ENTREPRENEURSHIP PEOPLE: Knowing the customer is the linchpin of a

successful marketing strategy – without accurate

WEEK 10: 7 PS OF MARKERTING customer profiling, none of the other 7 Ps of marketing
MARKETING mix can be correctly channeled, and the product may
well fail to sell.
 Marketing is communicating the value of a
product, service or brand to customers, for the POSITIONING: One of the most important of the 7 Ps of
purpose of promoting or selling that product, marketing mix, positioning refers to a product’s status
service, or brand. in relation to the wider market, particularly how it lines
 Marketing techniques include choosing target up against competitors.
markets through market analysis and market PACKAGING: This refers not just to the way in which a
segmentation, as well as understanding product is wrapped, but also to its overall
consumer behavior and advertising a product’s presentation, and the way in which its physical
value to the customer. arrangement is designed to attract the customer.
7 PS OF MARKETING WEEK 11: CREATING BRAND EQUITY
1. Product Steps in Strategic Brand Management:
2. Price
3. Place  Identifying and establishing brand positioning
4. Promotion  Planning and implementing brand marketing
5. People  Measuring and interpreting brand performance
6. Positioning  Growing and sustaining brand value
7. Packaging BRAND
PRODUCT: The product is the primary – though not the  A brand is a name, term, sign, symbol or
only – component of the 7 Ps of the marketing mix. design, or a combination of them, intended to
Marketing consultants will consider carefully which identify the goods or services of one seller or
features of the product are most likely to appeal to its group of sellers and to differentiate them from
target market, as well as taking into account factors those of competitors.
such as the life span of the product, and its potential for
diversification and development.

PRICE: The price that is set for a product not only THE ROLE OF BRANDS
determines the amount of profit the business will be
1. Identify the maker
able to make from it (and therefore how many units will
2. Simplify product handling
need to be sold), but also affects the value of the
3. Organize accounting
product as perceived by the consumer. Many
4. Offer legal protection
consumers will use the product’s price as a means of
5. Signify quality
judging its quality, and most will compare the price with
6. Create barriers to entry
that of similar products before deciding which to
7. Serve as a competitive advantage
purchase.
8. Secure price premium
PLACE: Products are not only sold in shops – they may
BRANDING
also be sold door-to-door, online, or in trade fairs or
markets.  Branding is endowing products and services
with the power of the brand.
PROMOTION: This is an umbrella term, covering all
the media by which a business informs customers BRAND EQUITY
about its product – including advertising, public
 Brand equity is the added value endowed on
relations and sales promotion.
products and services, which may be reflected
 in the way consumers, think, feel, and act with  How you regard the brand Relates to
respect to the brand. perceptions of quality and loyalty

ADVANTAGE OF STRONG BRANDS KNOWLEDGE

1. Improved perceptions of product performance  An intimate understanding understanding of the

2. Greater loyalty brand relates to awareness and consumer
3. Less vulnerability to competitive marketing experience
actions
BRAND STRENGTH
4. Less vulnerability to crises
5. Larger margins  Leading Indicator Future Growth Value
6. More inelastic consumer response
7. Greater trade cooperation BRAND STATURE
8. Increased marketing communications  Current Indicator Current Operating Value
effectiveness
9. Possible licensing opportunities

BRAND PROMISE

 A brand promise is the marketer’s vision of

what the brand must be and do for consumers.

BRAND EQUITY MODELS

 Brand Asset Valuator (BAV)

 Branz
 Brand Resonance

These brands have low brand strength but high

potential. They have built some energy and relevance,
but are known to only a relatively small audience.
Consumers are expressing curiosity and interest.

