Week 3 Recognized-and-Understand-the-Market PDF

RECOGNIZED AND UNDERSTAND THE MARKET Teacher: Mr. AR Anthony G. Salvacion Business of the Day: Prayer Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Checkin...

RECOGNIZED AND UNDERSTAND THE MARKET Teacher: Mr. AR Anthony G. Salvacion Business of the Day: Prayer Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Checking of Attendance Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine  LEARNING OBJECTIVES Business of the Day: At the end of the discussion, the students will be able Daily Routine to : Drills 1. Describe the unique selling proposition and value Recall/Motivation proposition that differentiate one’s product/service Essential Question from existing products/services. Lesson Proper Evaluation/Activity 2. Determine who the customers are in terms of: Wrap-Up/ Valuing/Assignment a. Target market Daily Routine b. Customer requirement c. Market size Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: Daily Routine Drills Recall/Motivation What are the key lifestyle Essential Question characteristics, interests, and values of Lesson Proper your target audience? Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: Daily Routine Drills Recall/Motivation Why do entrepreneurs do market Essential Question research before starting a business Lesson Proper venture? Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: Daily Routine Marketing Process Drills Recall/Motivation - it starts with identifying Essential Question the customers’ needs Lesson Proper Evaluation/Activity where you tasked to Wrap-Up/ Valuing/Assignment create a meaningful Daily Routine value proposition. Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: VALUE PROPOSITION Daily Routine Is a business or marketing Drills statement that summarizes why a Recall/Motivation Essential Question consumer should buy a company’s Lesson Proper product or use its service. This Evaluation/Activity statement is often used to Wrap-Up/ Valuing/Assignment convince a customer to purchase a Daily Routine particular product or service to add a form of value to their lives.  BASIC ELEMENTS IN CREATING VALUE PROPOSITION Business of the Day: ▪ Daily Routine Drills Target Customer Recall/Motivation Essential Question ▪ Needs/ Opportunity Lesson Proper Evaluation/Activity ▪ Name of the Product Wrap-Up/ Valuing/Assignment ▪ Name of the enterprise/ Daily Routine company  An important aspect in Value Business of the Day: Proposition is that it must be Daily Routine Drills truthful and that it should establish Recall/Motivation credibility to the consumers. Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Example: Potential value Valuing/Assignment Daily Routine proposition is most common in small business of your locality  Tips on How to Create Value Proposition 1. Prepare a situation analysis that details the problem of the Business of the Day: customers. Daily Routine 2. Make a value proposition straight to the point, simple, and Drills specific. Recall/Motivation 3. Highlight the value of the product or service. Essential Question 4. Adapt to the language of your market. Lesson Proper 5. Add credibility – enhancing elements such as actual testimonials from customer partners, and other stakeholders, putting specific Evaluation/Activity assurance elements and social acceptability metrics found in social Wrap-Up/ Valuing/Assignment media or press materials. Daily Routine Business of the Day: Daily Routine Aling Charing Drills Recall/Motivation Sari-Sari Store Essential Question opens only Lesson Proper Evaluation/Activity from 6:00 am to Wrap-Up/ Valuing/Assignment 6:00 pm Daily Routine  The proposed Business of the Day: Daily Routine value Drills Recall/Motivation proposition in Essential Question this example is: “Charing Sari- Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Sari Store, open 24/7.” Daily Routine  UNIQUE SELLING Business of the Day: Daily Routine PROPOSITION Drills Recall/Motivation Refers to how you sell products Essential Question Lesson Proper or services to your customers. Evaluation/Activity You will address the wants and Wrap-Up/ Valuing/Assignment Daily Routine desires of your customers. Business of the Day: UNIQUE – Clearly sets you apart from Daily Routine your competition, positioning you the more logical Drills choice. SELLING – Recall/Motivation Essential Question It persuades another to Lesson Proper Evaluation/Activity exchange money for a product or service. PROPOSITION – Wrap-Up/ Valuing/Assignment Daily Routine it is a proposal or offer suggested for acceptance  As an entrepreneur, you should think of Business of the Day: Daily Routine marketing concepts that persuade your Drills target customer. You may ask the Recall/Motivation following questions in doing this: Essential Question Lesson Proper Evaluation/Activity ✓ What do the customers want? Wrap-Up/ Valuing/Assignment ✓ What brand does well? Daily Routine ✓ What does your competitor sell well? Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine  TARGET MARKET Business of the Day: Daily Routine Market Targeting is a sage in Drills Recall/Motivation market identification process Essential Question Lesson Proper that aims to determine the Evaluation/Activity buyers with common needs Wrap-Up/ Valuing/Assignment Daily Routine and characteristics.  Market Segmentation Business of the Day: Daily Routine This is the process of grouping Drills Recall/Motivation similar or homogenous Essential Question customers according to Lesson Proper demographic, psychographic, Evaluation/Activity geographic, and behavior. Wrap-Up/ Valuing/Assignment Daily Routine  Geographic Segmentation Business of the Day: This is simply grouping customers according to their Daily Routine location. This is critical in the analysis of the target Drills market as this encompasses the cultures, beliefs, Recall/Motivation preferences, politics, and lifestyle of a certain Essential Question geography. Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine  Commonly used methods for segmenting the markets are Business of the Day: Daily Routine follows: Drills Recall/Motivation 1. Geographic segments the total Essential Question market is divided according to geographical Lesson Proper location. Evaluation/Activity a. Climate Wrap-Up/ Valuing/Assignment b. Dominant ethnic group Daily Routine c. Culture d. Density (either rural or urban)  Demographic Segmentation Business of the Day: This is also called socioeconomic Daily Routine segmentation. It is the process of grouping Drills Recall/Motivation customers according to relevant Essential Question socioeconomic variables for the business Lesson Proper venture. Examples are: Evaluation/Activity Wrap-Up/ Valuing/Assignment Income range and social class Gender and age group Daily Routine Religion and ethnicity  2. Demographic segments divided Business of the Day: based on consumers Daily Routine Drills a. Gender Recall/Motivation b. Age Essential Question c. Income Lesson Proper d. Occupation Evaluation/Activity Wrap-Up/ e. Education Valuing/Assignment f. Religion Daily Routine g. Ethnic group h. Family size  Psychographic Segmentation Business of the Day: This is the process of grouping customers Daily Routine Drills according to their perceptions, way of life, Recall/Motivation motivations, and inclinations. Essential Question Lesson Proper Perceptions – is a process wherein Evaluation/Activity Wrap-Up/ individual receives external stimuli Valuing/Assignment Daily Routine using the five senses.  Psychographic Segmentation Business of the Day: Physiological motivations involve the Daily Routine Drills needs of the person. They seek to Recall/Motivation avoid pain and give pleasure. Essential Question Aspirations are what the customers Lesson Proper wants to achieve. Evaluation/Activity Wrap-Up/ Deprivations involves the customer’s Valuing/Assignment Daily Routine recognition of certain voids to fill  3. Psychological Segmentation Business of the Day: divided in terms of how customers think and Daily Routine believe Drills Recall/Motivation a. Needs and Wants Essential Question b. Attitudes Lesson Proper c. Social Class Evaluation/Activity Wrap-Up/ f. Personal traits Valuing/Assignment e. Knowledge and awareness Daily Routine f. Brand concepts h. Lifestyle  Behavioral Segmentation This is the process of grouping the customers Business of the Day: according to their actions Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine  4. Behavioral Segmentation Business of the Day: divided according to customer’s behavior Daily Routine pattern as they interact with a company. Drills Recall/Motivation Essential Question a. Perceptions Lesson Proper b. Knowledge Evaluation/Activity c. Reaction Wrap-Up/ Valuing/Assignment d. Benefits Daily Routine e. Loyalty f. Responses  CUSTOMER Business of the Day: REQUIREMENTS Daily Routine Drills Are the specific characteristics