Entrepreneurship

• Value Proposition (VP) - is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service. This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.
• Basic Elements of Value Proposition

  • Target Customer
  • Needs/opportunity
  • Name of the product
  • Name of the enterprise/company
• Unique Selling Proposition (USP) – refers to how you sell your product or services to your customer. You will address the wants and desires of your customers. 
• Tips in Creating an Effective Unique Selling Proposition

  • Identify and rank the uniqueness of the product or services character
  • Be very Specific
  • Keep it Short and Simple (KISS)
• 3 Factors that will Determine your Customers

  1. Target Market
  2. Customer Requirements
  3. Market Size
• 4 Methods for Segmenting the Markets 

  1. Geographic Segmentation
  2. Demographic Segmentation
  3. Psychological Segmentation
  4. Behavioral Segmentation
• Geographic segmentation - divided according to geographical location
• Demographic Segmentation - divided based on consumers
• Behavioral Segmentation - divided according to customers’ behavior pattern as they interact with a company
• Psychological Segmentation - divided in terms of how customers think and believe
• Target Market - sage in market identification process that aims to determine the buyers with common needs and characteristics
• Customer Requirements - specific characteristics that the customers need from a product or a service.
• 2 Types of Customer Requirements

  1. Service Requirement
  2. Output Requirement
• Service Requirement -  intangible thing or product that cannot be touched but the customer can feel the fulfillment
• Output Requirement - Tangible thing or things that can be seen
• Market Size - calculate the market size, and the potential value that market has for their start-up business; approximate number of sellers and buyers in a particular market
• Market Research or Marketing Research Process - the process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market
• Data Collection is the most valuable tool in any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results.
• Tips in Collecting Data

  • Organize collected data as soon as it is available
  • Know what message you want to get across and then collect data that is relevant to the message
  • Collect more data
  • Create more data
  • Take note of interesting or significant data
• 3 Different Data Collection Techniques

  1. Surveys
  2. Interviews
  3. Focus Group Discussion
• Surveys are the most common way to gather primary research with the use of questionnaires or interview schedule 
• Guidelines in constructing research questionnaire

  1. simple as possible
  2. easy to read
  3. block related questions
  4. complex to specific questions
  5. concise
  6. avoid difficult questions
  7. scales used are consistent
• Interview is one of the most reliable and credible ways of getting relevant information from target customers.
• In a structured interview, the researcher asks a standard set of questions and nothing more
• Personal interviews are the traditional method of conducting an interview. It allows the researcher to establish relationships with potential participants and therefore gain their cooperation.
• Telephone interviews are less expensive and less time-consuming, but the disadvantages are that the response rate is not as high as the face-to-face interview, but considerably higher than the mailed questionnaire.
• Focus Group Discussion (FGD) is an excellent method for generating and screening ideas and concepts. It can be moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors. 
• The length of the session is between 90 and 120 minutes.
• 8 to 10 participants per group
• Use a semi-structured or open-format discussion
• • Assign an expert moderator / facilitator who can manage group dynamics.
• Market Research or Marketing Research Process (De Guzman, 2018)
• Data Collection (Edralin, 2016)
• Survey Guidelines (Edralin, 2016)
• Interview (Leedy & Ormrod, 2001)
• Personal Interview (Leedy & Ormrod, 2001)
• Consistency in Group's composition (Leedy & Ormrod, 2001)