Entrepreneur

• Entrepreneurial research procedural steps

  1. Identify the problem

  2. Deciding the type of data to be gathered

  3. Evaluating how data will be collected

  4. Gathering the data

  5. Analyzing the data gathered

  6. Making a conclusion and recommendation

  7. Reporting the result of the research work
• Research


  A scientific investigation involving the collection, presentation, analysis, and interpretation of gathered data
• TYPES OF ENTREPRENEURIAL RESEARCH

  Exploratory Research - is considered the preliminary research work conducted by an entrepreneur that is primarily designed to gather information to be used in solving a problem.
• TYPES OF ENTREPRENEURIAL RESEARCH

  Descriptive Research - is conducted by the entrepreneur when the foremost objective is to describe the present buying behavior of the consumers in terms of environmental factors, buying decision process and marketing mix
• TYPES OF ENTREPRENEURIAL RESEARCH

  Causal Research-or correlational study when the objective is to determine whether the buying behavior of the consumers is caused by the environmental factors
• RESEARCH DATA

  Research Data refers to the kind of necessary information to be gathered in answering the objective of the research work.
• QUANTITATIVE DATA

  Quantitative Data can be counted and mathematically computed. They are expressed in numerical values.

  Examples of quantitative data relative to the buying behaviour of the consumers are as follows;

  1. income of the consumers

  2. sales volume of the product

  3. age of consumers

  4. number of units produced
• QUALITATIVE DATA

  Qualitative Data are generally descriptive data and cannot be counted.

  Some examples of qualitative data:

  1. ethnic or tribal group of where the consumers belong

  2. perception of the consumers

  3. gender of the consumers

  4. dominant culture of the segment market
• PRIMARY DATA

  Primary Data are research data sourced by the entrepreneur directly from the consumers belonging in the market segment

  SECONDARY DATA

  • Secondary Data are data previously gathered by another researcher for other purposes and now exist on other sources.
• Research Instrument is a tool used by the entrepreneur in gathering or collecting data
• Research Instruments

  1. Survey questionnaire - is commonly used by the entrepreneur in gathering the required data about the buying behavior of the consumers.
• Research Instruments

  2. Personal interview - the entrepreneur conducting the study has to face-to- face interaction with the customer who is the respondent of the study.
• Research Instruments

  3. Focus group discussion - is conducted by an entrepreneur with the assistance of a moderator to gather the views of selected consumers on a certain issues relative to their buying behaviour
• TYPES OF BUYING BEHAVIOR 1. COMPLEX 2. SIMPLE 3. BRAND – SENSITIVE 4. PRICE - SENSITIVE
• COMPLEX BUYING BEHAVIOR

  Complex Buying Behavior - Complex buying behavior occurs when the consumer is highly involved with the purchase and when there are significant differences between brands. e
• SIMPLE BUYING BEHAVIOR

  Simple Buying Behavior is usually exhibited when the goods are not highly priced and the consumers are not deeply attached to certain brands.
• BRAND - SENSITIVE BUYING BEHAVIOR

  Sensitive buying behavior are very particular with product brands. They highly valued branded products or those that have established a certain image in the market. They are less concerned with the price.

  These consumers attach themselves to the upper social class and identified themselves as “sosyal"
• PRICE - SENSITIVE BUYING BEHAVIOR

  Consumers exhibiting a price – sensitive buying behavior are mostly concerned with the price of the product instead of the brand. In other words, the price becomes the determining factor when they buy a product. They equate high price with high quality and low price with low quality.
• PRICE - SENSITIVE BUYING BEHAVIOR Consumers exhibiting a price – sensitive buying behavior are mostly concerned with the price of the product instead of the brand. In other words, the price becomes the determining factor when they buy a product. They equate high price with high quality and low price with low quality.
• Production system


  The transformation or conversion process where materials are transformed into the final product with the aid of manpower and machine
• Inputs of the production system

  • Manpower
  • Materials
  • Machine
  • Design
  • Instruction
• Output


  The final products from the production process distributed to the customers
• The four M's of production

  • Manpower
  • Method
  • Machine
  • Materials
• Manpower


  The human workforce involved in the manufacture of products
• Criteria of manpower


  • Educational qualifications and experience required
  • Status of employment (permanent or temporary)
  • Number of workers required
  • Skills and expertise required
  • Appropriate time needed
  • Background checking and requirements
  • Salary, wages and benefits
  • Availability of potential workers
• Method/Production method


  The process or technique of converting raw materials to finished products
• Aspects of the production method

  • Product to produce
  • Mode of production
  • Manufacturing equipment to use
  • Required skills
• Product


  The physical output of the whole production process, valuable and beneficial to consumers
• 2 Types of product

  • Heterogeneous (dissimilar characteristics)
  • Homogeneous (similar characteristics)
• Production systems


  • Intermittent
  • Continuous
  • Just-in-time
• Intermittent production


  Production process is short and machines are frequently changed
• Intermittent production methods


  • Project
  • Job order
  • Batch
• Continuous production


  Demand for the product is constant
• Just-in-time production


  Goods are produced just in time when the market needs or demands them
• Machine


  The manufacturing equipment used in the production of goods or delivery of services
• Important elements in selecting machines

  • Types of products
  • Production system
  • Cost
  • Capacity
  • Availability of spare parts
  • Efficiency
  • Required skills
• Materials


  The raw materials needed in the production of a product
• Important factors in selecting materials

  • Cost
  • Quality
  • Availability
  • Credibility of suppliers
  • Waste produced