ENTREPENEURSHIP

San Pablo Diocesan Catholic Schools System

Diocese of San Pablo
Liceo de San Pablo
M. Paulino St., San Pablo City
Tel. No. (049) 562-3808

Learning Module
ENTREPRENEURSHIP
Quarter 1/Week 3

The Marketing Plan

Mrs. Maureen V. Sanchez

Senior High School Teacher
SENIOR HIGH SCHOOL – ACCOUNTANCY, BUSINESS AND
MANAGEMENT (ABM) SPECIALIZED SUBJECT

Content Standard:

The learner demonstrates understanding of environment and market in one’s locality/town.

Performance Standard:

The learner independently creates a business vicinity map reflective of potential market in one’s locality/town

Most Essential Learning Competencies:

 Recognize the importance of marketing mix in the development of marketing strategy
 Describe the Marketing Mix (7P’s) in relation to the business opportunity
viz-ẚ-vis
Product;
Place;
Price;
Promotion;
People;
Packaging and
Positioning
 Develop a brand Name
Objectives:
 Describe the unique selling proposition and value proposition that differentiates one’s
product/service from existing products/services.
 Determine who the customers are.
a. Target market
b. Customer Requirements
c. Market Size
 Validate customer-related concerns through the following
a. Interview
b. Focus group discussion
c. Observation
d. Survey
 Describe the marketing mix (7Ps) in relation to the business opportunity and vice versa.
 Develop a brand name.
 The Marketing Plan

After the comprehensive processes of seeking,

screening, and seizing opportunity, it is now time for
the entrepreneur to focus on the chosen business and
dig deep. Entrepreneurs must write a business plan.
What is Business Plan?
A business plan is a comprehensive paper that details
the situation analysis, objectives, strategies and
tactics, and how to monitor and control the enterprise.
This module will let you understand and identify
what makes a product or service stand out from the
competitors through defining the unique selling
proposition and value proposition of the product or
service.
Value Proposition and Unique Selling
Proposition
Before focusing on the topics of value proposition and unique selling
proposition, you must first know the marketing process.
What is Marketing Research?
In a nutshell, marketing is all about knowing the customers. Therefore,
the marketing process starts with identifying the customers’ needs
where you are tasked to create a meaningful value proposition. Next,
you study what the customers want or desire for you to build a unique
selling proposition. From there, it is imperative to identify the most
strategic market or group to tap.
Value Proposition – (VP) Simply states why a customer should buy a
certain product or service. Customers are very specific when it
comes to their needs and their desired benefits, so the value
proposition should cater to those particular needs. The
entrepreneur should bear in mind that a value proposition has to be
direct in addressing the problems of the customers, should have
quantifiable benefits, and should differentiate itself from the
competitors.
The following are some tips for the entrepreneur
on how to create an effective value proposition
to the target customers:
• Prepare a situation analysis that details the problem(s) of the customers.
• Make your value proposition straight to the point, simple, and specific; in short, there
should be no complications. Your value proposition has to target your major
objective.
• Highlight the value of your product or service so that customers will easily get what
benefits you can provide.
• Adapt to the language of your market. Ensure that your target market understands
clearly what you are trying to say and avoid putting unnecessary and inexplicable
phrases.
• Add credibility-enhancing elements such as actual testimonials from customers,
partners, and other stakeholders, putting specific assurance elements and social
acceptability metrics found in social media or press materials. Several quality
management certifications, such as ISO seal, add more credibility to the product or
service that you’re trying to sell.
• Differentiate your value proposition with your competitors.
Unique Selling Proposition - (USP) refers to how you will sell
the product or service to your customers. It addresses the
customers’ wants and desires. After you create a value
proposition, you have to figure out how to advertise or promote
certain unique features of the product or service that you’re
trying to sell. You can do this in the form of product or service
characteristics, promotion strategies and tactics, distribution
centers and supply chains, pricing, physical attributes or
physical evidence, human resources or human capital, and
market positioning strategies. The ability to craft and effective
USP is a gauge on how well an entrepreneur knows his or her
product or service.
The following are some tips for the entrepreneur
on how to create an effective selling proposition
to the target customers:
 Identify and rank the uniqueness of the product or service attribute
• Product or service
• Place
• Price
a. Cost-based pricing- entrepreneur must make sure that they calculate both
variable cost and fixed cost.
b. Value-based pricing – entrepreneurs must be aware of the value attached by
customers to products or service.
• Promotion
• People
• Packaging
• Process

 Be very specific
 KISS (keep it short and simple)
The first step is the identification and ranking of the uniqueness of
the product or service attribute using the 7Ps of marketing.

