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ENTREPRENEURSHIP Finals Reviewer  Branding – differentiates the product

Francis Carlo M. Abelar from other products; avoids commodity


12STEM-14 image for the product; fills the space in
Ms. Kristene Ayap the consumer’s mind that would
prevent other products from occupying
MARKET RESEARCH the same space.
2. Product
 Process of gathering, analyzing, and
 Is the tangible good or the intangible
interpreting information about a market,
service that the enterprise offers to its
product, or service, to be offered for sale in
customers in order to satisfy their needs
that market.
and to produce their expected results
 The more the entrepreneur knows about his or
 Often identified with their brand names
her relevant market, the more customers can
to distinguish them from other products
be properly segmented and reached, products
in the market.
can be positioned, brands can be promoted,
 Four General Types of Products:
prices can be set, and locations can be
 Breakthrough Product: offer
pinpointed.
completely new performance
8Ps of Marketing benefits. They may double the
performance at half the cost. They
1. Positioning may be much more convenient and
 Enterprise Perspective – the enterprise easy to use. (Ex: breakthrough
scans the market and decides to products are borne out of the
position itself with products specifically biotechnology field particularly in
address the needs of a chosen target terms of coming up with new
market. vaccines to protect people from
 Competitive Perspective – the certain viruses)
enterprise has to differentiate and  Differential Products: tries to claim
distinguish itself from competitors. a new space in the mind of the
 Customers’ Perspective – is the way the customer different from the spaces
customers perceive the enterprise and occupied by existing products. (Ex:
its products or services in their minds. Transitional lenses vs Regular
 Enterprises can establish their eyeglasses)
positioning either by starting with their  Copycat Products: will not make
own product creations or with their much impression on the consumer’s
customers’ outcome expectations. mind. The marketer should make up
 Latitude – lays out what is important to for this lack of mental space by
the different customer segments from offering more physical space in the
their differing points of view. shelves, lower prices, easier access,
 Longitude – represents the product promotional freebies, and the like.
features and attributes of (Ex: Beer na Beer of Asia Brewery vs
competitors in the marketplace.

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San Miguel Pale Pilsen of San Miguel  Exact Fit to Target Customers
Corp.)  Clustering of Competitor
 Niche Products: do not intend to Establishments
compete directly with the giants.  Future Area Development
They are products with lower reach,  Fiscal and Regulatory Requirements
lower visibility, lower prices, and  Relevant Location Drivers:
lower top of mind.  Physical Proximity to Target
3. Packaging Market: locations are chosen
 Identifies the product, describes its based on how it is to the target
features and benefits, and complies market.
with government rules on specifying its  Customer Traffic Flow: refers to
content, weight, chemical composition, the people that regularly come
and potency. It provides easy brand into contact with your business
identification for the consumers. establishment.
 Differentiates the product from its  Industry Clustering: a lot of
competitors and brand offerings. competitors clustered in one
 Lengthens the life span, physically location bring up a large market.
protects, and extends the usefulness of  Convergence of Multiple
the product. Industries: where multiple
 Increases the price of the product. industries like offices, shopping
 The bundle of products or services that malls, and pubic markets attract
are put together to attract and delight larger crowds.
customers.  Population Concentrations
4. Place  Activity Hubs: consists of schools,
 “Location, Location, Location” high-rise building, public parks,
 Your aim is to provide the best access transportation terminals, etc.
for your customers 5. People
 One should consider the number of  Ultimate marketing strategy.
customers residing or working in the  They promote, distribute, price, and sell
area, access routes to the area, buying the products in the most attractive
habits of customers, and location market places.
features.  Play a crucial role in the success of the
 Also, you should consider the cost of enterprise
buying or renting, renovating, and 6. Promotion
operating on that location, customer  Explicit communication strategy
volume and drop in rates, revenues and adopted by an enterprise to elicit the
profits. patronage, loyalty, and support not only
 Image and Location Conditions: refers from its customers but also from its
to the physical look of a location, other significant stakeholders.
sanitary conditions, crime, and safety  Encompasses all the direct
levels. communication efforts of the

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enterprise, such as advertising, public Critical Sub-Processes or Sub-Systems in the
relations campaigns, tours, etc. Transformation Process
7. Price
1. Operating Work Flow: follows the rationale
 Depends on the business objectives set
of the technology being adopted and used.
by the enterprise.
2. Layouting: the OWF must translate into an
 Not a simple matter of adding a mark-
appropriate-designed and executed physical
up on the cost of a product or service
layout of the factory or service shop.
8. Prospect
3. Production Programming and Schedule:
 A potential customer that has been
proper determination of what goods to
qualified as fitting certain criteria.
produces, in what size and packaging, in
 Fits your target market. Has the means
what machinery and equipment, how many
to buy.
units, and precisely when.
 Are your target market or your
4. Quality Control: where the quality, delivery,
customers.
and price of customers are matched.
Product Development 5. Operating Systems and Procedures: are the
enterprise standards for running the entire
 Successful products spring from the operations.
convergence of (1) creative mind (2) 6. Operations Management, Supervision, and
technical mind and (3) business mind. Control: orchestrate and control the entire
 Creative Mind: conceptualizes and designs Enterprise Delivery Sytsem. Consists of Pre-
a product that consumers find some use Operations (designing and developing EDS;
for. choosing operations site and technology;
 Technical Mind: the technology originator. acquiring of technology; constructing and
Converts new knowledge into something layouting operation facilities) Operations
highly functional and operational. Also Proper (Implements and runs the factory or
known as technology adaptor, due to the service shop) and Post- Operations.
rising change of the use of technology. (Manges the logistics of warehousing,
 Business Mind: harness the potentials of distributing, and delivering of finished
new products by creating the market space products)
for them. Organizes sufficient forces and 7. Worker Motivation, Skilling, Deployment,
resources to develop, launch, and Compensation, and Control
commercialize the new product. 8. Support Services

