Entrepreneurial Mind Module 8 PDF

UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 College of Business Administration Entrepreneurial Mind Module 8 Case Studies and Real-World Applications Lessons Learned from Failed Ventures Prepared by: Leader...

UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 College of Business Administration Entrepreneurial Mind Module 8 Case Studies and Real-World Applications Lessons Learned from Failed Ventures Prepared by: Leader: Mark Anthony C. Acido Members: Paul Vincent Oclarino Miles Aikon D. Meñez Erwinjohn G. Crescini Ralph Jeremy G. Mercado Mar Aron L. Cruz S.Y. 2024-2025  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Case Studies and Real-World Applications Lessons Learned from Failed Ventures I. INTRODUCTION In the world of entrepreneurship, it is common for people to see failure as a lapse rather than an outcome of action. Many innovative people have indeed faced speedy failures, bearing some importance for upcoming attempts. This inquiry into failure shows the typical shortcomings, inducing evolution to the business – wrong anticipations, wrong calculations or poor execution. Through such investigations, we appreciate business endeavors as complex processes and appreciate that it is possible to emerge from failure stronger. Acceptance of failure can give a greenhorn start up a sear to approach such journeys more intelligently. All people focus on winning. Everyone's joy knows no bounds when they manage to accomplish something. That is the reason why any person will always be pleased to come across or listen to success stories or individuals who have made it. However, the dark side of victory is redemption for failures and countless false attempts often get overlooked. For those into it, those who understand success, have gone through backbreaking labor, backbreaking because it is defeated again and again and at times it is done in silence and utter disinterest. In any situation, it is critical to remember that failure is a normal part of the learning process. Case studies show how others dealt with and overcame failures, giving us useful insights into what not to do in similar situations. One of the most important takeaways from case studies is to recognize and avoid frequent problems. Examining past failures allows us to better prepare for new challenges and take proactive steps to avoid them. For example, in a case study about a disastrous product launch, we can learn from the company's mistakes and avoid making them ourselves in future product launches.To succeed, it's important to conduct market research, test products before launch, and develop a solid marketing strategy. Learning from mistakes can also help develop resilience and adaptability. Understanding how others have overcome failures can boost confidence in our own abilities. We develop in such a way that as a result of which it discourages us from doing the same again. Spiritual defeat conquers only those individuals who regard it as a paramount defeat, as an  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 ultimate objective. Defeat is the fiercest, wildest horse on which every aspirant must mount in order to ride towards the path of success. Major successes in businesses come with a history of repeated failures. Failure that cometh with achievement is always seen at the expense of fabulated broken dreams, overdue and unfulfilled objectives and infeasible as well as missed targets. They say, success is a hard task and the path is no way clothed with roses and gentle grass and pretty views! Smartest entrepreneurs are the ones who do not see the thousand downfalls as roadblocks but bricks to help them climb higher. That is the reason why they still wish to try and try again regardless of their failures, because they still want to try. II. OBJECTIVES Study failed ventures that can apply in the real world Analyze failed ventures to identify common mistakes that leads to failure Give insights and lessons learned from these failures to make better decision in the future Examine typical causes of business failures Provide participants with the tools they need to negotiate the difficulties of entrepreneurial initiatives, transforming setbacks into opportunities for future success Determine how entrepreneurs and organizations responded to their failures and what tactics were beneficial in overcoming these problems To be able to apply this lessons to future ventures  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 III. PRE-TEST Instruction: Encircle the correct answer. 1. Which methodology is most associated with continuous improvement and eliminating waste in business processes? A. Six Sigma B. Lean C. Just-In-Time (JIT) D. Total Quality Management (TQM) 2. What is a common risk associated with relying on a single supplier in supply chain management? A. Lower cost B. Increased innovation C. Greater vulnerability to disruptions D. Improved supply chain visibility 3. What is one of the primary benefits of integrating ERP and CRM systems in a business? A. Creating data silos B. Reducing the need for employee training C. Improving data flow and decision-making D. Eliminating cybersecurity risks 4. Which of the following strategies helps companies mitigate supply chain risks and improve resilience? A. Relying on a single supplier B. Reducing inventory levels to zero C. Diversifying suppliers across regions D. Ignoring demand forecasting 5. Which factor is often responsible for inefficiencies and bottlenecks in company operations?  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 A. Effective cross-departmental communication B. Poorly designed and inflexible processes C. Use of predictive analytics D. Implementation of scalable technologies 6. What is the primary goal of strategic planning in entrepreneurship? A. Increase profit margins immediately B. Define a long-term vision and create actionable steps C. Hire as many employees as possible D. Focus only on short-term business tactics 7. Which of the following would be considered a key performance indicator (KPI)? A. The color of the company's logo B. The number of new customers acquired each month C. The location of the business office D. The number of social media posts made by the company 8. What is the purpose of performance tracking in operations? A. To monitor and measure the effectiveness of business activities B. To reduce the size of the team C. To ignore customer feedback D. To plan product launches without analyzing data 9. Which is an example of risk management in entrepreneurship? A. Ignoring potential market changes B. Anticipating supply chain disruptions and preparing contingency plans C. Hiring as many employees as possible without considering cost D. Spending all the company’s funds on advertising  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 10. How does customer feedback contribute to operational execution? A. It ensures that the company’s mission stays the same B. It allows entrepreneurs to adjust operations based on customer needs C. It eliminates the need for performance tracking D. It reduces the number of employees needed for customer service 11. What is the primary difference between Customer Insight and Market Research? A. Customer Insight focuses on broad economic data, while Market Research focuses on customer behavior. B. Customer Insight gathers specialized trends from customers, while Market Research collects broader data about market conditions. C. Customer Insight uses surveys, while Market Research only uses demographic data. D. Customer Insight is more focused on company finances, while Market Research focuses on customer experiences. 