These brands have become irresistible, combining high

brand strength with high brand stature. They have high
earnings, high margin power, and the greatest
ENERGIZED DIFFERENTIATION potential to create future value.
 The brand’s point of difference Relates to These brands, with both low brand stature and low
margins and cultural currency. brand strength, are not well known among the general
RELEVANCE population. Many are new entrants; others are middling
brands that have lost their way.
 How appropriate the brand is to you Relates to
consideration and trial. These brands show why high brand stature by itself is
insufficient for maintaining a leading position. They
ESTEEM
struggle to overact consumers already know about from 1. Memorable
them. 2. Meaning
3. Likeable
BRAND ELEMENTS
4. Transferable
1. Brand Names 5. Adaptable
2. Slogan 6. Protectable
3. Characteristics
4. Symbols
5. Logos
6. URLs

INTERNAL BRANDING

 Choose the right moment

 Link internal and external marketing
 Bring the brand alive for employees

MEASURING BRAND EQUITY

 Brand audits
 Brand tracking
 Brand valuation

MANAGING BRAND EQUITY

 Brand reinforcement
BRAND ELEMENT CHOICES CRITERIA  Brand revitalization
 target market all the technical information they
needed to know about the product.
DEVISING A BRANDING STRATEGY
3. Justify Using Superlatives. Superlatives may
 Develop new brand elements signal or sound untrustworthy and may sound
 Apply existing brand elements negative without proper justification. In using
 Use a combination of old and new superlatives technique, make it on top of your
mind to present all the best things your product
BRANDING TERMS has.
1. Brand line 4. Appeal to Your Customer’s Imagination. As an
2. Line extension entrepreneur, you need to consider the reason
3. Category extension why consumers are buying. Consumers are
4. Brand mix because they envision the rewards they will
5. Brand extension receive and the change they will achieve from
6. Branded variants using the product or service.
7. Sub-brand 5. Create Mini-Stories. Telling a narrative about
8. Licensed product the company is one of the tactics we ‘re
9. Parent brand implementing right now.
10. Family brand CREATING A PRODUCT PROTOTYPE
BRAND ROLES IN A BRAND PORTFOLIO  According to Chua, Leong, and Lim (2009),
 Flankers Prototyping is the initial draft/proposed model
 Cash cows of the concept used to test characteristics or
 Low-end, entry-level specifications of the finished product before it is
 High-end prestige done. From the entrepreneurial eye and the
observation to the palm of your hand, these are
WEEK 12: DEVELOP A PRODUCT DESCRIPTION the required steps to build and grow a
DEVELOPING PRODUCT DESCRIPTION prototype of your goods.

