Entrep-LAS-Recognize-and-Understand-the-Market.docx

**Republic of the Philippines** **Department of Education** **REGION III -- CENTRAL LUZON** **SCHOOLS DIVISION OF TARLAC PROVINCE** **VICTORIA NATIONAL HIGH SCHOOL** **SAN GAVINO, VICTORIA, TARLAC** **Entrepreneurship** **Learning Activity Sheet** **Recognize and Understand the Market** Wha...

**Republic of the Philippines** **Department of Education** **REGION III -- CENTRAL LUZON** **SCHOOLS DIVISION OF TARLAC PROVINCE** **VICTORIA NATIONAL HIGH SCHOOL** **SAN GAVINO, VICTORIA, TARLAC** **Entrepreneurship** **Learning Activity Sheet** **Recognize and Understand the Market** What is It? What is Unique Selling Proposition (USP) and Value Proposition (VP)? This part allows the entrepreneur to prepare himself on how to advertise and sell his product even if it is similar to others. In this lesson, you will find out the answers and understand more about the market. Value Proposition (VP) - is a business or marketing statement that summarizes why a consumer should buy a company\'s product or use its service. This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives. In creating Value Proposition, entrepreneurs will consider the basic elements: Target Customer Needs/opportunity Name of the product Name of the enterprise/company There are three factors that will determine your customers **A. Target Market** - Targeting is a sage in market identification process that aims to determine the buyers with common needs and characteristics. Prospect customers are a market segment that an entrepreneurial venture intends to serve. Commonly used methods for segmenting the markets are follows.: 1\. Geographic segmentation -- the total market is divided according to geographical location. Variables to consider a. Climate b. Dominant ethnic group c. Culture d. Density (either rural or urban) 2\. Demographic Segmentation -- divided based on consumers Variables to consider a. Gender b. Age c. Income d. Occupation e. Education f. Religion g. Ethnic group h. Family size 3\. Psychological Segmentation -- divided in terms of how customers think and believe **B. Customer Requirements** Customer requirements are the specific characteristics that the customers need from a product or a service. There can be two types of customer requirements: 1.Service Requirement 2\. Output Requirements **C. Market Size** The entrepreneur's most critical task is to calculate the market size, and the potential value that market has for their start-up business. Market research will determine the entrepreneurs' possible customers in one locality. What is Market Size? Market size is like a size of the arena where the entrepreneurs will play their business. It is the approximate number of sellers and buyers in a particular market. Companies are interested in knowing the market size before launching a new product or service in the area. In determining the market size, the entrepreneur will conduct a strategic marketing research from reliable sources using the following method. The first step is to estimate the potential market -- approximate number of customers that will buy the product or avail your services. The second step is to estimate the customers who probably dislike to buy your product or avail the services. The third step is for the entrepreneur to estimate the market share, that means plotting and calculating of the competitor's market share to determine the portion of the new venture. Market size becomes the most important factor if you ever need to raise funding for your business. **What I Can Do** Activity 1 As an entrepreneur, you are planning to have a business. Using the following guide questions, answer them so you can now start drafting your business plan. **1. What product do you want to sell?** **2. How will you apply the concept of value proposition and unique selling proposition?** **3. What is the best tagline of your chosen product?** **4. Who is your target market** Activity 2 Give at least 5 products being advertised or promoted on television. Evaluate each one according to its USP, VP and method of segmentation used, customer requirements, and who are the customers. Copy the chart on your notebook. **Product Name** **USP** **VP** **Methods of Segmentation** **Customer Requirements** **Target Customer** ------------------ --------------- ----------------------- ----------------------------- --------------------------- --------------------- Ex. Jollibee Langhap Sarap Filipino taste burger Psychological Service & Output All people 1. 2 3 4 5 Guidelines - Write your answer on your notebook - Take photos of yourself while working on your activity and a picture of your final output. - Create a collage with these images, placing the pictures of you working at the top and your output at the bottom. - Save the collage with your full name as the file name (formatted as Last Name, Given Name, Middle Initial). - The deadline for submission is September 5, 2024, at 2 PM.