Entrepreneurship Reviewer PDF

NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Module 1.1: Relevance of the - The process of becoming an Course & Common Competencies entrepreneur successfully requires in Entrepreneurship...

NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Module 1.1: Relevance of the - The process of becoming an Course & Common Competencies entrepreneur successfully requires in Entrepreneurship someone to determine individual interests, strengths, and applying Entrepreneurship basic marketing skills while - proactive process of developing a assessing the feasibility of ideas. One business venture to make a profit. has to assess opportunities by turning - Involves seeking opportunity in the threats into advantages. An market. individual should consider ethical Entrepreneur and legal practices in his business - individuals who are alert to operations. Finally, preparing a profitable opportunities for the micro business plan will help give exchange of goods or services. one a clear roadmap on how to - both science and art converting launch a small venture. processed ideas into a business venture, innovation of product and USEFUL OF THIS COURSE TO techniques, and investment and ETREP. (YOU) expansion of new market - To begin and maintain an enterprise, - Risk taker and more innovative than entrepreneurs must possess businessman competencies in enterprise start-ups example of entrepreneur: from apple and capability to sustain it in the to apple juice long run. They should enhance their Businessman knowledge regarding running a - an individual who operates or starts a business together with its expansion business with the same old business and obtain further training and idea. support. A changed attitude toward - not changing the product itself, they entrepreneurship, that is: seeing only supply the product to the market entrepreneurship as a good way to example of businessman: buying earn money, and wanting to become banana and selling it to banana an employer instead of an employee, reflects positive changes both about NOTE: Entrepreneur and businessman are one's own person and about one's different. Entrepreneurs are more career. innovative, and businessmen depend on the people's choice. But they are the same who COMPETENCY aim to profit. - Capability or ability to handle the situation in various areas of business. IMPORTANCE OF ENTREPRENEURSHIP IN SHS STUDENTS  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 ENTREPRENEURIAL someone else to tell you what to do or how to do it. COMPETENCIES 8. Adaptability and flexibility - the ability of a business to adjust 1. Locus Control and respond to changes brought - the degree to which people believe about by the dynamic external that they, as opposed to external environment. forces (beyond their influence), have 9. Willingness to take risks control over the outcome of events in - make decisions and take actions that their lives. involve uncertainty, potential loss, 2. Specific goal setting and the possibility of failure. - Business professionals create 10. Interpersonal skills specific objectives for the future. - interaction with others, good 3. Self -efficacy communication skills, active - The belief in one's capabilities to listening skills, and attitude. achieve a goal or an outcome. 4. Layers of competency - Knowledge (knowing), Skills Industry Wide Competencies / (knowing how to do), and Attitudes Work Competency (willingness to do). 5. Need for achievement 1. Networking and collaboration - self-motivated and do not require - providing access to funding and external validation or encouragement investors, potential for new to stay on track. customers, opportunities to expand - Has a vision into new markets, and increased 6. Ambition credibility within the industry. - a driving force that propels 2. Creative and critical thinking companies forward to achieve their - Able to both generate innovative goals and aspirations. solutions and use relevant - Everyone should be persistent from information to understand the the very first till the end. “greater picture”. 