7Ps Product or Service Place Price Promotion People Packaging Process

USP description Retail products Near a call center, a Competitive Signage Three shifts of assistants Semi-convenience store The only sari-sari store
public hospital and a (6am-2pm, that operates 24 hours a
construction site 2pm-10pm, 10pm-6am) day, 7days a week

Unique?? No No No No Yes Yes Yes

Ranking of USPs 3 2 1

7P’s of Marketing Mix

https://www.youtube.com/watch?v=Bb-dX_0Oo_M
 Know Your Customers

After the general scan and research performed during the course of preparation for
the value proposition and the unique selling proposition, it is now time to dig deep and
understand the target customers through marketing research.
Marketing research is a comprehensive process of understanding the customers’
intricacies and the industry they revolve in. Marketing research is one of the most
critical tasks of an entrepreneur. Therefore, no budding entrepreneur should establish a
business without undergoing the marketing research process or else business will surely
fail. Marketing research aims to scrutinize the target market, their specific requirements,
and the market size where the business operates.
Market Size
Market size is simply the size the arena where the entrepreneur’s business will play. It is the
approximation of the number of buyers and sellers in a particular market. The entrepreneur is required to
determine the market size first to gauge the vastness or tininess of the market where he or she intends to
join.
What is the meaning of Potential Market?
Potential market Is the part of total population that has shown some level of interest in buying
the particular product or service.

For more understanding about the potential market and other related topics please read this:
https://simplicable.com/new/market-potential

Ways or Steps to conduct a strategic Marketing Research

 Estiminate the potential market
 Eliminate the customers who are probably unlikely to buy the product or service.
 Estimate the market share
Customer Requirements

Customers are said to be the lifeblood of the

business. These are people who buy the products
or avail the services of the entrepreneur. Their
thoughts, feelings, and experiences shape the
decisions of the business. Thus, the phrase “the
customer is always right” is a mantra that most
successful entrepreneurs follow. Customer
requirements are specific features and
characteristics that the customers need from a
product or a service. It is in these customer
requirements that business opportunities
originate. Entrepreneurs must be aware of all
these requirements for them to come up with
features that best suit their needs. They must
know who buys, and what, when, where, how, and
most importantly, why they buy.
Primary and Secondary Target Market
Most entrepreneurs believe in the misconception that they can serve all types of
customers, or, if not, a wide range of customers. Little do they know that this thinking
may lead to failure. Entrepreneurs must focus only on customers whom they can serve
beneficially because they will be wasting resources if they will target all, or worse,
target none.
The entrepreneur can tap a primary and secondary target as resources are limited
during the startup stage. With this, the probability of success is higher as the
entrepreneur can focus to sell to the identified customers group. Market intelligence,
which includes customer profiling, drives the entrepreneur on what correct strategies
and tactics to employ. This can only be obtained through a meticulous market
segmentation process. Market segmentation is the process of grouping similar or
homogeneous customers according to demographic, psychographic, geographic (location),
and behavior.
Learn how it affects and help to know the holistic and general view of the market group that he or she is
serving

Market Segmentation, Targeting and Positioning

https://www.youtube.com/watch?v=0srjdRDh99Y
Demographic

Demographic segmentation, also called socioeconomic segmentation is the

process of grouping customers according to relevant socioeconomic variables for
the business venture. These variables include income range and social class,
occupation, gender and age, religion, and ethnicity. Demographic data can
usually be derived from public documents or the internet, thereby giving the
entrepreneur an easier task of collecting data.
Income range and social class – important factors for the entrepreneur to
consider because these represent the purchasing power of the market.
Occupation – these should also be considered not just to determine the
customers’ income but also their daily routine where goods and services can be
properly positioned.
Gender and age group – these are data that must be mined because the life
cycle of customers and their gender influence their buying behavior.
Religion and ethnicity – should be taken to account because these affect the
way they buy products or avail services. The entrepreneur should include
demographic items that he or she thinks are relevant to the chosen business so
that he can accurately align worthwhile products or services to the customers.
 Examples:
Sex and Age Group
Male teenagers (13-19)
Single females (20-30)
Married couples with kids (30-50)
Senior citizens (60 onwards)
Potential Product or Service Demand
Products: trendy clothes, rubber shoes, soft drinks, chips,
prepaid cellphone load, sport apparel
Services: cool hangout places, gyms, barber shops
Products: beauty products, bags, clothes, perfumes,
magazines, shoes
Services: spa, beauty clinics, gyms, beauty salons, coffee
shops, movie houses
Products: food and grocery items, diapers, milk products,
baby clothes
Services: theaters, babysitters, theme parks, travel packages
Products: fruits and vegetables, hair dye, medicines
Services: travel packages, health services
Psychographic

Psychographic segmentation is a process of grouping customers according

to their perceptions, way of life, motivations, and inclinations. Perception is a
process wherein an individual receives external stimuli using the five senses of
hearing, seeing, touching, smelling, and tasting. A product or service can be
perceived differently by different people. The customers’ way of life will give an
entrepreneur an overview of what products or services can best suit the problems
of the customers that happening on a daily basis. A person’s motivation can be
either physiological or psychological. Physiological motivation involve the needs
of the person, they seek to avoid pain and give pleasure. Psychological motivation
involve customer’s preferences.
Motivations are also affected by their aspirations and deprivation.
Aspirations are what the customers want to achieve (e.g., inner peace, financial
stability, work-life balance). Deprivation involves the customer’s recognition of
certain voids to fill (e.g., lack of financial security, lack of love, lack of
knowledge).
Customers’ inclination involve preferring one product over another as a
result of gaining a refreshing experience when using the product, possibly due to
the product’s unique features or due to it giving more value than other products.
Geographic

