a.
Initiative – means doing things even
ENTREPRENEURSHIP
REVIEWER
Entrepreneurship
- The ability and readiness to develop,
organize and run a business enterprise,
along with any of its uncertainties in order to
make a profit.
Concept of entrepreneurship
- The word “entrepreneur” was derived from
the French verb enterprendre, which
means “to undertake.” This is pinpointing
to those who “undertake” the risk of
enterprise.
- The enterprise is created by an
entrepreneur and the process is called
“Entrepreneurship.”
- Entrepreneurs are innovators, willing to
take risks and generate new ideas to make
it unique and profitable solutions to the
present-day problems.
Relevance of entrepreneurship to an
organization
1. Development of Managerial Capabilities
- Entrepreneurship involves time
management, employee management,
and financial management among others.
Thus, when one enters into
entrepreneurship, his/her managerial
capabilities are being molded. These
capabilities will then help an entrepreneur
make good decisions.
2. Creation of Organizations
- In entrepreneurship, various individuals are
involved – the owners, the managers and
the employees. In effect, an organization is
created. This organization is established for
a particular purpose.
3. Improving standard of living
- Entrepreneurship creates job opportunities
which uplift and support communities
through improving the overall standard of
living.
4. Means of economic development
- Entrepreneurship stimulates innovation that
opens the door of new products and
technology which drives economic growth.
Factors affecting entrepreneurship
1. PERSONALITY FACTORS
before being told
b. Proactive – means classifying
opportunities and seizing them
c. Problem Solver – means the ability to
retain good relations with other people
d. Perseverance – means pursuing things
to get done regardless of challenges
e. Persuasion – means the ability to
entice people to buy even if they don’t
f. Planner – means making plan before
doing things and not failing to monitor it
g. Risk-taker – means the willingness to
gamble but having a well-calculated
action
2. ENVIRONMENTAL FACTORS
- Includes political, climate, legal system,
economic and social conditions and
market situations.
Common competencies in
entrepreneurship
1. DECISIVE - An entrepreneur must be firm in
making decisions.
2. COMMUNICATOR - An entrepreneur must
have a convincing power.
3. LEADER - An entrepreneur must have the
charisma to be obeyed by his employees.
4. OPPORTUNITY SEEKER - An
entrepreneur must have the ability to be the
first to see business chances.
5. PROACTIVE - Controlling a situation by
making things to happen or by preparing for
possible future problems.
6. RISK TAKER - They have the courage to
pursue their business ideas.
7. INNOVATIVE - The entrepreneurs have big
business ideas and they do not stop
improving and thinking of new worthwhile
ideas for their business.
Core
competencies in entrepreneurship
1. ECONOMIC AND DYNAMIC ACTIVITY
 - Entrepreneurship is an economic activity
because it involves the creation and
operation of an enterprise with a view to
creating value or wealth by ensuring
optimum utilization of limited resources.
2. INNOVATIVE
- Entrepreneurs constantly look for new
ideas, thus he needs to be creative.
3. PROFIT POTENTIAL
- The entrepreneur can be compensated by
his profit coming form the operation.
4. RISK BEARING
- The entrepreneur needs to gamble but
wise enough to offset the risk.
Career opportunities of entrepreneurship
1. BUSINESS CONSULTANT
- An entrepreneur can be a very good source of
advices to other entrepreneurs and would be
businessmen for its expertise in managing a
business.
2. TEACHER
- A graduate of an entrepreneurship can use his
knowledge in teaching.
3. RESEARCHER
-The entrepreneur can be employed as researcher
by an enterprise.
4. SALES
-The entrepreneurship graduate can apply as
salesman.
5. BUSINESS REPORTER
-The entrepreneur being expert in the field, he can
be employed as business reporter.
THE BUSINESS PLAN
- A business plan is a formal written
document containing the goals of a
business, the methods for attaining
those goals, and the time-frame for the
achievement of the goals.
- A business plan lays out a written
roadmap for the firm from marketing,
financial, and operational standpoints.
Both startups and established companies
use business plans.
- It is very important that all businesses
should have a business plan. The plan
should explain your business strategy
and your key goals to get from where
you are now to where you want to be in
the future.
- A business plan is a 15-20 page document
that outlines how you will achieve your
business objectives and includes
information about your product,
marketing strategies, and finances. You
should create one when you're starting a
new business and keep updating it as your
business grows.
