The document provides an overview of Module 2 of an entrepreneurship course, which focuses on recognizing market opportunities. The key points are:
- The module aims to teach students how to identify market problems, propose solutions in the form of products/services, analyze market needs, and select the best opportunity.
- It discusses techniques for seeking, screening, and seizing opportunities, and how to analyze customer needs and market feasibility of potential solutions.
- The entrepreneurial process and developing a business plan are outlined, including opportunity assessment, determining capital needs, and running the business.
- Methods like environmental scanning and the "3S framework" are presented to help students evaluate opportunities from identification to commercialization.
SCREEN THE PROPOSED SOLUTIONS BASED ON VIABILITY,PROFITABILITY, AND CUSTOMERS...Joace Gayrama
THINGS TO CONSIDER DURING A PRODUCT VIABILITY ANALYSIS:
1. Consider product size and weight
2. Consider product fragility
3. Consider skus
4. Consider product lifespan
CHAPTER 2: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Relationship Marketing
Lesson 2: Customer Value
Lesson 3: Customer Relationship Development Strategies Lesson 4: Customer Service Strategy in the Philippine Business Enterprise.
Resources: Principles of Marketing of Dr. Serrano.
CHAPTER 1: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Marketing and its Traditional Approaches
Lesson 2: Goals of Marketing
Lesson 3: Contemporary Approaches to Marketing
Credits: Principles of Marketing of Dr. Serrano- K-12
SCREEN THE PROPOSED SOLUTIONS BASED ON VIABILITY,PROFITABILITY, AND CUSTOMERS...Joace Gayrama
THINGS TO CONSIDER DURING A PRODUCT VIABILITY ANALYSIS:
1. Consider product size and weight
2. Consider product fragility
3. Consider skus
4. Consider product lifespan
CHAPTER 2: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Relationship Marketing
Lesson 2: Customer Value
Lesson 3: Customer Relationship Development Strategies Lesson 4: Customer Service Strategy in the Philippine Business Enterprise.
Resources: Principles of Marketing of Dr. Serrano.
CHAPTER 1: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Marketing and its Traditional Approaches
Lesson 2: Goals of Marketing
Lesson 3: Contemporary Approaches to Marketing
Credits: Principles of Marketing of Dr. Serrano- K-12
Feasibility Analysis
Feasibility analysis is the process of determining whether a business idea is viable.
It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.
Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an entrepreneur with a more secure notion that a business idea is feasible or viable.
Comprehensive Feasibility Analysis, Product/Service Desirability
To define a sustainable business plan and demonstrate its value
To describe the benefits of a business plan
To set forth the viewpoints of those who read a business plan
To understand the mind-set of your five-minute reader
To see a complete outline of an effective business plan
To present some helpful hints for writing an effective business plan
To highlight points to remember in the presentation of a business plan
To underline some of the contrarian viewpoints on the importance of a business plan
Skeem Saam in June 2024 available on ForumIsaac More
Monday, June 3, 2024 - Episode 241: Sergeant Rathebe nabs a top scammer in Turfloop. Meikie is furious at her uncle's reaction to the truth about Ntswaki.
Tuesday, June 4, 2024 - Episode 242: Babeile uncovers the truth behind Rathebe’s latest actions. Leeto's announcement shocks his employees, and Ntswaki’s ordeal haunts her family.
Wednesday, June 5, 2024 - Episode 243: Rathebe blocks Babeile from investigating further. Melita warns Eunice to stay clear of Mr. Kgomo.
Thursday, June 6, 2024 - Episode 244: Tbose surrenders to the police while an intruder meddles in his affairs. Rathebe's secret mission faces a setback.
Friday, June 7, 2024 - Episode 245: Rathebe’s antics reach Kganyago. Tbose dodges a bullet, but a nightmare looms. Mr. Kgomo accuses Melita of witchcraft.
