ENTREPRENEURSHIP 11

Terms
1. UNIQUE SELLING PROPOSITION - is a factor that differentiates a product from its competitors, such as the lowest
cost, the highest quality or the first-ever product of its kind.
2. VALUE PROPOSITION - an innovation, service, or feature intended to make a company or product attractive to
customers.
3. TARGET MARKET - a particular group of consumers at which a product or service is aimed.
4. CUSTOMER REQUIREMENTS - Particular characteristics and specifications of a good or service as determined by
a customer.
5. MARKET SIZE - The number of individuals in a certain market who are potential buyers and/or sellers of a
product or service.
6. INTERVIEW – a meeting at which information is obtained.
7. FOCUSED GROUP DISCUSSION - defined as semi structured group discussions, which yield qualitative data on the
community level by facilitating interaction between participants
8. SURVEY - to ask (many people) a question or a series of questions in order to gather information about what
most people do or think about something.

MARKETING MIX (7Ps)

PRODUCT is an item that is built or produced to satisfy the needs of a certain group of people. The product can be
intangible or tangible as it can be in the form of services or goods.

PRICE is basically the amount that a customer pays for to enjoy it.

PLACE Placement or distribution is a very important part of the product mix definition. You have to position and
distribute the product in a place that is accessible to potential buyers.

PROMOTION Promotion is a very important component of marketing as it can boost brand recognition and sales.
Promotion is comprised of various elements like:

 Sales Organization
 Public Relations
 Advertising
 Sales Promotion

PEOPLE - Of both target market and people directly related to the business.

POSITIONING – refers to the process of establishing the image or identity of a brand or product so that consumers
perceive it in a certain way

PACKAGING - The wrapping material around a consumer item that serves to contain, identify, describe, protect,
display, promote and otherwise make the product marketable and keep it clean .

4Ms of PRODUCTION

METHOD – a particular form of procedure for accomplishing or approaching something especially a systematic or
established one.

MANPOWER – the number of people working or available for work or service.

MACHINE – an apparatus using or applying mechanical power and having several parts, each with a definite function and
together performing a particular task.

MATERIALS – the matter from which a thing is or can be made; facts, information, or ideas for use in creating work.
BUSINESS PLAN OUTLINE
1.0 Executive Summary
1.1 Problem
1.2 Solution
1.3 Market
1.4 Competition
1.5 Financial Highlights
2.0 Opportunity
2.1 Problem Worth Solving
2.2 Our Solution
2.3 Validation of Problem and Solution
2.4 Roadmap/Future Plans
3.0 Market Analysis Summary
3.1 Market Segmentation
3.2 Target Market Segment Strategy

3.2.1 Market Needs

3.2.2 Market Trends
3.2.3 Market Growth
3.3 Key Customers
3.4 Future Markets
3.5 Competition
3.5.1 Competitors and Alternatives
3.5 SWOT Analysis (Strengths, Weaknesses, Opportunity, and Threats)
4.0 Execution
4.1 Marketing Plan
4.2 Sales Plan
4.3 Location and Facilities
4.4 Technology
4.5 Equipment and Tools

5.0 PRODUCTION PLAN

5.1 Product Description

5.2 Production Process
5.3 Tools and Equipments (with image and descriptions)
5.4 Raw Materials Used and Availability
5.5 Production Cost
6.0 Company and Management Summary

6.1 Organizational Structure

6.2 Management Team
6.3 Management Team Gaps
6.4 Personnel Plan
6.5 Company History and Ownership
7.0 Financial Plan
7.1 Revenue/Sales Forecast
7.2 Expenses
7.3 Projected Profit and Loss
7.4 Projected Cash Flow
7.5 Projected Balance Sheet
7.7 Business Ratios
8.0 Appendix
8.1 RESUME OF THE MEMBERS