- A business plan is essential for the
inception, growth and overall success of
a company.
- These plans provide a business with a
vision for the future and a clear strategy for
how to expand.
- There are several essential components of
an effective business plan, and
understanding each of these components
can help you create a plan that leads your
company to success.
Purpose of a Business Plan
- The purpose of a Business Plan is to
identify, describe and analyze a business
opportunity and/or a business already under
way, examining its technical, economic and
financial feasibility.
- The primary purpose of a business plan is
to establish your plans for your
business's future. These plans should
include goals and milestones alongside
detailed steps on how the business will
reach each step.
3 Main purposes of a Business Plan
1. Establish a business focus
- The primary purpose of a business
plan is to establish your plans for
your business's future. These plans
should include goals and milestones
alongside detailed steps on how the
business will reach each step. Creating
a roadmap to your goals will help
determine your business focus and
pursue growth.
2. Secure funding
- One of the first things private
investors, banks, and other lenders
look for before investing in your
business is a well-researched business
plan. Investors and stakeholders want
to know how you operate your business,
revenue and expense projections, and
how they will receive a return on their
investment.
3. Attract executives
- As your business grows, you will likely
need to add executives to your team.
The business plan helps you attract
 executive talent and determine whether
they are a good fit for your company.
Parts of the Business Plan
1. Executive summary
- is the first and one of the most critical
parts of a business plan.
- provides an overview of the business plan
as a whole and highlights what the business
plan will cover.
- It's often best to write the executive
summary last so that you have a complete
understanding of your plan and can
effectively summarize it.
- should include your organization's
mission statement and the products and
services you plan to offer or currently offer.
- include why you are starting the company if
the business plan is for a new organization
2. Business description
- provides a comprehensive description of
your business and its goals, products,
services and target customer base.
- Also, include details regarding the
industry your company will serve, and any
trends and major competitors within the
industry.
- include you and your team's experience
in the industry and what sets your company
apart from the competition in your business
description.
3. Market analysis and strategy
- The purpose of it is is to research and
identify a company's primary target
audience and where to find this
audience.
Factors to cover in this section include:
= The primary pain points experienced by
your target customers
= The most prominent needs of your target
market and how your products or services
can meet these needs
=The demographics of your target
audience where your target market is
geographically located
=Where your target market spends most
of their time, such as particular social
media platforms and physical locations
4. Marketing and sales plan
- should cover the specifics of how you
plan to market and sell your products and
services.
This section should include:
=Your anticipated marketing and
promotion strategies
=Pricing plans for your company's
products and services
=Your strategies for making sales
=Why your target audience should
purchase from your company versus
your competition
=Your organization's unique selling
proposal
How you will get your products and services
in front of your target audience
5. Competitive analysis
- Your business plan should also include a
detailed competitive analysis that clearly
outlines a comparison of your
organization to your competitors. Outline
your competitors' weaknesses and
strengths and how you anticipate your
company to compare to these. This section
should also include any advantages your
competition has in the marketplace and
how you plan to set your company apart.
You should also cover what makes your
business different than other companies in
the industry, as well as any potential issues
you may face when entering the
marketplace if applicable.
6. . Management and organization
description
- This section of your business plan should
cover the details of your business's
management and organization strategy.
Introduce your company leaders and their
qualifications and responsibilities within your
business. You can also include human
resources requirements and the legal
structure of your company.
7. Products and services description
- Use this section to further expand on the
details of the products and services your
company offers that you covered in the
executive summary. Include all relevant
information about your products and
services such as how you will manufacture
them, how long they will last, what needs
they will meet and how much it will cost to
create them.
8. Operating plan
- This part of your business plan should
describe how you plan to run your
company. Include information regarding
how and where your company will operate,
how many employees it will have and all
other pertinent details related to your
organization's operations.
9. Financial projection and needs
- The financial section of your business plan
should detail how you anticipate bringing
in revenue and the funding you'll need to
get started. You should include your
 financial statements, an analysis of these
statements and a cash flow projection.
10. Exhibits and appendices
- The final section of your business plan
should include any extra information to
further support the details outlined in
your plan. You can also include exhibits
and appendices to support the viability
of your business plan and give investors a
clear understanding of the research that
backs your plan.