12. What is a common method used to collect Customer Insights? A. Reviewing financial reports B. Conducting surveys and feedback forms C. Monitoring global population changes D. Creating economic forecasts 13. How can miscommunication occur when managers communicate in a hurry? A. By spending too much time solving the customer's issue B. By neglecting active listening techniques C. By shifting attention from client needs to market trends D. By providing only superficial answers and missing details 14. What does the Platinum Rule of communication suggest? A. Treat others how you want to be treated. B. Treat others the way they want to be treated. C. Treat everyone equally regardless of their needs. D. Use the same communication style with all clients. 15. Why is it important to avoid ignoring qualitative data when analyzing market trends? A. It provides statistical insights about the market size. B. It helps uncover deeper insights about customer pain points and unmet needs.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 C. It only focuses on customer reviews. D. It simplifies the process of market trend analysis. 16. What is a common reason for a business strategy's failure? A. Setting easily achievable goals B. Having too many employees C. Focusing solely on profits D. Setting unattainable targets 17. What is the first step in creating a successful marketing initiative? A. Hire more staff B. Launch the product immediately C. Identify a target customer D. Increase advertising budget 18. How can businesses better understand their target audience? A. By guessing demographics B. By only relying on social media feedback C. By increasing product prices D. By conducting thorough market research 19. Which of the following is NOT recommended for improving marketing strategies? A. Regular performance audits B. Implementing analytical tools C. Ignoring customer feedback D. Utilizing A/B testing 20. What should a business do after setting clear marketing goals? A. Completely ignore market trends B. Start executing without a plan C. Create an implementation strategy D. Focus on competitor analysis only  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 21. What often happens when there's a lack of trust among team members? A. Increased Collaboration B. Higher Productivity C. Reduced Communication D. Improved Morale 22. What's a good approach to improve delegation of tasks within a team? A. Assign tasks without clarity B. Clearly outline each team member’s responsibilities C. Avoid giving feedback on completed tasks D. Keep tasks to yourself 23. What is a common outcome of unresolved conflicts in a team setting? A. Enhanced team spirit B. Higher levels of engagement C. Decreased Morale and effectiveness D. More creative solutions 24. If an organization’s structure doesn’t align with its culture, what might occur? A. Employees feel more connected B. Job satisfaction increases C. Turnover rates may rise D. Collaboration improves 25. Which leadership trait is the key to fostering a culture of open feedback? A. Being authoritarian B. Showing flexibility C. Being approachable D. Staying distant  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Entrepreneurs often face multiple failures before eventually reaching success. The path is not straightforward, it's more like a roller-coaster with ups and downs, learning from errors, and adjusting approaches. Accepting failure as a valuable learning experience is essential. It provides entrepreneurs with the chance to perfect their strategy, collect important information, and increase their chances of success. The number of failures before success cannot be predetermined, as it varies depending on the circumstances and the individual's determination to continue and improve. The chart below gives a brief summary, contrasting the early setbacks and ultimate triumphs of every business owner. It provides a peek into the strength and flexibility these people showed on their way to success. Entrepreneur Failure Success Walt Disney Fired for "lacking Founded Disneyland and imagination.” Walt Disney Company. Steve Jobs Ousted from Apple. Transformed Apple, introduced game-changing products like the iPhone. Bill Gates First venture, Traf-O-Data, Co-founded Microsoft and unprofitable. became a renowned philanthropist. Evan Williams First venture, Pyra Labs, Co-founded Twitter. had financial difficulties. Thomas Edison Thousands of failed Invented the light bulb. attempts. Oprah Winfrey Fired from news anchor Created "The Oprah job. Winfrey Show" and became an influential media figure. Howard Schultz Faced rejection while Acquired Starbucks and pitching the idea of a reshaped global coffee coffee shop. culture.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 6 Reasons Why Business Fail 1. Not Investigating the Market - One of the most common and damaging mistakes firms make when developing marketing initiatives is neglecting to identify a target customer. The ultimate goal is to get a customer to respond and take action. For example, purchase a product or contact a business. If you don't target the correct audiences, your chances of reaching the right people decrease. Always approach the planning stage with the ideal consumer in mind. Create an ideal client profile, often known as a persona, after determining your target market. Gather information, get to know potential customers, and pay close attention to detail. Ask inquiries, gather feedback, research trends and purchasing habits, and learn as much as you can about your target audience. Every organization should have a marketing plan that describes both the overarching goal and the day-to-day techniques employed to carry it out. An effective marketing strategy will outline techniques for connecting with customers and convincing them to buy what the organization is selling. Marketing plans will vary depending on the characteristics of the industry, target market, and business, but they should attempt to include descriptions and strategies for the following:  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 A target customer: Including market size, demographics, traits, and relevant trends Value propositions or business differentiators: An overview of the company’s competitive advantage with regard to employees, certifications, and offerings A sales and marketing plan: Including methods, channels, and a customer’s journey through interacting with the business Goals: Should cover different aspects of the marketing and sales strategy, such as social media follower growth, public relations opportunities, and sales targets