the entrepreneurial mind section citrine group 2

2. DEFINE MARKETING AND MARKETING
MANAGEMENT
EXPLAIN THE RESPONSIBILITIES OF
THE MARKETING MANAGER THAT IS
INCLUDED IN PRODUCTION AND
PRICING
DISCUSS THE IMPORTANCE OF
MARKETING IN A ENTERPRISE

3. It is the processing and/or
assembling of raw materials by
workers using machinery and
equipment to produce a product or
provide services.
It is also the creation of goods and
sevices.
It is the creation of utility.

4. UTILITY
means satisfaction. Goods and services are
produced to satisfy human wants or needs.
These inputs may include:
 Materials
 Manpower
 Machinery
 Methods
 Management
 Money and
 Time

5. OPERATION- step in a process, method,
or procedure where raw material is changed
into something else.
ASSEMBLY- putting parts together to form
a final product.
FINISHING
INSPECTION- make sure that the
operation has been carried out correctly as to
quality and quantity.

6. LAND-natural resources such as forest,
mountains, and bodies of water like rivers,
lakes, and seas.
LABOR- both physical and mental efforts
like the works of farmers, fishermen, worker,
clerks , lawyer, teacher, etc.

7. CAPITAL-refers to the seed money which is
utilized for starting a business.
ENTREPRENEURIAL ACTIVITY-
the spirit of enterprise. Without such activity,
the other productive resources tend to be
efficient.

8. Represents the payments for the
factors of production. These affect
the ability and willingness of
entreprenuers to produce. When
production cost are high, prices go
up. This decreases the purchasing
power of the consumers. This results
to lower quantity demand for goods
and supplies. In other words, there
is a decrease in sales

9. The cost production is made up of three parts:
Direct materials- inputs that become part
of the product.
Direct labor- includes the workers whose
outputs are closely related to or associated with
the making of the product.
Manufacturing overhead- incurred in
making of the production but do not become part
of the product.

10. As a production manager, you
should be concerned with the
economical and efficient utilization
of inputs to produce output. Always
aim at improving productivity,
which is simply defined as the
arithmetical ration between the
amount produced and the amount
of all resources used in production.

11. PRODUCTIVITY OF MATERIALS-
an increase of 10% in utilization of materials.
PRODUCTIVITY OF LABOR- due to
the improved work methods the worker was
able to raise his production outputs.

12. PRODUCTIVITY OF MACHINES- an
average machine produce 1000 pieces of
particular components per hour. Adjustments of
the speed of the machine increased its
production volume to 1300 pieces per hour.

13. If you don’t plan and schedule
your production properly you’ll
waste a lot of time and money
without adequate plan.

14. Running out of raw materials stocks,
when you need them.
Interruption of operation because the
next machine or worker doesn’t
continuously supply of in-process
material from preceding one.
Work delay due to machine
breakdown.
Failure to deliver products on time to
consumers.

15. The following are the vital points so that you can
cut down on wasted time.
Plan the delivery and supply level
of materials and purchased parts.
Plan the jobs to be done
Plan your machine maintenance

16.  Business is not all about earning money but
also to serve the needs of your target market.
 Always bear in mind that if the buyer is
satisfied with the quality of your product, you
can expect repeat orders or continuous
patronage from him.
 Aside from keeping satisfaction to the
customers, maintaining product quality is one
of the factor that the customer wants.

17. 1. Control manufacturing information
2. Control purchases and storage of
raw materials
3. Control manufacturing process
4. Control finished products
5. Control measuring instruments and
test equipment
6. Control corrective action

18. You should see to it that your
production workers are given
complete, easy to understand, clear
and simple instructions on the process
of production. You should provide
them clear drawings and diagrams.

19.  You should obtain the correct materials of
defined quality from the suppliers, and see
to it that these are appropriately stored to
prevent spoiling or deterioration. Check
and inspect raw materials delivered to you
by your suppliers to verify whether these
conform to your quality requirements. It is
best to maintain good relationship and
communication with suppliers.

20.  Prevent the fabrication of defective
products by instituting inspection
points or simple routine checks on
important processes or steps,
through adequate planning, good
machine maintenance, and proper
motivation of production employees.

21. Verify by means of adequate tests
and criteria to check whether the
finished product meets the quality
standard or not. Use information
feedback from the final inspection
to maintain production process. Use
simple sampling plans.

22. Schedule periodic calibrations and
adjustments or maintenance of test
and process equipment for adequate
control.

23. Use information from control areas
1-5 to ensure that deficiencies
affecting quality are promptly and
systematically detected and
corrected.

25. Keep sufficient stocks of raw
materials, in-process goods, and
finished goods in order to meet
your production and sales
target.

26. Means that you must take care
not to have too much, nor too
little of required stocks.
Overstock nor under-stock.

27. Meet sudden increase in sales demand;
and
Make up rejected or damaged parts
and products.

28. When to order
How often to order
How much to order

29. Are those , which are either sold
at as much the same rate at all
times or regularly used in
production.

30. Are those that move quickly at
some time and slowly than others.

31. There is one thing that entrepreneurs must
embrace on a lifetime when he/she engages
in a business. This is the concept of
marketing is an activity that the entrepreneur
will be involve in for as long as the business
exist.
Some newcomers in the field of business brag
about their new product or invention and end
up nothing or not going to the business and
for do it profitably.

