ENTREP MIDTERM

• Evolution of entrepreneurship in the Philippines - the production of goods and served as a catalyst to innovation.
• Economist - “ it is someone who brings resources, labor, materials, and other assets into combinations that make their value greater than before; also one introduces changes, innovations, a new order.”
• Psychologist - “ a person who is typically driven by certain forces such as the need to obtain or attain something, experiment, perhaps escape authority of others.”
• Management - “ is someone who identifies opportunities, plans, mobilizes resources, manages, assumes the risks of a business to have positive impact on society.”
• Entreprendre - French, to undertake
• Employment - When entrepreneurs put up their businesses, they employ people who possess different competencies and personal values to help them operate the enterprise
• Develops new markets - they seek new buyers or customers of their products or services
• Introduces innovation - This innovation is done for theproduct, service, or technologytowards commercialization andgenerates economic wealth. Due toinnovation, other businesses fold,while others will open or flourish.
• Generates new sources of materials - Finding new material providershelps in the economic growth ofthe place. These could be sourcedfrom because of the value creation.
• Stimulates investment interest - It stirs curiosity for other people to invest in the business because of the benefits it offers—this new investment contributes to economic growth.
• Improves the quality of life - The new products and services developed contribute to the increase in the personal benefit and convenience of people in society.
• Brings social benefits - The income derived from allthe taxes by the governmentare then used for the people,especially to the poor to havemore access to social services.
• Utilizes and mobilizes indigenous resources- Entrepreneurship makes use of

  idle or unused resources to meet

  their needs.
• Provides more alternatives - Entrepreneurs become more

  concerned about the welfare of their consumers, and ethical in producing goods and services.
• Recognize a Need


  Once a specific need is identified, the consumer moves through the stages of decision-making. If the need is urgent, the process may occur quickly. If not, the consumer may take time before a decision is made.
• Identity Alternatives


  The consumer becomes interested in finding a solution. That interest leads to identifying products or services that relate

  to the need and sources of information that can help the consumer make an effective decision.
• Evaluate Choices


  An evaluation is done to determine if any one choice seems to be better, more available, or more affordable than other choices. Consumers must determine if one product or service meets their needs better than the other products and services being evaluated. Some consumers spend very little and use small amounts of information to evaluate choices. Others are very deliberate. Some people are

  careful and objective while others are much less rational.
• Make A Decision


  When the consumer is comfortable with the evaluation a

  decision is made. The decision will be to select one of the available choices, to gather more information, or to do nothing at that time.
• Assess Satisfaction


  The final step in the process is to determine whether or

  not the choice was correct. If the consumer tried a specific product, it will be evaluated to see if it satisfied the need. If it did, the decision will likely be repeated the next time the same need occurs. If it did not satisfy the need, the purchase decision will probably not be repeated
• Market segment 


  A group of individuals or organizations within a larger market that share one or more important characteristics. These shared characteristics result in similar

  product or service needs.
• Market Segmentation


  The process of dividing a large group of consumers into subgroups based on specific characteristics and common needs. Based on a number of factors or variables which are analyzed by companies and firms to understand the neds of their consumers and ensure that their products or brands

  respond to these needs.
• Demographic variables


  Age, life cycle stage, gender, income, religion, race, and nationality
• Geographic variables


  Climate, population size
• Psychographic variables


  lifestyle patterns, hobbies and interests, opinions and beliefs, personality
• Behavioristic variables


  Loyalty, special occasions, benefits
• Target marketing 


  Group of people to whom a company intends to sell its products and services. This group of consumers is the primary recipient of the company’s marketing

  efforts.Identifying the target market helps the company maximize its marketing resources and efforts to attract and retain a loyal group of consumers
• Market Targeting 


  This refers to the process where companies and firms actually select their target markets based on a number of factors, including the resources of the company or firm, the strategies of competitors and the profitability expected from this specific market.
• Market positioning


  Or product positioning. Where companies and firms

  develop ways to promote and position their brands effectively to their selected segments or target markets.
• Features-based positioning 


  Marketers sell their brands on the basis of their features
• Use-based positioning


  Marketers sell their products or services based on

  their possible user or the types of circumstances when they can be used
• User-based positioning


  Marketers advertise their products based on the type

  of consumer who can benefit from the product.
• Head-on competitive positioning


  Used by market challengers or the number two brands in the market
• Lifestyle positioning


  Marketers sell their products or services according to

  the cultural practices or values that their target market/s subscribe to.
• Brand


  A symbol, logo, words, or a combination of these elements that a company uses to

  distinguish its products or services from others.
• Brand awareness


  The extent to which a brand is recognized by potential customers and is correctly associated with a particular product or service
• Brand name


  A word is a word, letter, or a group of words or letter. It connects a product with the benefits a customer can expect
• Branding 


  Means the use of a name, term, symbol, or design– or a combination of these–to identify a product. It encompasses the use of brand names, trademarks, practically all other

  means of product identification.
• Trademark


  Includes only those words, symbols, or marks that are legally registered for use by a single company. A service mark is the same as a trademark except that it refers to a service

  offerring.
• Products


  Tangible objects that a company sells to customers for their use or consumption.
• Services


  Tend to be intangible; they are directly delivered to the customers by a company’s employees.