MODULE

In
11
APPLIED ECONOMICS

Quarter 4 – Module 7
PRINCIPLES, TOOLS AND TECHNIQUES LEADING TO THE IDENTIFICATION
OF BUSINESS OPPORTUNITIES
Most Essential Learning Competencies (MELCs)

● Identify principles, tools and techniques in creating a business.

● Recognize SWOT analysis as a tool in evaluating a business opportunity.
● Classify Porter’s Five Forces of Competitive position analysis.

Writer
Celerina C. Austria

Illustrator
__________________

Content Validators

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HOW TO USE THIS SUPPLEMENTARY LEARNING MATERIAL (SLM)
Before you start answering the SLM, I want you to set aside other tasks
that will disturb you while enjoying the lessons. Read carefully the instructions
below to successfully enjoy the objectives of this kit. Have fun!
1. Follow carefully all the contents and instructions indicated in every part of
this SLM.
2. Write on your notebook the concepts about the lessons. Keep in mind that
Writing develops and enhances learning,
3. Perform all the provided activities in the SLM.
4. Let your facilitator/guardian assess your answers.
5. Analyze conceptually the posttest and apply what you have learned.
6. Enjoy studying!

PARTS OF THE SUPPLEMENTARY LEARNING MATERIAL

● Expectations - This will provide what you will be able to know after
completing the lessons in the SLM.
● Pre-test - This will assess your prior knowledge and the concepts to be
mastered throughout the lesson.
● Looking Back - This section will measure the skills that you learned
understand from the previous lesson.
● Brief Introduction- This section will give you an overview of the lesson.

● Activities - These are activities designed to develop your critical thinking

and other competencies that you need to master. This can be done solely
or with your partner depending on the nature of the activity.
● Remember - This section summarizes the concepts and applications of the
lessons.
● Checking your Understanding - This will verify how you learned from the
lesson.
● Post-test - This will measure how much you have learned from the entire
SLM.

LESSON 7: Principles, Tools and Techniques Leading to the Identification

of Business Opportunities
EXPECTATIONS
This Supplementary Learning Material will help you to
● Identify principles, tools and techniques in creating a business.

● Recognize SWOT analysis as a tool in evaluating a business opportunity.

2
 ● Classify Porter’s Five Forces of Competitive position analysis.
PRETEST
Directions: Write the letter of the correct answer in a sheet of paper.
1. The simplest and most common form of business ownership, a business
owned and run by someone for their own benefit.
A. Corporation C. Cooperative
B. Sole Proprietorship D. Partnership
2. It is a business form created automatically when two or more persons
engage in a business enterprise for profit.
A. Sole Proprietorship C. Partnership
B. Cooperative D. Corporation
3. It explores these factors at a business, product-line or product level.
A. SWOT analysis C. Business Organization
B. Porter's Five Forces D. Mintzberg’s 5Ps of Strategy
4. It looks at "big picture" factors that might influence a decision, a market,
or a potential new business.
A. Mintzberg’s 5Ps of Strategy C. Porter's Five Forces
B. SWOT analysis D. Sole Proprietorship
5. It allows an organization to implement a more effective strategy that aimed
at the future, concerns the long term and involves different facets of an
organization.
A. SWOT analysis C. Partnership
B. Porter's Five Forces D. Mintzberg’s 5Ps of Strategy
LOOKING BACK
Directions: Read carefully the following sentences write True or False on the line
provided.
_____ 1. Labor Supply known as the labor force refers to the portion of the
population.
_____ 2. The Philippine census is an official count of the population of a certain
local administrative unit in the Philippines.
_____ 3. The government protects the workers through the imposition of
minimum wages.
_____ 4. Rent is the payment made that empower and enable by the employees to
government to fund the spending and various public expenditures.
_____ 5. Savings and Investment are the only concern of a business.
BRIEF INTRODUCTION
Business organization - an entity formed for the purpose of carrying on
commercial enterprise.
1. Sole Proprietorship - owned by one person, usually the individual who has
day-to-day responsibility for running the business.
2. Partnership - two or more people share ownership of a single business.
Two types of partnership;
a. General Partnership - is one in which all of the partners have the ability
to actively manage or control the business.

3
 b. Limited partnership - is one who does not have total responsibility for
the debts of the partnership.
3. Corporation - The shareholders elect a board of directors to oversee the
major policies and decisions.
4. Cooperative - is owned by the same people it is designed to serve.

http://harmeetjohal.blogspot.com/2013/06/organizations.html
Tools in Evaluating a Business
1. SWOT Analysis (Albert Humphrey) is an analytical framework that can
help a company meet its challenges and identify new markets. It can help
identify the business’s risks and rewards.
Strengths (S) and weaknesses (W) refer to internal factors, which are the
resources and experience readily available to you. These are some
commonly considered internal factors:
a. Financial resources (funding, sources of income and investment
opportunities)
b. Physical resources (location, facilities and equipment)
c. Human resources (employees, volunteers and target audiences)
d. Access to natural resources, trademarks, patents and copyrights
e. Current processes (employee programs, department hierarchies and
software systems)
f. External forces influence and affect every company, organization and
individual. Whether these factors are connected directly or indirectly to
an opportunity (O) or threat (T), it is important to note and document
each one.
External factors are typically things you or your company do not control,
such as the following:
a. Market trends (new products, technology advancements and shifts in
audience needs)
b. Economic trends (local, national and international financial trends)
c. Funding (donations, legislature and other sources)
d. Demographics
e. Relationships with suppliers and partners
f. Political, environmental and economic regulations
2. Porter's Five Forces – (Michael E. Porter) is a framework for industry
analysis that is used as an input to a strategic plan. The five
competitive forces that influence profitability in any industry are:
a. Supplier Power- drive up the prices of your inputs.