Monday, June 10, 2024 - Episode 246: Ntswaki struggles on her first day back at school. Babeile is stunned by Rathebe’s romance with Bullet Mabuza.
Tuesday, June 11, 2024 - Episode 247: An unexpected turn halts Rathebe’s investigation. The press discovers Mr. Kgomo’s affair with a young employee.
Wednesday, June 12, 2024 - Episode 248: Rathebe chases a criminal, resorting to gunfire. Turf High is rife with tension and transfer threats.
Thursday, June 13, 2024 - Episode 249: Rathebe traps Kganyago. John warns Toby to stop harassing Ntswaki.
Friday, June 14, 2024 - Episode 250: Babeile is cleared to investigate Rathebe. Melita gains Mr. Kgomo’s trust, and Jacobeth devises a financial solution.
Monday, June 17, 2024 - Episode 251: Rathebe feels the pressure as Babeile closes in. Mr. Kgomo and Eunice clash. Jacobeth risks her safety in pursuit of Kganyago.
Tuesday, June 18, 2024 - Episode 252: Bullet Mabuza retaliates against Jacobeth. Pitsi inadvertently reveals his parents’ plans. Nkosi is shocked by Khwezi’s decision on LJ’s future.
Wednesday, June 19, 2024 - Episode 253: Jacobeth is ensnared in deceit. Evelyn is stressed over Toby’s case, and Letetswe reveals shocking academic results.
Thursday, June 20, 2024 - Episode 254: Elizabeth learns Jacobeth is in Mpumalanga. Kganyago's past is exposed, and Lehasa discovers his son is in KZN.
Friday, June 21, 2024 - Episode 255: Elizabeth confirms Jacobeth’s dubious activities in Mpumalanga. Rathebe lies about her relationship with Bullet, and Jacobeth faces theft accusations.
Monday, June 24, 2024 - Episode 256: Rathebe spies on Kganyago. Lehasa plans to retrieve his son from KZN, fearing what awaits.
Tuesday, June 25, 2024 - Episode 257: MaNtuli fears for Kwaito’s safety in Mpumalanga. Mr. Kgomo and Melita reconcile.
Wednesday, June 26, 2024 - Episode 258: Kganyago makes a bold escape. Elizabeth receives a shocking message from Kwaito. Mrs. Khoza defends her husband against scam accusations.
Thursday, June 27, 2024 - Episode 259: Babeile's skillful arrest changes the game. Tbose and Kwaito face a hostage crisis.
Friday, June 28, 2024 - Episode 260: Two women face the reality of being scammed. Turf is rocked by breaking
Maximizing Your Streaming Experience with XCIPTV- Tips for 2024.pdfXtreame HDTV
In today’s digital age, streaming services have become an integral part of our entertainment lives. Among the myriad of options available, XCIPTV stands out as a premier choice for those seeking seamless, high-quality streaming. This comprehensive guide will delve into the features, benefits, and user experience of XCIPTV, illustrating why it is a top contender in the IPTV industry.
From Slave to Scourge: The Existential Choice of Django Unchained. The Philos...Rodney Thomas Jr
#SSAPhilosophy #DjangoUnchained #DjangoFreeman #ExistentialPhilosophy #Freedom #Identity #Justice #Courage #Rebellion #Transformation
Welcome to SSA Philosophy, your ultimate destination for diving deep into the profound philosophies of iconic characters from video games, movies, and TV shows. In this episode, we explore the powerful journey and existential philosophy of Django Freeman from Quentin Tarantino’s masterful film, "Django Unchained," in our video titled, "From Slave to Scourge: The Existential Choice of Django Unchained. The Philosophy of Django Freeman!"
From Slave to Scourge: The Existential Choice of Django Unchained – The Philosophy of Django Freeman!
Join me as we delve into the existential philosophy of Django Freeman, uncovering the profound lessons and timeless wisdom his character offers. Through his story, we find inspiration in the power of choice, the quest for justice, and the courage to defy oppression. Django Freeman’s philosophy is a testament to the human spirit’s unyielding drive for freedom and justice.
