2. Things
to discuss
Key takeaways
• Associate the market problem to be
solved or the market need to be met;
• Break down the market needs;
• Detect the possible product/s or
service/s that will meet the need of
your locality.
• Screen the proposed solution/s based
on viability, profitability, and customer
need in developing a Business Plan.
• Choose the best product or service that
will meet the market needs.
ENTREPRENEURSHIP | LESSON 1
3. Overview
Business industries offers
products and services. The
activity of making, buying, or
selling goods or providing
services in exchange of money is
called business. Product is
something that is made or
grown to be sold or use, or
something that is result of a
process. Services are those
intangible products where there
is a skill involve and has a value.
ENTREPRENEURSHIP | LESSON 1
4. Identifying Market
Problems
ENTREPRENEURSHIP | LESSON 1
To deliver products that solve
your target customers’ problems,
you must first identify market
problems. These problems may be
stated directly as customer needs
or implied indirectly.
5. The Market
Consist of:
People in your target market
who are not currently looking
for a solution.
ENTREPRENEURSHIP | LESSON 1
People who have already
purchased your product
People who have not yet
purchased your product but
are considering it
Existing Customers Target Market Users
Prospects
6. Traps to Avoid when
Listening to your
Market
Focusing only on innovation and
the competition
Focusing only on customers
Focusing only on revenue
ENTREPRENEURSHIP | LESSON 1
7. Entrepreneurial Ideas
The creation of an entrepreneurial ideas leads to the identification of
entrepreneurial opportunities, which in turn results in the opening of an
entrepreneurial venture.
The entrepreneurial process of creating a new venture is presented in the
diagram below.
Creating Entrepreneurial
Ideas
Identification of
Entrepreneurial Opportunities
Opening of
Entrepreneurial Ventures
9. Understanding the Marketplace and Customer
Needs
Marketing
myopia - is
focusing only on
existing wants
and losing sight of
underlying
consumer needs.
Needs – it’s a state of felt
deprivation.
• Physical—food,
clothing, warmth,
safety
• Social—belonging
and affection
• Individual—
knowledge and self-
expression
Demands – it’s
a human
wants backed
by buying
power
Market offerings
- are some
combination of
products,
services,
information, or
experiences
offered to a
market to satisfy
a need or a want.
ENTREPRENEURSHIP | LESSON 1
10. Understanding the Marketplace and Customer
Needs
Customer Value and Satisfaction
Expectations
Customers - From
expectations about the value
and satisfaction that various
market offerings. Will deliver
and buy accordingly.
Exchanges and Relationships
Exchange - the act of obtaining a
desired object from someone by
offering something in return
Relationship - Marketing actions
try to create, maintain, grow
exchange relationships.
Markets
Each party in the system adds
value. Walmart cannot fulfill its
promise of low prices unless its
suppliers provide low costs. Ford
cannot deliver a high-quality car-
ownership experience unless its
dealers provide outstanding
service.
ENTREPRENEURSHIP | LESSON 1
11. Sources of
Opportunities
Changes in the environment
Government’s thrust, programs,
and policies
People’s interest
Technological discovery and
advancement
Past experiences
-
There are many ways to
discover opportunities. Looking at
the big picture some have noticed
the emerging trends and patterns
for business opportunities.
ENTREPRENEURSHIP | LESSON 1