4
 b. Buyer Power - drive down your prices.
c. Competitive Rivalry - strength of competition in the industry.
d. Threat of Substitution - the extent to which different products and
services can be used in place of your own.
e. Threat of New Entry - the ease with which new competitors can enter
the market if they see that you are making good profits.
By thinking about how each force affects you, and by identifying the
strength and direction of each force, you can quickly assess the strength of your
position and your ability to make a sustained profit in the industry.
3. Mintzberg’s 5Ps of Strategy – (Henry Mintzberg in 1987). The 5Ps are –
Plan, Ploy, Pattern, Position and Perspective. By understanding each P, the
organization and take advantage of its full capabilities and strengths.
a. Strategy as a Plan – is developed consciously and purposely for a
future situation.
b. Strategy as a Ploy – getting the better of competitors, by plotting to
disrupt, dissuade,
discourage, or otherwise influence them, can be part of a strategy.
c. Strategy as a Pattern – we learn to appreciate that what was
successful in the past can lead to success in the future.
d. Strategy as a Position – is about how the organization relates to its
competitive environment, and what it can do to make its products
unique in the marketplace.
e. Strategy as a Perspective – emphasizes the substantial influence
that organizational culture and collective thinking can have on
strategic decision making within a company.
ACTIVITIES
Activity 7.1 – Think wise!
Objective: Identify the Mintzberg’s 5Ps of Strategy.
Directions: Choose the right answer from the box. Write your answer in a sheet
of paper.
٠Plan ٠Ploy ٠Pattern ٠Position ٠Perspective

1. It is specific tactics to try and outsmart or disrupt what your competitors

are doing.
2. This is how you how you decide to place yourself in the marketplace.
3. This is the default, automatic approach that we adopt – brainstorming
options and scheduling how to deliver them.
4. It looks internally and shaping the personality and culture of the
organization.
5. It is about looking at what kind of behavior designs have worked for you in
the past.
Activity 7.2 – Analyzing the given situations!
Objective: Identify the Porter's Five Forces according to the following conditions.
Directions: Examine the following conditions of stock analysis firm Trefis,
looked at how Under Armour fits into the athletic footwear and apparel industry.

5
Choose and write the letter of the correct answer on the line provided.

A. Threat of New Entrants

B. Bargaining power of suppliers
C. Competitive rivalry
D. Threat of substitute products
E. Bargaining power of customers

_____ 1. Nike and Adidas, which have considerably larger resources at their
disposal, are making a play within the performance apparel market to gain
market share in this up-and-coming product category. Under Armour does not
hold any fabric or process patents, hence its product portfolio could be copied in
the future. _____ 2. Large capital costs are required for branding, advertising and
creating product demand, which limits the entry of newer players in the sports
apparel market. However, existing companies in the sports apparel industry
could enter the performance apparel market in the future.
_____ 3. The demand for performance apparel, sports footwear and accessories is
expected to continue to grow. Therefore, this force does not threaten Under
Armour in the foreseeable future.
_____ 4. A diverse supplier base limits supplier bargaining power. Under
Armour's products are produced by dozens of manufacturers based in multiple
countries. This provides an advantage to Under Armour by diminishing
suppliers' leverage.
_____ 5. Under Armour's customers include wholesale customers and end-user
customers. Wholesale customers, like Dick's Sporting Goods, hold a certain
degree of bargaining leverage, as they could substitute Under Armour's products
with those of Under Armour's competitors to gain higher margins. The
bargaining power of end-user customers is lower as Under Armour enjoys strong
brand recognition.
Activity 7.3 – Reading with Comprehension!
Objective: Recognize the forms of business organization.
Directions: Write what forms of business organization is stated in each number.
Write your answer in another sheet of paper.
1. Romeo is running a photo copying center all by his own. He owns all the
assets of the business and the profits generated by it. He also assumes
complete responsibility for any of its liabilities or debts.
2. Christian and Christopher owns an electrical shop. They both agreed to
divide the profits of the business among themselves.
3. This is an entity organized by people with similar needs and wherein
membership is voluntary.
4. The owners (stockholders) enjoy limited liability but have limited
involvement in the company's operations.
5. It is a business owned by only one person. It is easy to set-up and is the
least costly among all forms of ownership.

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 REMEMBER

The following must be

considered in analyzing
the industry:
1. Geographic area
2. Size and outlook of the industry
3. Description of the product
4. Identification of buyers (target market)
5. Regulatory environment
6. Knowing the competition
7. Factors that will affect the growth of the business

CHECKING YOUR UNDERSTANDING

Directions: Answer each question correctly. Choose the of your answer.

7
 1. Is it limited to local areas? Or it will cover a region, the entire country, or
even the international market?
A. Regulatory environment C. Geographic area
B. Description of the product D. Knowing the competition
2. Are there local, national laws that will restrict the business? One needs to
identify government regulations specific to the chosen industry.
a. Geographic area C. Knowing the competition
b. Description of the product D. Regulatory environment
3. He developed the SWOT analysis.
A. Albert Humphrey C. Henry Mintzberg
B. Michael E. Porter D. Adam Smith
4. This is one of the commonly considered internal factor?
A. Economic trends C. Market Trends
B. Financial resources D. Demographics
5. These are typically things you or your company do not control
A. Internal Factors C. External Factors
B. Human Resources D. Current processes
POST TEST
Directions: Fill out the blanks with the correct answer.
1. It is a comparative analysis strategy that analyzes competitive market forces
within an industry. _________________
2. It looks at the strengths, weaknesses, opportunities, and threats of an
individual or organization to analyze its internal potential. _________________
3. It examines both internal (strengths and weaknesses) and external
(opportunities and threats) forces. _________________
4. It examines all external factors only. _________________
5. It can develop a robust business strategy that takes full advantage of your
organization's strengths and capabilities. _________________
REFERENCES
Retrieved from:
https://www.slideshare.net/saumyasingh7921/tools-and-techniques-of-strategic-managementsaumya
https://www.businessnewsdaily.com/4245-swot-analysis.html
https://www.mindtools.com/pages/article/mintzberg-5ps.htm
Dinio, Rosemary P. & Villasis, George A. 2016. Applied Economics
Sampaloc,Manila. Rex Book Store Inc.
Leano, Roman D. Jr., 2016. Applied Economics for Senior High School
Intramuros Manila. Mindshapers Co., Inc.

LESSON 8-9: Principles, Tools and Techniques in Creating a Business

EXPECTATIONS
This Supplementary Learning Material will help you to
● Identify principles, tools in creating a business.

● Application of principles and tools in industry analysis.

PRETEST

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 Strengths Opportunities Legal Political
Threats SWOT Social Supplier’s Power
Internal Rivalry Weaknesses Threats of substitution
Economic Threats of entry Buyer’s Power Technological
Environmental Porter’s Five Forces PESTEL

Direction: Choose the letter of the best answer.