An execution plan: Should detail tactics and break down higher-level goals into specific actions A budget: Detailing how much different marketing projects and activities will cost 2. Bad Business plan - A business plan is a written document that details a company's objectives and the tactics for reaching them. It is beneficial for startups as well as established firms. Having a carefully crafted business plan is vital for startups to attract potential lenders and investors. Established enterprises utilize business plans to remain focused and in line with their expansion goals. - Business plans are comprehensive documents that lay out the most important information about a business. They reference its growth, development, and decision-making processes, and financial institutions and potential investors and partners generally request to review them in advance of agreeing to provide funding or to collaborate. - A strong and practical business plan is essential for a thriving business. In the strategy, you will define attainable objectives for your company, how your company can achieve those objectives, and potential challenges and resolutions. The plan will determine if there is a demand for the business by conducting research and surveys; it will identify the necessary costs and resources for the business, and it will establish strategies and timelines that need to be followed and achieved. After you create the plan, you need to adhere to it. If you begin increasing your expenses or altering your plans haphazardly, you are setting yourself up for disaster. If you haven't discovered any major inaccuracies in your business plan, continue to follow it. If there are errors, it is better to identify the issue, correct it, and adhere to the revised strategy instead of altering business practices quickly. - The greater number of errors you commit, the higher the cost to your business and the increased risk of failure. You might have to change direction if market conditions shift dramatically and start to negatively affect the success potential of the original business plan. In this scenario, you review your plan and make comprehensive edits according to the chosen pivot.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 - Every new business needs to have a solid business plan in place prior to starting operations. Banks and venture capital firms typically request a business plan prior to offering financial assistance to new businesses. Developing and adhering to a well-thought-out business plan comes with several advantages. It enables thoughtful examination of ideas before making a big commitment, underscores possible challenges to achieve success, and offers a means to solicit unbiased opinions from reliable individuals. A business plan can also make sure that a company's leadership team stays in agreement on strategic action items and priorities. - Although business plans can differ greatly, even within the same industry, they typically contain common elements. A carefully prepared business plan is crucial in order to attract investors and steer a company's strategic expansion. The focus should be on meeting market demands and satisfying investor expectations while presenting transparent financial forecasts. Common Elements of a Business Plan The size of a business plan can differ significantly depending on the type of business. In any case, compiling the essential details into a 15- to 25-page report is ideal. Any other important components, like patent applications, can be mentioned in the primary document and added as appendices. Several key components are often found in various business plans: Summary: This part provides an overview of the company, including its mission statement and details about its leadership, staff, business activities, and various offices. Products and services: Explain the offerings of the company or any new offerings in the pipeline. Provide information on costs, duration of product use, and special advantages for customers. Discuss production and manufacturing methods, important patents, proprietary technology, and research and development (R&D) data. Analysis of the market: Describe the current status of the sector and the level of competition. Specify the company's position, identify its target customer base, and outline its strategy for gaining market share over competitors. Marketing plan: Describe the company's strategies to draw in and keep customers, including expected advertising and marketing efforts. Explain the methods of distribution that will be utilized to provide products or services to customers.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Financial plans and forecasts: Well-established companies need to incorporate financial reports, balance sheets, and other pertinent financial details. Start-up companies need to present financial goals and forecasts for the initial years. This part may also contain requests for funding. 3. Lack of Financing - If you've launched a business, have limited funds, and are facing challenges, it's not a favorable time to seek additional financial assistance. Starting off with a practical approach enables you to ensure you have sufficient funds to sustain your business until it becomes profitable and generates revenue. - Attempting to save money in the early stages could result in your business failing to launch and leaving you with a hefty debt to pay off. The use of lean management is necessary during this phase and can continue to be effective beyond this phase. Consider exploring various sources for funding and financing. Acquire knowledge about this subject and think outside the box when exploring different ways to secure funding. Lean management is a type of business methodology designed to increase the efficiency and quality of an organization. It eliminates wasted resources such as time, effort, and money to ensure everything is used optimally. This type of management is often referred to as lean manufacturing or lean production. The basis of the idea is to produce the most valuable and best services or products for the clients at the right price.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 The 5 rules of lean management considered a recipe for improving efficiency in the workplace include: Define Value: Define value from the customer's perspective, including the features and services they are willing to pay for. Knowing what customers value enables you to focus on eliminating waste from other activities. Map The Value Stream: The value stream is the sequence of activities needed to deliver a product or service to the customer. Mapping the value stream involves identifying all of the waste that occurs and ways of reducing or eliminating it. Create Continuous Workflow: Create flow by eliminating bottlenecks and delays, allowing products and services to flow smoothly from one step to the next. Establish Pull: Pull systems are based on customer demand by producing only when customers order. Seek perfection: Lean management is a journey of continuous improvement by eliminating waste and improving efficiency. 