Entrep

STRENGTHS

-Available technology in product processing -The source of the raw materials must be abundant and at lower price -Skilled workers must be available -Capital investment in machinery and operating expenditures. -Expertise and technical skills of the management team.

THREATS

-Entrance of competition. -The supply of raw materials will be limited as other competitors will be getting the same suppliers. -The emergence of leftwing labor

Tips in Identifying Market Problem

-Focusing only on innovation and the competition -Focusing only on customers -Focusing only on revenue

WEAKNESSES

-Poor quality and high price -Product design and appeal -Production cost. -Supply and demand. -Weak product management

OPPORTUNITIES

-Product demand. -Presence of poor quality in the market. -Government policies and support. -Liberal credit terms and interest rates.

Internal factors that are unfavorable for achieving your organization's objective

WEAKNESS

-Idea -Innovation -Invention

3i

Entrepreneurs must learn how to be a highly flexible and adaptable often very well with a unique ability to choose actions even without all necessary information.

Adaptability and Flexibility

The management is developed with organizational structure based on the need of operation.

Administrative machinery

A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want

Product

Includes the image and service features of a certain entity. It gives emphasis on the intangible benefits that the customer will be getting from buying the product.

Augmented Products

is a marketing strategy based on actual consumer buying behaviour. It divides the market into groups of customers according to their knowledge of, attitude towards, use of or response to a product

Behavioural Segmentation

Color can be an important consideration for highly technical products

Product Color

is the impression in the customer's mind of a brand's total personality

Brand Image

refers to the pressure consumers can exert on businesses to get them to provide higher quality products, better customer service, and lower prices

Buyer Power

an industry put pressure on one another & limits the other's profit potential.

Competitive Rivalry

These are goods and services produced for the final consumer for personal, family or household use

Consumer Product

Are products that purchased with the minimum or less effort because the buyer has knowledge of product characteristics prior to shopping.

Convenience Products

is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education. Demographics can be segmented into several markets to help an organization target its consumers more accurately

Demographic Segmentation

Good design can improve the marketability of the product through its design and appearance.

Design

The avoidance of risk can be taken with careful analysis of the strength, weaknesses, opportunities and threats of the organization.

Development of SWOT analysis

Are the physical products that are used over a long period of time

Durable Goods

is a social science concerned with the production, distribution and consumption of goods and services

Economic

specific goal setting, locus of control, self-efficacy, strong initiative, ambition, willingness to learn, willingness to take risks, Need for achievement, Interpersonal Skills, Adaptability and Flexibility

ENTREPRENEURIAL COMPETENCIES

Entrepreneur as missionary, Entrepreneur a goal driven, Entrepreneur as a marketing man, Entrepreneur starts small to become big

ENTREPRENEURIAL SKILLS AND COMPETENCIES

are individuals who are alert to profitable opportunities for the exchange of goods or services.

ENTREPRENEURS

It is a science of converting processed ideas into a remarkable business venture

ENTREPRENEURSHIP

one great factor in economic development. Identify what is being asked. The entrepreneurs provide the necessary work for people that propel the economic development of the nation.

Employment

He accepts challenges and responsibility for results. He makes sure that people work based on specified work programs and schedules.

Entrepreneur a goal driven

The needs and wants of customers are properly identified and these are the propelling reason for him to take the opportunity to make profit.

Entrepreneur as a marketing man

The entrepreneur creates an environment in which success is possible and the possibility of failure is controllable.

Entrepreneur as missionary

Many Entrepreneurs start small scale but with their managerial talents and persistence, they exploit the opportunities available for their disposal.

Entrepreneur starts small to become big

With his great interest to capitalize on the opportunity at hand the entrepreneur takes the initiative of venturing into business.

Entrepreneur takes the initiative

The entrepreneur develops autonomy in the operation of the enterprise as he takes the lead in all the activities of the organization especially in the early stage of operation.

Entrepreneurial autonomy

factors include ecological and environmental aspects such as weather, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance

Environmental

is the process of gathering information about events and their relationships within an organization's internal and external environments.

Environmental Scanning

are the people who have already purchased the product you are selling.