Don’t forget to like, comment, and subscribe to SSA Philosophy for more in-depth explorations of the philosophies behind your favorite characters. Hit the notification bell to stay updated on our latest videos. Let’s discover the principles that shape these icons and the profound lessons they offer.
Django Freeman’s story is one of the most compelling narratives of transformation and empowerment in cinema. A former slave turned relentless bounty hunter, Django’s journey is not just a physical liberation but an existential quest for identity, justice, and retribution. This video delves into the core philosophical elements that define Django’s character and the profound choices he makes throughout his journey.
Link to video: https://youtu.be/GszqrXk38qk
As a film director, I have always been awestruck by the magic of animation. Animation, a medium once considered solely for the amusement of children, has undergone a significant transformation over the years. Its evolution from a rudimentary form of entertainment to a sophisticated form of storytelling has stirred my creativity and expanded my vision, offering limitless possibilities in the realm of cinematic storytelling.
Hollywood Actress - The 250 hottest galleryZsolt Nemeth
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Are the X-Men Marvel or DC An In-Depth Exploration.pdfXtreame HDTV
The world of comic books is vast and filled with iconic characters, gripping storylines, and legendary rivalries. Among the most famous groups of superheroes are the X-Men. Created in the early 1960s, the X-Men have become a cultural phenomenon, featuring in comics, animated series, and blockbuster movies. A common question among newcomers to the comic book world is: Are the X-Men Marvel or DC? This article delves into the history, creators, and significant moments of the X-Men to provide a comprehensive answer.
In the vast landscape of cinema, stories have been told, retold, and reimagined in countless ways. At the heart of this narrative evolution lies the concept of a "remake". A successful remake allows us to revisit cherished tales through a fresh lens, often reflecting a different era's perspective or harnessing the power of advanced technology. Yet, the question remains, what makes a remake successful? Today, we will delve deeper into this subject, identifying the key ingredients that contribute to the success of a remake.
Meet Crazyjamjam - A TikTok Sensation | Blog EternalBlog Eternal
Crazyjamjam, the TikTok star everyone's talking about! Uncover her secrets to success, viral trends, and more in this exclusive feature on Blog Eternal.
Source: https://blogeternal.com/celebrity/crazyjamjam-leaks/
From the Editor's Desk: 115th Father's day Celebration - When we see Father's day in Hindu context, Nanda Baba is the most vivid figure which comes to the mind. Nanda Baba who was the foster father of Lord Krishna is known to provide love, care and affection to Lord Krishna and Balarama along with his wife Yashoda; Letter’s to the Editor: Mother's Day - Mother is a precious life for their children. Mother is life breath for her children. Mother's lap is the world happiness whose debt can never be paid.
Tom Selleck Net Worth: A Comprehensive Analysisgreendigital
Over several decades, Tom Selleck, a name synonymous with charisma. From his iconic role as Thomas Magnum in the television series "Magnum, P.I." to his enduring presence in "Blue Bloods," Selleck has captivated audiences with his versatility and charm. As a result, "Tom Selleck net worth" has become a topic of great interest among fans. and financial enthusiasts alike. This article delves deep into Tom Selleck's wealth, exploring his career, assets, endorsements. and business ventures that contribute to his impressive economic standing.
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Early Life and Career Beginnings
The Foundation of Tom Selleck's Wealth
Born on January 29, 1945, in Detroit, Michigan, Tom Selleck grew up in Sherman Oaks, California. His journey towards building a large net worth began with humble origins. , Selleck pursued a business administration degree at the University of Southern California (USC) on a basketball scholarship. But, his interest shifted towards acting. leading him to study at the Hills Playhouse under Milton Katselas.
Minor roles in television and films marked Selleck's early career. He appeared in commercials and took on small parts in T.V. series such as "The Dating Game" and "Lancer." These initial steps, although modest. laid the groundwork for his future success and the growth of Tom Selleck net worth. Breakthrough with "Magnum, P.I."
