Entrepreneur

Entrep Reviewer:
Module 7:
Goods- tangible products that consumers can observe with their senses. (Foods, Clothing, Cleaning
materials, Transportations etc)
Service- intangible offerings that are abstract and cannot be observed with our senses. (Laundry Shops,
tutorial services, hotel accommodations, repair shops, travel agencies, beauty parlors etc.)
12 rs of opportunity screening:
Relevance to Vision, Mission and Objectives of the Entrepreneur.
Opportunity must be aligned with the vision, mission and objectives of an entrepreneur to attain the
long term goal of the business.
Resonance to Values
It is essential that the opportunities you choose to pursue matches with your values and desired
virtues.
Reinforcement of Entrepreneurial Interests
As a potential entrepreneur, it is best to select an opportunity close to your interests to develop your
skills.
Revenues
Revenues depend not only on the quality of the opportunity, but on the future enterprise’s ability to
strategize and develop a saleable product or service.
Responsiveness to Customer Needs and Wants
If your choice fits well with unfulfilled customer wishes, then you have a better chance to succeed.
Reach
Opportunities that can be expanded by adding similar products or services, branches or franchise
outlets have good visions for attaining rapid development.
Range
The broader the variety of potential product or service offerings, the more attractive is the opportunity.
Revolutionary Impact
The next big thing in the market is likely to be the opportunity. It can be a game changer that
revolutionizes industries and makes old products and services obsolete.
Returns
Opportunities with low production or servicing costs but higher prices would most likely yield higher
returns on sales and return on investment.
Relative Ease of Implementation
The best opportunities are those that are easy for you to implement, but very difficult for others.
Required Resources
Opportunities requiring fewer resources from an entrepreneur may be more profitable than those
requiring more resources.
Risks
Some opportunities are riskier than others because they are untested or have a very small market
base. Sales might be seasonal or cyclical.
Module 8
Three Strategic Marketing Approaches:
- Market Segmentation
- Market Targeting
- Market Positioning
Market Segmentation:
It is the process of dividing the market into homogenous part or groups.

it allows a business to precisely reach a consumer with specific needs and wants.
Markets are segmented according to the following:
-Geographic
-Demographic
-Behavioral
-Psychographic
Module 9:
Market Targeting
a process of choosing and identifying the specific target market from the entire market.
The basic entrepreneurial marketing strategies relative to the selected segment are the following.
1. Individual to one-on-one marketing
2. Segmentation marketing (Differentiated or concentrated marketing)
3. Mass or undifferentiated marketing
INDIVIDUAL or ONE-ON-ONE MARKETING – Products/Services are tailored to the
needs of the individual consumer
DIFFERENTIATED MARKETING - Several segments are covered and
products/services are designed to suit the specific needs of a particular segment
CONCENTRATED MARKETING - sometimes called niche marketing is another
variation of segmentation marketing where the business selects only one or few
segments to cover but the products/services are designed for the majority of the
consumer in the segment of the market.
MASS OR UNDIFFERENTIATED MARKETING - Undifferentiated marketing
strategy takes into consideration the fact that the customers have common needs
and wants. Products/services are mass-produced for the whole market where
consumers are no differentiated.
A company may finalize the selection of its ideal target market by considering the following element:
- Substantial
- Financial capable
- Reachable
- Homogenous
Module 10:
Customer Requirement is specific features and characteristics of a product/service as determined by a

consumer.
1. Product Features are the special function of a product/service that is capable of satisfying the
customer needs.
2. Product Characteristics are the attributes that can be added to the product/service definition to
extend the description of each product.
Market Positioning:
the process of arranging a product to occupy a clear, distinct and desirable place in relation to other
competing products in the mindset of target consumers.
Some of the elements to be considered in Communicating Brand Positioning are:
1. Packaging – is creatively designing and producing the appropriate container or wrapper of the
product.
2. Labelling – contains information about a product display on the packaging.
3. Selling price – is how much the customer pays for the product/services.
4. Advertising – to inform customer about product/services benefits.
5. Brand endorser – companies marketing strategies which involves celebrities to help promote their
products/service.
6. Tagline – a short quote used by business to distinguish them and to make them more catchy.
Module 11
Environmental Factors:
Cultural Factor
Social Factor
Personal Factor
Psychological Factor
Evaluation of Alternatives
Once the desired information is already available to the consumers, they can
make the necessary evaluation of various alternatives and make an intelligent

comparison of the different brands existing in the market. Here are some of the
consumer’s considerations of the significant areas of the product:
1. Price
2. Quality and durability
3. Brand, color, and design
4. Terms and conditions
5. Required payments
6. Amount of credit
Module 12:
Marketing - Marketing defines as an organizational function and a set of process for
creating, communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the organization and its stakeholders.
These are the elements of 7P’s:
 Product. It could be tangible or intangible in nature that can be offered for
the satisfaction of consumers.
 Price. It determines the value of goods or service to the buyers and sellers.
It also includes the production cost.
 Place. The location wherein the product is being processed and where can
the consumers buy.
 Promotion. A marketing strategy in which it is used to inform and persuade
your target consumers about your product.
 People. They are the ones who provide information about the product that
provides consumer satisfaction.

 Process. A set of activities that results in the delivery of product benefits in
a standard procedure.
 Physical evidence (environment). Includes product packaging, delivery
receipts, signage, or the layout of a physical store.

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Entrep Reviewer:

Relevance to Vision, Mission and Objectives of the Entrepreneur.

Reinforcement of Entrepreneurial Interests

Responsiveness to Customer Needs and Wants

Relative Ease of Implementation

Three Strategic Marketing Approaches:

It is the process of dividing the market into homogenous part or groups.

Markets are segmented according to the following:

1. Individual to one-on-one marketing

2. Segmentation marketing (Differentiated or concentrated marketing)

3. Mass or undifferentiated marketing

INDIVIDUAL or ONE-ON-ONE MARKETING – Products/Services are tailored to the

needs of the individual consumer

DIFFERENTIATED MARKETING - Several segments are covered and

products/services are designed to suit the specific needs of a particular segment

CONCENTRATED MARKETING - sometimes called niche marketing is another

consumer in the segment of the market.

MASS OR UNDIFFERENTIATED MARKETING - Undifferentiated marketing

consumers are no differentiated.

Customer Requirement is specific features and characteristics of a product/service as determined by a

Some of the elements to be considered in Communicating Brand Positioning are:

2. Labelling – contains information about a product display on the packaging.

4. Advertising – to inform customer about product/services benefits.

make the necessary evaluation of various alternatives and make an intelligent

consumer’s considerations of the significant areas of the product:

2. Quality and durability

3. Brand, color, and design

4. Terms and conditions

Marketing - Marketing defines as an organizational function and a set of process for

creating, communicating, and delivering value to customers and for managing

These are the elements of 7P’s:

 Product. It could be tangible or intangible in nature that can be offered for

the satisfaction of consumers.

It also includes the production cost.

the consumers buy.

 Promotion. A marketing strategy in which it is used to inform and persuade

your target consumers about your product.

provides consumer satisfaction.

 Physical evidence (environment). Includes product packaging, delivery

receipts, signage, or the layout of a physical store.

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