32. Any form of business has to exist not because
of the existence of a product or service that
the entrepreneur has, but because are
preconceived notion that there is a market or
market potentials for the product or service.
The marketing concept is a costumer-
oriented philosophy that is implemented and
integrated throughout the business to serve
customers better than the competitors and
achieve specific goals.

33. Marketing concept is made up of 3 components:
Customer neeeds and wants
The organizational integration
The goal achievement

34. A market research helps the
entrepreneurs discover who wantsto
buy the product or services. In other
words, entrepreneurs will be guided
as to the particular market segment.
Even before starting business, do a
market research as this can be help
in production planning, product
development, packaging and pricing.

35. In specific term, market research will guide
entrepreneurs as to the following:
 Define your product or services
 Define your market- who are your costumer?
 Identify what motivates those costumers to buy
 Price your market or services
 Reach your costumers through advertising, publicity,
and sales calls
 Compete with other companies providing the same
products or sevices.
 Position your product in the market place
 Cope with outside forces, such as age economy
 Understand your industry and how your company fits
in
 Evaluate your community

36. 1. LIBRARY RESEARCH
2. QUESTIONAIRE SURVEY
3. EXISTING RESEARCH REPORT
4. PUBLISHED MARKET STATISTICS
5. TRADE ASSOCIATION MEETINGS AND TRADE
SHOW
6. EXPERTS
7. PHANTOM PRODUCTS
8. PROFESSIONAL MARKET SURVEYS

37. 1. Library Research- the academic and
library setting are valuable data providers,
particularly those institutions where libraries
facilities are updated and comprehenced.
2. Quetionaire Survey- a survey
questionaire is a basic toll in market research,
whether it is conducted by mail, telephone or
person interview

38. 3. Existing research report- its the
business proposition refers to an existing
product or services and is deemed to be
growing, and hence you are going into such
field of business there must exist information or
a subject in the recent years that could be of
help to the entrepreneurs..
4. Published Market Statistic- there are
published market statistics for some product
lines by trade association of private market
organization which entrepreneurs can simply
buy or subscribed to.

39. 5. Trade association meeting and trade
shows- in the long-term, it pays to be a
member of trade associations. The meetings
and trade exhibits or exposistion sponsored by
this group can expose you to variuos parties and
suppliers who can provide vital information.
6. Experts- it should be of help to touch base
with real technical experts and parties who
knows about the markets of the product or
services.

40. 7. Phantom products- this is done by smart
entrepreneurs in developed countries. It is one
of the methods that are often used to obtain
market data done by issuing press statement or
announcement of non-existent or prototype,
then sit back and see who reponds.
8.Professional market surveys- these are
large and prestigious research organizations and
consulting service companies who published
documents like market indicators, regional and
provincial profiles, investment guides, and
other special series publication that can be of
help to entrepreneurs and prospective business
investors.

41. Marketing plan- work as a survival, as well
as a preventive tool.

42. COMPONENT OF MARKETING PLAN
EXECUTIVE STRATEGIES- will spell out the
difference between a well-written business plan
and a poorly done one.
OBJECTIVE- marketing objective must be
specific as to what is there that needs to be
accomplished.
MARKETING MIX- if defines the production of
the business of the production in a market place.

43. This refers to the marketing
institution and interrelationships
responsible for the physical flow
of goods and services from the
producer or manufacturee to
consumers or industrial users.

44. DIRECT MARKETING- this refersn to a
system of marketing by which an organization
communicates directly with consumers to
generate a response and/or transaction.

45. WHOLESALERS- this is where the producers
or manufactures generally dispose or sell their
products
AGENTS- the individual entrepreneur may find it
impossible to contact and service the wholesalers
without additional help.

46. Price is the value placed on goods
and service offered to the public. A
product or services may be paid in
the form of money or it could be
paid each other goods and/or
services. For this transaction to take
place, a value on the product or
service.

47. Fair pricing is not all about what is good for the
buyers or consumers; other does it mean making
it cheaper. Take note that low price is an
indication of low quality product or services.
Fair pricing is one that is attractive to potential
clienteles or market with reasonable returns for
the entrepreneur.
Fair pricing also means looking at the
competitors’ prices. If your competitors charges
less, making little or no profit at all, you may
have to drop near his level for a while and
outsell them later.

48. The price you charge to your
customers or clients will have direct
bearing on the success of the
business; hence, this aspect must be
given due diligence and care.

49. The following will serve as a fundamental
guideline:
 All prices must cover costs:
 The best and most effective way of lower sales
price is lowering the cost;
 Prices must be regularly upgraded to reflect
market be established to ensure sales;
 Product utility, longevity, maintenance, and end
use must be judged continually, the target prices
should then bbe adjusted accordingly:
 Prices must be set to preserve order in the
marketplace:I; and
 Prices must be fixed to support an overall
corporate goal.

50. Unlike a product where can be quantified to
arrive at a product costs, rendering services
involves human efforts and other parameters or
factors of production which are quite difficult to
quantify. For instance, human creativity,
innovativeness, and ingenuity involve expenses
incurred in the pass, which shall be applied only
now. Morever, there are other issues involving
use of human resources, whose actual
contribution to product development may be
also difficult to quantify. Nevertheless, among
services providers, pricing services rendered
vary.