The Role that Defined Tom Selleck's Career
Tom Selleck's breakthrough came with the role of Thomas Magnum in the CBS television series "Magnum, P.I." (1980-1988). This role made him a household name and boosted his net worth. The series' popularity resulted in Selleck earning large salaries. leading to financial stability and increased recognition in Hollywood.
"Magnum P.I." garnered high ratings and critical acclaim during its run. Selleck's portrayal of the charming and resourceful private investigator resonated with audiences. making him one of the most beloved television actors of the 1980s. The success of "Magnum P.I." played a pivotal role in shaping Tom Selleck net worth, establishing him as a major star.
Film Career and Diversification
Expanding Tom Selleck's Financial Portfolio
While "Magnum, P.I." was a cornerstone of Selleck's career, he did not limit himself to television. He ventured into films, further enhancing Tom Selleck net worth. His filmography includes notable movies such as "Three Men and a Baby" (1987). which became the highest-grossing film of the year, and its sequel, "Three Men and a Little Lady" (1990). These box office successes contributed to his wealth.
Selleck's versatility allowed him to transition between genres. from comedies like "Mr. Baseball" (1992) to westerns such as "Quigley Down Under" (1990). This diversification showcased his acting range. and provided many income streams, reinforcing Tom Selleck net worth.
Television Resurgence with "Blue Bloods"
Sustaining Wealth through Consistent Success
In 2010, Tom Selleck began starring as Frank Reagan i
Scandal! Teasers June 2024 on etv Forum.co.zaIsaac More
Monday, 3 June 2024
Episode 47
A friend is compelled to expose a manipulative scheme to prevent another from making a grave mistake. In a frantic bid to save Jojo, Phakamile agrees to a meeting that unbeknownst to her, will seal her fate.
Tuesday, 4 June 2024
Episode 48
A mother, with her son's best interests at heart, finds him unready to heed her advice. Motshabi finds herself in an unmanageable situation, sinking fast like in quicksand.
Wednesday, 5 June 2024
Episode 49
A woman fabricates a diabolical lie to cover up an indiscretion. Overwhelmed by guilt, she makes a spontaneous confession that could be devastating to another heart.
Thursday, 6 June 2024
Episode 50
Linda unwittingly discloses damning information. Nhlamulo and Vuvu try to guide their friend towards the right decision.
Friday, 7 June 2024
Episode 51
Jojo's life continues to spiral out of control. Dintle weaves a web of lies to conceal that she is not as successful as everyone believes.
Monday, 10 June 2024
Episode 52
A heated confrontation between lovers leads to a devastating admission of guilt. Dintle's desperation takes a new turn, leaving her with dwindling options.
Tuesday, 11 June 2024
Episode 53
Unable to resort to violence, Taps issues a verbal threat, leaving Mdala unsettled. A sister must explain her life choices to regain her brother's trust.
Wednesday, 12 June 2024
Episode 54
Winnie makes a very troubling discovery. Taps follows through on his threat, leaving a woman reeling. Layla, oblivious to the truth, offers an incentive.
Thursday, 13 June 2024
Episode 55
A nosy relative arrives just in time to thwart a man's fatal decision. Dintle manipulates Khanyi to tug at Mo's heartstrings and get what she wants.
Friday, 14 June 2024
Episode 56
Tlhogi is shocked by Mdala's reaction following the revelation of their indiscretion. Jojo is in disbelief when the punishment for his crime is revealed.
Monday, 17 June 2024
Episode 57
A woman reprimands another to stay in her lane, leading to a damning revelation. A man decides to leave his broken life behind.
Tuesday, 18 June 2024
Episode 58
Nhlamulo learns that due to his actions, his worst fears have come true. Caiphus' extravagant promises to suppliers get him into trouble with Ndu.
