Senior High School Entrepreneurship Quarter 1 Module 4 Analyze the Market PDF

Senior High School 11 ENTREPRENEURSHIP Quarter 1 – Module 4 Analyze the Market BETHYL B. GACAYAN Compiler / Contextualizer 0  Fir...

Senior High School 11 ENTREPRENEURSHIP Quarter 1 – Module 4 Analyze the Market BETHYL B. GACAYAN Compiler / Contextualizer 0  First quarter, Module 4, Week 4 Analyze the Market Content Standard : The learner demonstrates understanding of concepts, underlying principles, and processes of developing a business plan. Performance Standard : The learner independently or with his/her classmate presents an acceptable detailed business plan. Learning Outcomes : Upon the completion of the given unit, the SHS students are expected to demonstrate understanding of the market for the opportunity in its needs as part of an acceptable business plan. Competencies : TLE_ICTAN11/12PC-Ia-1 What I Know Bring out what you got! Instructions: Copy each phrase with the correct interrogative cue. Matching Type. Write each correct answer clearly in a separate sheet of paper. 1. __________ are my competitors’ strengths? 2. __________ are my competitors’ weaknesses? 3. __________ are my potential customers? 4. __________ are my sure customers? 5. __________ are the shopping habits of my customers? 6. __________ are the buying habits of my customers? 7. __________ is it that my target market is willing to pay? 8. __________ is my competition? 9. __________ is my other competition? 10. __________ is my target market? What do you think of your matching skills for business? Go ahead and explore it further. 1  What I Need To Know Know as much as you can about your market in this business challenge. In this key move you are expected to: gather information about the market accomplish the market data tool prepare a market study What’s In Retrieve your steps before going ahead. Completion. Insert each word to its matching place in the correct statement to complete the idea. Write each correct answer clearly in a separate sheet of paper. available new possible promoting sure 1. Potential market is about customers. ________________________________________________________________ 2. They could still be your customers. ________________________________________________________________ 3. Add to your products or services. ________________________________________________________________ 4. Start your products and services in a new way. ________________________________________________________________ 5. Catch groups of buyers. ________________________________________________________________ Recognition of customers is a necessary step in market analysis as explained by business experts. What’s New Go ahead and think of your immediate community. Enumeration. List down three (3) existing businesses with permits for each of the listed necessity on the pyramid. Write the answer clearly on a separate sheet. shelter a.______________ b. _______________ c. _______________ clothing a.______________ b. _______________ c. _______________ food a.______________ b. _______________ c. _______________ 2  Reflect on these businesses as to their way of attracting customers and competing with each other. The way in which you were able to take notice of your surroundings to get the answers, is a process in analyzing the market as entrepreneurs would say. What Is It To analyze the market requires the gathering of information about customers and competitors. Every successful product or service you see in the market is with a market analysis on competitors and customers. MARKET ANALYSIS When you conduct a market analysis, you learn the following: a. Who are my potential customers? b. What are the shopping and buying habits of my customers? c. How large is my target market? d. How much are potential customers willing to pay? https://www.pinclipart.com/pindetail/ih boxJm_information-clipart-customer- e. Who is my competition? analysis-customer-analytics-icon-png/ f. What are my competitors’ strengths and weaknesses? Your analysis should study the characteristics of a market such as what will attract buyers. This will indeed help you make market strategies with informed decision-making to meet needs. Business people affirms doing a study for their decisions. 3  What’s More You are to use a Market Analysis Tool, to consider what you need to analyze the market. Think of the majority of customers and provide the data. Application. Use the details of your place and write clearly and briefly on a separate sheet. CUSTOMER ANALYSIS Market size is the pool of Size (estimated number): potential customers who need your _________________________________ good or service. Demographics on the details Gender (s)/all: _________________ about the gender, age, income, and Age (range): ____________________ education of your average customer. Income (range): ________________ Educational level: Location is to describe a Place: specific region or location that your _________________________________ customers come from. Psychographics is to describe Common likes: ___________________ the likes and dislikes of your Common dislikes: ________________ customers. Behaviors for how customers Buying behavior: purchase and shop for goods and __________________________________ services like yours, if it is frequent and how much on the quantity. Trends for you to have on Trendy feat: details noticeable trends within the __________________________________ market. You need information on your competition, such as their strengths, weaknesses, and gaps in services or goods in the market. The areas for you to fill and look at are: COMPETITOR ANALYSIS Direct competition are Competitors: businesses that offer services and _________________________________ goods similar to your own. Indirect competition are Other competitors: businesses that offer alternative _________________________________ solutions for problems that your company solves. Uniqueness for how you are Unique features: different from the competition. __________________________________ Entry barriers for how you are protecting yourself from new __________________________________ competition, such as having patents or a really good location. Use your data above, to do basic market analysis. 