Common information to put in this section
includes:
=Resumes of company management and
other stakeholders
=Marketing research
Permits
=Proposed or current marketing
materials
=Relevant legal documentation
=Pictures of your product
=Financial documents
Analysis of the Competition
- Competitive analysis means assessing and
analyzing the comparative strengths and
weaknesses of competitors; may include
their current and potential product and
service development and marketing
strategies.
- The goal of your competitor analysis is to
identify and expand upon your
competitive advantage – the benefits that
your proposed business can offer the
customer or client that your competition
can’t or won’t supply.
step-by-step process for writing a
competitor analysis report
1. Write down your competitors.
2. Write what you know about them already.
3. Discover who their target customers are.
4. Discover their pricing methods.
5. Investigate their marketing strategy.
6. Figure out their competitive advantage.
- The Competitive Analysis section of your
business plan is devoted to analyzing
your competition--both your current
competition and potential competitors who
might enter your market.
- Every business has competition.
Understanding the strengths and
weaknesses of your competition--or
potential competition--is critical to making
sure your business survives and grows.
While you don't need to hire a private
detective, you do need to thoroughly assess
your competition on a regular basis even if
you only plan to run a small business.
Operations and Management
- The operations and management plan
describes how your business operates on a
continuing basis.
- This section covers things that are critical to
operations such as your business’ physical
location, labour, facilities, equipment and
processes. This way, you will answer
readers’ questions about operations without
overwhelming them.
- The section also highlights the management
team such as the various responsibilities
and tasks of the team. This is where you
acknowledge your team and advisers who
contribute to your business and success.
Location and Facility Management
- If you have a retail location, describe the
surrounding area and explain to your
readers why is the location effective.
- Tell your readers how your location provides
access for the clients and suppliers. For
example, your location might make it
convenient for your potential clients to park
their cars when they come to your office.
- You can also attach the drawings of the
building to show its structure and size.
Operations
- In this part, do indicate the operating hours
such as the opening hours and shifts.
- And then list out your day-to-day operation
details.
- You should also talk about your products and/or
services that you provide, how you provide
them, standard operating procedures for the
process and customer services.
Inventory
- The inputs that go into making your product
will be your supplies and the final product
will be your inventory.
- It is also crucial to explain how you will
manage your inventory. If you have too
 much inventory, you’re wasting money that
could be put to active use elsewhere in the
business.
- If you have too little inventory, you might be
losing out on potential sales and loyal
customers. If you don’t have what they
want, when they want it, they will go
somewhere else, and they will likely turn to that
company first the next time they need the item
you used to sell them.
Management Team and Employees
- Remember, your team of managers and
employees play important roles in carrying
out most of your company’s operating plan.
Thus, it is important to describe who they
are, what their qualifications are and what
their responsibilities will be.
- You should consider of having an
organization chart that shows the
hierarchical structure of your business. This
will make it easy for your readers to
understand.
- You can also talk about how your measure
employee and management performance
and reward them or let them go if needed.
SUPPORTING DOCUMENTS
- The appendix at the end of your business
plan is the place to include all
pertinent supporting documents. The
impetus for creating this section is to back
up what you have stated in your business
plan by providing the full documents.
- It allows the main body of the plan to read
as a cohesive document that focuses on
each aspect of your business without
getting bogged down with numbers and
implicit details.
- While researching and writing your business
plan, it is likely that you have gathered, or
accessed, a significant amount of
information.
- To determine which documents to add, you
must reread your business plan
to determine places where you have
referred to studies or surveys, or made
comparisons.
- Include marketing research studies and
other documents that best support your
data.
- All copies of documents should be legible
and complete.
There are specific documents that
investors may want to see. Although
this many vary according to your type of
business and stage of business
development, such documents may
include:
1. Cash flow statement
2. Income statement
3. Balance sheet
4. Detailed financial projections
5. Capital equipment list
6. Resumes of key officers
7. Letters of support, reference, or credibility
Other documentation that may assist
you in obtaining funding, selling, or
monitoring your business may include:
1. Blueprints or diagrams of allocated space
2. Marketing plans
3. Letters of intent
4. Credit reports
5. Expansion plans
6. Quotes or estimates from builders,
contractors, etc.
7. Legal document applicable to the business
8. Census or demographic data
9. Industry awards or customer letters
10. Newspaper articles.
- List the documents that are included in the
appendices in a separate table of contents
and check the order of the table against the
order they are found in the appendix.