1. Using this industry analysis, competition in a certain market is measured?
A. Strength B. Weakness C. Opportunities D. Threats
2. Government changes is what type of factor from PESTEL industry analysis?
A. Environmental B. Political C. Economic D. Technological
3-4 On SWOT analysis, which factors are considered as the external factors
that affect a business?
A. Strength B. Weakness C. Opportunities D. Threats
5-6 On SWOT analysis, which factors are considered as the Internal factors
that affect a business?
A. Strength B. Weakness C. Opportunities D. Threats
7. This refers to the competition that exists among businesses in a certain
Industry.
A. Supplier’s Buyer C. Buyer’s power
B. Internal Rivalry D. Threats of substitution
8. When there is a conflict in the area, what factor will this be under PESTEL?
A. Legal B. Political C. Social D. Technological
9. When there is an unhygienic practices made by a business, what factor will
this be under PESTEL?
A. Legal B. Political C. Social D. Environmental
10. Potential entrants to an industry are what kind of competitive factor under
porter’s five forces?
A. Supplier’s Buyer C. Buyer’s power
B. Internal Rivalry D. Threats of substitution

LOOKING BACK
Directions: Read carefully the following sentences write True or False on the line
provided.
_____ 1. Labor Supply known as the labor force refers to the portion of the
population.
_____ 2. The Philippine census is an official count of the population of a certain

9
 local administrative unit in the Philippines.
_____ 3. The government protects the workers through the imposition of
minimum wages.
_____ 4. Rent is the payment made that empower and enable by the employees to
government to fund the spending and various public expenditures.
_____ 5. Savings and Investment are the only concern of a business.
BRIEF INTRODUCTION
Industry analysis is a tool that facilitates a company's understanding of
its position relative to other companies that produce similar products or
services. Understanding the forces at work in the overall industry is an
important component of effective strategic planning. Industry analysis enables
small business owners to identify the threats and opportunities facing their
businesses, and to focus their resources on developing unique capabilities that
could lead to a competitive advantage.
"Many small business owners and executives consider themselves at worst
victims, and at best observers of what goes on in their industry. They sometimes
fail to perceive that understanding your industry directly impacts your ability to
succeed. Understanding your industry and anticipating its future trends and
directions gives you the knowledge you need to react and control your portion of
that industry," Kenneth J. Cook wrote in his book The AMA Complete Guide to
Strategic Planning for Small Business. "However, your analysis of this is
significant only in a relative sense. Since both you and your competitors are in
the same industry, the key is in finding the differing abilities between you and
the competition in dealing with the industry forces that impact you. If you can
identify abilities you have that are superior to competitors, you can use that
ability to establish a competitive advantage."
An industry analysis consists of three major elements: the underlying forces at
work in the industry; the overall attractiveness of the industry; and the critical
factors that determine a company's success within the industry.
One way in which to compare a particular business with the average of all
participants in the industry is through the use of ratio analysis and
comparisons. Ratios are calculated by dividing one measurable business factor
by another, total sales divided by number of employees, for example. Many of
these ratios may be calculated for an entire industry with data available
By comparing a particular ratio for one company with that of the industry as a
whole, a business owner can learn much about where her business stands in
comparison with the industry average. s.
Another premier model for analyzing the structure of industries was developed
by Michael E. Porter in his classic 1980 book Competitive Strategy: Techniques
for Analyzing Industries and Competitors. Porter's model shows that rivalry
among firms in industry depends upon five forces: 1) the potential for new
competitors to enter the market; 2) the bargaining power of buyers; 3) the
bargaining power of suppliers; 4) the availability of substitute goods; and 5) the
competitors and nature of competition. These factors are outlined below.
INDUSTRY FORCES

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The first step in performing an industry analysis is to assess the impact of
Porter's five forces. "The collective strength of these forces determines the
ultimate profit potential in the industry, where profit potential is measured in
terms of long term return on invested capital," Porter stated. "The goal of
competitive strategy for a business unit in an industry is to find a position in the
industry where the company can best defend itself against these competitive
forces or can influence them in its favor." Understanding the underlying forces
determining the structure of the industry can highlight the strengths and
weaknesses of a small business, show where strategic changes can make the
greatest difference, and illuminate areas where industry trends may turn into
opportunities or threats.
Ease of Entry
Ease of entry refers to how easy or difficult it is for a new firm to begin
competing in the industry. The ease of entry into an industry is important
because it determines the likelihood that a company will face new competitors.
In industries that are easy to enter, sources of competitive advantage tend to
wane quickly. On the other hand, in industries that are difficult to enter, sources
of competitive advantage last longer, and firms also tend to benefit from having a
constant set of competitors.
The ease of entry into an industry depends upon two factors: the reaction of
existing competitors to new entrants; and the barriers to market entry that
prevail in the industry. Existing competitors are most likely to react strongly
against new entrants when there is a history of such behavior, when the
competitors have invested substantial resources in the industry, and when the
industry is characterized by slow growth. Some of the major barriers to market
entry include economies of scale, high capital requirements, switching costs for
the customer, limited access to the channels of distribution, a high degree of
product differentiation, and restrictive government policies.
Power of Suppliers
Suppliers can gain bargaining power within an industry through a number of
different situations. For example, suppliers gain power when an industry relies
on just a few suppliers, when there are no substitutes available for the suppliers'
product, when there are switching costs associated with changing suppliers,
when each purchaser accounts for just a small portion of the suppliers'
business, and when suppliers have the resources to move forward in the chain of
distribution and take on the role of their customers. Supplier power can affect
the relationship between a small business and its customers by influencing the
quality and price of the final product. "All of these factors combined will affect
your ability to compete," Cook noted. "They will impact your ability to use your
supplier relationship to establish competitive advantages with your customers."
Power of Buyers
The reverse situation occurs when bargaining power rests in the hands of
buyers. Powerful buyers can exert pressure on small businesses by demanding
lower prices, higher quality, or additional services, or by playing competitors off
one another. The power of buyers tends to increase when single customers
account for large volumes of the business's product, when a substitutes are

11
available for the product, when the costs associated with switching suppliers are
low, and when buyers possess the resources to move backward in the chain of
distribution.
Availability of Substitutes
"All firms in an industry are competing, in a broad sense, with industries
producing substitute products. Substitutes limit the potential returns of an
industry by placing a ceiling on the prices firms in the industry can profitably
charge," Porter explained. Product substitution occurs when a small business's
customer comes to believe that a similar product can perform the same function
at a better price. Substitution can be subtle—for example, insurance agents have
gradually moved into the investment field formerly controlled by financial
planners—or sudden—for example, compact disc technology has taken the place
of vinyl record albums. The main defense available against substitution is
product differentiation. By forming a deep understanding of the customer, some
companies are able to create demand specifically for their products.

