Entrepreneur

• Market Research


  Process of gathering, analyzing and interpreting information about a product
• Data Collection


  Most valuable tool of any type of research study
• Tips for gathering data

  • Organize more as soon as it is available
  • Collect data
  • Create more data
  • Challenge your assumptions
  • Set reasonable expectations
• Data gathering methods


  • Surveys
  • Interviews
• Surveys


  Most common way to gather primary research with the use of questionnaires or interview schedule
• Interviews


  Most reliable and credible ways of getting relevant information from target customers
• Personal Interviews


  Traditional method of conducting interviews
• Telephone Interviews


  Less expensive and less time consuming
• Focus Group Discussion


  Excellent method for generating and screening ideas and concepts
• Marketing Mix


  Set of controllable and connected variables
• 7Ps of Marketing Mix

  • Product
  • Place
  • Price
  • Promotion
  • People
  • Packaging
  • Positioning
• Product


  Marketing strategy typically starts with the product
• Place


  Location where the buyer and seller exchange goods or service
• Price


  Critical component of the marketing mix
• Promotion


  Complete set of activities
• People


  Your team, staff, audience, and your advertiser of people
• Packaging


  Silent hero in the marketing world
• Positioning


  Present product or service in a way that different from competitors
• Branding


  • Powerful and sustainable high-level used to create or influence brand
• Purpose


  Every brand makes a promise. Business purpose two ways: Functional (focus on assessments) and Intentional (focus on fulfillment)
• Three important elements in Production System are Input, Production Process, and Output
• Input


  • Manpower
  • Materials
  • Machine
  • Design
  • Instruction
• Production Process


  Transformation or conversion of inputs into outputs
• Output


  Final product from the production process and distributed to customers
• 4Ms of Production


  • Manpower
  • Method
  • Machine
  • Materials
• Materials


  Raw materials in the production of product
• Machine


  Manufacturing equipment
• Method


  Process or way of transforming raw materials to finish product
• Product


  Physical output of the whole production process
• Heterogeneous Product


  Has dissimilar characteristics, parts, and physical appearance
• Homogeneous Product


  Has similar physical appearance
• Prototype


  Duplication of product
• Supplier


  Plays a vital role
• Value Chain


  Method or activities
• Supply Chain


  Structure of organizations
• Business Model


  Describes factors of how an organization creates core value, competencies, product, partner and network, marketing, and service
• Components of a Business Plan

  • Introduction - discusses the plan all about
  • Executive Summary - first to be presented
  • Management Section - how you manage business
  • Marketing Section - design of product
  • Financial Section - money needed for business
  • Production Section - show the area
  • Competitive Analysis - strategy where you identify
  • Market - person who will buy product
  • Organizational Chart - diagram show