MODULE 1: FINDING BUSINESS 1.

COME UP WITH A CLEAR MARKETING

OPPORTUNITIES RESEARCH OBJECTIVE- this objective
SCANNING THE MARKET- The process of should include how to get the marketing
venturing into business formally begins with a scan data and how to interpret these data.
of the market to find business opportunities from Specific
macro environmental and within the realms of Measurable
entrepreneur’s community or locality. Attainable
EXTERNAL SOURCES OF BUSINESS Realistic
OPPORTUNITIES Time-bound
 Socio-cultural factors 2. CHOOSE THE RESEARCH DESIGN- this
 Technological advancements step is essentially selecting the most
 Economic growth or decline effective and efficient type of research
 Politics and legal factors design that will help the entrepreneur meet
 Industry trends his or her research objectives.
 New discovery and new knowledge  EXPLORATORY- this research design is
 Futuristic or unexpected opportunities qualitative research that aims to explore
 Consumer preferences, including undefined research subjects.
preferences of digital customers  DESCRIPTIVE- this research design is
 Competitors quantitative that aims to acquire data or
specific interest through quantitative means.
 Societal problems or irritants in the
A survey is an example of this.
marketplace
 CAUSAL- this research design aims to
 Physical location of the entrepreneur
understand causal relationship between
INTERNAL SOURCES OF BUSINESS
variables. It is most specific research
OPPORTUNITIES
design. Experiment is an example of this.
 Talents, hobbies, skills, expertise, or
3. DESIGN AND PREPARE THE RESEARCH
academic background
TOOL
 Financial capacity 4. COLLECT THE DATA FROM THE
 Processes/ operational capacity RESEARCH PARTICIPANTS- this step is
 Leadership and people management skills the heart of any research as it is in this part
 Entrepreneurial attitude/ character where the entrepreneur gathers all the
 Vision and strategy answers to the questions asked during the
CHOOSING THE RIGHT PRODUCT OR SERVICE implementation of the research tool.
FOR THE MARKET- the next step is to validate if, 5. INTERPRET THE GATHERED DATA- the
indeed, the initial business opportunities you have is the result stage where the entrepreneur
listed are really feasible or doable. converts the data gathered into useful
ELEMENTS reports that can be easily interpreted or
 MARKET POTENTIAL- the business read by a research stakeholder depending
presents superior value to customers on their research output requirements.
 FINANCIAL FEASIBILITY- the business is CONCLUSION AND RECOMMENDATION FOR
a potential cash cow. THE MARKET- if the proper steps—specifically,
 COMPETITIVE ADVANTAGE- the business matching the most compelling external and internal
solves a compelling problem, issue, need or opportunities and using the appropriate research
want. methodologies and framework to validate market
 ENTREPRENEUR’S RESOURCES- the acceptability and demand of the product or
business matches the entrepreneur’s skills, service—are followed in the previous steps,
resources, and risk appetite. formulating the a conclusion and recommendation
TESTING THE MARKET- third step, is to test the will not be difficult.
target market. Marketing research plays a vital role MODULE 2: PREPARING THE BUSINESS PLAN
in this step. The entrepreneur must understand PREPARING A STRATEGY PLAN FOR
comprehensively the customer’s demand and the COMPETITIVE ADVANTAGE- a strategy plan for
market acceptability of the product or service the he competitive advantage deals with the competitive
or she will offer. environment where the entrepreneur will participate
MARKET RESEARCH (MUST DO THE in. the plan will show how competitive strategies
FOLLOWING TASKS) based on the scan of competitive environment can
be devised.
COMPETITIVE ENVIRONMENT- is the dynamic b. VALUE PROPOSITION (VP) - refers to a
external system in which a business competes and definitive statement which promotes the
functions. In order to scrutinize this competitive benefits or value that a product or service
environment, the entrepreneur has to conduct can cater to the customers.
industry analysis and competitive strategy. c. UNIQUE SELLING PROPOSITION (USP) -
INDUSTRY ANALYSIS- is the examination of the refers to a statement that promote the most
industry where the entrepreneur’s business will compelling attribute of a product or service
participate in, usually in the next three to five years. and what makes it different from the rest of
It encompasses the opportunities and threats in the its competitors.
industry as well as the major trends that could d. SALES FORECAST- is a projection of
affect the growth or decline of the industry potential sales that business will generate
COMPETITIVE ANALYSIS- is the examination of because of the marketing efforts to be
what the direct and indirect competitors are doing implemented and the general condition of
and what they can possibly do in the future. It also the industry to where the business belongs.
shows the driving forces and rationale on why the OPERATIONS PLAN – is a plan that contains the
competitors are doing what they are doing. specific details of a business operation, including
COMPETITIVE STRATEGIES- after assessing and production or manufacturing, inventory, and
evaluating the competitive strength and positions of distribution, to a new fame.
your business against the competitions, the 4 ASPECTS
entrepreneur have to come up with competitive 1. METHODS- are simply the daily process
strategies to counter the challenges posed by the that a business conducts.
competition. a. MANUFACTURING ELEMENTS- are
a. COST LEADERSHIP- is a strategy used by the elements needed to manufacture a
business to create a low cost of operation product.
within their niche. The use of this strategy is b. DISTRIBUTION METHOD- is the step
primarily to gain advantage over by step process on how a product will
competitors by reducing cost of operations reach the customers.
below that of the industry. c. DISTRIBUTION CHANNEL- is where
b. DIFFERENTIATION STRATEGY- is a the goods or service pass through to
strategy that highlights the uniqueness or reach the customers.
difference of a product/service or an 2. MANPOWER- is basically the labor force
attribute of a product/service that the needed in business operations. It is visual
competitors are weak at have no one at all. part of an operations plan.
This strategy makes the product/service 3. MACHINES- are the equipment (soft or
stand out from the rest. hard) needed to manufacture a product.
c. FOCUS STRATEGY- is a strategy applied THE 7P’S OF MARKETING
when the entrepreneur focuses on a certain MARKETING MIX 4P’S
or specific target market segment in mind.  PRODUCT
 COST FOCUS STRATEGY- positions low  PLACE
cost as a competitive advantage to the  PRICE
segment.  PROMOTION
 DIFFERENTIATION FOCUS STRATEGY- 3P’S
positions a unique product/service or a  PEOPLE
unique feature of a product/service to the  PACKAGING
target segment.  PROCESS
PREPARING A MARKETING PLAN EXPORT MARKING- is a sign or symbol indicated
MARKETING PLAN- is a business document in export boxes.
outlining your marketing strategy and tactics. It ESSENTIAL DATA- are the basic information and
includes a variety of marketing factors including nature of the products inside an export box.
costs, goals, and action steps. It is basically a plan MARKING SYMBOLS- are symbols that are used
on how to woo the primary target market of a in export boxes to signal handling for the products
business. inside the box.
a. PRODUCT OR SERVICE OFFERING- FINANCIAL PLAN- is a plan that details where the
refers to the value that business will give to entrepreneur wants to take his or her business in
a customer. terms of profitability, cash flows, and net worth.