Competitors
"The battle you wage against competitors is one of the strongest industry forces
with which you contend," according to Cook. Competitive battles can take the
form of price wars, advertising campaigns, new product introductions, or
expanded service offerings—all of which can reduce the profitability of firms
within an industry. The intensity of competition tends to increase when an
industry is characterized by a number of well-balanced competitors, a slow rate
of industry growth, high fixed costs, or a lack of differentiation between
products. Another factor increasing the intensity of competition is high exit
barriers—including specialized assets, emotional ties, government or social
restrictions, strategic interrelationships with other business units, labor
agreements, or other fixed costs—which make competitors stay and fight even
when they find the industry unprofitable.
INDUSTRY ATTRACTIVENESS AND INDUSTRY SUCCESS FACTORS
"Industry attractiveness is the presence or absence of threats exhibited by each
of the industry forces," Cook explained. "The greater the threat posed by an
industry force, the less attractive the industry becomes." Small businesses, in
particular, should attempt to seek out markets in which the threats are low and
the attractiveness is high. Understanding what industry forces are at work
enables small business owners to develop strategies to deal with them. These
strategies, in turn, can help small businesses to find unique ways to satisfy their
customers in order to develop a competitive advantage over industry rivals.
Success factors are those elements that determine whether a company succeeds
or fails in a given industry. They vary greatly by industry. Some examples of
possible success factors include quick response to market changes, a complete
product line, fair prices, excellent product quality or performance, knowledgeable
sales support, a good record for deliveries, solid financial standing, or a strong
management team. "The reason for identifying success factors is that it will help
lead you to areas where you can establish competitive advantages," Cook noted.

12
The first step is to determine whether or not the company possesses each
success factor identified. Then the small business owner can decide whether the
company can and should develop additional success factors.
THE IMPORTANCE OF INDUSTRY ANALYSIS
A comprehensive industry analysis requires a small business owner to take an
objective view of the underlying forces, attractiveness, and success factors that
determine the structure of the industry. Understanding the company's operating
environment in this way can help the small business owner to formulate an
effective strategy, position the company for success, and make the most efficient
use of the limited resources of the small business. "Once the forces affecting
competition in an industry and their underlying causes have been diagnosed,
the firm is in a position to identify its strengths and weaknesses relative to the
industry," Porter wrote. "An effective competitive strategy takes offensive or
defensive action in order to create a defendable position against the five
competitive forces." Some of the possible strategies include positioning the firm
to use its unique capabilities as defense, influencing the balance of outside
forces in the firm's favor, or anticipating shifts in the underlying industry factors
and adapting before competitors do in order to gain a competitive advantage.

ACTIVITIES

ACTIVITY 8-9.1 Industry Analysis (6-Force) Worksheet

Step 1. Identify the “Focal Firm” and its industry (use yahoo.finance)
Step 2. Identify the horizontal and vertical relationships of the “Focal Firm”, and
examine the threat that these relationships may impose on the “Focal Firm”
(refer to the following checklist for detailed thought dimensions).
Step 3.a Based on the threat level of all relationships, predict the profitability
and attractiveness of the Focal Firm’s industry.
Step 3.b Or, if the profitability of the Focal Firm’s industry is known, report
on which relationship is the major cause of low or high industry profitability.
ACTIVITY 8-9.2
Taking Jollibee Foods Corporation as an example, write an Industry analysis of
a current competitor of using Porter’s Five forces

ACTIVITY 8-9.3 – Think your own business and apply the following industry
analysis.
[YOUR COMPANY] [COMPETITOR #1] [COMPETITOR
#2]

OVERVIEW: The program includes… OVERVIEW: OVERVIEW:

High-level look at each competitor or
competitor’s product. Include your own
company as well, so you can compare and
contrast.
Additional value: Additional value: Additional

13
 Beyond the basic overview, what value to value:
they provide to a potential customer?
Details: Details: Details:
Get a little deeper into the details of each
product or service
Cost: Cost: Cost:
Cost is always an important comparison, but
should never be looked at alone. By
understand the value and details of the
product, you can better compare cost.

ACTIVITY 8-9.4 – COMPETITIVE ANALYSIS

IMPORTANCE
FACTOR MY BUSINESS STRENGTH WEAKNESS COMPETITOR A COMPETITOR B COMPETITOR C
TO CUSTOMER

Products

Price

Quality

Selection

Service

Reliability

Stability

Expertise

Company Reputation

Location

Appearance

Sales Method

Credit Policies

Advertising

Image

REMEMBER
Industry Analysis

14
 The term industry analysis, commonly known as Porter’s Five Forces
Analysis, pertains to a framework for the analysis of the industry and the
development of the business strategy given in 1979 by Michael E. Porter (Porter,
2008). It comprises of the five forces which elaborate upon the competitive
intensity and thus, determine the attractiveness of a market. The five elements
of the industry analysis are explained below:

Figure: Industry Analysis Framework

CHECKING YOUR UNDERSTANDING

Use this worksheet to help you brainstorm the content for the Industry
Analysis component of your Business Plan!

What are some products, services, or business concepts which already exist that
are similar to the one you’re working on?
_______________________________________________________________________________

What industry or “playing field” does your business idea and the concepts you
listed in question 1 fit into?
_______________________________________________________________________________
_______________________________________________________________________________

Head over to Google and do some research to try and find out the annual gross
income for the industry you identified in number 2. For example, when
conducting a Google search of the phrase “greeting card industry gross income,”
the first five search result included 2015, year to date industry statistics for the
greeting card industry.
_______________________________________________________________________________
_______________________________________________________________________________

When you think of the industry you named in question 2, what big brands,
success stories, or competitors come to mind?
_______________________________________________________________________________
_______________________________________________________________________________

15
List the top 5 brands or competitors you named in number 4, go to Google, and
see what statistics and scoop you can dig up on each of them when it comes to
gross income, growth from year-to-year, and most successful product / idea /
service:
COMPETITO ANNUAL % ANNUAL MOST OTHER
R GROSS $ GROWTH SUCCESSFU INFO?
L PRODUCT

Go to Google and search for trends and predictions for your industry. For
example, a Google search using the phrase “greeting card industry trends”
turned up in-depth analysis, data, trends, market share, and forecasts as the
top result. What can you find about your industry?
_______________________________________________________________________________
_______________________________________________________________________________

