REVIEWER IN ENTREPRENEURSHIP b.

Self-confidence

Entrepreneurship Targeting Mix – 7Ps

- It creates opportunities, ensures social
1. Product – this refers to the items that
justice, instills confidence, and were being sold/offered by the business
stimulates the economy.
2. Price – this is the cost of the product
- It is an important part of the economic
3. Place – this is where the business is
growth strategies of many local and located
national governments around the world.
4. Promotion - mode of conveying the
- The act of creating a business or presence and attributes of the products
businesses while building and scaling it to the target customers
to generate a profit.
5. People – refers to the owners/customers
6. Packaging - includes the kind of
Rewards:
material used for the wrapper or
o Make your own money
container and the label and product
o Be your own boss
information.
o Gain self-satisfaction
7. Positioning - place occupied by the
product in the minds of the customers

Entrepreneur
Consumer Products
- Refers to a person who sets up a
business with the aim to make a profit.  Convenience product - a consumer
product that takes a little thought, is
- Is derived from the word ‘entreprendre’
routine, purchased often, appeals to a
means “to undertake” large target market, and the customer
purchases it with a little planning.
Seller – is the one who sells something in Example: bottled water, laundry
exchange of money detergents, fast food, sugar, etc.
Buyer – is someone who pays cash in exchange
 Shopping Product - Shopping products
of goods
are products that the customer usually
3 Clusters he Management Systems compares on attributes such as quality,
International (MSI) price and style in the process of selecting
and purchasing.
1. Achievement Cluster
Example: furniture, clothing, used cars,
a. Opportunity Seeking
airline services/tickets, appliances, etc.
b. Persistence
c. Commitment to work contract
 Specialty Product - consumer products
d. Risk-taking
and services with unique characteristics
e. Demand for efficiency and quality or brand identification for which a
2. Planning Cluster significant group of consumers is willing
to make a special purchase effort.
a. Goal setting
Example: expensive cars, professional
b. Information Seeking photographic equipment, designer
c. Systematic planning and monitoring clothes etc.
3. Power Cluster
 Unsought Product - consumer products
a. Persuasion and networking
that a consumer either does not know
 about or knows about but does not
consider buying under normal conditions.
Thus, consumers do not think about these
products under normal circumstances, at
least not until they need them.
Example: fire extinguisher, batteries,
life insurance and pre-planned funeral
services etc.

Primary Product and their substitute product

Examples:
Butter – Margarine
Lighter – Match
Prescription Medicine – Generic Drugs

Business vs Entrepreneurship vs
Merchandising
Business - runs for profit
Example: Michael opened a grocery store in his
hometown.

Entrepreneurship - intends to have a profit but

with a purpose of making a difference or
addressing a problem
Example: Buboy delivers refillable water
gallons for water dispensers in offices.
Maria started an e-loading station to cater his
teachers and classmates.

Merchandising - a type of business that buys

finished products and sells them to consumers
Example: Lala’s online shop offers a variety of
trendy gift ideas for special occasions.