MODULE 1

WEEK ONE AND TWO

Business Enterprise Simulation
Lesson 1: Identifying Potential Business Opportunities

What I Need to Know

This module was designed and written with you in mind. It is here to help you master the introduction to
Business Enterprise Simulation. This module is crafted to allow you to use it in many different learning situations
with the language used recognizing the diverse vocabulary level of students. The discussion of the topics is arranged
to help you follow and understand the flow of the lessons.

After going through this module, you are expected to:

 Identify the needs and wants of the community through an interview;

 Use the identified needs and wants to generate potential business ideas;

 Define and cite examples of environmental factors that may affect the market.

Module for Date Developed: JUNE 2021 MODULE 1 Page

BUSINESS ENTERPRISE AND SIMULATION Developed by: Rebecca M. Tripulca 1 of 4
(Grade 12) Checked by: Arnel S. Gallo
What I Know
Before we tackle this module, let us first check your current knowledge based from your previous subjects.
This way, the teacher can gauge how he/she can guide you better through this module. Read and analyze each items
carefully before answering.

1. These are things that are essential for us to be able to live with dignity and pride within the community.

A. commodity B. needs

C. luxury D. wants

2. These are considered as luxuries and extravagance that signify wealth and expensive way of living.

A. commodity B. needs

C. luxury D. wants

3. The following are considered as needs. EXCEPT:

A. education B. food

C. new high-end cellphone D. sanitation

4. Introducing an entirely new product to the market is called .

A. alteration B. improveme t

C. alteration D. improvement

5. It is an undertaking by a person or a group of persons who are partners, or of stockholders who own a juridical
entity known as a corporation. Its main objective is to earn profit for the owners.

A. aggregate B. business

C. government D. industry

6. It is defined as a good or favorable change available to run a specific business in a given environment at a given
point of time.

A. business enterprise B. business idea

C. business opportunity D. business plan

Module for Date Developed: JUNE 2021 MODULE 1 Page

BUSINESS ENTERPRISE AND SIMULATION Developed by: Rebecca M. Tripulca 2of 4
(Grade 12) Checked by: Arnel S. Gallo

7. Good business opportunities and ideas can be generated from the following sources EXCEPT:

A. A new product introduced by the competitor

 B. Ideas given by the knowledgeable persons

C. Unsuccessful stories of known entrepreneurs or friends or relatives

D. Watching emerging trends in demands for certain products

8. It is defined as the process of continually and actively monitoring the external environment, in order to identify
customer needs, anticipate competitive actions, and identify technological changes which will provide new market
opportunities or market disruptions.

A. business scanning B. environmental scanning

C. industry scanning D. market scanning

9. The firms, which are also known as the “buy and sell” businesses, purchase products and sells the same at a higher
price without changing the form of the products are called

A. manufacturing B. merchandising

C. service D. social service

10. An increase in demand of ‘green energy’ use can affect the energy source you use to power your equipment and
vehicles. This situation is affected by a PESTLE factor known as .

A. economic factor B. environmental factor

C. legal factor D. social factor

11. The following are considered as economic factors in market scanning EXCEPT:

A. Company debt B. Consumer age

C. GDP loss or growth D. Inflation rates

12. Falling behind on technological trends, using outdated equipment or software, and examining the technological
barriers your business faces to enter a new market all fall within which PESTLE factor?

A. economic factor B. legal factor

C. political factor D. technological factor

Module for Date Developed: JUNE 2021 MODULE 1 Page

BUSINESS ENTERPRISE AND SIMULATION Developed by: Rebecca M. Tripulca 3 of 4
(Grade 12) Checked by: Arnel S. Gallo

13. Which of the following should be considered first by a prospective entrepreneur in choosing the right location for
his/her business?
 A. the access of the target customers B. the attractiveness of the store layout

C. the prevailing prices of the goods in the area D. type of merchandise

14. When an entrepreneur improves and alter products to make it more appealing to target customers, he/she is
doing an of the product.

A. Alteration B. Improvisation

C. Innovation D. Invention

15. In selecting between two potential business ideas, Martha should consider the following factors EXCEPT:

A. How big is the demand for the product/service?

B. How much capital is needed?

C. Is the business in line with Martha’s interest and expertise?

D. Will the business make Martha famous?

REFERENCES

Baustista, G. (2014). Module 2: Environment and market. Slideshare. Retrieved from:

https://www.slideshare.net/gilbertbautista3/module-2-environmentmarket?from_action=save

Cowley, E. (2007). Market scanning and roadmapping: creating a product strategy by bearning the terrain
and building a plan. What They Think.

Retrieved from: http://whattheythink.com/articles/34866-market-scanningroadmapping- creating-product-

strategy/

Module for Date Developed: JUNE 2021 MODULE 1 Page

BUSINESS ENTERPRISE AND SIMULATION Developed by: Rebecca M. Tripulca 4 of 4
(Grade 12) Checked by: Arnel S. Gallo