Wednesday, 19 June 2024
Episode 59
A woman manages to kill two birds with one stone. Business doom looms over Chillax. A sobering incident makes a woman realize how far she's fallen.
Thursday, 20 June 2024
Episode 60
Taps' offer to help Nhlamulo comes with hidden motives. Caiphus' new ideas for Chillax have MaHilda excited. A blast from the past recognizes Dintle, not for her newfound fame.
Friday, 21 June 2024
Episode 61
Taps is hungry for revenge and finds a rope to hang Mdala with. Chillax's new job opportunity elicits mixed reactions from the public. Roommates' initial meeting starts off on the wrong foot.
Monday, 24 June 2024
Episode 62
Taps seizes new information and recruits someone on the inside. Mary's new job
Panchayat Season 3 - Official Trailer.pdfSuleman Rana
The dearest series "Panchayat" is set to make a victorious return with its third season, and the fervor is discernible. The authority trailer, delivered on May 28, guarantees one more enamoring venture through the country heartland of India.
Jitendra Kumar keeps on sparkling as Abhishek Tripathi, the city-reared engineer who ends up functioning as the secretary of the Panchayat office in the curious town of Phulera. His nuanced depiction of a young fellow exploring the difficulties of country life while endeavoring to adjust to his new environmental factors has earned far and wide recognition.
Neena Gupta and Raghubir Yadav return as Manju Devi and Brij Bhushan Dubey, separately. Their dynamic science and immaculate acting rejuvenate the hardships of town administration. Gupta's depiction of the town Pradhan with an ever-evolving outlook, matched with Yadav's carefully prepared exhibition, adds profundity and credibility to the story.
New Difficulties and Experiences
The trailer indicates new difficulties anticipating the characters, as Abhishek keeps on wrestling with his part in the town and his yearnings for a superior future. The series has reliably offset humor with social editorial, and Season 3 looks ready to dig much more profound into the intricacies of rustic organization and self-awareness.
Watchers can hope to see a greater amount of the enchanting and particular residents who have become fan top picks. Their connections and the one of a kind cut of-life situations give a reviving and interesting portrayal of provincial India, featuring the two its appeal and its difficulties.
A Mix of Humor and Heart
One of the signs of "Panchayat" is its capacity to mix humor with sincere narrating. The trailer features minutes that guarantee to convey giggles, as well as scenes that pull at the heartstrings. This equilibrium has been a critical calculate the show's prosperity, resounding with crowds across different socioeconomics.
Creation Greatness
The creation quality remaining parts first rate, with the beautiful setting of Phulera town filling in as a scenery that upgrades the narrating. The meticulousness in portraying provincial life, joined with sharp composition and solid exhibitions, guarantees that "Panchayat" keeps on hanging out in the packed web series scene.
Expectation and Delivery
As the delivery date draws near, expectation for "Panchayat" Season 3 is at a record-breaking high. The authority trailer has previously created critical buzz, with fans enthusiastically anticipating the continuation of Abhishek Tripathi's excursion and the new undertakings that lie ahead in Phulera.
All in all, the authority trailer for "Panchayat" Season 3 recommends that watchers are in for another drawing in and engaging ride. Yet again with its charming characters, convincing story, and ideal mix of humor and show, the new season is set to enamor crowds. Write in your schedules and prepare to get back to the endearing universe of "Panchayat."
2. LEARNING OUTCOME:
At the end of this module, the learners can:
• Identify the market problem to be solved or the market to be met.
• Propose solutions in terms of products and services that will meet the need
using techniques on seeking, screening, and seizing opportunities.
• Analyze the market need.
• Determine the possible products or services that will meet the need.
• Screen the proposed solutions based on viability, profitability, and customer
requirements.
• Select the best products or service that will meet the market need.
3. THIS MODULE WILL:
• Discuss the proper and efficient ways of starting a business.
• Introduce the entrepreneurial process.
• Familiarize with the marketing environment.
