4TH MASTERY

• Entrepreneurship


  The practice of starting a new business or reviving an existing business, in order to take advantage of new found opportunities
• Consumer Buying Behavior


  The behavior of consumers in buying goods or availing of services
• Buying Behavior of Consumers

  • Complicated and can hardly be predicted
  • Can be affected or influenced by environmental factors, buying decision process, and marketing mix
• Environmental factors affecting buying behavior

  • Cultural Factor
  • Social Factor
  • Personal Factor
  • Psychological Factor
• Buying Decision Process


  1. Recognition of needs and wants

  2. Search for relevant information

  3. Evaluation of alternatives

  4. Purchase decision

  5. Post-purchase analysis
• Entrepreneurial Research


  A scientific investigation involving the collection, presentation, analysis, and interpretation of gathered data
• Types of Entrepreneurial Research

  • Exploratory Research
  • Descriptive Research
  • Causal Research/Correlational Study
• Quantitative Data


  Data that can be counted and mathematically computed, expressed in numerical values
• Qualitative Data


  Descriptive data that cannot be counted
• Primary Data


  Research data sourced directly from the consumers belonging in the market segment
• Secondary Data


  Data previously gathered by another research for other purposes and now exist on other sources
• Research Instruments


  • Survey questionnaire
  • Interview Schedule
  • Observation Checklist
• Types of Consumer Behavior

  • Complex Buying Behavior
  • Simple Buying Behavior
  • Brand-sensitive Buying Behavior
  • Price-sensitive Buying Behavior
• Marketing Mix


  An integrated marketing tool used to position the product in the identified target market to influence the demand for the product
• 4 Ps of Marketing Mix

  • Product
  • Price
  • Place
  • Promotion
• Modified Marketing Mix


  • Product
  • Price
  • Place
  • Promotion
  • People
  • Packaging
  • Positioning
• Integrated Marketing Mix


  • Customer satisfaction for product
  • Customer convenience for place
  • Customer cost lowered
  • Customer information for promotion
  • Customer quality assurance for people
  • Customer safety for packaging
  • Customer decision for positioning
• Needs


  Things that a person must have in order to survive
• Wants


  Things that a person must have in order to be satisfied
• Maslow's Hierarchy of Needs

  • Physiological Needs
  • Safety Needs
  • Social Needs
  • Self-Esteem Needs
  • Self-Actualization
• Brand


  The name, design, color, symbol, quality, features or a combination of these elements that make the product separate and distinct from similar products of the competitors
• Branding Strategies


  • Umbrella Brand Approach
  • House Brand Approach
• Line Extension Approach


  The existing product has been modified or altered resulting in a new product or more products without eliminating the original product, within the same category
• Product Extension Approach


  A new product carries the brand name in a new existing category, appearing to be totally different from the old or existing product line
• Behavior - refers to the reaction of the consumers to the events happening in the environment every time a purchase is about to be made.
• Social Factor - relationship maintained or established by the consumers with other members of society.
• Social Class – is an informal grouping of consumers based either on the personal perception of the consumers or that of others.
• Personal Factor

  Refers to the personal characteristics of the buyer in terms of age, occupation, income, and lifestyle
• Psychological Factor

  Refers to the perceptions, beliefs, and attitudes of the consumers.
• Research – is defined as a scientific investigation. It involves the collection, presentation, analysis, and interpretation of gathered data
• procedural steps involved in entrepreneurial research are as follows:

  a. Identifying the problem

  b. Deciding on the type of data to be gathered

  c. Evaluating how data will be collected

  d. Gathering the data

  e. Analyzing the data gathered

  f. Making a conclusion and recommendation

  g. Reporting the result of the research work.
• Exploratory Research – the preliminary research work designed to gather baseline information to be used in solving a problem or forming a hypothesis
• 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.
• Causal Research/Correlational Study – the entrepreneur conducts this study when the objective is to determine whether the buying behavior of the consumer is caused by some environmental factors.
• Research Data – refers to the kind of necessary information to be gathered in answering the objective of the research work.
• Research Instrument – is a tool used by the entrepreneur in gathering or collecting data
• commonly used research instruments: Survey Questionnaire, Interview Schedule, Focus Group Discussion
• Survey questionnaire – commonly used by the entrepreneur in gathering the required data about the buying behavior of the consumers. The survey questionnaire is administered personally
• there are three ways you can answer a survey questionnaire: -            Dichotomous Question

  -            Multiple-choice question

  -            Open-ended question
• Structured Interview (Standardized Interview) – where all respondents are asked the same set of questions