Why supporting documents are
important for a business?
- These documents and others are required
by underwriters because the contents allow
them to examine the risks lending to an
organization may pose.
- Without the proper documentation, an
underwriter will not be able to make an
informed decision about the potential risk a
new customer may be to the lender.
- Proper documentation provides evidence of
what has transpired as well as provides
information for researching discrepancies.
Supporting documentation may come in
paper or electronic form.
MARKET
What is Market?
- A market is a place where 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.
Types of Markets
1. Underground Market
- An underground market refers to an illegal
market where transactions occur without the
knowledge of the government or other
regulatory agencies. Many illegal markets
exist in order to circumvent existing tax
laws. This is why many involve cash-only
transactions or non-traceable forms of
currency, making them harder to track.
2. Financial Market
- The blanket term "financial market" refers to
any place where securities, currencies,
bonds, and other securities are traded
between two parties. These markets are the
basis of capitalist societies, and they
provide capital formation and liquidity for
businesses. They can be physical or virtual.
3. Auction Market
- An auction market brings many people
together for the sale and purchase of
specific lots of goods. The buyers or bidders
try to top each other for the purchase price.
The items up for sale end up going to the
highest bidder.
Key Concept of Marketing
Distinctions between the Sales Concept and the
Marketing Concept:
1. Production Concept
- It holds that consumers will prefer products
that are widely available and inexpensive.
- Managers focusing on this concept
concentrate on achieving high production
efficiency, low costs, and mass
distribution. They assume that consumers
are primarily interested in product
availability and low prices. This orientation
makes sense in developing countries,
where consumers are more interested in
obtaining the product than in its features.
2. Product Concept
- This orientation holds that consumers will
favor those products that offer the most
quality, performance, or innovative features
- Managers focusing on this concept
concentrate on making superior products
and improving them over time. They
assume that buyers admire well-made
products and can appraise quality and
performance
- these managers are sometimes caught up
in a love affair with their product and do not
realize what the market
needs. Management might commit the
“better-mousetrap” fallacy, believing that a
better mousetrap will lead people to beat a
path to its door.
3. Selling Concept
- This is another common business
orientation. It holds that consumers and
businesses, if left alone, will ordinarily not
buy enough of the selling company’s
products
- aim is to sell what they make rather than
make what the market wants.
- organization must, therefore, undertake an
aggressive selling and promotion
effort. This concept assumes that
consumers typically sho9w buyi8ng inertia
or resistance and must be coaxed into
buying. It also assumes that the company
has a whole battery of effective selling and
promotional tools to stimulate more buying.
Most firms practice the selling concept when
they have overcapacity.
4. Marketing Concept
- a business philosophy that challenges the
above three business orientations.
- Its central tenets crystallized in the 1950s. It
holds that the key to achieving its
organizational goals (goals of the selling
company) consists of the company being
more effective than competitors in creating,
delivering, and communicating customer
value to its selected target customers. The
marketing concept rests on four
pillars: target market, customer needs,
integrated marketing and profitability.
1. The Sales Concept focuses on the needs of the
seller. The Marketing Concept focuses on the
needs of the buyer.
2. The Sales Concept is preoccupied with the
seller’s need to convert his/her product into cash.
The Marketing Concept is preoccupied with the
idea of satisfying the needs of the customer by
means of the product as a solution to the
customer’s problem (needs).
- The Marketing Concept represents the major
change in today’s company orientation that
provides the foundation to achieve competitive
advantage. This philosophy is the foundation of
consultative selling.
- The Marketing Concept has evolved into a fifth
and more refined company orientation: The
Societal Marketing Concept. This concept is more
theoretical and will undoubtedly influence future
forms of marketing and selling approaches
5. Societal Marketing Concept
- This concept holds that the organization’s
task is to determine the needs, wants, and
interests of target markets and to deliver the
desired satisfactions more effectively and
efficiently than competitors (this is the
original Marketing Concept).
- Additionally, it holds that this all must be
done in a way that preserves or enhances
the consumer’s and the society’s well-being.
Market Players
1. Customers
- The most important organization or people
in the market are your customers. This
includes both current and potential
customers.
- Major Customers
- It is very common for most sales to be made
to a relatively small set of big customers.