• Teach you to apply the techniques of seeking, screening, and seizing
opportunities.
• Let you deal with analyzing the need of the market, think of the potential set
of products or services that will meet the need, assess the feasibility of the
solution, and select the best product or service that will address the need
4. THE ENTREPRENEURIAL PROCESS
•The entrepreneurial process is a
step-by-step procedure in
establishing any kind of business
that an entrepreneur has to
undergo. It is composed of four
aspects.
5. 1. OPPORTUNITY SPOTTING AND
ASSESSMENT
• This is the beginning of the process and is considered the most difficult.
Entrepreneurs at this point take note of interesting trends in their environment.
Consumers are reliable sources of opportunity information because market needs
originate from them.
• The entrepreneur’s toughest job is to carefully assess the opportunity through
estimation of opportunity length, capitalization required, threats, profitability, and
calculation of real and perceived value.
• Entrepreneurs should also assess if the opportunity is aligned with their personal
goals and attributes.
• Entrepreneurs should already think in advance how they will position the product or
service in the market and showcase its unique selling proposition.
6. 2. DEVELOPING A BUSINESS PLAN
• Entrepreneurs should formulate a business plan when they have
already spotted and assessed the opportunities for a market.
• A business plan is a comprehensive paper that details the
marketing, operational, human resource, financial, strategic
direction, and tactics of the business. The business plan will be the
core guide and direction of the entrepreneur in calculating the
resources needed, assessing how to obtain these resources
effectively, and running the business sustainably.
7. 3. DETERMINING THE CAPITAL NEEDED
• A big idea can never be translated into reality if the entrepreneur’s resources
are limited.
• It is mandatory in the entrepreneurial process to calculate the resources
needed to establish the business and compare this against the entrepreneur’s
current resources.
• Caution must be applied in computing the complete set of resources needed
and include only those items that are considered as the real needs in venture
creation.
• Allowance must be considered as well because there will be times that
resources will be inadequate or unsuitable.
8. 4. RUNNING THE BUSINESS
• This is the part where the entrepreneur use the resources
allocated for the new venture.
• All aspects of the business plan should be critically observed from
operations, marketing and sales, human resources, finance, and
strategy implementation.
• The entrepreneur should have a control and monitoring system to
serve as a check and balance of the formulated plans.
9. SCANNING THE MARKETING ENVIRONMENT
• The starting point of any new venture that involves understanding
and knowing the intricacies of the macroenvironment,
microenvironment, and internal environment.
• An entrepreneur can recognize various opportunities and at the
same time understand thoroughly the arena where the future
business will operate.
• The general rule is to find the opportunity first before coming up
with a new product or service, not the other way around. This is
one of the mistakes that budding entrepreneurs commit in
starting a new venture.
10. SEEKING, SCREENING, AND SEIZING
• The 3S of opportunity spotting and assessment is the framework
that most of the promising entrepreneurs use to finally come up
with the ultimate product or service suited for a specific
opportunity.
• An opportunity is an entrepreneur’s business idea that can
potentially become a commercial product or service in the future.
• The entrepreneur serves as the catalyst of creating a value for the
customers through the new or innovated product or service. And,
earns profits when the customers are satisfied and delighted.
11. S1: SEEKING THE OPPORTUNITY
• Opportunity seeking is the first step and is the most
difficult process of all due to the number of options that
the entrepreneur will have to choose from.
• It involves the development of new ideas from various
sources as follows:
12. MACROENVIRONMENTAL SOURCES
• STEEPLED. This is a mnemonic for sociocultural, technological,
economic, environmental, political, legal, ethical, and demographic
factors. This represents the general environment where the
entrepreneur can identify business opportunities from and where the
future business is about to operate.
• Industry. This is the source of current trend on what is happening in the
industry where the future business will belong to.
• New discovery or knowledge. These are new trends that can be
the core business model of a new venture.