6 Ms of Operations Human Resources Function

1. Money  Strategic HR: manages the big changes in


2. Manpower the direction of the enterprise.
3. Management  Operational HR: installs the administrative
4. Methods systems that would allow for the efficient
5. Materials management of the organization and
6. Machinery creation of conducive work environment

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Eight Rs of HR procurement and utilization of funds of the
enterprise.
1. Recruiting: many HR advisors and
 Applying general management principles to
consultants often advocate that
financial resources of the enterprise.
organizations “should hire for attitude,
develop for competence.” You do not only Importance of Financial Management
consider their skills but also their cognitive
and applicability skills, and attitude.  Estimation of Capital Requirements
2. Routing: Organization who desire to  Determination of Capital Composition
optimize the value of people over the long  Choice of Sources of Funds
haul should have a good routing strategy.  Investment of Funds
The more versatile and flexible the recruit  Disposal of Surplus
is, the more opportunity he/she has for  Management of Cash
assuming multiples roles in the  Financial Controls
organization.
Income Statement
3. Retaining: retaining people or retention is
being able to hold on to people, provide  Financial document that is used to calculate
that a company wants to keep them in the a business’ revenue, costs, and expenses
first place. over a specific period of time.
4. Resonating: is to be “in tune with” or to  Elements: Revenue and Expenses
reverberate with an organization that
resonates with people and their employees
who resonate with their management are
like to have goal congruence.
5. Reviewing: is to measure and evaluate their
performance with the organization goals in
mind.
6. Rewarding: concerned about
compensating, investing, and recognizing
employees for their work, loyalty, and
accomplishments. Sources of Funds
7. Retooling: both new recruits and old timers  Firms raise money mainly to meet the
need retooling in order to meet the following three types of need: to start a
performance expectation of the business as initial expenditure, to fund
organization. continuous business activities and money
8. Recycling: affords the people the chance to flowing, and to expand the business.
jobs or careers.

Financial Plan/Management

 Means planning, organizing, directing, and


controlling the financial activities such as

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Gross Profit: is the difference between the net
Financial Statements sales and the cost of goods sold.

 Formal reports that provide financial


information
 Presents the consequences of business
events or transaction, split and classified
according to its financial nature.
 Accounting – language of finance

Gross Sales: total of all sales for any period of time

Net Sales: represents gross sales minus all sales


returns and allowances

Operating Expenses: costs of operating the


business, which include both variable and fixed
expenses.

Variable Expenses: change from one month to the


next (Ex: Advertising, Office Supplies, etc)

Fixed Expenses: costs that remain the same for a


period of time (Ex: rent, insurance, office salaries,
etc.)

Cost of Goods Sold (COGs): total amount spent to


produce or to purchase the goods that are sold.

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Net Income: amount left after the total expenses
are subtracted from gross profit.

Statement of Financial Positon/Balance Sheet:


presents the company’s financial position.

Assets – resources controlled by the entity from


which future economic benefits are expected to
flow
Current Assets –arranged in order of liquidity
Cash Flow Statement: a monthly plan that shows  When it is cash or cash equivalent
when you anticipate cash coming into the business  Company intends to hold the asset for
purpose of trading it
and when you expect to pay out cash. A cash flow
 When the company expects to realize asset
statement helps you to see if you will have enough
within 12 months
money when you need to pay your bills.  When the company expects to realize asset
or intends to sell or use it within entity’s
normal operating period.
Non Current Assets – expected to realize the asset
in more than 12 months

Balance sheet: is a summary of a business's assets,


liabilities, and owner's equity.

Assets: are anything of monetary value that you


own. They are classified as either current or fixed
assets.

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Liabilities

 present obligations of the firm from past


transactions or events
 payment is expected to result in outflow of
economic resources or assets

Current Liabilites - expected to pay the liability


within its normal operating period or within 12
months.
Non Current Liabilities – expected to pay the
liability in more than 12 months

Breakeven Point

 It represents the sales amount – in either


unit (quantity) or sales terms – that is
required to cover total costs, consisting of
both fixed and variable costs to the
company.
 Total profit at the break-even point is zero.

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