These always need careful attention and
may have account/relationship managers
assigned to them. A problem is that big
customers may also demand big discounts
and special attention.
- Minor Customers
- Minor customers buy less, but nevertheless
are useful as in aggregate they may buy
quite a lot. The only time minor customers
are undesirable is when serving them costs
more than the profit gained from them. This
can happen when they are angered or when
they try to gain an unfair attention for their
smaller payment.
2. Suppliers
- Suppliers may sell directly into the market,
for example selling spare parts, but largely
they need to be kept aligned to your
strategy.
- In some markets suppliers also supply your
competitors. When supply is short, the
supplier may hold a position of power in the
choice of who to serve.
- You can also have major and minor
suppliers. Major suppliers are critical for
everyday delivery and a problem from them
can cause delays or product quality issues.
3. Complementors
- Complementors are those who sell non-
competing products and which generally
help your sales. For example in a rock
musical instrument market, drum and guitar
manufacturers are complementors to one
another.
- It is generally a good idea to collaborate
closely with complementors as mutual
benefit may be gained. They may also seek
to work with competitors, which can be a
tricky situation -- but if it all adds up to
expanding the market, then this is
beneficial. An alternative strategy, as with
suppliers, is that if you can lead the
complementors to support you more, then
competitors may be weakened.
4. Competitors
- Competitors are those who have products
and services similar to you and where
customers who are buying something will
compare your offerings and prices directly,
weighing one up against the other.
- The interaction with competitors is usually
directly antagonistic. You seek to convince
customers that your offerings are better and
that competitors' offerings are worse.
Nevertheless, there are times when
collaborating with competitors is helpful, for
example in influencing sensible regulations.
5. Competitors
- Competitors are those who have products
and services similar to you and where
customers who are buying something will
compare your offerings and prices directly,
weighing one up against the other.
- The interaction with competitors is usually
directly antagonistic. You seek to convince
customers that your offerings are better and
that competitors' offerings are worse.
Nevertheless, there are times when
collaborating with competitors is helpful, for
example in influencing sensible regulations.
6. Regulators
- In any industry, standards are often helpful
in many ways, from ensuring product safety
to helping suppliers create plug-compatible
parts that enable economies of scale and -
hence lower product prices.
- Regulation may be driven by collaboration
between competitors. Regulations may also
be created by independent organizations or
 even governments, whose agendas may not
align with company profit motives.
MERCEDES GOTIANUN- 73
- An important part of regulation is policing,
without which regulations become only - FILINVEST
guidelines. Sometimes customers do their - EASTWEST UNIBANK
own policing, for example by not buying - FESTIVAL MALL ALABANG
non-standard products. Regulation may also - PACIFIC SUGAR HOLFINGS CORP
be done by independent inspectors who can
have draconian punitive powers.
- It can be an important part of marketing to LUCIO AND SUSAN CO-82
demonstrate conformance to regulations.
Displaying safety badges, showing - PUREGOLD
ecological awards, and so on can help - S&R MEMBERSHIP SHOPPING
convince customers of the quality of the - OFFICE WAREHOUSE
product and the integrity of the firm. - 999 SHOPPING MALL

7. Influencers
- There are also groups and organizations RAMON ANG-102
who have no direct control but who will seek
to promote their own agendas by influencing - EAGLE CEMENT CORP.
players within the marketplace, including - RSA MOTORS
regulators and retailers. These often have - SAN MIGUEL CORP.
an ethical basis, for example ecological or - SAN MIGUEL FOODS
animal rights activists. - MAGNOLIA
- Lobby groups who represent certain - SAN MIGUEL PROPERTIES
business interests may also be involved, - SAN MIGUEL INFRASTUCTURE
although often indirectly (for example in - SLEX
seeking to persuade regulators to create - TPLEX
stronger controls). - SKYWAT
- Marketers need to be careful with - NAIA EXPRESSWAY
influencers who can create bad publicity
through demonstrations and leaking
information to the press. Influencers can be TONY TAN CAKTIONG- 107
helpful if you listen to them and take their
concerns seriously. [ ] JOLLIBEE
[ ] CHOWKING
[ ] GREENWICH
15 RICHEST PEOPLE IN THE
PHILIPPINES 2021 [ ] RED RIBBON
[ ] MANG INASAL
ROBERTO ONGPIN- 58
[ ] BURGER KING PHILIPPINES
- ALPHALAND CORP. [ ] PANDA EXPRESS
- ALPHALAND AVIATION INC.