• Futuristic opportunities. These are projected new opportunities that
can possibly affect the new business while it is running.
13. MICROMARKET
• Consumer preferences, interests, and perception. These are the currents needs and
wants of potential customers that should be discovered right away by a budding
entrepreneur. A need is recognized when a customer believes that there is a
difference between his or her current situation versus his or her desired condition. A
want, on the other hand, is recognized when a customer believes that there is a
specific product or service that can perfectly suit the need.
• Competitors. Recognizing and understanding potential competitors will aid the
entrepreneur to develop a product or service that is unique and will surely stand out
from the competition.
• Unexpected opportunities from customers. Oftentimes, the most brilliant venture
come from the most unexpected opportunities. It may happen in unlikely situations,
unlikely places, and with unlikely people. Existing problems and bottlenecks often
give rise to an unexpected opportunity.
14. • Talents, hobbies, skills, and expertise. Business opportunities do not just come from
outside forces, but also from within the entrepreneur. The entrepreneur’s talents,
hobbies, skills, or expertise can be a source of business opportunity.
• Irritants in the marketplace such as deterrents, problems, complaints, and delays.
Generally, entrepreneurs see opportunities in situations where there is a recurring
problem or sometimes when there is no more hope in solving the problem.
• Location. Often, entrepreneurs just have to look at their ecosystem and they will be
able to spot a business opportunity right away.
15. METHODS OF GENERATING IDEAS
• Focused group discussion (FGD)
• In this method, a moderator handles a very open, free-flowing, and in-depth discussion
with a group of people who can provide insightful ideas about a new product or service
that will fill a market need.
• Brainstorming
• Similar to the FGD, brainstorming is an activity that allows the participants to share
creative ideas using the following rules:
• no destructive criticism or judgment is allowed
• wilder ideas are accepted
• more ideas are preferred
• improvement of other’s ideas is allowed
• Brainstorming is a fun discussion with lenient rules.
16. • Brainwriting or Internet brainstorming
• This is exactly the same as brainstorming except that the channel
used is not face-to-face, but in writing or online. The results of
brainwriting or Internet brainstorming usually take longer, as the
answers depend on the availability of the participants in
answering the questionnaires online.
• Problem inventory analysis
• This method is similar to the FGD except that the participants are
already given an inventory of product or service problems. The
participants will just identify from the list given the compelling
problems(s) of a potential product or service instead of generating
generating the ideas from them.
17. MACROENVIRONMENTAL SOURCES:
EXAMPLES OF FINDINGS
STEEPLED ANALYSIS
• The result of the STEEPLED scan will aid the entrepreneur in deciding what product
or service to set up and whether this new venture will succeed or not.
• Not all factors can have an effect on the new venture.
• The important thing is for the entrepreneur to fully scan these factors so he or she
can decide if there is compelling business opportunity or an impending threat.
• Socio-cultural factors. These factors represent a general view of a locality’s
traditions, customs, beliefs, norms, and perceptions. These factors affect how a
person of the locality behaves and reacts to marketing and selling activities.
• Technological factors. These are composed of innovations of an existing technology
or an invention of a new one mostly on applied science and engineering research
areas.
18. • Economic factors. These factors play a vital role in the scanning of marketing
environment because economic factors directly affect any business venture.
• Environmental or ecological factors. These factors should be given much importance
in conducting a business especially when the world has already suffered severely
from human-induced calamities.
• Political factors. These factors are mostly induced by government policies and
administrations, which can have strong effect in the entrepreneur’s business.
• Legal factors. Related with political factors, legal factors are government laws and
regulations that can restrict or allow business activities.
• Ethical factors. These are the factors that will serve as an entrepreneur’s guide on
how to be ethical in running the business.
• Demographic factors. These are the characteristics of the people in the target
market.
