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Abm-Enterprenuership 12 q1 w3 Mod3
Abm-Enterprenuership 12 q1 w3 Mod3
Abm-Enterprenuership 12 q1 w3 Mod3
Department of Education
National Capital Region
DIVISION OF CITY SCHOOLS – MANILA
Manila Education Center Arroceros Forest Park
Antonio J. Villegas St. Ermita, Manila
ENTREPRENEURSHIP
https://search.yahoo.com/
As you start studying the module, I want you to set aside other
task/s that may disturb you while enjoying the lessons. Read the
instructions below to successfully enjoy the objectives of this kit.
Have fun!
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Learning Module for Entrepreneurship
EXPECTATIONS
You may start your journey in learning about the potential market
and the market need. Are you excited to answer the Pre-test?
Smile and Enjoy!
PRE-TEST
DIRECTIONS: To check your prior knowledge about the topic, please analyze the
pictures below and list down at least three (3) potential markets that entrepreneurs
should consider during this COVID -19 pandemic and indicate their needs. Write your
answer in the space provided.
https://images.search.yahoo.com/
You have finished answering the pre-test. You may request your
facilitator/guardian to check your work. Congratulations and keep on
learning!
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Learning Module for Entrepreneurship
o Specific techniques and habits must be practiced and developed by all would-be
entrepreneurs. Aside from business competencies, entrepreneurs need
interpersonal and self-leadership skills too; however, these are often overlooked.
Entrepreneurial behavior’ can be learned and developed
(www.ideasforleaders.com).
o If you’re an aspiring entrepreneur, there are different career paths you can take
to turn your dream into a reality. Which path you choose will depend on your
experience, skills, finances, and flexibility, as well as your goals for the future
(Doyle, A., 2020).
Multiple Choice. Write the letter of the correct answer that best complete the
sentence in the space provided.
______1. All are core competencies in Entrepreneurship, except:
A. basic bookkeeping/ accounting skills B. communication skills
C. building relations with customer D. building competitive advantage
______2. Which of the following is not a business competency? This competency covers
the outcomes required to build, _____ and grow a micro/small-scale enterprise - like
developing and maintaining small-scale business, establish customer base, and
manage business finances.
A. Establish customer service B. Manage finances
C. Preparing business letters D. Monitoring operations
______3. Which is not a goal of entrepreneurial competency?
A. Expanding the enterprise B. Expanding markets and clientele
C. Developing individuals and teams D. Enhancing one’s business skill
______4. All are important aspects of Entrepreneurship as a course, except:
A. Discussion on economic issues and concerns.
B. Explanation of key concepts of competencies in Entrepreneurship.
C. Discussion on the relevance of the course.
D. Exploration of career opportunities.
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Learning Module for Entrepreneurship
B. Creating gaps among employees.
C. Responding to consumers’ demand.
D. Maintaining product quality and accessibility.
BRIEF INTRODUCTION
Consider every target demographic that you currently sell to, as well as
those you have not yet targeted. Identify what they have in common with
each other, new milestones that they will encounter in their lives that will
impact their buying patterns, and where they overlap or diverge from your
current customers.
Ask yourself these questions that will help you identify both new ways to
market your current products or services, as well as new products and services that
you can begin selling.
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Learning Module for Entrepreneurship
each other?
For example, a business that makes face masks and PPEs could identify
potential markets such as:
Hospitals and other health related industries whose employees are prone to
COVID -19 virus and other viruses.
Business industries and other organizations who want to ensure the health
condition of their employees.
Employees and workers who need to report to work to earn income.
Households who needs to go out for their necessities.
Note: Depending on the size and age of your company, as well as your industry, you
may have a clear picture of the potential markets that are available.
Once you've identified and chosen a potential market to begin targeting, you
will need new marketing strategies in place to communicate with them. Use this profile
to identify:
The demographic information that people in a group have in common.
The best forms of media to reach them.