4. Bad Location - If your business depends on foot traffic, having a poor location speaks for itself. Equally risky, though, is having a weak online presence. Currently, your online presence and social media influence are as crucial as your storefront's physical location in a retail area. Having a presence on the internet informs potential customers that they can support your business; therefore, after creating a demand, ensuring your business is accessible and visible becomes crucial. - Foot traffic is a phrase that businesses use to refer to the amount of customers entering a store, mall, or area. Store owners closely monitor foot traffic figures, especially in retail stores like department stores. Customer or foot traffic is a significant measure as it usually results in increased sales and revenue figures. Nevertheless, simply having people walking around is not sufficient to drive fresh purchases. Businesses need to provide an attractive product or service and ensure they provide a satisfying experience for customers.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 - This is akin to marketing. You need to ensure that marketing reaches the correct audience, not just any audience. Therefore, ensure that the marketing aligns with the target audience. Large advertisements on billboards might not be the best strategy for an internet company, similarly, online advertisements may not be effective for a heavy-construction business. If there is a pre-existing demand, ensure that you are targeting the audience in need of your product or service. 5. Inflexibility - After you have completed the planning, set up your business, and built a customer base, avoid being satisfied. The requirement you are meeting might not be constant. Keep an eye on the market and be prepared to adjust your business strategy when necessary. Staying ahead of important trends will give you ample time to adapt your strategy in order to stay successful. Merely observing the music industry or Blockbuster video reveals that thriving industries can experience significant transformations. 6. Rapid Expansion - Now that your business has been built and is thriving, it's time to grow, but approach the expansion as if you are starting from scratch. When broadening your business' scope, ensure you grasp the regions and markets you will now be entering. Ensure that you have a thorough understanding of your new products, services, and target market if you are broadening the reach and emphasis of your business, just as you do with your existing successful business. - If a company grows too quickly without paying sufficient attention to research, strategy, and planning, the failing business(es) may drain the finances and ultimately destroy the entire enterprise. Operational Execution Operational execution in entrepreneurship refers to the process of effectively implementing strategies and plans to ensure the smooth functioning of a startup or business venture. It is about turning ideas into actionable tasks and managing day-to-day operations to achieve the company's goals.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 This involves several key aspects: 1. Strategic Planning Defining short- and long-term goals for the business. Developing actionable plans to achieve those goals. Aligning operational activities with the overall vision and strategy of the company. Strategic planning is the foundation of operational execution, as it involves outlining the business's vision, goals, and guide to achieve them. Entrepreneurs begin by assessing the current state of the market, analyzing competitors, and understanding customer needs. They then define their objectives and break them into actionable steps. For example, if a tech startup plans to launch a new app, the strategic plan may outline milestones such as product development, beta testing, and marketing strategies. Strategic planning ensures that operational decisions align with the overall direction of the company, providing a clear focus for both short- and long-term actions. 2. Resource Management Efficiently allocating resources, such as finances, human capital, and technology, to optimize business performance. Managing cash flow, budgeting, and ensuring that all necessary resources are in place to support operations.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Resource management is crucial for optimizing the use of financial, human, and technological assets. Entrepreneurs must efficiently allocate limited resources to maximize output. For example, a restaurant owner managing a tight budget may choose to invest in high-quality ingredients while minimizing decor expenses. In terms of human resources, entrepreneurs need to hire individuals whose skills align with the company's goals while maintaining a manageable payroll. Similarly, technology investments like automation tools or customer relationship management (CRM) systems should be prioritized to improve productivity and scalability. 3. Team Building and Leadership Hiring, training, and motivating a team to execute the business plan. Creating a culture of accountability and performance. Leading by example, fostering collaboration, and ensuring that everyone is aligned with the company’s mission. In entrepreneurship, building and leading a strong team is essential for operational success. Entrepreneurs need to create a positive work culture that fosters collaboration, accountability, and innovation.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 For example, the founder of a small marketing agency may focus on hiring a diverse team with complementary skill sets, such as creative designers, digital marketers, and data analysts, to ensure the business can serve a wide range of clients. Effective leadership involves clear communication, providing motivation, and setting expectations, ensuring that the team works toward common business objectives. 4. Process Development Creating and refining processes for production, service delivery, customer management, and other operational functions. Implementing systems that support the scalability of operations (e.g., CRM systems, project management tools). Process development entails creating efficient workflows that allow a business to function smoothly. Entrepreneurs must define clear processes for various operational areas, such as production, customer service, or sales.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 For example a company specializing in e-commerce may develop a streamlined process for order fulfillment, from receiving orders online to packing and shipping. These processes help reduce errors, improve consistency, and enhance the customer experience. Entrepreneurs can also adopt software tools like inventory management systems to automate and optimize these processes. 5. Quality Control and Performance Tracking Establishing key performance indicators (KPIs) to measure the efficiency of operations. Regularly reviewing operational performance and adjusting processes based on data. Ensuring high standards in product or service delivery. Quality control ensures that products or services consistently meet customer expectations, while performance tracking allows entrepreneurs to measure how well their operations are functioning. Entrepreneurs set key performance indicators (KPIs) to monitor aspects like sales, customer satisfaction, and production efficiency.