Imagine you’re at a conference where all the major players in your industry are
gathered to talk shop. How would you describe your product / service / idea to
the attendees? How would you explain why your idea makes a positive
contribution to the industry as a whole?
_______________________________________________________________________________
_______________________________________________________________________________

POST TEST

Direction: Choose the letter of the best answer. Write your answer in your
notebook.
1. You can use the PEST Analysis that covers four key external factors that
affect your industry except one.
A. Political B. Economic C. Strengths D. Technological

2. In your industry analysis, it’s important to include the obstacles you

face that may hold you back from entering the market and finding
success. Barriers to entry may include:
A. Costs B. suppliers C. Strengths D. opportunities
3. Industry analysis allows you to assess the overall ______ that you’ve
chosen for your business. What is it?
A. Performance B. budget C. industry D. sales
4. By conducting a thorough industry analysis, you gain insights about your
______. What is it?
A. Prospect buyers B. competitors C. Sales D. Costs
5. One of this can be included in the numbers you need to include in your
industry evaluation.

16
A. Industry-wide sales in peso
and units.
B. Number of prospects
C. Industry logo and name
D. Organizational set-up

17
 APPLIED ECONOMICS

6. This refers to the competition that exists among businesses in a certain

Industry.
A. Supplier’s Buyer C. Buyer’s power
B. Internal Rivalry D. Threats of substitution
7. The opportunities that exist in the external market that you can partake
In is an example of what industry analysis?
A. PEST B. SWOT C. PESTEL D. Porter’s Five Forces
8. When there is a conflict in the area, what factor will this be under
PESTEL?
A. Legal B. Political C. Social D. Technological
9. When there is an unhygienic practices made by a business, what factor
will
this be under PESTEL?
A. Legal B. Political C. Social D. Environmental
10. Potential entrants to an industry are what kind of competitive factor
under
porter’s five forces?
A. Supplier’s Buyer C. Buyer’s power
B. Internal Rivalry D. Threats of substitution
REFERENCES
Retrieved from:
https://www.printablesample.com/industry-analysis-sheet-templates.html
https://bizfluent.com/how-4811458-write-industry-analysis.html
Dinio, Rosemary P. & Villasis, George A. 2016. Applied Economics
Sampaloc,Manila. Rex Book Store Inc.
Leano, Roman D. Jr., 2016. Applied Economics for Senior High School
Intramuros Manila. Mindshapers Co., Inc.
LESSON 10: Effects of the various socio-economic factors affecting
business and industry

EXPECTATIONS
This Supplementary Learning Material will help you to
1. Identify the effects of the various socio-economic factors affecting
business and industry
2. Explain the effects of the various socio-economic factors affecting
business and industry
PRETEST
Identification. Choose from the following words below.

٠Education ٠income ٠viability ٠occupation

٠socio-economic factors

1. These are characteristics that define the quality of life in a

society.
2. It is the amount of money individuals earn from their daily economic
activities, be it employment, business or investments
3. It equips members of the society with the skills and knowledge
they require to be employed in different jobs and professions.

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 APPLIED ECONOMICS

4. It refers to the type of jobs people perform by virtue

of their skills, experiences or choice.
5. It I It is defined as the ability to survive which in business
sense is the financial performance and position.

LOOKING BACK

Direction: Identify the following by answering what is asked. Choose your

answer inside the box. Write your answer in your quiz notebook.

Strengths Opportunities Legal Political Threats SWOT

Social Supplier’s Power Internal Rivalry Weaknesses Threats of
substitution Economic Threats of entry Buyer’sPower Technological
Environmental Porter’s Five Forces PESTEL
1. Using this industry analysis, competition in a certain market is measured?
2. Government changes is what type of factor from PESTEL industry
analysis?
3-4. On SWOT analysis, which factors are considered as the external factors
that affect a business?
5-6. On SWOT analysis, which factors are considered as the Internal factors
that affect a business?
7. This refers to the competition that exists among businesses in a certain
Industry.
8. When there is a conflict in the area, what factor will this be under
PESTEL?
9. When there is a unhygienic practices made by a business, what factor will
this be under PESTEL?
10. Potential entrants to an industry are what kind of competitive factor
under
porter’s five forces?

BRIEF INTRODUCTION

Social and Economic Factors

Social and economic factors, such as income, education, employment,
community safety, and social supports can significantly affect how well and how
long we live. These factors affect our ability to make healthy choices, afford
medical care and housing, manage stress, and more.
The social and economic opportunities we have, such as good schools,
stable jobs, and strong social networks are foundational to achieving long and
healthy lives. For example, employment provides income that shapes choices
about housing, education, child care, food, medical care, and more. In contrast,
unemployment limits these choices and the ability to accumulate savings and
assets that can help cushion in times of economic distress.
Social and economic factors are not commonly considered when it comes

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 APPLIED ECONOMICS

to health, yet strategies to improve these factors can have an even greater impact
on health over time than those traditionally associated with health improvement,
such as strategies to improve health behaviors.
Across the nation, there are meaningful differences in social and economic
opportunities for residents in communities that have been cut off from
investments or have experienced discrimination. These gaps disproportionately
affect people of color – especially children and youth.
In the Social & Economic Factors:
Education, showing who in a community has graduated high school or attended
some college in addition to the percentage of teens and young adults ages 16-19
who are neither working nor in school.
Employment, detailing unemployment statistics.
Income, looking at children in poverty and income inequality.
Family & Social Support, providing information on children in single-parent
households and access to social opportunities.
Community Safety, measuring violent crime and injury deaths.
Socioeconomic Factors are characteristics that define the quality of life in
a society. They influence the behaviors, attitudes, trends, taste and lifestyles of
individuals. In fact the different class segments of the society- that is, upper
class, middle class and lower class-are attribute to the socioeconomic factors.
Income is the amount of money individuals earn from their daily economic
activities, be it employment, business or investments.
Education equips members of the society with the skills and knowledge they
require to be employed in different jobs and professions. The standards of
education in your society depend on the availability and accessibility of
educational amenities.
Occupation refers to the type of jobs people perform by virtue of their
skills, experiences or choice. You may be self-employed or work as an employee
of an individual or organizational entity.
The different types of occupation dedicate the income earned by people in the
society. And they are: High-salaried individuals, and Self- employed
individuals.