How they prefer to shop and make purchases.
The concerns, struggles, or problems that you can help them overcome.
What values matter to them, both in everyday life and when shopping.
The language that resonates with them.
The figure below depicts what is a potential market with respect to the total
population and how it can be converted to a penetrated market:
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Learning Module for Entrepreneurship
Target Market
Penetrated Market
A set of customers or clients who are already using a particular product or
service. A penetrated market means that the potential users of a product or
service are aware of it, and in many cases are active consumers of it.
(www.businessdictionary.com).
1. Need
o A motivating force that compels action for its satisfaction. Needs range
from basic survival needs (common to all human beings) satisfied by
necessities, to cultural, intellectual, and social needs (varying from place
to place and age group to age group) satisfied by necessaries
(www.businessdictionary.com).
o A driver of human action which marketers try to identify, emphasize, and
satisfy, and around which promotional efforts are organized
(www.businessdictionary.com).
2. Market
o A Market is a place where two parties can gather to facilitate the
exchange of goods and services. The parties involved are usually buyers
and sellers. The market may be physical like a retail outlet, where people
meet face-to-face, or virtual like an online market, where there is no
direct physical contact between buyers and sellers (Kenton, W. & Boyle,
M., 2020).
o A market does not refer to a particular place but it refers to a market for
a commodity or commodities. It refers to an arrangement whereby buyers
and sellers come in close contact with each other directly or indirectly to
sell and buy goods (Shaikh, S., retrieved 2020).
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Learning Module for Entrepreneurship
o A market is any place where sellers of particular goods or services can
meet with buyers of those goods and services. It creates the potential for
a transaction to take place. The buyers must have something they can
offer in exchange for the product to create a successful transaction
(Moffatt, M., 2019)
Your market consists of (Stull, C., Myers, P.& Scott D.M. (2008) as cited in:
https://learn.marsdd.com/):
Existing customers: People who have already purchased your product.
Prospects: People who have not yet purchased your product but are
considering it.
Target market users: People in your target market who are not currently
looking for a solution.
The market now demands that your business align to their needs. In order to
properly align your marketing efforts ‒ and your content, in particular ‒ to what
buyers need, you have to have a clear understanding of the many intricacies, pains
and pressures within your market. To achieve such alignment, the ability to define
market patterns, needs, interests, preferences, etc. for a comprehensive view of the
buying process is critical (www.aberdeen.com).
Below are ways to define your market (Lancaster SCORE (2010):
• Consider whether the business offers a new solution to an old problem or
complements an emerging trend.
• Have a clear picture of your target market.
• Determine the benefits that your product or service offers.
• Examine industry data that can confirm whether there is a sustained,
growing demand for your product or service.
• Identify the percentage of market share that it is realistic for you to capture.
The more competition you have, the lower the margins will be.
• Consider how realistic your pricing is. How can you present your product or
service to potential customers so that it appears to be a good value, while
still affording you a healthy profit?
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Learning Module for Entrepreneurship
ACTIVITIES
Activity 1. Read and analyze the statements below about “Market”. Determine
whether the statement is TRUE OR FALSE. Write TRUE if the statement is correct
and write FALSE if otherwise. Write your answer in the space provided.
__________1. A market is any place where two or more parties can meet to engage in an
economic transaction—and should only involve legal tender.
___________2. Market includes retail stores and other similar businesses that sell
individual items to wholesale markets selling goods to other distributors but may not
be virtual.
___________3. Market refers to the whole area of operation of demand and supply.
___________4. A market signifies any arrangement in which the sale and purchase of
goods take place.
___________5. The market establishes the prices for goods and other services.
Activity 2. Read and analyze the given situations below. Identify whether this refers to
existing customer, prospects, or target market users. Write your answer in the space
provided.
DIRECTIONS: Give the meaning of the following word/phrase in each item. You may
use the internet to define the given word/phrase. Write your answer in the space
provided.