 In developing your product description, it is FOUR PHASES OF PRODUCT DEVELOPMENT

always necessary to think about two primary
things: the product you promote itself, and the
features of your product. These two elements if
carefully planned and developed well
specifically to a specific market have a high
chance of getting the spotlight especially if you
are a new entrant to the competition.
GUIDE IN WRITING PRODUCT DESCRIPTIONS:
1. Focus on your Target Market. Remember the
Target Market in our previous lesson? Yes, your
target market should be our priority in writing
our product description and no one else. You
must ensure that you are writing things to
entice them, what makes them purchase a
product or go visit your store (their intentions)
etc.
2. Entice Customers with Benefits. The difference
between a product feature and product benefit
is that, in terms of features, you are telling your
1. Information Phase
During this phase designers try to understand and grasp
the product context, needs, and wishes of the different
stakeholders, and trans-late these in a program of
requirements
2. Exploration Phase
During this phase, developers will come across
innovative solutions for the assignment. A multitude of
design solutions is gradually shaped. Although the
created ideas a re valuable and inspiring, the obtained
results are still open and require further re-search.
3. Decision Phase
On the third phase, the scope of design gets narrower
and the obtained design solutions are worked out in
further detail.
4. Test Phase
At this last phase, it will serve as a platform for
validation and communication. Before starting
production and launching the product on the market, all
(economic, technological and user) requirements are
validated, fine-tuned, and eventually communicated
with the different stakeholders.
WEEK 12: VALIDATE THE SERVICE DESCRIPTION OF THE
PRODUCT WITH POTENTIAL CUSTOMERS TO
DETERMINE ITS MARKET ACCEPTABILITY
Services are rental of goods, alteration or repair of
goods owned by consumers and personal services.
These are intangible products that satisfaction can be
measured in future preferences.
Rented Goods Service – The consumer rented the
facility or products of the sellers in a certain period.
Owned Goods Service – Repair and maintenance
services rendered by the sellers to the products of the
customer.
Non-Good Service – Personal service on the part of the
seller; most common are the expertise and the
profession of the seller.
CHARACTERISTICS OF SERVICES
Intangibility – Products, unlike consumer products, have
the attribute of intangibility. In other terms, the
entrepreneur’s services cannot be packed, shown,
shipped, processed or checked until purchase was
made. The credibility of the business most of the time
counts.
Perishability – Services unlike consumer goods cannot
be kept for future sale. The lost today on sale cannot be
restored and gone forever. Like seats in airlines or seats
in restaurants which has something to do with income
opportunity. The skills of the provider must enhance
and develop to better serve the customer.
Inseparability – Service provider and services cannot be
separated. It cannot accomplish the purpose if one is
missing. Customer must be present to enjoy the service,
same goes with the service provider which must deliver
the service.
Variability – Service is difficult to standardize because it
varies upon the performance of the provider.
STEPS FOR MARKET TESTING A PRODUCT:
1. Go back evaluating your Potential Market
Once evaluating a specific object, one thing to prioritize
is your potential market.
2. Elaborate what are the Objectives.
Every successful testing comes from clearly defined
objectives. It is important to consider having
appropriate time to gather information such as how big
the audience would be.
3. Select Your Audience
Try as much as possible not to go beyond your target
market. Try to think several considerations like their
demographic profile. Accuracy is the key in attaining a
better output of your product.
4. Create a Presentation.
In creating a presentation, an important element is
precision. Organize your thoughts using bullet words
and explain it thoroughly to your set of
reviewers/critiques. Product presentation is different
from problem presentation. Presenting a product means
introducing a specific item/thing to your potential
market highlighting its features and benefits.
5. Suggest Solutions
First, take the opportunity to analyze the responses of
the viewers and ask for suggestions. The aim is to
ensure that your proposed solutions make sense and
address the most important issues of usability.
SELECT/PINPOINT POTENTIAL SUPPLIERS OF RAW
MATERIALS AND OTHER INPUTS NECESSARY FOR THE
PRODUCTION OF THE PRODUCT OR SERVICE
Raw materials are the unprocessed and basic material
that is used to produce goods, finished products,
energy, or intermediate materials which are feedstock
for future finished products.
1. Set Criteria to Evaluate Suppliers
Start-up entrepreneurs must look at the possible criteria
like supplier’s history (meeting delivery needs and
commitments on-time, the quality that raw materials
they are offering, the performance in terms of efficiency,
are they able to do mass production, there are variety of
options and designs, product sampling ability for
inspection.
2. Determine Strategy in Sourcing
Sourcing may vary depending on the criteria of the