- ATOK GOLD MINING COMPANY
- ALPHALAND SOUTHGATE MALL
ANDREW TAN- 146
[ ] MEGAWORLD
CONSUNJI SIBLINGS/ DAVID-63 CONSUNJI
[ ] MCDONALD
- DMCI HOMES
[ ] EMPERADOR INCORP.
- SEMIRARA MINING AND POWER CORP.
- DMCI POWER CORP.

LUCIO TAN SR.-150

VIVIAN QUE-AZCONA/MARIANO QUE-65 [ ] PHILIPPINE AIRLINE
- MERCURY DRUGS [ ] PHILIPPINE NATIONAL BANK
[ ] TANDUAY
TY SYBLINGS/ARTHUR, ALFRED, ANJANETTE, [ ] FORTUNE TABACCO
ALESANDRA- 68
[ ] VICTORIAS SUGAR MILLING COMPANY
- METROBANK
- AXA TOP GLOBAL INSURANCE CORP [ ] UNIVERSITY OF THE EAST
- TOYOTA MOTOR PHILIPPINES CORP.
- FEDERAL LAND
JAIME ZOBEL DE AYALA-175
[ ] AYALA MALLS [ ] ATLAS MINING
[ ] AYALA LAND INCORP [ ] SM DEVELOPMENT CORP
[ ] AVIDA LAND [ ] TOY KINGDOM
[ ] AMAYA LAND [ ] WATSON
[ ] GENERICA [ ] FOREVER 21
[ ] BPI [ ] CULTURA
[ ] GLOBE TELECOM INCORP
[ ] MANILA WATER
RECOGNIZE AND UNDERSTAND
THE MARKET
JOHN GOKONGWIE JR. / LANCE GOKONGWEI-
199
MARKET
[ ] ROBINSONS MALLS
- A place where parties can gather to facilitate
[ ] ROBINSONS BANK goods and services
[ ] ROBINSONS LAND CORP
[ ] ROBINSONS SUPERMARKET Unique Selling Proposition
[ ] ROBINSONS APPLIANCES
[ ] DAISO JAPAN - It is a statement you choose to embody
what differentiates your products and your
[ ] HANDY MAN brands from your competitors.
-
[ ] MINISTOP
- Unique Selling Proposition would be using
[ ] THE GENERICS PHARMACY phrases like “new and improved” or “More
advanced” to emphasize the newness,
[ ] CEVU PACIFIC superiority, or advancement in some
product over one or more competitor’s
product.
ENRIQUE RAXON JR. -232
Purpose of U.S.P.
[ ] INTERNATIONAL CONTAINER TERMINAL
SERVICES
- To focus on the key benefit
[ ] SOLAIRE RESORT AND CASINO
- Contribute profits
- Improve the effectiveness on promotion and
sales
MANUEL VILLAR-340
Steps in Creating a U.S.P.
[ ] CAMELLA HOMES
[ ] VISTA MALL
1. Establish strengths of your product
[ ] VISTA LAND 2. Know who’s your target audience
3. Identify the Media use
[ ] LUMINA HOMES
4. Decision Making
[ ] ALL HOME 5. Know what the consumer’s needs

[ ] ALLDAY SUPERMARKET
Value Proposition
- A simple statement why a customer should
SY SIBLINGS/ HENRY SY SR- 674 choose your product or service.
[ ] 2GO TRAVEL - It communicates the clearest benefit that
customers received by giving you their
[ ] SM MALL business
- It’s the specific solution that your business
[ ] SM STORE
provides and the promise of value that a
[ ] HYPERMARKET customer can expect to deliver.

[ ] SAVE MORE Importance of Value Proposition

[ ] BDO
- This is what differentiate you from your
[ ] CHINA BANK CORP
competitors, secures long-term customers,
[ ] NU
 and gives you a distinct meaning to your
brand.
- “Your unique offering wont be valued by
your target market if it doesn’t create value”
(S.F. Dieffenbacher, 2022).
What should you include in your Value
Proposition?
1. Jobs
- What task can the customer complete with
your product
2. Pains
- What problems does the customer eliminate
when using your product
3. Gains
- What benefits does your customer get when
using your product
Customers in terms of target market,
customer requirement and market size
Determine who the customers are in terms of:
1. Target Market
- to determine your target market effectively
you’ll need to do some research.