Existing Customers

Know your Product or Service, Analyze the Market Potential, Determine the Marketing Strategy, Know your Competitors, Do not set on your Laurels

Factors to consider of a New Entrepreneur

-Love for imported goods. -Crab Mentality -Values of Bahala Na -Maňana Habit -The Value of Time -Our Value of Hiya -Fiesta and Social Occasions

Filipino Values and Culture that affects our Economic Development

refer to how the law affects the way businesses operate and customers behave.

Legal

Emphasizes the impact of the product to the consumer. This will signify the purpose of its existence and the primary objective in creating the product

Generic Products

is when a business divides its market on the basis of geography such as cities, regions, countries, and international regions.

Geographic Segmentation

-Durable Goods - Non-durable Goods

Goods

Sale of the physical products from the manufacture to the consumer or final and ultimate user.

Goods

A thought or collection of thoughts that generate in the mind.

Idea

Politics affects businesses. A stable political environment is known to create a favorable environment for different types of businesses and vice versa. Political factors such as Corruption Level, Government leadership, Government stability, tax regulation, Employment and operational law

Political

Are goods purchased for use or consumption in the production of other goods

Industrial Products

is the process of positively improving an existing product.

Innovation

Learner with strong interpersonal skills has skills working well with people from different backgrounds.

Interpersonal Skills

something newly designed or created, or the activity of designing or creating new things

Invention

Income opportunity in the countryside is still subsistence in nature. Most people are still dependent on old farming and fishing system. Agriculture is an essential key to economic development must be pursued with vigour by the government.

JOB OPPORTUNITIES

The industries in the economic zones and other urban centres could not accommodate the growing employable person that's why this opportunity is being given by the entrepreneurs

JOB OPPORTUNITIES

-Tangible Products - Augmented Products - Generic Products

LEVELS of PRODUCT

strong desire for independence, develops strong drive to succeed, strong determination in decision making, develops feedback mechanism for results, they are results-driven individual.

MOST SUCCESSFUL ENTREPRENEURS POSSESS

-Demographic Segmentation - Geographic Segmentation - Psychographic Segmentation - Behavioural Segmentation

Main Characteristics of Market Segmentation

is a quantitative and qualitative assessment of a market ability to respond positively.

Market Analysis

describes attributes of the buyers in making decision related in purchasing a certain product

Market Characteristics

is the maximum total sales revenue of suppliers of a product in a market during a certain period

Market Potential

is the process of dividing a market of potential customers into groups, or segments, based on different characteristics

Market Segmentation

is a percentage of total sales volume in a market captured by a brand, product or company

Market Share

Existing Customers, Target Market Users, Prospects

Market consist

are your target market's stated or silent problems. This could refer to existing inefficiencies, awkward workflows or non-optimal solutions. The key to finding a market problem is to listen for frustrations, or "if only" statements, that arise during interviews

Market problems

Engage in activities that have a moderate degree of consequences and require skill and effort

Need for achievement

Are the physical products that are quickly and easily be consumed or worn-out, become obsolete, unfashionable or no longer popular

Non-durable Goods

is a personal service on the part of the seller; most common are the expertise and profession of the seller

Non-goods Service

External factors that are favorable for achieving your organization's objective

OPPORTUNITIES

Corruption Level, Government leadership, Government stability, tax regulation, Employment and operational law

Political factors

Threats of Substitution , Threats of New Entrants, Supplier Power, Buyer Power, Competitive Rivalry

Porter's Five Forces Analysis

With his savings and other financial resources, he starts operation on small scale together with his trusted family members or friends.

Organization of capital resources

Are the repair and maintenance services rendered by the sellers to the products of the customer

Owned-goods Services

Political, Economic, Social, Technological, Environmental, Legal

PESTEL (Political, Economic, Social, Technological, Environmental and Legal)

Brand Image, Market Characteristics, Market Potential, Market Share

PROBLEM IDENTIFICATION RESEARCH

-Design - Product Color - Product Quality - Product Warranty

PRODUCT SATISFYING FEATURES

named after Michael E. Porter, identifies and analyzes five competitive forces that shape every industry, and helps determine an industry's weaknesses and strengths

Porter's Five Forces Analysis

-Cite the uniqueness of product over other existing products in terms of characteristics, variations and the like. -Use layman's term in describing the firm's product or service. -Illustrate the usefulness of the product or service. -Present the nature including the content of the raw materials that will be used in the proposed product, and what is the source and where to find it.