buyer organizations. It may be like relying on a single
supplier or several suppliers, on short-term or long-term
contracts and on “local” or “foreign” suppliers.
3 carrying out, distributing and servicing
3. Decide Method of Supplier Evaluation and
Selection
After consolidating data from potential suppliers, the
next step is about evaluating and trimming those
suppliers. This stage most of the time consist of using
set of questions, interviews with the decision makers,
and actual visit to office/site. Possible aspects to be
evaluated during the tour of the manufacturer are labor
ability, manufacturing efficiency, consistency metrics,
manufacturer resilience and versatility, supply chain
management capability of the supplier, project
forecasting and monitoring processes, comparative
quality assurance techniques, etc.
4. Select Supplier and Reach Agreement
Drafting the contract/terms and conditions shall be the
last stage wherein the two parties shall seal.
DISCUSS THE VALUE/SUPPLY CHAIN IN RELATION TO
THE BUSINESS ENTERPRISE
Supply Chain Management can be described as the
managing and distributing the goods and services that
starts with the origin of the goods and ends with the
consumption of the commodity. This also involves the
transportation and storing of raw materials used in
research in progress, procurement, and professionally
finished items
EIGHT KEY-PROCESSES OF SUPPLY CHAIN
MANAGEMENT
These are the crucial processes in business that supply
chain management takes place:
1. Customer Relationship Management (CRM) – It
would allow businesses to target their
advertisement/marketing efforts to specific
client segments depending on the long-term
importance of each category to the business or
the supply chain.
2. Customer Service Management – It is a multi-
business, centralized communication network
for clients, complaints, queries, and feedback.
3. Demand Management - The method aims to
coordinate supply and demand through the
whole value chain by identifying consumer
needs and implementing an action plan in
anticipation of the actual customer purchase.
4. Order-fulfillment – This includes making,
consumer orders with on-the-spot support.
5. Manufacturing Flow Management – It means
that the tools required to flexibly manufacture
and transfer goods through a multi-stage
manufacturing cycle are available for companies
in the supply chain.
6. Supplier Relationship Management – This
offers institutional help, in particular to high-
value vendors, for establishing and sustained
strong relationships to benefit from production
gains.
7. Product Development and Commercialization –
It promotes collaborative production and
promotion between supply chain member
organizations with innovative goods and
services.
8. Returns Management – This allows businesses
to better control quantities of the inventory
recovered while reducing associated costs.
WEEK 13: RECRUIT QUALIFIED PEOPLE FOR ONE’S
BUSINESS ENTERPRISE
According to Machado and Davim (2020), “Human
resource management” plays an ever more important
role in organizational management. “Innovative”
businesses have strong standards in human resources
administration that are introduced to in the list of the
best workplaces to operate.
STEPS IN RECRUITMENT
1. Job Description – it defines the duties and
responsibilities of a particular position.
2. Requisition of New Employee – a formal
requisition form is required indicating the
position to be filled, date needed, qualifications
and other requirements needed for an
applicant.
3. Actual recruitment of applicant/s.
Sources of applicants:
 Internal – employees recruited within the
company.
 External – applicants recruited through
advertisement, referrals, placement agencies,
etc.
4. Labor Market Conditions - The robust economic
and labor market environments would
profoundly influence the potential of the
business to recruit top-level workers and to
maintain them.
5. Legal Issues - Labor Code of the Philippines
protects workers from different sectors against
abusive employers.
The Magna Carta of Women (Republic Act No. 9710, as
amended) Prohibits prejudice against women and
specifically makes an individual explicitly liable for such
prejudice be kept accountable for damages.
The Anti-Age Discrimination in Employment Act
(Republic Act No. 10911) Prohibits age prejudice and
maintains punishments for violations of the Act.
The Magna Carta for Persons with Disability (Republic
Act No. 7277, as amended) provides that a qualified
employee with disability shall be subject to the same
terms and conditions of employment as a qualified able-
bodied person.
The Solo Parents’ Welfare Act (Republic Act No. 8972)
prohibits an employer from discriminating against any
solo parent employee with respect to the terms and
conditions of employment on account of the employee
being a solo parent.
The Indigenous Peoples’ Rights Act (Republic Act No.
8371) prohibits discrimination against Indigenous
Cultural Communities or Indigenous Peoples with
respect to recruitment and conditions of employment
on account of their descent.
The Anti-Sexual Harassment Act (Republic Act No.
7877) prohibits sexual harassment in the workplace.
The Mental Health Act (Republic Act No. 11036)
requires employers to develop appropriate policies and
programs on mental health in the workplace designed
to, among others, raise awareness on mental health