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Learning Module for Entrepreneurship
REMEMBER
• Potential market is the part of the total population that has shown some level
of interest in buying a particular product or service. Potential market is also
called Total addressable market (TAM) (MBA Skool Team, 2018).
• Available Market are prospects who are willing and capable (have sufficient
resources) buyers, and have access to a particular market or service
(www.businessdictionary.com).
• Target Market refers to a group of potential customers to whom a company
wants to sell its products and services. Target markets are generally categorized
by age, location, income, and lifestyle (Kenton, W., 2019).
• Penetrated Market is a set of customers or clients who are already using a
particular product or service (www.businessdictionary.com).
• Need is a motivating force that compels action for its satisfaction. Needs range
from basic survival needs (common to all human beings) satisfied by
necessities, to cultural, intellectual, and social needs (varying from place to
place and age group to age group) satisfied by necessaries
(www.businessdictionary.com).
• A Market is a place where two parties can gather to facilitate the exchange of
goods and services (Kenton, W. & Boyle, M., 2020).
• Existing customers are people who have already purchased your product.
• Prospects are people who have not yet purchased your product but are
considering it.
• Target market users are people in your target market who are not currently
looking for a solution.
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Learning Module for Entrepreneurship
POST-TEST
Identification. Read and analyze the statements below and identify whether this
refers to potential market, available market, target market, or penetrated market.
Write your answer in the space provided.
Column A Column B
1. It is a company’s marketing goals and objectives combined A. Market
into a single comprehensive plan.
2. Refers to a person or organization that uses a commodity B. Target Market
or service.
3. This is an area or arena in which commercial dealings are C. Potential Market
conducted.
4. This is used to give a general idea of the size of a company D. Need
in relation to its market and its competitors.
5. This is one part of the total market for a good or service. E. Demographic group
6. It is also called Total addressable market (TAM). F. Market Strategy
7. A person or business that purchases a commodity or G. Market size
service.
8. Circumstances in which something is necessary, or that H. Customers
require some course of action; necessity.
9. The study of the characteristics of human populations, I. Consumers
such as size, growth, density, distribution, and vital
statistics.
10. The number of buyers and sellers in a particular market. J. Market share
REFLECTIVE LEARNING
SHEET
If you’re thinking about starting a business, most likely you have dreamed of
one that involves your interests. But, what does the market need or want? Do you
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Learning Module for Entrepreneurship
know who is buying what and how much, or how, where and why they are buying
those goods or services already?
Congratulations! You are almost done in this module. Please write your idea
on the situation below.
E-SITES
To further explore the concept learned today, please watch the video about
“Understanding Customers need” @www.youtube.com
REFERENCES
Websites
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Learning Module for Entrepreneurship
potential-markets-4043634
7. Lancaster SCORE (2010). Define the Market Need for Your New Business.
Retrieved from: https://scorelancaster.wordpress.com/2010/01/18/define-the-
market-need-for-your-new-business/
8. MBA Skool Team, (2020). Available Market. Retrieved from:
https://www.mbaskool.com/business-concepts/marketing-and-strategy-
terms/11747-available-market.html
9. Penetrated Market. Retrieved from: http://www.businessdictionary.com/
definition/penetrated-market.html
Acknowledgement
Writers: Farida F. Tallud, DBM
Mark Vincent B. Emit, PhD
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Learning Module for Entrepreneurship
ANSWER KEY
PRE-TEST
ACTIVITIES
Activity 2. Identification
1. Prospects 6. Prospects
2. Existing customer 7. Existing customers
3. Target market users 8. Prospects
4. Existing customer 9. Target market users
5. Prospects 10. Prospects
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Learning Module for Entrepreneurship
Check your understanding
Post – test
1. Identification
1. Penetrated market
2. Available market
3. Potential market
4. Target market
5. Penetrated market
2. Matching Type
1. F
2. I
3. A
4. J
5. B
6. C
7. H
8. D
9. E
10. G
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