Product Description Necessities

This is set of features and attributes of a product or service that determine its ability to satisfy human needs

Product Quality

It is the state where the buyer is assured that the product meets the specifications stated in the product labels.

Product Warranty

Are the people who have not yet purchased your product but have an intention to buy

Prospects

involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers

Psychographic Segmentation

Are the consumer rented facility of the sellers in a certain period of time

Rented-goods Services

internal factors that are favorable for achieving your organization's objective

STRENGTH

STRENGTH, WEAKNESS, OPPORTUNITIES, THREATS

SWOT Analysis

-Rented-goods Services - Owned-goods Service

Services

are intangible products that satisfaction can be measured future preferences

Services

Are products that the consumers acquire through further knowledge and information in order to make final purchase decision

Shopping Products

factors include the cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. High trends in social factors affect the demand for a company's products and how that company operates.

Social

Are the items with a particular brands and stores to which consumers are loyal

Specialty Products

refers to the pressure suppliers can exert on businesses by raising prices, lowering quality, or reducing availability of their products

Supplier Power

Entrepreneur takes the initiative, Organization of capital resources, Administrative machinery, Entrepreneurial autonomy, Development of SWOT analysis

THE FACTORS THAT DEVELOP THE ENTREPRENEURIAL ACTIVITY

start to be on your own, seek the advice of professionals, explore the business environment, have a trusted financial adviser, be in control

THE STARTING POINT TO ENTREPRENEURIAL SUCCESS

External factors that are unfavorable for achieving your organization's objective

THREATS

-Convenience Products - Shopping Products - Specialty Products - Industrial Products - Unsought Products

TYPES of CONSUMER PRODUCT

-Goods - Services - Non-goods Service

TYPES of PRODUCT

are the basic physical appearance which can be a service or idea having precise specifications and is offered under a given/ specified description or model number

Tangible Products

are the people in your target market that are not currently looking for a solution

Target Market Users

is the collection of techniques, skills, methods and processes used in the production of goods or services or in the accomplishment of objectives

Technological

Trabaho Kolehiyo Negosyo

The 3 O's of DepEd K to12

the threat new competitors pose to existing competitors in an industry. A profitable industry will attract more competitors looking to achieve profits. If it is easy for these new entrants to enter the market - if entry barriers are low - this poses a threat to the firms already competing in that market

Threats of New Entrants

is the availability of a product that the consumer can purchase instead of the industry's product. A substitute product is a product from another industry that offers similar benefits to the consumer as the product produced by the firms within the industry.

Threats of Substitution

PESTEL (Political, Economic, Social, Technological, Environmental and Legal), Porter's Five Forces Analysis, SWOT Analysis

Types of Environmental Scanning

are goods that the consumer does not know about or does not normally think of buying, and the purchase of which arises due to danger or the fear of danger and lack of desire

Unsought Products

entrepreneurial competency describes Entrepreneurs who embrace new challenges while achieving to exceed set expectations and standards.

ambition

Be in control of the operation as you develop people whom you can work with dedication and with values the same as yours

be in control

Product Warranty, Installation, free delivery, refund, updates, product trials, free sample.

example of augmented products

Find the things you can do best and you must have the talent and interest in doing it

explore the business environment

While trust and confidence can be given, you must also have the knowledge of the entry in financial statements

have a trusted financial adviser

Entrepreneurs must know how to determine the state to which a person agreed that their actions can directly affect a situation or that they can control a result.

locus of control

You are not a superman to know all the legal and other matters related to the operation of the enterprise

seek the advice of professionals

Entrepreneurs who believe in their own ability or self-confidence. There is a strong relationship between this motivation and firm high increase of growth

self-efficacy

Entrepreneurs should be motivated to set goals, particularly business growth objectives.

specific goal setting

An individual can never attain success in entrepreneurial activity unless he starts his own business.

start to be on your own

entrepreneurial competency describes Entrepreneurs as frequently work independently to achieve task master, regardless of the extra effort necessary to do so.

strong initiative

Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies.

willingness to learn

Not only are successful learners willing to take consequences, they can also identify and calculate risk.

willingness to take risks