2. What you need to know:
1. Understand the key concepts of
entrepreneurship.
2. Explore job opportunities as an
entrepreneur.
3. Advertising, Marketing,
and Public Relations
● provide you with the know-how
to reach an audience for your
own product or service
● You may be able to tap the
valuable connections you’ve
met on the job for your new
venture.
4. • Use strong business development
skills to identify opportunities for your
own future business
• gain the ability to grow and manage
an enterprise
Business Development
6. Design
● Whether you work in fashion,
home, or product design, these
skills will help you create your
own product or service
7. E-commerce and Social Media:
• knowledgeable
on online sales
and search
engine
optimization
(SEO)
• strong social
media skills
will be
essential
8. • working in management will give you the
leadership, people, and communications
experience you will need to be successful
Management
9. • The work you do for your
employer will enhance your
skillset and give you
transferable skills to use to
start and grow your own
business.
Software, Web, or
App Developer
10. • Working in real estate can
build the sales, marketing,
finance, communications,
self-motivation, and other
skills
Real Estate
11. • provide experience and
opportunities to excel and
generate income, meet and
achieve goals, and, most
importantly, the ability to sell a
product or service.
Sales
Manager/Account
Executive
12. Consultant
● working for a major consulting
firm will give you experience in
different industries and types of
companies
● you will have an insider
perspective on many different
types of organizations.
13. • work on a product through
research, development,
engineering, manufacturing,
going live, and distribution
Product Manager
20. Potential Market
• It is the part of the market you
can capture in the future.
• It includes the demographic
groups that are not currently
your customers but could
become customers in the
future.
DEFINITION OF TERMS AND CONCEPTS
21. Product
• something (such as a service)
that is marketed or sold as a
commodity
DEFINITION OF TERMS AND CONCEPTS
26. Competitive Advantage
• If you have relevant
experience and skills within
the targeted industry, you may
have a competitive advantage
when entering the target
market.
• EXAMPLE: if you have
worked in the retail business
for the last 15 years, the
retailers would be a high-
potential target market for you
27. Profitability
• the fact that something
produces or is likely to
create profit
DEFINITION OF TERMS AND CONCEPTS
28. Size and Profitability • The target market's profitability
must be large enough to be
worth pursuing.
• Research the number of
people in the target market, the
potential revenue and net profit
after expenses.
• Estimate your projected
income from industry research
reports through industry
associations, research
companies, or organizations.
29. Accessibility
• the fact of being able to be
reached or obtained easily
DEFINITION OF TERMS AND CONCEPTS
30. Accessibility
• A high-potential target
market must be identifiable
and accessible through
marketing channels
• For example, if the target
market is in a different
country, the political
conditions will be challenging
to reach through
conventional marketing
channels.
31. Competition
• A lucrative target market
ideally would have limited
or manageable
competition.
• Research the needs of
the target market, the
stakeholders, and how
well the competition
meets the market’s
needs.
32. SW # 4
Answer Assessment
Modified True or False, Identification on pages
15-16
35. 1. SEEKING-
• An entrepreneur
should be constantly
seeking new
opportunities that
could improve the
business
• Recognize customers’
needs, wants and
interests.
36. 2. SCREENING-
• New opportunities
should be screened,
tested, and analyze for
its potential to be
viable, feasible, and
sustainable
37. 3. SEIZING-
• The selected opportunities must
be prepared for successful
implementation by
understanding the factors that
need to be prioritized
39. • Market Needs is a marketing concept
that means functional, emotional
needs, or desires of a target
market.
• A successful company identifies when
a segment of customers is not
effectively served by existing
providers and develops and
promotes products or services to
match.
Market Needs
40. Market
Analysis
● is the step to
investigate a
concept for the
product.
Why should you embark on the market
analysis process? The primary reasons are:
To determine if there is a market
for your products or services
To establish the need for
developing a marketing plan
To ascertain market information
that will assist in the sale of your
product or service
41. The Marketing Analysis process can be broken down into six steps:
1. Defining the problem
2. Analysis of the situation
3. Obtaining data that is specific to the problem
4. Analysis and interpreting the data
5. Fostering ideas and problem solving
6. Designing a plan
Marketing Analysis
42. 1. Defining the Problem
• Defining the problem is crucial in conducting a successful
Marketing Analysis.
• Defining the objectives is a step to a successful marketing
campaign.
• Many individuals waste valuable time performing good
research on the wrong problem.
• It is important not to confuse the symptom with a problem.
43. 1. Defining the Problem
Focused research revealed that the target population for Dr. Pepper differed from Coke
and Pepsi. It was found that Dr. Pepper's target market believes life should be lived
following one's own set of personal values and not based on the expectations of
others. Cola drinkers, on the other hand, try to win the approval of others.
44. 2. Analysis of the Situation
• An analysis of the situation is an informal survey of what
information is available in the problem area.
• It will help define the problem and ascertain the need for
additional information. This process entails informal talks
with informed people.
