your name, logo and tagline. PowerPoint presentations / Modules TIPS FOR NAMING YOU START-UP BUSINESS DISCLAIMER: 1. Avoid hard to spell names. The author assumes full responsibility for any errors or 2. Don’t pick a name that could be limiting as your inaccuracies in this reviewer. The subject teacher bears no responsibility for any mistakes or omissions in the content. business grows. 3. Conduct a thorough internet search. 4. Use a name that conveys some meaning. 5. Assess if the name is catchy. MA. ANDREA M. BALOD | STEM 12 - JADE 11