OTHER FACTORS:
● Economic conditions

● Social environment

● Government

● Economic changes

● Political changes

● Changes in technology

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 APPLIED ECONOMICS

● Environmental factors

Business Viability and Its Effect to the Community

“The goal of community sustainability is to establish local economics that are
economically viable, environmentally sound and socially responsible.”

Viability is defined as the ability to survive which in business sense is the

financial performance and position.
A viable business has great effect to the community. Some of these are
● It provides a community jobs in the business sector.

● It produces taxable income for the community.

● Government continuously makes Improvement in community

infrastructure.
● It contributes more opportunities for the people in terms of services.

● It helps in the establishments.

● It leads to improved business sevices to community.

● It improves community life.

Recommendations in Maximizing Positive Impact to Community
1. Divert a proportion of revenues to a good and worthy cause for community
development and outreach programs.
2. Find creative ways to improve the life of firms' employees and community.
3. Establishments of linkage between business and community.
4. Establishment of scholarship grants.
5. Help build customer attraction, satisfaction and loyalty.
6. Reduce risks of negative publicity, boycotts, and a tarnished public image.
7. Improve product image, brand name and reputation.
Minimizing the Negative Impact on Business
1. - Identify the problem and correct it at an operational or product
development level.
2. Follow Up, Speak Up, Engage
3. Engaging the aggrieved customer with a timely, relevant, and contextual
response that seeks to provide the individual with both an explanation and
a resolution.
4. Taking into account both spoken and unspoken concerns of the user who
provided the feedback.
Let Time Runs Its Course
Relying on the rules of recency and encourage new customers who have
experienced outstanding service or received superior products to provide their
feedback.

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 APPLIED ECONOMICS

ACTIVITIES

ACTIVITY 10.1 – Research on-line how SM impact in our community. Write

your findings in a clean bondpaper.
( https://www.sm-foundation.org/sustainability)

ACTIVITY 10.2 – Answer the following questions by telling something within

your community about the effects socio-economic factors stated which affects
business and industry?

1. Poverty is a socio-economic issue. Socio-economic issues are factors that

have negative influence on an individuals' economic activity including:
lack of education, cultural and religious discrimination, overpopulation,
unemployment and corruption. How does poverty affects business and
industry?
2. – How does occupation affects business and industry?

ACTIVITY 10.3
1. Compare economic changes and technology changes. How do these factors
similarly affects business and industry in the same way or other way?
Explain.

ACTIVITY 10.4

1. Population is one of the factors affecting business and industry. How does
the following contribute to business consideration?

22
 APPLIED ECONOMICS

A. age- ____________________________________________________________________
_________________________________________________________________________
B. race - __________________________________________________________________
_________________________________________________________________________
C. sex - ____________________________________________________________________
_________________________________________________________________________

REMEMBER
Socio- economic Factors
1. Demographics 4.Economics
2. Public Resources 5. Infrastructure
3. Land Use 6. Relocations

CHECKING YOUR UNDERSTANDING

Using on-line Research:
Prepare a summarized report on how this businesses impact our community.
1. Shell corporation
2. San Miguel corp.
3. Coca-cola
4. MERALCO
5. Maynilad

POST TEST

I. Write in proper column the Socio-economic factors referred to:

٠Exchange rates ٠Employment law ٠buying habits ٠Taxes

٠Bureaucracy ٠Corruption level ٠Freedom of the press
٠Tariffs ٠ Trade control ٠wealth ٠family size and structure
٠Education Law ٠Inflation ٠Anti-trust law
٠religion ٠ Recession ٠ Zoning laws ٠ education level
٠Employment laws ٠Demand / Supply ٠Interest rates

SOCIAL ECONOMIC LEGAL GOVERMENT

23
 APPLIED ECONOMICS

Answer the following:

1. Explain the Socio-economic Factors Affecting Small Businesses.
REFERENCES
Dinio, Rosemary P. & Villasis, George A. 2016. Applied Economics
Sampaloc,Manila. Rex Book Store Inc.
Leano, Roman D. Jr., 2016. Applied Economics for Senior High School
Intramuros Manila. Mindshapers Co., Inc.
LESSON 11: SOCIO-ECONOMIC IMPACT OF A BUSINESS ON THE
COMMUNITY

EXPECTATIONS
This Supplementary Learning Material will help you to:

● Define Corporate Social Responsibility

● Identify the Components of Corporate Social Responsibility

PRETEST
Directions: Write the letter of the correct answer.
1. _____ is a business concern that produces long-term benefits for both the company
and the society where it operates.
A. Capitalism B. Communism C. Corporate Social Responsibility Culture
2. Corporate Social Responsibility is defined as:
A. Company’s concern to benefit the society
B. Company’s social programs for publicity purposes
C. Ethical behaviour accepted by society
D. Moral principles of society
3. For every home built by ABC Foundation, LEX Corporation continues to give free
livelihood to the deserving family. This activity is an example of how companies
perform their:
A. Company Culture C. Company Vision
B. Company Mission D. Corporate Social Responsibility
4. Every business is expected to obey the rules and regulations. Which of the four
components of Corporate Social Responsibility is this?
A. Economic C. Legal
B. Ethical D. Social
5. XYZ Foods Inc. launched a campaign that would donate 10 kilos of rice to every
household along Malabon area for every comment posted on its blog. The
campaign is an example of:
A. Advertising B.Corporate Social

24
 APPLIED ECONOMICS

Responsibility D.Promotional Marketing

C.Positioning

LOOKING BACK
Socio – Economic factors affecting business and industry
Directions: Identify the socio-economic impact of a business in each situation
and state whether it is on the consumer, suppliers and investors,
government, or household.

1. 3.

2.
4.

Sources:
1.healthcarefinace(shorturl.at/bmI28) 2.zoomanity.com(shorturl.at/wHP19)
3.Himalaya(shorturl.at/kDGV0) 4. pinterest.ph(shorturl.at/dhiMT)

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 APPLIED ECONOMICS

BRIEF INTRODUCTION
Corporate Social Responsibility is a business concern that produces long-
term benefits for both the company and the society where it operates. When a
company involves itself into social responsibility, it is no longer focused on the
self-interest of creating a profit, but it recognizes the benefits it would give to
the society as a whole. Small and Large businesses can participate in this
program. Some companies give scholarships, housing for low-income families,
tree – planting activities, marathons, sports fests, livelihood projects, medical
missions and environment concerned programs. Corporate Social
Responsibility has four components: Economic – businesses are responsible
not only for the profit of the owners, but also in creating jobs for the
community, Legal – firms are expected to abide by the rules and regulations of
the country where it operates, Ethical – firms should conform to a fair and just
practices in the workplace, Philanthropic – firms should aim to promote
welfare to the society by volunteering and contributing its time and resources.