45. 2. Analysis of the Situation
• Primary Research- research that
proactively creates for a specific
purpose. This is information you
collect yourself.
Examples: focus groups, qualitative surveys
and phone interviews
Examples: libraries, online, through periodicals,
books, etc
• Secondary Research-
research that has been
conducted already for other
purposes.
46. 3. Obtaining Data Specific to the Problem
• The next step requires
gathering primary research
and performing a formal
research project.
• The purpose is to identify what
customers think about some
topic or behavior patterns.
47. 3. Obtaining Data Specific to the Problem
• Qualitative research utilizes open-
ended questions to obtain in-depth
answers.
• Closed-ended questions requiring yes
or no answers are prohibited. The idea
is to have people share their
thoughts on a topic without giving
them extensive directions or
guidelines.
• Depth is a significant factor in this type
of research.
"What do you think about the time you
decide on a place to shop for your kids'
clothes?"
48. 3. Obtaining Data Specific to the Problem
• Quantitative differs from
qualitative through the gathering
of data.
• Quantitative uses parametric
statistical information, i.e.,
information with a number to it.
49. 3. Obtaining Data Specific to the Problem
• A mail questionnaire is
applicable when extensive
questioning is needed. This
type of format allows the
respondents to complete
the questions at their
convenience.
50. 3. Obtaining Data Specific to the Problem
• Telephone surveys are
growing in number, and they
can be fast and effective. In
this format, researchers can
ascertain answers to simple
questions quickly.
51. 3. Obtaining Data Specific to the Problem
• Personal interview
surveys can be effective
for maintaining a
respondent’s attention. In
this format the interviewer
is present to explain
complicated directions
hopefully leading to better
responses.
52. 3. Obtaining Data Specific to the Problem
• Observations use for data
collection. During
observation, researchers try
to learn what the subject
does naturally. It should not
influence the consumer's
behavior. Observation
methods are usually in
advertising research.
53. 4. Data Analysis and Interpretation
• What does this
information mean?
• Can one
constructively use
the data to define the
problem and then
establish a plan?
54. 4. Data Analysis and Interpretation
• In quantitative research,
this step most often
involves statistics. In the
marketplace, one can find
many statistical packages
(computer- based) to
analyze the data.
55. 5. Fostering Ideas and Problem Solving
• The research results is
used to make
marketing decisions
• The findings should be
applied in marketing
planning.
56. 6. Designing a Plan
• This six-step Process
of Market Analysis is
critical in designing a
marketing plan that is
tailored to your
specific product or
service.
58. "Who will buy this product?" and
"How much does the product cost?"
Incorporating marketability evaluations
helps determine the value of a new product.
59. Evaluating New Products
All new products should be evaluated
early in the development stage. The
evaluating process can start with your
own opinion or that of close
colleagues.
60. Evaluating New Products
However, it is very important to obtain an
objective opinion, which can often return
intangible results. Always use a
confidentiality agreement when other people
outside the organization are approached for
marketing tests.
61. Determining
Product Marketability
Jot down safety features, legality/regulatory
notes, the product's impact on society,
aesthetics, performance, market and demand,
profitability model, consumer appeal, product
drawbacks, licensing potential, the potential
for new markets, development status and time
to market, and the inventor's reputation.
62. Manager Roles
The product manager is in charge of
determining a product's marketability, and is
ultimately responsible for the products and
the product's success in the market.
63. What are the things
you need to succeed in
E-commerce?
66. Peel-off face mask
A more sustainable
option is to create
your own Instagram
profile and publish
content around your
face peels and masks.
67. 1. Peel-off face mask
You could partner up
with influencers in the
space and run Instagram
ads to make sales
quickly.
68. 2. Nail Polish
The younger generation
is starting to experiment
with new nail trends,
driving demand for nail
products includes
enamel, varnish, and
lacquer.
69. 3. Exercise Bands
Given mandatory
government shutdowns
of gyms around the
globe due to the
coronavirus, there’s
been a growing trend
in at-home exercise
equipment.
70. 4. Water Bottles
Increasing threats to
the environment from
nonreusable bottles
and the growing
population leaning
toward a healthy
lifestyle drive this trend.
71. 5. Blankets
people are leaning more toward
sustainable blankets that are
also modern, decorative,
stylish, and comfortable—like
wool, retailers are making more
money selling than they are
from cotton or polyester
blankets
72. 5. Yoga and Pilates Mats
Yoga mats have been
selling well for a while
now. Due to the
growing popularity of
yoga and increasing
awareness of its health
benefits.
73. 7. Kitchen and Dining Room Furniture
People are spending
more time at home and
looking to spruce up
their living spaces.
74. 8. Board Games
It is an easy way
to get the family
together to laugh,
relieve stress, and
lower screen time.
75. 7. Laptop Skins
Laptop skins are one of
those random trending
products that become
popular every few
years and can drive
incredible profits while
the trend is hot.
76. 10. Food Delivery
Due to the threat of
being out, food delivery
is a boom. People
often order rather than
cook.