6. Willingness to learn 3. Organizing - a commitment to continuously - Entrepreneurs can plan and prioritize acquire new knowledge and to work to ensure that time is managed develop oneself, both in professional efficiently and personal ways. 4. Checking, examining and recording - Grabbing opportunities everywhere - Ability to locate confidential records, and in every possible way. easily locate and complete 7. Strong initiative appropriate forms and paperwork. - the ability to act independently and proactively, without waiting for  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 5. Planning Accounting - Entrepreneurs must be specific about - The one who manages the the direction of their venture and transaction and the money. Recruiting and training their strategy - Know how to train newbies 6. Business principles and to assess the skills that - Entrepreneurs must be well versed in they have. market knowledge, economic Selling principles and ethical practices - Any transaction in which 7. Computer competencies money is exchanged for a - Entrepreneurs must be competent in good or service. Controlling the use of basic computer hardware - Involves the processes and and software procedures that regulate, guide, and protect an Module 2: Developing a Business organization. Plan Module 2.1: Recognizing Dealing with emergencies - Know how to cope up and Potential Market deal with emergencies. CORE COMPETENCIES IN 10 Competencies for ENTREPRENEURSHIP - Entrepreneurs are individuals who Entrepreneurial Success are alert to profitable opportunities for the exchange of goods or 1. Integrity services. - act of conducting business practices by following a Entrepreneurial Skills and Competencies moral and ethical framework. Factors: 2. Conceptual Thinking Negotiating - ability to see the bigger - The process of agreement picture, connect disparate between the supplier and ideas, and devise innovative entrepreneur. solutions to complex Planning - It is a process of setting a problems. specific goal 3. Risk Taking Risk assessing - process of identifying, - Identifying the potential risk evaluating, mitigating, and in your product or service, so trying out potential that you’ll be able to control opportunities and strategies things or to have an answer to that may help you build or that potential risk. Purchasing grow your business but could - Buying or acquiring raw also lead to personal or materials from raw stores. professional loss.  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 4. Networking / Collaboration FACTORS TO CONSIDER OF A NEW - providing access to funding ENTREPRENEUR and investors, potential for 1. Knowing your product of service new customers, opportunities 2. Analyze the market potentials to expand into new markets, 3. Determine the marketing and increased credibility 4. Knowing the competitors within the industry. 5. Strategic Thinking RECOGNIZING POTENTIAL MARKET - ability to analyze the present (ENVIRONMENTAL SCANNING) and solve complex problems MICROENVIRONMENT to plan for future success. Customers 6. Commercial Aptitude Suppliers - ability to understand what Regulatory Agencies makes a business or Competitors organization successful through either buying or INTERNAL ENVIRONMENT selling products. Employees 7. Decisiveness Board of directors - being able to make decisions Managers firmly and relatively quickly, rather than sitting on them MACRO-ENVIRONMENT indefinitely or changing your General environment of firm mind later. 8. Optimism FACTORS CONTRIBUTORY TO THE - emerges as a paramount force DEVELOPMENT OF CUSTOMER driving innovation, resilience, SATISFACTION and success. 9. Customer Relation Service 1. BUSINESS LOCATION FOR SMALL - methods a company uses to ENTREPRENEUR engage with its customers Rent and Space and improve the customer Terms of lease agreement experience. Type of good or merchandise 10. People Centered Income level of prospective customers - focus on the specific needs Prospective sales volume of small business owners and Municipal or city ordinances including their communities, such as and fees access to capital, tax 2. LOCATION FOR SMALL incentives, and workforce INDUSTRIAL PLAN OR MANAGING development programs. FACILITIES Land Area Facilities for expansion  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Power Utilities Building and Other costs of running the business utilities Plant site accessibility in general SWOT ANALYSIS Operations Plan Strength, Weaknesses (Internal Origin) - Tell how fast or slow your - Attributes of the organization product will move in the Opportunities, Threats (External Origin) market - Attributes of the environment Financial Plan - Show how much money is In creating or searching for needed to generate sales; how much is going to be business opportunities, consider spent on a particular item; the following factors: and how much will be 1. The needs of the society borrowed and paid 2. Availability of capital resources 3. Business inclination 4. Clientele IDENTIFY THE MARKET 5. Availability of raw materials PROBLEM 6. Human resources Existing customers 7. Nature of product or service : People who have already purchased your product BASIC PHASES OF BUSINESS Prospects : People who have not yet purchased PLAN your product but are considering it 1.Marketing and Distribution Study Target market users - Deal with product demand analysis. : People in your