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- 1. Entrepreneurship Senior High SchoolApplied - Academic Unit 2: The Business Plan Lesson 3 The Business Plan Contents (II): Target Customers, Value Proposition, Market, and Product Offering
- 2. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT What isyour idea of presenting your proposed product or service? 2
- 3. Learning Objective ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT At theend of the lesson, you should be able to do the following: Discuss the different parts of a business plan. 3 3
- 4. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Why isit important to have a catchy tagline for your business? 4
- 5. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT How canyou integrate your tagline in promoting your business? 5
- 6. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Target Customers Thetarget market refers to a selected and well- defined client segment among the businesses’ serviceable market. 6
- 7. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT How todefine your market? Segment the market: Segment the serviceable market consistent with their demographics, geography, psychographics, and behavioral patterns. 7
- 8. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT How todefine your market? Identify the Unique Selling Proposition (USP): The USP is what differentiates you from other competitors. It's why shoppers like your product over others. 8
- 9. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT How todefine your market? Analyze the customer base: If you’re already in business, the most effective way to outline your target market is to gather your client information and to analyze it. 9
- 10. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT How todefine your market? Analyze the competitors’ customer base: Who does your competitor aim to target through their promotional efforts? Where do they sell their products? You can either choose the same target market or opt for a rather completely different phase. 10
- 11. 11 Why does agood value proposition have a big impact in attracting customers?
- 12. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Value Proposition Avalue proposition refers to the worth an organization guarantees to deliver to customers should they prefer to obtain their product. 12
- 13. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Value Proposition ●Create a robust differentiation between you and your competitors. ● Increase the standard of prospective leads. ● Gain market share in your targeted segments. 13
- 14. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Value Proposition ●Improve your operation potency. ● Increase your revenue. ● Ensure that everybody in your company communicates a similar message. 14
- 15. Remember 15 A successful valueproposition should be communicated to customers directly, either via the company's internet site or alternative promotion or advertising.
- 16. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Product and/orServices Offering This section must showcase the standard, value, and advantages your business offers. 16
- 17. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Product and/orServices Offering ● a short explanation of the products or services you are offering ● the proposed price of the products or services ● differentiation between your products or services to be offered and your competitors’ offering 17
- 18. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Product and/orServices Offering ● information about your marketing styles and strategies ● the process on how your customers will process or fulfill their orders ● any legal issues that you need to address like intellectual property and/or trademarks ● any products or services you plan to offer in the future 18
- 19. Remember 19 The business plan’sproducts and services section is the heart of the business plan itself. While other parts of the business plan are also important, the products and services section is the soul of the business. All other parts of the business plan should be anchored in this section.
- 20. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Example: ProductOffering Sample 20 20 Holiday Hills Cycle Rentals Holiday Hills Cycle Rentals offers a comprehensive line of bicycles and cycling instrumentation for all ages and levels of ability. Since the standard client seeks medium-quality equipment and wonderful services at competitive costs, we'll concentrate on providing brands like Keysto Bikes and Exustar helmets.
- 21. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Example: ProductOffering Sample 21 21 Holiday Hills Cycle Rentals These manufacturers have good reviews as a mid- to high-level quality of bikes, in contrast to equipment generally found within the rental market.
- 22. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Example: ProductOffering Sample 22 22 Price per hour (in Php) Price per day (in Php) Price per week (in Php) Bicycle 50 500 3000 Helmet 10 100 500
- 23. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Example: ProductOffering Sample 23 23 Notes: ● Customers can extend the rental term by messaging our social media page or contacting us using our phone numbers. ● A grace period of two hours will be applied to all rentals; we will not charge any additional amount if the customer brings back the product within the grace period.
- 24. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Example: ProductOffering Sample 24 24 Competition: Holiday Hills Cycle Rentals will have great advantages over its primary competitor, the bike shops located in Brgy. San Antonio, San Pedro, Laguna due to the following:
- 25. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Example: ProductOffering Sample 25 25 ● It will provide newer equipment inventory with great quality. ● The price of the rental is 20 percent lower than the other bike shop. ● The customer can extend the rent by using social media or phone numbers. ● A grace period for returning bikes that will make it a customer-friendly bike shop.
- 26. Tip 26 When you draftyour products and services section, consider your reader as someone who has very little knowledge about your business. Be clear to the purpose.
