REVIEWER IN ENTREPRENEURSHIP

4TH QUARTER EXAM

 Data Gathering - the most common way to gather primary data with the use of questionnaires or
interview schedule.
 Interview - the most common way to gather primary data with the use of questionnaires
or interview schedule.
 Survey - A data gathering technique where it can be done via direct mail, over the phone, internet or
e-mail also the most common way to gather data with the use of questionnaires or Interview schedule.

 Ways in conducting Survey;

 direct mail
 over the phone – less time consuming and less expensive way of gathering data
 internet (e.g. Google) or email
 face-to-face or on the Web (e.g. Skype or Viber)
 Types of data gathering;
 Personal interview
 Focus group discussion
 Survey
 Penetration Pricing – a pricing strategy in which an entrepreneur set the prices lower than those of
his/her competitors so that he/she can penetrate the market.
 Market Research - refers to the process of gathering, analyzing and interpreting the information about
the product or the services to be offered for sale in the market.
 FGD – refers to assigning an expert moderator / facilitator who manages group dynamics.
 Steps to consider in constructing survey;
 Make sure it is clearly appealing and easy to read
 Keep it as simple as possible
 Make sure questions are concise and easily understood
 Strategies in promoting a product;
 By offering Free Gifts
 Free Samples
 Free Trial
 Customer Contests
 Special Pricing
 Producer- Wholesaler- Retailer- Consumer - stores large quantities of several producers' goods and
then breaks into bulk deliveries to supply retailers with smaller quantities.
 Focus Group Discussion – data gathering in which brainstorming and discussion is used during
meetings
 The best action that you should take in order to make your data collection accurate is to organize
collected data as soon as it is available.
 Price - the amount that a customer pays for to enjoy goods and services?

 Goods – are tangible products ex. Clothing, gadgets and etc.

 Packaging – refers to products or services appear from the outside. (visual presentation)
 Place - where the product or services is sold
 Promotion - refers to the complete set of activities, that communicate the product, brand or service to
the user.
 Personal Selling - promotional mix that occurs when an individual salesperson sells a product, service
or solution to a client.
 People – a promotional mix that is considered as the ultimate marketing strategy
 Factors that would change in the distribution channel if there will be no Intermediary like producer and
consumer are - Direct-marketing will take place, since it has no intermediary levels. In this case the
manufacturer sells directly to customers
 Product - is an item that is built or produced to satisfy the needs of a certain group of people, it can be
intangible or tangible.
 People – refers to hiring strategy, in which an entrepreneur must consider the qualifications of his/her
employees (competent and skilled).
 The best thing to do to maintain the safety of your products upon travelling to different places - is your
packing should start with spots of adhesives on the individual shippers that stick them together, straps
of steel and plastic, entire coverings of shrinkable or stretchable plastic films and paper or corrugated
wraps that surround an entire pallet of product.
 The following is an effective branding strategy;
 Catchy
 Purposive
  Emotion
 Flexibility
 Method - refers to the process or technique of converting raw materials to finished products
 Material - refers to the raw materials needed in the production of a product.
 Machine - is about manufacturing equipment used in the production of goods or delivery of services
 Business Model - describes the rationale of how an organization creates, delivers, and captures value
in economic, social, cultural or other contexts.
 Suppliers - is an entity that supplies goods and services to another organization.
 Brand Name - name, symbol, or another feature that distinguishes a seller’s goods or services in the
marketplace
 Manpower - human labor force involved in the manufacture of products
 Prototype - duplication of a product as it will be produced, which may contain such details as color,
graphics, packaging and directions
 Value chain - method or activities by which a company adds value to an item, with production,
marketing, and the provision of after-sales service.
 4 M’s of Production - The most serious issues in the whole production system are the inputs and the
transformation process. Their quality determines the quality of the output. The factors involved in the
input and the production process are usually referred to as the Four M’s of production, namely
Manpower, Method, Machine, and Materials
 4M’s of Production;
 Methods - Method or production method is the process or way of transforming raw materials to
finished products. The resources undergo some stages before it is finalized and become set for
delivery to the target buyers.
 Manpower - talks about human labor force involved in the manufacture of products. It is measured as
the most serious and main factor of production
 Machine - Machine is about manufacturing equipment used in the production of goods or delivery of
services. In the process of selecting the type of equipment to purchase, the entrepreneur may
consider types of products to be produced, production system to be adopted, cost of the equipment,
capacity of the equipment, availability of spare parts in the local market, efficiency of the equipment
and the skills required in running the equipment.
 Materials - It simply refers to the raw materials necessary in the production of a product. Materials
mainly form part of the finished product
 Importance of Machine/Machinery in fulfilling a work - Machine will contribute greatly in fulfilling a
project or work because it makes the work more easily and will consume less time than manpower
 4M’s in production help entrepreneurs to make their business a success - because it will make the
production more progressive
 Product - is the physical output of the whole production process. It should be valuable and beneficial
to the consumers and should satisfy their basic needs and wants. A product can be heterogeneous or
homogeneous.
 Heterogeneous product - has dissimilar characteristics, parts, and physical appearance. It can be
easily identified from other products. Entrepreneurial ventures that produce heterogeneous products
include makers of furniture, bags, and home decors.
 Homogeneous product - has a physical appearance, taste, or chemical content that can hardly be
distinguished from that of the other products. Businesses that produce homogeneous products include
makers of soft drinks, and medicines.
 Product description - wherein product description promotes and explains what a product is and why
it’s worth buying. The purpose of a product description is to provide customers with details around the
features and benefits of the product so they’re obliged to buy.
 Value chain - is a method or activities by which a company adds value to an item, with production,
marketing, and the provision of after-sales service. The main goal and benefit of a value chain, and
therefore value chain analysis, is to make or support a competitive benefit.
 supply chain – is a structure of organizations, people, activities, data, and resources involved in
moving a product or service from supplier to customer.

P.S It’s your last exam here in SRCS Good luck! just relax and trust in all the hard work you’ve put in