issues, correct the stigma and discrimination associated
with mental health conditions, identify and provide
support for individuals at risk and facilitate access of
individuals with mental health conditions to treatment
and psychosocial support.
The Philippine HIV and AIDS Policy Act (Republic Act
No. 11166) also prohibits the rejection of job
application, termination of employment, or other
discriminatory policies in hiring, provision of
employment and other related benefits, promotion or
assignment of an individual solely or partially on the
basis of actual, perceived or suspected HIV status.
INTERNAL RECRUITMENT AND EXTERNAL
RECRUITMENT
INTERNAL RECRUITMENT
1. JOB POSTING
At some existing companies, job posting, or bulletin
posting is a usual thing especially to those proactive
employees who would wish to climb the corporate
ladder.
2. EMPLOYEE REFERRALS
Using your internal existing employees to refer and
recommend someone he/she known that can perform
and do task of the vacancy that is needed by the
company.
EXTERNAL RECRUITMENT
The easiest way of informing the public about your
vacancy is the use of job posting. Entrepreneurs may opt
using different variety of media such as traditional
classified ads in newspapers, radio announcements and
use of flyers.
WEEK 14: IMPLEMENT THE BUSINESS PLAN
Starting and Operating a Business Reasons for keeping
business records and simple bookkeeping tasks
 Bookkeeping is documentation of records. It is
usually observed through accounting process.
Accounting is defined as an information system
that calculate and measures, processes, and
communicates information which are financial
in nature about identifiable entity for the
purpose of making management decisions.
Steps in the Accounting Process
1. Analyzing – monitoring over transaction
entered, reviewing economic events that have
 taken place in the past transactions and
determining their effects in the business
operation.
2. Recording – it involves the effects of
transactions and events that have been
STEPS IN THE ACCOUNTING CYCLE
analyzed.
3. Classifying – the grouping of like transaction
and events into specific titles.
4. Summarizing – sorting or grouping together of
various accounts referred to in the classifying
process.
5. Reporting – the preparations of financial
summaries.
6. Interpreting – the computation and the study of
relationships of figures from the financial
reports.
Basic Financial Reports
1. Balance Sheet - Comprises of assets, liabilities,
and owner’s equity-share in the business as of
specific date.
2. Income Statement - Shows the business sales or
service income and the cost and expenses of
the business for a period.
3. Cash Flow Statement - Shows where the cash
came from and where the cash went to for a
period.
USERS AND USES OF FINANCIAL STATEMENTS
Sales and service Income - these are the profit or
revenue from business goods and services.
Cost of Sales/Service - these are direct costs of the
product sold or the services rendered.
Operation expenses are classified as:
1. Salary Expense – salary given to the employee
for the service rendered.
2. Utility Expense – these are water, electricity
telephone etc.
3. Rent Expense – payment for the use of office,
equipment, land spaces which are usually
owned by another person or company.
4. Supplies Expenses – selling supplies, office
supplies, and other factory supplies.
5. Transportation Expense – fare for travel, cost of
gasoline and fees used for business purposes.
6. Representation Expense – cost for eating out
with customer or suppliers.
7. Depreciation Expense – portion of the cost of
building, vehicle, and equipment that reduce
the value after using it in the operation that is
allocated as expense for an accounting period.
8. Interest Expense – an amount charge in the
debts or loans borrowed.
1. Journalizing – recording of business transaction
and past events.
2. Posting – post to the general ledger the journal
entries in number 1.
3. Trial Balance – prepares the trial balance from
general ledger.
4. Adjusting – adjust the ledger balances.
5. Financial Statement – makes income statement
and balance sheet from the adjusted trial
balance.
6. Closing – transfer or close the income and
expense accounts to income and expense
summary account and the latter account to
owners’ equity.
7. Post-Closing Trial balance – creating a trial
balance of all assets, liabilities, and owners’
equity account after having closes the income
and expense account.
8. Reversing – reverse some adjusting entries to
prepare them for a new accounting period.
1. Investors – this is very important tools used in
deciding to hold or sell their investments.
2. Employees – it will determine the ability of the
employer to pay salaries and wages and
decision what kind of fringe benefits to provide
to the employees.
3. Lenders – determine the value of the borrowers
when it comes to their ability to pay on time.
Suppliers – it will establish the credibility of the
business to pay on time.
4. Customers – the ability of the enterprise to be a
continuing source of supply.
5. Government Agencies – represent the
company’s capacity to pay taxes.
6. Public – determine the activities of the business
that pertain to their employees, community,
and others.
7. Management – use as important tools in their
strategic decisions for planning, organizing,
leading, and controlling.