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 For example, a software company might track bug reports, customer retention rates, and response times to technical support inquiries as indicators of product and service quality. Regular performance reviews enable the business to identify inefficiencies and make necessary adjustments to improve operations. 6. Risk Management and Problem Solving Identifying potential risks that may affect operations, such as supply chain disruptions, market changes, or internal inefficiencies. Developing contingency plans to mitigate risks. Quickly resolving operational issues to prevent them from affecting the business at large. Risk management is essential for identifying potential challenges and developing strategies to mitigate them. Entrepreneurs must anticipate risks such as supply chain disruptions, market changes, or unexpected financial hurdles.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 For example, a food delivery startup might identify delivery delays due to traffic or inclement weather as operational risks and implement GPS tracking or alternate delivery routes as solutions. Entrepreneurs must also be adept at problem-solving, as unforeseen issues can arise at any time. Having contingency plans in place allows businesses to respond quickly and minimize operational disruptions. 7. Customer Experience and Feedback Integration Ensuring that operations consistently deliver a great customer experience. Gathering customer feedback to improve services or products. Using customer insights to refine operational execution. Ensuring a positive customer experience is vital to maintaining long-term business success. Entrepreneurs must design operations that consistently deliver value to their customers and actively seek feedback to make improvements. For example, a subscription-based service might send surveys after each month’s delivery to gather insights on customer satisfaction and identify areas for enhancement, such as improving packaging or delivery times. Incorporating customer feedback helps the business fine-tune its operations and ensures that it meets evolving customer needs.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 8. Innovation and Continuous Improvement Encouraging a culture of innovation to improve operational efficiency and stay competitive. Continuously iterating on business processes, looking for ways to optimize and reduce costs without compromising quality. Innovation is key to staying competitive in the marketplace. Entrepreneurs should always be looking for ways to improve operational efficiency, whether by adopting new technologies, refining workflows, or introducing new products. For example, a retail company might invest in artificial intelligence to optimize inventory management, allowing them to better predict demand and reduce overstock. Continuous improvement also involves regularly evaluating current processes and making incremental changes to improve productivity and customer satisfaction.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 9. Scaling Operations As the business grows, ensuring that operational processes can scale effectively. Expanding the team, operations, and resources in a way that supports sustainable growth. As businesses grow, scaling operations become essential to accommodate increased demand. Entrepreneurs must ensure that their processes, workforce, and resources can grow without compromising quality or efficiency. For example, a successful online retailer may need to expand their warehousing capabilities and implement more advanced logistics software to manage larger order volumes. Scaling also involves hiring additional staff, enhancing supply chains, and upgrading technology infrastructure. By planning for scalability from the start, entrepreneurs can manage growth smoothly and avoid operational problems. MARKETING AND SALES: CHALLENGES IN CUSTOMER ACQUISITION, BRANDING OR SALES STRATEGY CHALLENGES IN CUSTOMER ACQUISITION 1.CONTROLLING THE ACQUISITION OF CUSTOMER The increasing cost of new customer acquisition is affecting the businesses because of the bombardment of adverts that are being run against the consumers, and thus requiring aggressive marketing strategies on different channels in order to keep them focused as well as to make them decide on a particular brand. This has therefore resulted in lowering the budget in retaining the previous customers and making them loyal to the brand, and thus demanding effective strategies in revenue increase. 2. DIMINISHING CUSTOMER DISSATISFACTION FINANCIAL IMPACT Measuring customer satisfaction is by trying to think about the percentage of customers who are not completely satisfied because their dissatisfaction may lead to costly behaviors for your business. Though it costs in terms of handling claims and complaints, issues like these directly impact tomorrow's revenues, so issues like these require immediate attention to be dealt with.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 3.TRIVAL FOR COMPETITION Business rivalry can be defined as the fact of businesses selling similar goods or services to meet the consumer's demand. Effective companies will make higher profits because of their invention and lower prices. For an organization to compete in the competitive environments they have to come up with solutions about consumers concerning the quality of the product, price, and functionality. The outcome will be that companies come up with inventions and sell to the consumers at lower prices for consumption. 4.KNOWLEDGE ABOUT THE TARGET MARKET Know your audience: know what they are interested in, what they would like to see, and what they may benefit from. Obviously, you have to ponder the diversity of audiences: some come here in order to learn, while others come just for fun. The knowledge is applicable to many activities: research, design, product management, marketing, and HR. No matter whom you're facing, it is crucial to take the steps necessary in pursuit of your goals and to engage with them properly. 5.IGNORANCE OF MARKETING PRINCIPLES In other words, a great marketing foundation provides the basis for acquiring customers, because it's tough to attract and keep consumers without adequately defining the target market, value proposition, or branding. BRANDING? Branding is a very multidimensional process which appears to be equating creating an identity for a product, a service, or even a company. It encompasses everything from an appealing brand story down to a consistent visual identity. Branding can be an ultimate driver of business success or one of the most problematic issues in business operations; it depends on how one chooses to use branding. Here, the response will attempt to outline some of the most commonly faced challenges in branding that businesses come across, be it big or small. The Three C's of Branding: Cash, Consistency, and Competition  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 The "Three C's" model is just one framework for understanding challenges in branding, specifically the interrelated nature of limitations in finance, consistency of a brand, and competition. 