- 27. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Activity If youwill promote your business using a poster, how will it be? Make an advertising poster that indicates your product or service to offer and your value proposition. 27
- 28. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Questions PartA. 1. Why is there a need to specify the target customers of a proposed business? 2. Why is there a need to describe the products or services to be offered to the target customers? 3. What should be considered in determining the price of a product or service? 28
- 29. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Questions 4.What are the things that need to be considered in making a value proposition for a product or service? 5. Why is there a need to determine the advantage of a proposed product or service against its competitor? 29
- 30. ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT ENGAGE EXPLOR EXPLAIN EXTEND EVALUAT Questions PartB. Write a possible value proposition statement for the following businesses: 30 Business Value Proposition Statement Meat Shop Teleconferencing Service Hardware Store Computer Accessories Shop Bakeshop
- 31. Wrap Up 31 The targetmarket refers to a selected and well- defined client segment among the business’s serviceable market. A value proposition refers to the worth an organization guarantees to deliver to customers should they prefer to obtain their product.
- 32. Wrap Up 32 The productsand services section of your business plan is not only the inventory of what your business wants to produce.
- 33.
- 34. Bibliography Allen, Scott. “Writea Business Plan Concept and Value Proposition.” The Balance Small Business. Accessed on March 30, 2020. https://www.thebalancesmb.com/writing-business-plan-concept-value-proposition-1200835. Duermyer, Randy. “How to Write the Product and Services Section of Your Business Plan.” The Balance Small Business. Accessed on March 30, 2020. https://www.thebalancesmb.com/business-plan-format-1794224. Kauffman, Ewing Marion. “Value Proposition.” Accessed on March 30, 2020. https://www.entrepreneurship.org/articles/2007/03/value-proposition. Pahwa, Aashish. “Target Market - Definition, Examples, Strategies, & Analysis.” Feedough. Accessed on March 30, 2020. https://www.feedough.com/target-market-definition-examples-strategies-analysis/#What-Is-A- Target-Market . 34
- 35. Bibliography Shewan, Dan. “7Of the Best Value Proposition Examples We've Ever Seen.” WordStream. Accessed on March 30, 2020. https://www.wordstream.com/blog/ws/2016/04/27/value-proposition-examples. Twin, Alexandra. “Value Proposition: Why Consumers Should Buy a Product or Use a Service.” Investopedia. Accessed on March 30, 2020. https://www.investopedia.com/terms/v/valueproposition.asp. 35
Editor's Notes
- #1 GENERAL PARTS of this presentation: Engage- this is meant to capture the students’ attention, link their prior knowledge to the new topic, and set their expectations about the lesson. Explore- this is meant to elicit discussion, and encourage students to explore and derive ideas from questions, scenarios, activities, or discussion. Explain- this is meant for the teacher to use to synthesize students’ ideas from EXPLORE, and to emphasize on the key understandings needed for this lesson. Extend- this is an optional activity meant for guided practice. Evaluate- this is a quick check of students’ understanding of the lesson. Wrap Up- this is a reiteration of the key concepts of the lesson.
- #4 Note to teacher: You may ask the class to do this to check prior knowledge and ideas of students about target customers, value proposition, market, and product offering. You may show this slide and the next before discussing the questions.
- #5 Note to teacher: You may ask the class to do this to check prior knowledge and ideas of students about target customers, value proposition, market, and product offering.
- #27 Note to teacher: You may ask the class to do this activity, individually, by pair, or by group. Afterwards, you may call some students to share to the class their answers. You may process the answers given by each students so that the class can have a common understanding of the topic.
- #28 Model Answer: Identifying target markets makes it easier for businesses to contend with giant established corporations, innovators to disrupt the market, and startups and other corporations to edge over their competitors. Describing how the company's products and services will differ from the competitors is critical. Like if an entrepreneur plans to sell a commodity item and the key to his or her success lies in competitive pricing, the entrepreneur probably doesn't need to provide significant product detail. But if he or she sells a commodity item and the entrepreneur didn’t lie in the competitive pricing, and it’s higher, it might cause the product or service to not attain much profit. One of the main factors that an entrepreneur should consider aside from the production costs, is the capacity of the target customers to pay. If the majority of the target market is in the low-income class, the entrepreneur should have the price that will fit their capacity.
- #29 Model Answer: The value proposition should express the essence of the entrepreneur’s business in a way that compels the customer to buy. Determining the advantage of a proposed product or service gives the opportunity to the entrepreneur to determine whether the product is unique, and if the target market will be able to buy the product or avail the service.
- #30 Note: There is no exact or objective answer for this activity. In checking the outputs, the teacher will just take into consideration the guidelines stipulated in the Study Guide if they were followed by the students in coming up with an answer to each item.