target market who 2. Production and Technology Study are not currently looking for a - Need in making the product or solution service. Refers to the machinery, plant location, and other technical Problem - Identified Research aspects in the making of product. You could discover any of the following 3.Financial Management factors through problem-identification - Refers to the capital investment and research: sources of funding the operation of the business. Brand image Market characteristics Micro Business Plan Market potential Executive Summary Market share - Synopsis of your business Problem-solving Research plan. Distribution research Marketing Plan Market segmentation Pricing research - Company’s expected sales Product research for the coming year and the Promotional research  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Module 2: Developing a Business 3. Market Need Plan Market Need Analysis – determine the needs of the market through analysis based from research conducted 4. Competition – determining the competitor’s positioning and describe their strengths and weaknesses Module 2.2: Product: Its Nature and Sustainability - PRODUCT CAN BE IDENTIFIED AS SATISFACTION, TANGIBLE, Market Need Analysis INTANGIBLE. – is a quantitative and qualitative assessment of a market ability to respond positively LEVELS OF PRODUCT How to do a Market Analysis? 1. Demographic and Segmentation Demographic – statistical characteristics of human population Segmentation – process of dividing into segments with similar characteristics. Generic product (Core) – emphasizes the impact of the product to the consumer. Tangible products (Actual) – basic physical appearance which can be a service or idea having precise specifications and is offered under a 2. Target Market given/specified description or model – type of customers that are focused within number. the market Augmented product – includes the image and service features of a certain entity.  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 - items with particular brands and TYPES OF PRODUCTS stores to which consumers are loyal 1. Tangible Product (nahahawakan) and ready to exert special effort a. Durable Goods (appliances) (ex: high-end products or luxury brand) b. Non-durable Goods (fragile. materials) Unsought products 2. Services - products or services that consumers a. Rented-goods services are either not aware of the brand (ex: clothing rental, party rental existence or have awareness of the business, etc.) brand however not usually b. Owned-goods services considering buying it (ex: computer shop, laundry, car (ex: insurance, St. Peter, Pag-Ibig) wash, etc). INDUSTRIAL PRODUCTS c. non-goods services - goods or services purchased for use/ (ex: massage, and any other services consumption in the that no longer needed equipment) production/manufacturing of other goods or services, in the operation of CONSUMER PRODUCTS a business or for resale to other - These are goods and services customers. destined/produced for the final Categorized as: consumer for personal, family, or Accessory equipment household use (capital equipment) Raw materials (materials and Convenience Products parts) purchased with the minimum or less effort because the buyer has Industrial or operating knowledge of product characteristics supplies prior to shopping Categorized as: NEW PRODUCT DEVELOPMENT 1. Staples PROCESS 2. Impulse Internal (groceries such as: foods, beverages, – looks at the company’s objectives and etc.) resources Shopping products External - products that the consumers acquire – looks at the customer’s needs and wants through further knowledge and information in order to make final purchase decisions. PRODUCTS SATISFYING FEATURES (ex: phone, appliances, etc.) - ( Design, Color, Product Quality, and lastly Product Warranties) Specialty products  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Establishing Products and Services Unique Selling and Value Proposition A. Branding - A marketing strategy that focuses on - refers to name, term, signs, symbols, a product’s special feature, one that designs, or combinations of these is not carried by any other product or which serve as identification of the products, services, or institutions. special offerings, bonuses and promos,to entice consumer interest B. Packaging and attention - pertains to the process of designing and producing containers or TO WRITE THE USP, NOTE THIS 4 wrappers for products. STEPS: - Identify the target market C. Labeling - Knows what the product - Simple tags to intricate graphics, service/different labels play a vital role in creating an identity to the brands. It serves as - Research the competition identification or ID card of the - Conduct a financial feasibility