ENTREP

• Market Segmentation 

  • Designed to divide the market into  small segments with distinct needs,  characteristics, or behavior. 

  ➔ Homogenous 

  ➔ Niche Entrepreneurial Marketing 
• Points to consider! 

  1. Accessibility of the market segment. 

  2. Size of the market segment 

  3. Distinction of the market segment 
• Market Targeting


  Identification process that aim to determine the set of buyers with common needs and characteristics.
• Market Targeting 


  Evaluating each market segment and selecting the target market segment or segments to serve.
• Geographic Segmentation

  Climate, Dominant Ethnic group, Culture Density (rural or urban), Classification of the geographical unit (first class, second class, etc.)
• Demographic Segmentation

  Gender, Age, Income, Occupation, Education, Religion, Ethnic group, Family size
• Psychological Segmentation


  Needs and wants, Social class, Attitude, Personality traits, Brand concept, Lifestyle, Knowledge and awareness
• Behavioral Segmentation


  Perceptions, Knowledge, Reactions, Benefits, Loyalty, Responses
• Market Segment Evaluation 

  • Size and Growth of the Segment 
  • Structure of the Segment 
  • Capability of the Segment 
• Market Segment Selection 

  • Individual or one-on-one marketing 
  • Differentiated or Concentrated marketing 
  • Mass or undifferentiated marketing 
• Market Positioning 


  Process of determining the place of the business in the industry. It is an act of placing the business in a specific place in the industry or placing the product in a certain place in the market.
• Market Positioning

  ➔ Determines if the market  position is distinct from others. 

  ➔ Evaluates the advantages or  benefits of every possible  market position 

  ➔ Decides on the market position 
• Evaluating the benefits of every Market Position 

  1. Identifiable 

  2. Beneficial 

  3. Distinctive Advantage 

  4. Efficient and rewarding 
• DECIDING ON THE MARKET POSITION 

  • The last phase of market positioning after differentiating the product from the others in terms of benefits or attributes is to decide where to position the product. These are price and quality. 

  1. Offer more for less 

  2. Offer more for more 

  3. Offer less for much less 

  4. Offer more for the same
• BUSINESS PLAN


  The a roadmap for the new business, providing a clear direction and light to uncertain business endeavors.
• BUSINESS PLAN


  A detailed and integrated written document that describes various activities involved in opening and operating a new entrepreneurial venture.
• TEST OF POSSIBILITY & TEST OF FEASIBILITY - The process of testing a new business idea to obtain positive outcomes. 
• ➔ Minimum Viable Product 

  ➔ Give and receive feedback 

  ➔ Implement design thinking 
• ● Introduction 

  ➔ Proposed name of the business 

  ➔ Address of the business 

  ➔ Name of the owner/s 

  ➔ Description of the business 

  ➔ Location of the business 

  ➔ Funding requirement and source 
• ● Executive Summary 

  ➔ Vision, mission, goals, and objectives 

  ➔ Business model adapted 

  ➔ Business and product position 

  ➔ Wealth improvement approaches 

  ➔ Parties supporting the business 
• Wealth Improvement Approaches 

  1. Maintain competitive advantage 

  2. Position the business in the market 

  3. Improve the market share 

  4. Maximize the utilization of resources 
• ● Business Description 

  ➔ Nature and form of the business 

  ➔ Present status of the business 

  ➔ Product or service that it plans to  produce or serve 

  ➔ Various plant and office equipment 

  ➔ Size of the proposed business 

  ➔ Future parties with contract 

  ➔ Personnel requirement 

  ➔ Administrative operation 
• ● Production Plan 

  ➔ Production Schedule 

  ➔ Production Process 

  ➔ Processing Plant and Equipment 

  ➔ Sources of Materials 

  ➔ Production Cost 
• Schedule 

  1. Demand for the product 
  2. Availability of the resources 
  3. Capacity of the Plant  Process 
  4. Exact processing procedure 
  5. Materials, parts or ingredients 
  6. Expected time to process 
• Plant & Equipment 

  1. Capacity of the plant 
  2. Model of the machinery 
  3. Availability of of spare parts 
  4. Cost and terms of payment 
• Source of Materials 

  1. Proximity to the source to the processing plant 

  Payment terms and conditions 

  Discount & Damages 

  Terms of shipment 
• ● Operation Plan 

  ➔ Evaluation of suppliers 

  ➔ Materials requisition & procedures 

  ➔ Storage and inventory control system 

  ➔ shipment system and control 

  ➔ Function of support services
• Marketing Plan 


  This includes the 7Ps of the marketing mix, this is to reiterate how a product is distributed to the target consumers through innovative mechanism.
• Financial Plan

  • This part of the paper accumulates and describes all the data expressed in monetary units of the business plan.
• FINANCIAL PLAN


  ➔ Major assumptions

  ➔ Projected statement of comprehensive income

  ➔ Projected statement of cash flows

  ➔ Projected statement of financial position

  ➔ Financial statement analysis
• ENVIRONMENTAL FACTORS 

  1. Cultural 
  2. Social 
  3. Personal 
  4. Psychological
• BUYING DECISION PROCESS 

  ➔ Recognition of the Consumer’s needs and wants 

  ➔ Search for relevant information about the product 

  ➔ Evaluation of alternatives 

  ➔ Purchase decision 

  ➔ Post-Purchase decision 
• MARKETING MIX 


  • Simply refers to a mode, means, or tool used by the entrepreneur to position the product in the target market segment to efficiently and effectively to the consumers.
• PRODUCT 


  • Refers to tangible goods or intangible services offered by the business to the target consumers.
• 1. The product is only produced once there is an existing need or want. 
  2. The product must satisfy the need or want better than the competing products. 
• PRICE

  BROAD PRICE POLICY

  ➔ It makes sure that pricing decisions are coordinated with other sellers. It may be:

  1. Penetration pricing

  2. Skimming pricing
• PRICE STRATEGY 

  ➔ These are ways or some actions to  accomplish the goals and objectives of  the company in gaining profit. It may be: 

  1. Cost-based 

  2. Demand-based 

  3. Competition-based 
• Customary Pricing


  Price is maintained over an extended period of time. Variable Pricing price responds to cost fluctuations or differences in demand.
• One-price Policy


  When the price is charged to all customers under similar conditions.
• Flexible Pricing

  The customer's ability to negotiate or buy the power of the customer.