4  You can now have the closest estimate to answer about how big and the range of personalities in it. You will also have the closest idea about the type of competitors, the difference and protection you have over them. Take it from most businessmen. What Have I learned Realize and have your market analyzed. Bear this in mind. Gather information about customers and competitors to analyze the market. Study what will attract customers. Be informed about your competition, such as their strengths, weaknesses, and gaps in services or products in the market. Use a Market Analysis Tool to consider what are needed in a market study in order to make market strategies with informed decision-making. Be guided by the market analysis questions. Brief Essay. Write the answer to each question on a separate sheet of paper based from your Market Analysis Tool. a. Who are my potential customers? _________________________________________________________ b. What are the shopping and buying habits of my customers? _________________________________________________________ c. How large is my target market? __________________________________________________________ d. How much are potential customers willing to pay? __________________________________________________________ e. Who is my competition? __________________________________________________________ f. What are my competitors’ strengths and weaknesses? __________________________________________________________ Take note of the usefulness of the market analysis tool in answering the guide questions. Your realistic responses to these questions will also allow you to have an overall statement of your market analysis. This is something that those in the business are conferring about. 5  What I Can Do Brief Essay. Write clearly in a separate sheet, your statement for the overall market analysis, from the information collected through the guide questions for both customers and competitors. customers competitors _______________________________________________________________________ _______________________________________________________________________ The strong validity of your analysis will make you certain that you can make informed decisions for your business. Validity is basic according to business experts. Assessment Do a Self-check to measure up for an analysis. MULTIPLE CHOICE: Read and understand each item carefully. Write the corresponding letter of the correct answer. __1. The market is with products and services. Why is market analysis done? A. Know the estimate on their success. B. Know the finalized on their success. C. Know the generations on their success. D. Know the happenings on their success. __2. Make strategies for the business. How will the strategies be effective? A. Study campaign for the business. B. Study center area for the business. C. Study chain supply for the business. D. Study characteristics for the business. __3. Informed decision is helpful in the business. How does it help? A. Make marketing ads. B. Make marketing strategies. C. Make marketing promotions. D. Make marketing scheduling. __4. Marketing is a business decision. Why is this decision important? A. It includes meeting limits. B. It includes meeting a need. C. It includes meeting an offer D. It includes meeting a venture. __5. Market analysis is for the success in business. What does it require? A. A gathering of event. B. A gathering of forms. C. A gathering of handles. D. A gathering of information. 6  __6. Focus is in the market analysis. Which does it focus on? A. Agents and sellers B. Buyers and End users C. Bankers and Cashiers D. Customers and Competitors __7. Consider the needed market analysis. Which is used for the analysis? A. Market Analysis Toll B. Market Analysis Tool C. Market Analysis Tole D. Market Analysis Toole __8. Market size could be estimated. How is this estimated? A. The number of potential common. B. The number of a potential control. C. The number of potential customers. D. The number of the potential counters. __9. Demographics reflect the willingness to pay. How is it determined? A. It shows the choice capacity. B. It shows the debt capacity. C. It shows the income capacity. D. It shows the need capacity. __10. Location is in market analysis. Why is it in the analysis? A. It is where the customer appears. B. It is where the customer arrives. C. It is where the customer calls from D. It is where the customer came from. __11. Likes and dislikes of customers is part of the analysis. Which part is it? A. It is the platonic. B. It is the politics. C. It is the pragmatic D. It is the psychographics. __12. Market analysis is with behaviors. Why is it included? A. It is the distance and quality of buying B. It is the frequency and quantity of buying. C. It is the permanence and quality of buying D. It is the strengthened and quantity of buying. __13. The direct competition of the business for analysis. How does it compete? A. Similar apps and bytes are offered B. Similar bulk and case are offered C. Similar feast and games are offered D. Similar goods and services are offered. __14. Indirect competition in the market analysis. How is competition indirect? A. It offers alternative cash. B. It offers alternative solutions. C. It offers alternative tracking. D. It offers alternative ventures. __15. Entry Barriers is for the market analysis. Which is a way for barrier? A. Protect with code. B. Protect with offers. C. Protect with patents. D. Protect with serial number. 7  Additional Activities How did you measure up to your Self-check? Continue ahead and use your awareness in daily application. Brief Essay. Write clearly on a separate sheet of paper for your response. a. How will you do the practical daily living use of what you have taken up? Include how it will allow you to promote credible and disciplined attitude. ____________________________________________________________________________ b. Ask-all-You-can about what you took up here. I will write back and post answers online. _____________________________________________________________________________ 8  Answer Key buyers. Catch new groups of 5. way. products and services in a new 4. Start promoting your products or services. 3. Add to your available your sure customers. 2. They could still be about possible customers. is 1. Potential market What’s In References https://www.slideshare.net/NenzkieMojares/entrep2-pp-106163659 https://www.thebusinessplanshop.com/blog/en/entry/market_analysis_for _business_plan https://www.mbaskool.com/business-concepts/marketing- and-strategyterms/12221-potential- https://www.managementstudyguide.com/what-is-market.htm https://simplifytraining.com/course/identifying-customer-needs/ 9