19. S2: SCREENING THE OPPORTUNITY
• Opportunity screening is the process of cautiously selecting the
best opportunity. The selection will depend on the entrepreneur’s
internal intent, i.e, the main objective that the business will
accomplish in the entrepreneur’s life, and the external intent,
which will address the compelling needs of the target market.
• Risk appetite refers to the entrepreneur’s tolerance of business
risks.
• Time must be considered by the entrepreneur in screening the
opportunities at hand, as it is considered one of the most critical
resources of an entrepreneur.
• Time should only be devoted to worthwhile opportunities.
20. • Entrepreneurs must always be sharp-eyed for real
opportunities.
• The entrepreneur should say no to an opportunity if it
does not contain any of these business opportunity
elements:
• Has superior value to customers.
• Solves a compelling problem, issue, a need, or a want.
• Is a potential cash cow.
• Matches with the entrepreneur’s skills, resources, and risk
appetite.
21. THE OPPORTUNITY ATTRACTIVENESS TEST
• The OAT aims to assist entrepreneurs in ensuring that the
opportunity that they will venture into is an attractive and feasible
prospect.
• A framework to measure how compelling an opportunity is.
• This test is designed to detail each entrepreneurial aspect into
small chunks to come up with a sound entrepreneurial decision.
• The answers in this test will be the guiding principles of the
entrepreneur in writing the business plan.
• The components of the OAT will be used to channel the
entrepreneur’s direction in data gathering.
22. • The “concept” and the “strategy”. The entrepreneur should think of
the reason for the business’ existence. He or she can do this
through crafting a brief vision statement. A vision statement is
simply defined as what the business should do in the future. The
entrepreneur should also devise a value creation proposition, i.e.,
i.e., the value that the product or service will offer to the target
customers or the satisfaction of the needs or wants of the target
customers.
• Opportunity metrics. These are considered as the opportunity’s
critical success factors. These factors will approximately determine
the attractiveness of the new venture depending on the total
scores that it will generate and the risk appetite of the
entrepreneur.
23. S3: SEIZING THE OPPORTUNITY
•Opportunity seizing is the last step in opportunity
spotting and assessment. This is the “pushing
through” with the chosen opportunity.
•Innovation is the process of positively improving an
existing product or service. It is a key driver for
economic growth. Innovation is inevitable as the
world constantly changes.
24. 3 TYPES OF INNOVATIONS (ACCORDING TO THE DEGREE
OF DISTINCTIVENESS)
1. Breakthrough innovation. These innovations, which may also include inventions,
occur infrequently as these establish the platform on which future innovations in
an area are developed.
2. Technological innovation. These innovations occur more frequently than
breakthrough innovations. These innovations are technological advancements of
an existing product or service.
3. Ordinary innovation. These innovations occur ordinarily as the name implies. They
are commonly originating from market analysis and technology pull instead of a
technology push.
• Entrepreneurs often encounter a problem in defining a “new” product
or service, or identifying its components or features.
• The “newness” is also independent on the eyes of the market and the
company.
25. PRODUCT OR SERVICE PLANNING AND
DEVELOPMENT PROCESS
• In the seeking process, one opportunity stood out from a number of sources.
This opportunity was tested according to its attractiveness and feasibility in
the screening process. The last process, called the seizing process, involves
refining and developing this opportunity. The refining process is called
product or service planning and development process. It has five stages.
1. Idea Stage. In this stage, the entrepreneur determines what are the feasible
products and/or services that will perfectly suit the opportunity. Usually, a
market evaluation is conducted by the entrepreneur to assess whether the
new product or service ideas will be accepted by the market using values
and benefits to consumers as metrics.
26. 2. Concept stage. Once the acceptable product or service has
already been identified. In the concept stage, the developed idea
will undergo a consumer acceptance test.
3. Product development stage. In this stage, the entrepreneur
leverages on the information generated from the prospective
customers via the concept stage. Actual reactions from prospective
customers are determined.
4. Test marketing stage. This stage validates the work done from the
first three stages to measure success in the commercialization of
the product or service.