- gathering statistics and other research data
helps you to understand your potential
customers and their needs and make it better
Marketing decisions
Who are the customers of your Target Market?
- The audience you want to engage with the
help of your marketing efforts.
- These people is most likely to buy your
goods or services if they found out about
them through one of your marketing efforts.
2. Customer Requirements
- Refers to the specifications and features of
a product or service that are deemed
necessary by customers.
- This requirement motivate customers to buy
a product or service
- To determine Customer Requirements,
companies can research their Target market
to understand their desires and needs
Who are the customers in terms of the Customer
Requirements?
- The customers in terms of the customer
requirements are those fitted to enjoy the
benefits your product or services offers.
Ways in determining Customer Requirements
1. Customer Interviews
2. Surveys
3. Focus groups
4. Social listening
One of the ways in determining your customers is
through Buyer Persona.
Buyer Persona, summarizes your audience’s
demographics, Wants and needs.
Creating a buyer’s persona means researching
your customers and competitors, determining
your audience’s needs and assessing how your
product’s benefits overlap with these needs
.4. Market size
- Is the number of individuals in a certain
market who are potential customers of your
product or service.
- Depending on your distribution strategy,
you’ll probably also want to look at the
number of potential sellers of your product
or service
Who are the customers in terms of
your Market Size?
- Your ‘Market Size’ is the total number of
likely buyers of your product or service
within a given market.
- This information can particularly be useful to
businesses and entrepreneurs looking to
invest in new products
Validating Customer Concerns through Interview
- Validating customer-related concerns help
inform product decisions by validating
problems, solutions and pain points
- Among all of the ways in doing such part of
the product concept, Intervuew is the most
common one. To know potential buyers, to
know whether the people liked the new
design changes or features of the product
and to get to know the customers in
general.
How do you validate customer concerns?
- It may sound ambiguous, and validating
customer concern can come in many forms
as long as youre actively listening, asking
questions, learning from the experience and
thamking them for their time.
Do’s in Validating Customer pain points
1. Elaborate on the problems you are willing to
solve one by one
2. Ask them how to show you how they
currently solve each problem
3. Let them talk about what they love and hate
about it (your product or service)
4. Asl which other tools or approach they are
using
 often lead to completely different reactions from
your customers.
The 7 Ps of Marketing
6. Positioning
1. Product
2. Price The next P is positioning. You should develop the
3. Promotion habit of thinking continually about how you are
4. Place positioned in the hearts and minds of your
5. Packaging customers. How do people think and talk about you
6. Positioning when you're not present? How do people think and
7. People talk about your company? What positioning do you
have in your market, in terms of the specific words
people use when they describe you and your
1. Product offerings to others?

To begin with, develop the habit of looking at your

product as though you were an outside marketing
consultant brought in to help your company decide
whether or not it's in the right business at this time.
Ask critical questions such as, "Is your current
product or service, or mix of products and services,
appropriate and suitable for the market and the
customers of today? Is this product offering any
remedy to a customer's pain point?"
7. People
The final P of the marketing mix is people. Develop
the habit of thinking in terms of the people inside
and outside of your business who are responsible
for every element of your sales, marketing
strategies, and activities.

2. Prices
The second P in the formula is price. Develop the
habit of continually examining and reexamining the
pricing strategy of the products and services you
sell to make sure they're still appropriate to the
realities of the current market. Sometimes you need
to lower your prices. At other times, it may be
appropriate to raise your prices.

3. Promotion
The third habit in marketing and sales is to think in
terms of promotion all the time. Promotion includes
all the ways you tell your target market about your
products or services and how you then market and
sell to them.

4. Place
The fourth P in the extended marketing mix is the
place where your product or service is actually sold.
Develop the habit of reviewing and reflecting upon
the exact physical location where the customer
meets the salesperson. Sometimes a change in
place can lead to a rapid increase in sales.

5. Packaging
The fifth element of the marketing mix is the
packaging. Develop the habit of standing back and
looking at every visual element in the packaging of
your physical product or service through the eyes of
a critical prospect. Remember, people form their
first impression about you within the first 30
seconds of seeing you or some element of your
company. Small improvements in the packaging or
external appearance of your product or service can