brand. analysis D. Product and Support Service - Essential in building healthy VALUE PROPOSITION relationship with customers. - A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services. PRODUCT LIFE CYCLE - Describes a products’ sales, profits, customers, competitors, and TARGET MARKET marketing. - Target market can be defined as the potential buyer of the product. Introduction Business sectors identify and - Introduce to the marketplace describe them as the ultimate and Growth final users of the product. - Expand Distribution Maturity - Maintain Lower price Decline - New Competitors enter the market  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 CATEGORIES OF Step 4. Present findings to participants Customers have needs and requirements. CUSTOMERS Price Shoppers Requirements - Praktikal and price conscious are those characteristics that determine whether or not the customer is happy. Brand-loyal; customers - Believes that their present brands are Customers Want Excellent Self- Service superior to other brands, and willing - Customers most commonly begin to pay fair price just to acquire it. using self - service to perform their tasks. They expect that the company can Status seekers complete their work quickly, - Prestigious or signature brand and efficiently, and effectively through a they are willing to pay any price. website. Service of feature - high value on customer service and CUSTOMER REQUIREMENTS product features and will pay for - These are characteristics and them. specifications of a good service as determined by a customer. - Service providers must understand Convenience Shopper not only how to fix the equipment, - People who value the nearby but also how to fix the customer. As location, long hours availability and a result, most successful services everything that is convenient for providers will typically be: them. ◼ Speaking the same language as their customers ◼ Knowing the appropriate individuals to CUSTOMER -FOCUSED deal with respect BUSINESS STRATEGY ◼ Understands how the customer is using Step 1. Develop Customer Focused Business Strategy the equipment - Not all customers create equal value. ◼ Understand the total costs that the Step 2. Listening to the various customer customer perceives complaints ◼ Preparing to change along with the - The organization must conduct customer’s evolving needs surveys on various complaints of the customer. 1. Understanding the requirements of Step 3. Learn how to identify customer the customers and markets segments 2. Comparing them with the standard - In identifying customer segments operation rules and performance select a specific process output and 3. Analyzing the feasibility of new the list of customers on the product requirements not currently or service. implemented  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 4. Deploying agreed upon requirements STEPS OF MAKING THE 5. Monitoring trends for upcoming MARKET RESEARCH demands and aligning systems to satisfy them. 1. Define the problem opportunity 2. Develop your Research plan Customer Requirements, Market 3. Collect relevant and data Size & Market Research information 4. Analyze data and report findings Market Size 5. Take action - Number of potential buyers in a market. Importance of Marketing Mix in 5 steps to help estimate the total market the Development of Marketing potential for a product Strategy Define the target customer - Originally 4 p’s (product, palace, - create a profile of a target price, and promotion) customer - With additional of 3 p’s Estimate the number of target (people, physical, and process) customers - Estimating the target customers that is similar to Product the target customer set. - Physical goods and services that Determine the penetration were created by entrepreneurs. - Penetration rate is a function - Mature products of the nature of the product. - develop new uses and functions of - Penetration rate means how a product. many people have purchased - adding new features the product. - new classes of potential consumers Calculate the market size: Volume - new product consumers and Value - Market Volume = No. target Place customer X Penetration rate - Location or medium of transaction. - Market Value= market Value BASIC TYPE OF CHANNEL X Average Value DISTRIBUTION Apply the market size 1. Direct channel distribution - At the time and overtime - From manufacturer to final user or customer without the intervention of MARKET RESEARCH an independent middleman. - a systematic process of obtaining,. analyzing, and interpreting data for 2. Indirect channel distribution actionable decision-making. - From manufacturer or producers to independent intermediaries to customer  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Price - Evaluate and measure the - After calculating the overall performance cost and labor or service that entrepreneur did. People - Most important element of - The purpose of this is to attract any service or experience. more customers, reflect on the - Refers to anyone directly or quality of the product, and indirectly involved in the maximize the profit. business side of the enterprise - It also has different strategies in terms of prizing 1. Cost-based/plus pricing. NETWORKING (naka-base sa cost mismo or - Involves socioeconomic business mag a-add lang ng some to activity by which entrepreneurs and make tubo) businesspeople meet to form 2. Competition-based business relationships to recognize, pricing create, or act upon business (naka based sa kalaban yung opportunities, share information and price, like if medj mahal seek potential partners for business yung kanya bababaan mo ng ventures. kaunti para sa’yo bumili) 3. Price-bundling premium (mas marami or naka dosena MODULE 3.3 PACKAGING, mas mura) POSITIONING, AND BRANDING 4. Penetration pricing (ibebenta mo muna sila sa low price, after mo makuha PACKAGING yung target price mo it will - Packaging is how the product or increase again sa original service is presented to customers. It price) is the overall identification (look and feel) of the product of service. 5. Psychological pricing - Its ultimate goal is to entice the (ito yung kala nila sale or customers to purchase the product or mas mura pero hindi, like for service “Servicescape” is used to example 199.99 ganyan kesa refer to the overall ambiance of the sa 200 na literal) place where the service is performed. Promotion - It is designed to protect, usability of - Marketing promotion the packaging, safety of the product, - To inform or persuade the customers and lastly to let the customer feel - They can attract customers by that the packaging palang is worth it PRIDE na or it is appealing or giving - Provide pleasant work already. - Recognized good behavior - Involve and participate - Develop skills and attitude  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 POSITIONING - Fonts and typography convey brand - Refers to how the firm differentiates personality their product or service from those of the competitors and serves a niche. PACKAGING MATERIAL - Based on consumer perception - Paper and cardboard: Versatile and - Can be a source of differentiation recyclable - For example, low quality but higher - Plastic: Durable and lightweight price: lower price but higher quality. - Glass: Premium feel and recyclable Of course they will go to the second - Metal: Strong and protective one, and that is the purpose of positioning. SUSTAINABLE PACKAGING - Growing consumer demand for BRANDING environmentally friendly options - Biodegradable and compostable - Brand is a name or mark intended to materials identify the seller’s product and - Minimalist designs to reduce waste differentiate it from the product of - Reusable packaging concepts the competitors. Process of creating a strong positive perception of your company and its products in your PACKAGING DESIGN ELEMENTS customer’s mind. - Logo placement and size - Color scheme and visual hierarchy - Product imagery and graphics PACKAGING - Texture and finishing touches Packaging The science, art, and technology PACKAGING AND BRAND IDENTITY of enclosing or protecting products. - Consistent design across product Packaging serves both functional and lines promotional purposes - Use of signature colors, shapes, or patterns FUNCTION OF PACKAGING - Incorporating brand story and values - Creating a memorable unboxing - Protection: Safeguards the product experience during transport and storage - Preservation: Extends product shelf PACKAGING FOR DIFFERENT life DEMOGRAPHICS - Information: Communicates product - Child-friendly packaging with bright details and usage instructions colors and playful designs - Differentiation: Helps the product - Sleek, minimalist packaging for stand out from competitors luxury adult products - Large print and easy-open features PSYCHOLOGY OF PACKAGING for senior-oriented products - Colors evoke emotions and associations CULTURAL CONSIDERATION IN - Shapes can influence perception of PACKAGING product qualities - Color meanings vary across cultures  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 - Language and translation issues - Religious and cultural symbols PACKAGING DESIGN PROCESS - Market research and target audience THE ROLE OF PACKAGING IN analysis E-COMMERCE Concept development and prototyping - Protection during shipping is crucial Testing for functionality and appeal - Unboxing experience becomes more Production and quality control important - Compact designs to reduce shipping PACKAGING’S