1. Cash short-term and long-term goals for brand managers in that respect to near-term profitability while long-term investments in developing brands are made. Executives measure success by profits "here and now"; they make choices that "inherently create a branding doom loop - where investments in brand development are either cut back or delayed in favor of near-term gains." Budget Constraints: Low budget may limit the scope and effectiveness of branding. Focus high-impact activities for goal achievement in branding efforts. 2.CONSISTENCY Undefined Brand Identity: If the business does not know who the brand is, what it stands for, or what values it embodies, it may not be able to effectively connect the message. In the absence of a clear brand message, marketing campaigns will not find a connection with the intended audience, and this must likely cause lower engagement, conversion, and wasted money on marketing spend. Ineffective communication strategy: The inconsistent message across various channels tends to confuse and dilute the overall impact of the brand.file is crucial, for crafting a sales strategy It involves identifying the psychographics, purchasing behaviors and demographics of the target market. 3.COMPETITION Being distinctive: it is hard to differentiate brands in a very crowded market, especially when it attracts the targeted customer. This means standing out in competition is an ongoing business affair that demands attention and time on analysis and adaptation. By all of these, knowing your unique value proposition, focusing on your target audience, and embracing innovative marketing strategies will create that brand that resonates with your customers, no matter how competitive your marketplace is.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Negative Brand Perception: Negative perceptions, whether caused by problems with the product, in customer services, or from a public relations catastrophe, can cause severe damage to a company's reputation. Sales Strategy A sales strategy is an orderly and well-defined plan on how a business will meet its objectives for sales. In other words, it can be compared to a roadmap that guides the way to success, but it outlines target markets, the approach to them, and the methods to convert them into customers. A defined sales strategy is in the heart of any business that aims for sales success. Business can efficiently target the customers it ought to have if it adopts strategic approaches to business, thereby simplifying the sales process and meeting the revenue requirements. Challenges in Sales Strategy COMPETITIVE DIFFERENTIATION Competitive differentiation describes the kind of concept in sales strategy that shows to what extent companies can work on differing from the rest and thus attract customers. It encompasses different types of differentiators, advantages of using such tactics, and implementation processes. In a competitive marketplace, one must define a product's unique value proposition and differentiate it from competitors. This means baring your strengths, the customer pain point you're specifically addressing and hence, the competitive advantage.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 CLOSING DEALS The closing of the deal marks the culmination of a sales strategy well waged. This is where all the energies invested in rapport building and uncovering customer needs and problems, which was topped up by an attractive value proposition, come together. This is a response that discusses various closing techniques that will provide insight into their effectiveness and how to use them appropriately in given sales situations. MAINTAINING MOTIVATION Maintaining motivation in sales is an activity one must always engage in, hence an unconsciously administered process of self-care. By setting clear goals, developing a positive mindset, seeking support, rewarding oneself, aligning one's work with values, and taking care of one's well-being, one develops a constant and enthusiastic drive-a momentum that fuels success continuously. Motivation is a journey, not a destination; stay the course. HANDLING REJECTION Rejections are an integral part of the selling cycle. No matter how skilled you are, there are going to be prospects who decide not to buy from you. The difference is in your reaction to them. This answer will discuss ways to make "no" a good learning experience and a stepping stone for even better things yet to come. Accept the rejections and acknowledge them; become knowledgeable in understanding the process. Maintain a positive attitude about things. Plan for recovery from rejection. Build resiliency. Focus on strengths. Seek support. By doing this, you make the word "no" your most valuable learning experience, above all, a stepping stone toward future success. Remind yourself that sales is a journey, setbacks are part of the process, and continue to focus on your goals, ready to face challenges and hold on to progress at the same time. “Leadership and Team Dynamics - Problems with Team Cohesion, Leadership Decisions, or Organizational Structure” Leadership Leadership is the ability to guide, influence, and motivate others to achieve a common goal. It entails establishing a vision, communicating effectively, and creating an environment in which employees feel motivated and valued. Good leaders exhibit attributes such as honesty, empathy, adaptability, and decisiveness. They empower their staff, encourage cooperation, and overcome hurdles in order to have a good impact on their organization or community.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Team Dynamics Team dynamics are the patterns of interaction, relationships, and behavior that emerge within a team. These dynamics shape how team members communicate, work, and achieve their objectives. Communication, roles responsibilities, trust and relationships, conflict and resolution, leadership and diversity Leadership and Team Dynamics Leadership and Team Dynamics are critical in all aspects of business since they play a significant impact in the success of any organization. Internal flaws in the firm, such as the team's inability to collaborate, poor leadership decisions, or a weak organizational structure, can have a significant impact on the company's performance. So, the purpose of this research content is to provide insight into how leadership and team dynamics affect failed company initiatives. Problems with Team Cohesion If members do not trust each other, it is difficult to work together effectively because there is a barrier between the workers, resulting in poor communication. If the communication is unclear, the people working will be confused about how to do their jobs, which may lead to a lack of shared vision. Without the team sharing the same vision, they will be unable to work effectively, so it should be the leader's responsibility to ensure that everyone is on the same page. Unresolved tensions might make it difficult to be productive. For example The study Measuring Team Cohesion: Observations from the Science by Eduardo Salas, Rebecca Grossman, Ashley M. Hughes, and Chris W. Coultas. The study provides a comprehensive framework for understanding team cohesion, distinguishing between emotional bonds among members and their commitment to shared goals.