that Recall/Motivation the customer need from product or a Essential Question service. Lesson Proper Evaluation/Activity There can be two types of customer Wrap-Up/ Valuing/Assignment requirements; Daily Routine 1. Service Requirement 2. Output Requirement Business of the Day: SERVICE REQUIREMENTS Daily Routine Drills Recall/Motivation Essential Question An intangible thing or product that Lesson Proper Evaluation/Activity cannot be touched but the customer Wrap-Up/ feel the fulfillment. Valuing/Assignment Daily Routine  ELEMENTS OF SERVICE REQUIREMENTS Business of the Day: Daily Routine Drills Recall/Motivation Essential Question ▪ On-time Delivery Lesson Proper Evaluation/Activity ▪ Service with a smile Wrap-Up/ Valuing/Assignment ▪ Easy-payment Daily Routine  OUTPUT REQUIREMENTS Business of the Day: Daily Routine Drills Recall/Motivation Essential Question Tangible things or things that can be Lesson Proper seen. Characteristic specifications Evaluation/Activity that a consumer expect to be fulfilled Wrap-Up/ Valuing/Assignment in the products. Daily Routine  MARKET SIZE Business of the Day: Daily Routine The entrepreneur’s most critical task Drills is to calculate the market size, and Recall/Motivation the potential value that market has for Essential Question Lesson Proper their start-up business. Market Evaluation/Activity research will determine the entrepreneurs’ possible customers in Wrap-Up/ Valuing/Assignment Daily Routine one locality.  MARKET SIZE Business of the Day: Daily Routine Market size of rice in San Isidro = Number of families who eat rice Drills X average consumption per annum Recall/Motivation Essential Question Market size = 475 families X 1kilo per day X 365 days Lesson Proper = 173, 375 kilos of rice Evaluation/Activity Wrap-Up/ Market size profit = 173, 375 kilos x 55 pesos Valuing/Assignment = 9, 535, 625 per annum Daily Routine  MARKET SIZE Business of the Day: Daily Routine Market size is like a size of the arena Drills Recall/Motivation where the entrepreneurs will play Essential Question their business. It is the approximate Lesson Proper Evaluation/Activity number of sellers and buyers in a Wrap-Up/ Valuing/Assignment particular market. Daily Routine  METHODS IN DETERMINING Business of the Day: THE MARKET SIZE Daily Routine 1. Estimate the potential market – Drills Recall/Motivation approximate number of customers Essential Question that will buy the product or avail your Lesson Proper Evaluation/Activity services. Wrap-Up/ Valuing/Assignment 2. Estimate the customers who Daily Routine probably dislike to buy your product or avail the services  METHODS IN DETERMINING Business of the Day: THE MARKET SIZE Daily Routine Drills 3. Estimate the market share that Recall/Motivation means plotting and calculating of the Essential Question Lesson Proper competitor’s market share to Evaluation/Activity determine the portion of the new Wrap-Up/ Valuing/Assignment venture. Daily Routine Business of the Day: QUIZ 3 Daily Routine Drills Identify whether the following is a Recall/Motivation Unique Selling Proposition or Value Essential Question Lesson Proper Proposition of a product/services Evaluation/Activity Example : Langhap Sarap – Unique Wrap-Up/ Valuing/Assignment Selling Proposition Daily Routine  QUIZ 3 Business of the Day: 1. Safeguard Unique Selling Proposition Daily Routine Drills 2. Love ko to Value Proposition Recall/Motivation Essential Question 3. Supermarket Unique Selling Proposition Lesson Proper Evaluation/Activity Wrap-Up/ 4. Surf Value Proposition Valuing/Assignment Daily Routine 5. Bukas kahit Unique Selling Proposition anong oras Business of the Day: ACTIVITY Daily Routine Determine what method of market segmentation Drills (Geographic, Demographic, Psychological and Recall/Motivation Behavioral Segmentation) will be used for the Essential Question following items. Lesson Proper Evaluation/Activity 1. We have Climate Change. Wrap-Up/ 2. Over 60 years of age. Valuing/Assignment 3. Branded (US Levi’s). Daily Routine 4. This product is good for my health. 5. Most People in the community are Roman Catholic. Business of the Day: Generalization Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Why do we need a business Evaluation/Activity plan? Wrap-Up/ Valuing/Assignment Daily Routine Business of the Day: PRAYER Daily Routine Drills Recall/Motivation Essential Question Lesson Proper Evaluation/Activity Wrap-Up/ Valuing/Assignment Daily Routine