IMPACT ON costs MARKETING MIX - QR codes linking to additional Product: Enhances features and quality product information perception Price: Influences perceived value PACKAGING INNOVATION: SMART Place: Affects shelf presence and online PACKAGING appeal - Temperature-sensitive indicators for Promotion: Acts as a "silent salesman" perishables - QR codes for product authentication and information KEY ELEMENTS OF - NFC tags for interactive experiences POSITIONING - Augmented reality features on Target audience: Who are you trying to packaging reach? Cornetalive advantage: What makes you SEASONAL AND LIMITED EDITION unique? PACKAGING Brand promise: What value do you offer? - Holiday-themed designs to boost Proof points: How do you back up your sales claims? - Collector's edition packaging for Consistency: How do you maintain your loyal customers position over time - Collaboration with artists or designers for unique looks PERCEPTUAL ELEMENTS Visual tool to analyze competitive PACKAGING AND PRODUCT SAFETY positioning - Tamper-evident seals and Plots brands on a two-dimensional grid child-resistant caps Axes represent key attributes important to - Proper labeling of allergens and consumers potential hazards Helps identify gaps in the market and positioning opportunities THE FUTURE OF PACKAGING - Edible packaging materials REPOSITIONING - Shape shifting packages that adapt Changing a brand's position in consumers' to content minds - Interactive holographic displays Reasons: Market changes, new - Self-cooling or self-heating competitors, shifting consumer preferences containers  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Challenges: Overcoming existing COLOR PALETTE: Consistent use of perceptions, maintaining customer base colors BRAND IDENTITY VS BRAND IMAGE POSITIONING PITFALLS BRAND IDENTITY- How a company Under Positioning: Failing to differentiate wants to be perceived BRAND IMAGE- How consumer actually perceives the brand Over Positioning: Focusing too narrowly Confused positioning Sending mixed messages THE POWER OF COLOR BRANDING Doubtful positioning: Making unbelievable claims RED- Excitement, Passion BLUE- Trust, Dependability THE FUTURE OF POSITIONING GREEN- Growth, Health Increased personalization through data YELLOW- Optimism, Clarity analytics Adapting to rapidly changing consumer THE ROLE OF CONSISTENCY IN preferences BRANDING Balancing global positioning with local Uniform use of visual elements across all relevance platforms Incorporating sustainability and social Consistent tone of voice in responsibility communication Cohesive customer experience across BRANDING touchpoints The process of creating a unique name and image for a product Establishes a significant BRAND POSITIONING: STANDING OUT and differentiated presence in the market. Defines how a brand is different from its Attracts and retains loyal customers competitors Communicates unique value proposition THE IMPORTANCE OF BRANDING to target audience Builds brand recognition and loyalty Differentiates from competitors BRAND PERSONALITY: HUMANIZING Supports marketing and advertising efforts BRANDS Influences customer perceptions and decision Set of human characteristics associated with a brand KEY ELEMENTS OF BRANDING Helps consumers relate to and connect BRAND NAME; with the brand T The verbal identifier LOGO: The visual symbol THE POWER OF BRAND TAGLINE OR SLOGAN: A memorable STORYTELLING phrases Creates emotional connections with consumers Communicates brand values and mission  NOTE: HIGHLIGHTER IS A MUST - MICMIC 12-STEM-12 Focus on sustainability and social BRAND EXTENSION; LEVERAGING responsibility BRAND QUALITY Rise of virtual and augmented reality Using an established brand name for a experience\ new product or category Can strengthen or dilute brand depending on execution CO BRANDING: STRATEGIC PARTNERSHIP Two or more brands collaborate on a GOOODLUCCKKK!!! product or campaign Combines brand strengths and expands customer base Modernizing outdated image Distancing from negative associations Reflecting company changes or mergers BRAND LOYALTY: THE ULTIMATE GOAL Customers' commitment to repurchase or continue using a brand Achieved through consistent quality, emotional connection, and shared values MEASURING BRAND QUALITY Brand awareness: How well consumers recognize the brand Brand associations. What consumers think of when they hear the brand name Perceived quality Consumer opinion of the brand's quality Brand loyalty Consumer commitment to the brand CHALLENGES IN GLOBAL BRANDING Cultural differences and preferences Language barriers and translation issues Local competition and market dynamics THE FUTURE OF BRANDING Increased personalization and customization Integration of Al and data analytics