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Leadership Decision-Making Failure Leaders who are inflexible and resist feedback can hinder their team's success by stifling adaptability and innovation. Poor delegation, where leaders fail to trust others with responsibilities, can lower team morale and prevent growth. Assigning team members to roles that don't align with their strengths further reduces productivity and efficiency. Additionally, a lack of transparency from leadership, where honesty and openness are absent, erodes trust within the team, creating an environment of uncertainty and disengagement. Together, these factors can severely impact a team’s performance and overall cohesion. The study Effectiveness of Leadership Decision-Making in Complex Systems explores how leaders navigate decision-making in environments characterized by complexity, uncertainty, and interconnectedness. The study for effective leadership decision-making being adaptable, learning from feedback, strong communication, and building the right culture.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 “Customer and Market Insights: Misunderstandings of Customer Needs or Market Trends” Consumer Insights Consumer Insights are the pieces of information that a company collects from the individuals that are interacting with their products or service. These customers may be at any point of their engagement with the business. For instance, a business may obtain information from countless followers in their social media pages, or even make a purchase or experience their services. Marketers can reach or email existing consumers concerning their overall experience with the product or service. As feedback is very important they might also include some pop up feedback windows on the company’s website to collect data regarding the visitor's experiences. Market Research Marketing Research is concerned with the aggregate facts of a target market which any particular company aims at, for example, figures, change in the economic environment, increase in people and other important alterations. Market analysts might use this data to determine the best financial circumstances for a product launch or promotional event. The Difference of Customer and Market Insight There are two lead differences with Customer and Market Insight. Customer Insight contains fewer data but more on specialized trends, this can help the company members identify why people buy certain goods or services. While on the other hand, Market Insight acquires data and processes it broader than Customer Insight. The information that has been collected can tell a business leader of what the market for certain goods and services looks like in different and specific locations.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 https://qualaroo.com/blog/what-does-customer-insight-mean/ Goals Customer Insight: Market Research Focusing on improving marketing and product quality They are called goals and strategies for exploring the now poses a greater value to the company and its target prospects for business expansion in terms of market. It helps in fixing new or existing products in line geographical or for geographical competition. It may with consumer preferences. determine competitiveness, identify market conditions, and analyze population changes. It can also work for the concentration on new market segments, new age groups, or new geographical areas as well. Methods Customer Insight: Market Research This comprises acquiring primary data from the It includes other elements as the distribution of the consumers through, for example, questionnaires. population, demographic characteristics, economic Opinions are collected systematically so that changes in indicators. It usually requires the creation of complex consumers’ tastes are identified as they occur. graphical representations (cartograms, etc.) and may require the engagement of third-party analytical firms. This incorporates other available overly and more quantitative data on the dynamics of the market such as income strata and age distribution in a particular territory Scope of Data Customer Insight: Market Research  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Stresses the attention of individuals on the fewer, and Acquires a wider range of data that is more or less more focused information which however tends to be focusing on a general economy or demography. This closely related to the deeds or the reasons of the information can be enormous, from several millions of people. It tries to understand why certain consumers individuals that have been charted to give the market buy certain products. status even when they are not all respondents of the marketing. Misunderstandings of Customer Needs Lack of Active Listening Perhaps one of the challenges faced repeatedly in today’s world which is fast, information charged and even worse for customer support personnel generalizes attention to the customer. Where support staff feels it is much harder to give undivided attention to discussions due to the plethora of information and temptations around them. By developing an active mind in listening to customers they can easily know and understand the consumer’s desires and by keeping the agent's attention on the customer's words, it makes it possible to comprehend their demands more fully. Listed below are the ways on how to effectively enhance and attentively listen to your customers: Open Questions: One way that clients may be able to optimize the level of discourse by ensuring that additional information that is necessary is provided may be through the asking of open-ended questions. This helps in clarifying the true problems behind an issue and also shows concern. Clarifications: This involves the deeper asking of questions by restating what the customer has mentioned. This helps in avoiding ambiguity and maintaining consistent communication. Rephrasing: When you repeat what the customers say back to them, it serves to confirm whether what you heard them say is what they actually meant. This gives the customer the chance to check the correctness of what is foreseen or amend any misunderstanding. Communication in a Hurry Lack of time and poor goals set by effective human resource managers may force the people in charge to communicate too fast and too much timely and thus consider in most circumstances at the expense of quality. These scenarios lead to several challenges as follows. Superficial Problem Solving: A time factor has been of such great influence that it causes the managers to make poor judgments in trying to resolve such scenarios. They frequently provide answers that are inaccurate or partial because they quickly scan the problem without analyzing into the crucial information. The client may feel neglected by this method if their issues aren't fully acknowledged. Impaired Attention to Detail: Carelessness can lead to communication errors, including typos or misreading’s, which may distort the intended message and reflect poorly on the business. Aside from taking away from the experience of the customer, such mistakes could contribute to further complications in the issues addressed.