Reviewer in Entrepreneurship PDF

Reviewer in Entrepreneurship MS. MILA BALUYAN POINTERS TO REVIEW LESSON 3: Multiple Choice (30 pts.) LESSON 4: True or False (10 pts.) BUSINESS PLAN: Make sure to take note of the following: 1. Name of your business 2. Value Proposition of your business...

Reviewer in Entrepreneurship MS. MILA BALUYAN POINTERS TO REVIEW LESSON 3: Multiple Choice (30 pts.) LESSON 4: True or False (10 pts.) BUSINESS PLAN: Make sure to take note of the following: 1. Name of your business 2. Value Proposition of your business 3. 4Ms of Operations of your business LESSON 3: ❖VALUE PROPOSITION – states why a customer should buy a certain product or service. It is the major driver in customer purchase or service availment. ❖UNIQUE SELLING PROPOSITION – refers to how you will sell the product or service to your customers. Addresses the customer’s wants and desires. LESSON 3: ❖MARKETING RESEARCH – process of understanding customers intricacies and the industry they revolve in. ❖MARKET SIZE – the arena where the entrepreneurs’ business will play. It is the approximation of the number of buyers and sellers in a particular market. ❖CUSTOMER REQUIREMENTS – specific features and characteristics that the customers need from a product or service. It is in these customer requirements that business opportunities originate. LESSON 3: ❖MARKET INTELLIGENCE – includes customer profiling, drives the entrepreneur on what correct strategies and tactics to employ. ❖MARKET SEGMENTATION – process of grouping similar customers according to different factors affecting their purchase. LESSON 3: MARKET SEGMENTATION ❑Demographic – also called socioeconomic segmentation, is the process of grouping customers based on income range, social class, occupation, gender and age, religion, and ethnicity. ❑Psychographic – grouping customers according to their perceptions, way of life, motivations, and inclinations. LESSON 3: MARKET SEGMENTATION ❑Geographic – grouping customers according to their location. ❑Behavioral – grouping customers according to their actions that are instigated by occasions, desired benefits, loyalty, and usage of products or availment of service. LESSON 3: ❖QUALITATIVE RESEARCH – includes identifying the written or spoken opinions of customers ❖QUANTITATIVE RESEARCH – involves analyzing the customer’s preferences by using relevant statistics. LESSON 3: DATA GATHERING METHODS ❑Interview - face-to-face contact between the researcher and the respondent. It has two types: structured and unstructured. ❑Focus Group Discussion – it is lead by a moderator who keeps the discussion spontaneous and on the right track. Usually, there are more than 1 respondents in this method. LESSON 3: DATA GATHERING METHODS ❑Observation – the researcher documents the behavioral patterns of people or objects or events without necessarily requiring them to participate in the research process. ❑Traditional Surveys – process of getting answers from a sample of respondents derived from a particular population. It requires predetermined questions answerable by definite responses using scales. LESSON 3: ❖The original 4Ps are Product, Place, Price, and Promotion. 7Ps of MARKETING ❑Product- what product or service is the most appropriate for the opportunity, and why will the customers buy or avail them? ❑Place – what location is best suited for the business where there are more potential customers? Can they conveniently transact on-site or online? LESSON 3: 7Ps of MARKETING ❑Price – what is the most appropriate price and what pricing strategies will be used for target customers? ❑Promotion – what is the most effective advertisement or combination of advertisements, and which advertising tool should be use? ❑People – what type of people need to be hired? What are the basic skills needed for the job? What leadership style will be applied? LESSON 3: 7Ps of MARKETING ❑Packaging – what is the best packaging for the product that is attractive enough to the customers and cost-efficient at the same time? ❑Processing – what is the most compelling feature of the product or the business that will make the difference in the lives of the customers? LESSON 3: ❖BRAND – refers to the identity of a company, of a product, or a service of an entrepreneur. ❖BRAND MANAGEMENT – the supervision of the tangible and intangible elements of a brand ❖TANGIBLE ELEMENT – includes the product itself, its packaging, price, and location ❖INTANGIBLE ELEMENT – the perception and relationship of the customers with the brand. LESSON 3: ❖BRANDING – the process of integrating the strategies formed from the marketing mix to give an identity to the product or service. LESSON 4: ❖PRODUCT DEVELOPMENT – the process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target market. ❖PRODUCT OR SERVICE DESCRIPTION – describes how a product or service works and how it benefits customers. ❖PROTOTYPE – a preliminary model or sample of a new product or service that is created to test a product concept or service process. LESSON 4: ❖TESTING THE PRODUCT PROTOTYPE – will uncover the final loopholes that needs to be fixed before commercialization. ❖VALIDATION OF MARKET ACCEPTABILITY – the process of finding out if the intended primary market will be buying the product or availing the service. LESSON 4: ❖OPERATIONS PLAN – an important part of the business plan because it simply states the details in operating the business. ❖METHODS – represents day-to-day operations of the business. Describes how an entrepreneur will run the business from all facets of the business. ❖MANPOWER – the entrepreneur must be very keen in selecting and hiring an employee. Manpower is one of the highest costs of operating a business but is also the most instrumental to its success. LESSON 4: ❖MACHINES – can be described as the “best friend” of manpower in producing goods and offering services. They go hand in hand. Without machines, business operations will be cumbersome, costly, and with low quality. ❖MATERIALS – whether the entrepreneur will offer products or cater services, he or she has to pinpoint a number of dependable suppliers of quality raw materials and supplies.