Sources:
ACTIVITIES a.phys.org9shorturl.at/apHO5)
b.natgeo.com(shorturl.at/enrQZ)
Activity 11.1: Find it! c.murecycle(shorturl.at/inRU4)
d.milo.com.ph(shorturl.at/yIO39)
Objective: Identify Corporate Social Responsibility Activities e.kpmgglobal(shorturl.at/knrAT)
f. track(shorturl.at/kqNW2)
Directions: Identify activities illustrating CSR.

A B C
a a C

D E F
a a a

Guide Questions:

26
 APPLIED ECONOMICS

1. Which among the pictures above illustrate a Corporate Social

Responsibility Activity? State the letter of the answer.
2. Based on your answer, how does each activity contribute to society?

Activity 11.2 Find in the picture.

Objective: Identify the components of Corporate Social Responsibility
Directions: Analyse each picture. Identify if it is Economic, Legal, Ethical or
Philanthropic component of Corporate Social Responsibility.

1. 3.

2. 4.
Sources:
1.debt.org(shorturl.at/fkp17) 2. illeslex.com(shorturl.at/npSY9)
3. edie.net(shorturl.at/dpJ34) 4.lawnow.org(shorturl.at/brtI1)

Activity 11.3 Corporate Social Responsibility Program

Objective: Identify the CSR Program
Directions: Analyse the picture and answer the guide questions below.

27
 APPLIED ECONOMICS

Source:
shorturl.at/hxHR6

Guide Questions:
1. What Corporate Social Responsibility project is being shown in the picture?
2. What would be the benefits of implementing the project?
Activity 11.4 Complete it!
Objective: To understand business initiatives during crisis.
Directions: Complete each statement, ensuring that your answers demonstrate an
understanding of the four components of CSR in the time of pandemic.
1. Companies should do the __________________________________________________
2. Businesses should be more_________________________________________________
3. Companies must ensure that their employees ___________________________________

Guide Questions:
1. Why is it important to a company to follow the rules and regulations where
it operates?
2. Why most companies involve themselves into tree planting activities?
1.
REMEMBER

● Corporate Social Responsibility is a business concern that produces long-

term benefits for both the company and the society where it operates.
● Corporate Social Responsibility has four components: Economic –
businesses are responsible not only for the profit of the owners, but also in
creating jobs for the community, Legal – firms are expected to abide by the
rules and regulations of the country where it operates, Ethical – firms
should conform to a fair and just practices in the workplace,
Philanthropic – firms should aim to promote welfare to the society by
volunteering and contributing its time and resources.

28
 APPLIED ECONOMICS

CHECKING YOUR UNDERSTANDING

Directions: Imagine you are the manager of a large corporation manufacturing
energy drinks. Complete a simple Corporate Social Responsibility program
targeting the youth by following the example below. Use a separate sheet for
your answer.
Example:
Title of the Project: Save the Mangroves!
Location of the Project: LPPCHEA, a coastal area in Paranaque City.
Project Duration: 2 days
Beneficiaries: Coastal community of La Huerta, Paranaque City
Budget Required: P300,000.00
Budget Requested: P350,000.00
Project Partners: ABC Foundation Inc. and Bantay Kabataan
Purpose of the Project: To create an awareness to the youth on the care of the
environment.
Guide Questions:
1. Why is it important to create a program for Corporate Social
Responsibility?
2. Why do you think stating the budget for an activity is important?

POSTTEST
Directions: Write the letter of the correct answer.
1. The four components of corporate social responsibility are:
A. cultural, economic, ethical, and philanthropic
B. economic, legal, ethical, and philanthropic
C. legal, economic, cultural, and ethical
D. organizational, economic, legal and ethical
2. The components of corporate social responsibilities consists all of the
following EXCEPT:
A. cultural C. ethical
B. economic D. legal
3. Which component of the corporate social responsibility will firms do what is
right, just, and fair?
A. Economic C.Legal
B.Ethical D.Philanthropic

29
 APPLIED ECONOMICS

4. KLM shoe manufacturer developed adult-styled footwear to girls’ ages 5-8

years old. Which component in the Corporate Social Responsibility does it affect?
A. Economic B. Ethical C. Legal D. Philanthropic
5. Which component in the corporate social responsibility will a firm be
considered a good corporate citizen?
A. Economic B. Ethical C. Legal D. Philanthropic

LESSON 12: COMMUNITY RELATIONSHIP AND PHILANTHROPIC

VISION

EXPECTATIONS
This Supplementary Learning Material will help you to:

● Identify the stakeholders in the community

● Understand the benefits of Social Responsibility of a business to the
community based on the four components of CSR (Corporate Social
Responsibility).

c PRETEST
Directions: Write the letter of the correct answer.
1. For a privately owned business, which of the following is not likely to be a
stakeholder?
A. Customers C. Philippine Stock Exchange
B. Employees D. Suppliers

2. groups of people to whom a company is socially responsible are:

A. Customers C. Stakeholders
B. Employees D. Stockholders
3. the second top reason why consumers refuse to buy from certain businesses
is:
A. Expensive price C. Poor business conduct
B. Negative reputation D. Poor quality
4. What keeps companies to work in collaboration towards productivity,
efficiency and greater
profits?
A. Competitiveness C. Respect
B. Reliability D. Trust
5. In the long run, the success of a business depends on:
A. Commitment to enhance C. Loyal customer
technology D. Quality output
B. Efficiency in production

30
 APPLIED ECONOMICS

LOOKING BACK
Components of Corporate Social Responsibility
Directions: Put a check (√) on pictures that illustrate the Philanthropic
component of CSR, and put an (x) for those that are not.

3.
1.