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Negative Impact on Costumer Relationship: Being ignored or not being paid close attention to is something that customers easily recognize. A misunderstanding of the concepts of brevity and clarity when drafting messages can annoy clients and decrease the quality of service offered as well as damage a company’s brand. Maintaining the level of support and communication that may be attained by ensuring that goals are realistic and allow adequate time for in-depth discussion is one way to address these issues. Even when we are pressed for time, we must continue to focus in order to avoid making costly mistakes. Finally, put the customer's experience and providing high-quality service first at all times. This will ensure that they are satisfied with the service they receive and will have a beneficial influence on the business. Hasty Decision Having an internal conversation during which presumptions about the direction the talk will take can cause one to overlook crucial information. This happens because the mind isn't really listening to the other person instead; it's busy projecting possible scenarios. This can be especially harmful in customer service because it affects the customer's experience and the communication quality. Several issues have come up in these situations: Preconceived Notions: When the manager assumes they already know how the conversation will unfold, they may unconsciously dismiss new or critical information. Internal Bias: There is an inner conversation that takes place within the person and that often includes personal prejudices or previous situations that may affect judgment negatively and create problems in the current situation perspective. To handle delicate issues in a wise manner, here are possible strategies: One can be completely rooted but be emotionally detached; Manager may only seek to understand the concern without formulating instant reaction. As such, it helps to contain and manage the discussion, in a manner that is not colloquial or too informal. By being objective and very much involved in the issue at hand, managers can generate more effective and appropriate responses to what has been said; as a result, better understanding and communication occurs along with a very effective working strategy concerning client needs. When a manager maintains objectivity, they are able to assess the problem rationally and make sure that the offered solution is both workable and meets the needs of the client. Ignoring Communication Styles This can lead to ineffective interactions as people have different preferences on how they want to be treated. This is why Ph.D. Tony Alessandra introduced the Platinum Rule, which emphasizes treating people how they want to be treated, rather than the traditional "Golden Rule" of treating others as you would want to be treated. Alessandra’s Four Communication Styles  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 Relators: These people cherish warmth, sincerity, and relationships. Warmth, sincerity, and relationships are things these people hold in high regard. Loyalty and one on one conversations are more valuable to them as well as building connections. Make them see that caring about them goes beyond just what matters, the questionable result when talking to them. Kindness and patience and making them comfortable are obliged in order to build trust. Thinkers: They have a logical and analytical approach to matters not to mention that their communication style is persuasive and grounded in evidence. Their frustration tolerance is quite high, and so, provide the relevant details and do not hurry. Give them enough evidence so that they are convinced and take the appropriate action, and also note the action taken to all issues raised. Directors: Such people are action-oriented, possess no patience, and are often addicted to instant gratification. Don’t be chatty, and move to the main point when talking to the management of the directors. They have sharp businesses and expect that any interaction will be productive in achieving results. Commercial plans should be SMART so as to achieve set goals. Socializers: Socializers are generally sociable, delightful people who find enjoyment in active dialogues and tend to rely on their gut when making choices rather than their brains. They are not very fond of unnecessary detail and cutting discussions into pieces and they prefer exciting and active courses instead. To effectively communicate, establish a constructive and lively exchange while making sure that all relevant information is double-checked and logically arranged. Misunderstandings of Market Trends To deeply understand these Misunderstandings on Market Trends, Here are some key highlights: Incorrect assumptions about market maturity: A common oversight of certain companies is the limitation of the growth potential of a market, as they sometimes assume that just a passing fad will turn into a strategic long term plan. As a consequence, poor strategic decisions are made because the companies often overrated how long the trends will last. Corporations can determine if a trend has growth potential or is rather short-lived by looking at various components such as market research and trend data that includes consumer Evergreen search data. Ignoring Qualitative Data: Some businesses have a tendency to focus on only quantitative marketing data, for example, sales figures, while almost ignoring qualitative factors and their factors, such as the customers’ opinions about the product or service. Such evaluations are typically problem-oriented and focus on audiences with unmet needs, factors outlining the reasons for the market performance of a product trend or lack thereof. If firms overlook this aspect, they are likely to lose some opportunities for improvement or innovation. Misinterpretation of shifting Market Frontiers: Sometimes, companies get it wrong as to the source of future growth due to changes in global markets. For example, the focus of the market may shift from developed to emerging regions in particular Asian and Africa. Some businesses would be too slow to respond to these changes thus missing an opportunity to expand their footholds in new markets.  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000 VI. ANSWER KEY PRE-TEST 1. B 2. C 3. C 4. C 5. B 6. B 7. B 8. A 9. B 10. B 11. B 12. B 13. D 14. B 15. B 16. D 17. C 18. D 19. C 20. C 21. C 22. B 23. C 24. C 25. C VII. Glossary VIII. References IX. Documentation X. Performance Evaluation  UNIVERSIDAD DE MANILA 659-A Cecilia Muñoz St, Ermita, Manila, 1000