2. 4.
Sources:
1.tlnt.com(shorturl.at/cftPU) 2.weforum.org(shorturl.at/lKQ38)
3. volunteering(shorturl.at/beor9) 4. facebook.com9shorturl.at/ewI03)
BRIEF INTRODUCTION
Stakeholders are groups of people to whom a company is socially
responsible. Examples of stakeholders are: employees, customers, investors,
stockholders, suppliers, government, and communities. Community
Stakeholders are members of society who are affected by the operations and
output of the business. Some community issues are: pollution, access to
clean water, land use, and exploitation of workers. It is important to build
Trust between the company and the community. How does a community
benefits from Corporate Social Responsibility according to its four
components? Economic – companies benefit the community by providing
employment, Legal – companies are granted license to operate, Ethical –
companies evaluate on how they can better help the communities by assisting
in the development of an area and improving public schools, Philanthropic –
companies provide support such as giving scholarships and volunteer
programs such as house building, developing skills, and providing
community livelihood. All these things contribute to the development of
company-community relationship.

31
 APPLIED ECONOMICS

ACTIVITIES
Activity 12.1: Company of your choice.
Objective: Identify the stakeholders.
Directions: Answer the guide questions. Use a separate sheet for your answers.

Source:
shorturl.at/yQTV0

Guide Questions:
1. What do you think is the project of the company for the community?
2. Who do you think are the stakeholders of the company in the picture?
Activity 12.2 Check it out!
Objective: Identify Corporate Social Responsibility to the communities.

Directions: Analyse each situation. Put a check on the picture that illustrates
a community issue related to Corporate Social Responsibility and put an (x) to
the picture that has no relevance for Corporate Social Responsibility.

1. 4.

32
 APPLIED ECONOMICS

2. 5.

3. 6.
Sources:
1.health.harvard.edu(shorturl.at/bANOY);2. wordvision.org(shorturl.at/jCKY3)
3.nationalgeopgraphic.org(shorturl.at/eflIP);4.britannica.com(shorturl.at/ijFIQ)
5.theguardian.com(shorturl.at/fFGI5);6.cnbc.com(shorturl.at/yBGW0)

Guide Questions:
1. Aside from what was mentioned, what other problems do you see in our
society today?
2. In your opinion, what could be the solution to the problem?
Activity 12.3 Save our Planet!
Objective: To understand the Philanthropic vision of Corporate Social Responsibility.

Directions: Analyse the picture and answer the guide questions.

Source:
shorturl.at/sCFH7

33
 APPLIED ECONOMICS

Guide Questions:
1. What is happening to the forests in the world?
2. In your opinion, what would be the better Corporate Social Responsibility project for this
phenomenon?
Activity 12.4 Climate Change in action.
Objective: To recognize the value of Corporate Social Responsibility to the community.

Directions: On the space below, compose a three-paragraph poem demonstrating the problem
on climate change and how you would encourage the people to resolve it.

Source:
shorturl.at/euzS5

Guide Questions:
1. What inspired you to write the poem?
2. As a youth of today, how can you contribute in solving the problem on climate change?

REMEMBER

● Stakeholders are groups of people to whom a company is socially

responsible.
● Community Stakeholders are members of society who are affected by the
operations and output of the business.
● It is important to build Trust between the company and the community.

● The benefits of Corporate Social Responsibility to the community based on

the four components are: Economic – companies benefit the community
by providing employment, Legal – companies are granted license to
operate, Ethical – companies evaluate on how they can better help the
communities by assisting in the development of an area and improving
public schools, Philanthropic – companies provide support such as giving
scholarships and volunteer programs such as house building, developing
skills, and providing community livelihood.

CHECKING YOUR UNDERSTANDING

34
 APPLIED ECONOMICS

● Directions: Picture yourself as the owner of a small business who would

like to do Corporate Social Responsibility. You are thinking about helping
the children in need in the nearby area by making a campaign to your
buyers to donate a small amount by purchasing a certain product from
your store. Draw at least one advertisement and compose your own
tagline by following the sample pictures below.

Sources:
1. compassionuk.org(shorturl.at/nqMN4)
2. give.allgodschildren.org(shorturl.at/hiuGK)
3.cityconnectsblog.org(shorturl.at/delzG)

Guide Questions:
1. What inspired you in composing the tagline?
2. What other campaigns do you think would benefit the children in our
society?

35
 APPLIED ECONOMICS

POSTTEST
Directions: Write the letter of the correct answer.
1. Which of the following gives the best description of the community
stakeholder in Corporate Social Responsibility?
A. is the neighbourhood where the employees of the company live
B. members of society who are affected by the operations and output of the
firm
C. the citizens of the region where the firm is located
D. the city which the firm operates

2. Which of the following best describes the philanthropic component of

Corporate Social
Responsibility?
A. Creation of a campaign against child abuse
B.Giving scholarships
C.Strategies used by the company along with the use of its resources to
address the needs of stakeholders and to achieve long-term relationship
D.Tying customer purchases to address a need of a certain community

3. Which of the following examples illustrate the company’s goal to achieve its
philanthropic
vision?
A. employees of ABC Foundation donates 1% of their salary to people with
disability
B. employees of AB International participate in a campaign against drug
abuse
C. Holy Child High School gives lessons to the youth on mental health
D. UM Laboratories Inc. manufactures a drug to combat malaria and donates
it to the poor communities in Northern Luzon
4. Which of the following sentences least describes a company’s philanthropic
goal?
A. A lumber manufacturing company encourages its employees to plant
10,000 trees every year
B. A software company donates computers to public schools for online
learning
C. A television foundation that supports disadvantaged children on
enhancing their social and cultural awareness
D. A wealthy businessman constructs a day care school

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 APPLIED ECONOMICS

5. You are the owner of a shoe company. Which of the following would best
fulfil the objectives of Corporate Social Responsibility for your company?
A. Allowing your employees to participate in your donation programs
B. Allowing your employees to volunteer to spend their time in an orphanage
and distribute free shoes to children
C. Donate 1,000 shoes to increase the company’s publicity
D. Giving shoes to disadvantaged children in a nearby community

REFERENCES
Abueg, Luisito & Calub, Renz Adrian. (2020). Applied economics.

Dinio, Rosemary P. & Villasis, George A. 2016. Applied Economics.

Sampaloc,Manila. Rex Book Store Inc.

Campbell R. McConnell & Stanley L. Brue Sean Masaki Flynn Dr.(2012-

04-30),
Macroeconomics Brief Edition (The Mcgraw-hill Economics)

Ferrell, O. C., Debbie M. Thorne, and Linda Ferrell. Social Responsibility

and Business.
Singapore: Cengage Learning Asia Pte Ltd, 2012.

Lamb, Charles W., Joseph F. Hair, and Carl McDaniel. 2013. Principles of
Marketing.
Singapore: Cengage Learning Asia Pte Ltd.

37