Geographic segmentation is simply grouping

customers according to their location. This is
critical in the analysis of the target market as
this encompasses the cultures, beliefs,
preferences, politics, and lifestyle of a certain
geography. Geographic segmentation can be as
small as a street, a village, or a barangay. It can
be based on municipality, city, province, or
region. It can be as big as a country or continent
depending on the entrepreneur’s business
objectives.
Behavioral

Behavioral segmentation is the process of

grouping the customers according to their actions. These
behaviors are instigated by occasions, desired benefits,
loyalty, and usage of products or availment of services.
Occasions drastically affect the customers’
buying behavior. Using customers’ desired benefits in
behavioral segmentation is efficient because the
entrepreneur determines the exact needs of the
customers and offer the most suited product or services
for them.
Loyalty is the result of maintaining satisfied
customers. The goal of every entrepreneur is to inform,
persuade, and remind customers to buy the product or
avail of the service consistently. Therefore, behavioral
segmentation through loyalty is a major key result area
of the entrepreneur as it is more expensive to sell to
new customers than to maintain customers. Loyalty
programs and rewards separate loyal customers from the
new ones.
 Usage of products or availment of service is also a behavior
segmentation factor that describes to the entrepreneur how often a
product is being used or the service being availed. Therefore, he or she
can group customers as light users, medium users, or heavy users.
Although segmentation is a strategic and an efficient way of
classifying and grouping customers, there is also a term in marketing
called market aggregation. Market aggregation happens when an
entrepreneur wants to target a broader market as possible because the
product or service that the business offers is suited for an undifferentiated
market such as fruits, vegetables, rice, water, and bread, as well as
services such as haircut, plumbing, or transportation.
 Talking to Your Customers
Marketing research will not be complete without
talking directly to the target customers. It is good to estimate
numbers such as market size, market share, and other general
market assumptions, but the best way to fully understand the
customers is to ask them about their specific thoughts and
desires. Conducting marketing research in a methodical way
will bring the entrepreneur a substantial bunch of relevant
ideas that can be used to effectively run the business. A
marketing research should first have a solid objective, which
states the research’s purpose.
Next is to analyze proper timing for research
execution. This is important because the entrepreneur will be
able to get maximum results when he or she identifies the
respondent’s answering pace.
Last is to establish a market research design that will
effectively implement the steps mentioned. Depending on the
objective, responses are either qualitative or quantitative.
Qualitative research includes identifying the written or
spoken opinions of customers, whereas Quantitative research
involves analyzing the customers’ preferences by using
relevant statistics.
Qualitative and Quantitative Research
Understanding between the two…..

https://www.youtube.com/watch?v=ET4c7hiRgbM

Name: _____________________________________ Date:__________________

Grade/Section: ______________________________

Activity/Assessment 1

1. Why is it important to define the target market when preparing a market plans? Explain.
2. What is the difference between cost-based pricing and value-based pricing? which pricing scheme is more
advantageous for the entrepreneur? explain your answer.
Common Methods of Collecting Data from
Target Customers

The Interview – one of the most reliable and

credible ways of getting relevant information
from the target customers. It is a face-to-
face contact between the
researcher/entrepreneur and a respondent
where the researcher asks pertinent
questions that will give him significant
pieces of information about the problem that
he will solve. The interview is also helpful
even when the business has already started
because the customers’ feedback provide the
entrepreneur a glimpse of what the
customers think about the business.
Types of Interview

1. Unstructured Interview – an informal type of interview and does not follow a

specific set of question. The researcher usually records the conversation, reviews
it, and summarizes the findings. The unstructured interview produces qualitative
data.

2. Structured Interview – employs a specific set of questions and produces

quantitative data. A prearrange questionnaire with specific questions usually
answerable by yes or no, forced ranking, multiple choice, or choose the best will
be answered by the respondents.

Challenges in an Interview
1. Setting up an appointment with an interviewee.
2. Respondents indifference to how they share their opinions.
3. Getting unbiased answers from the respondents.
The Focus Group Discussion

 The Focus Group Discussion – commonly used by market researchers to capture

qualitative results from target customers. It is a process of mining customer and
noncustomer experience and insights about a specific product or service.
Through an FGD, the researcher will be able to generate relevant concerns and
issues of customers such as their views and inclinations toward a product or
service, perception or impressions on new product or service models,
innovations of the older product or service, inventive concepts on promotions,
price, elasticity, and initial feedback of customers on marketing tactics and
advertisements.
The FGD session must be recorded by either audio or video, so that the
researcher can digest the session and pick the most relevant insights from the
participants.
The FGD is also a preparatory step in crafting a quantitative survey
because this method generates background information or hypotheses for a new
product or service.
As compared to the interview, the FGD has some advantages as follows:
1. the researcher can get combined insights from the participants.
2. the participants are more spontaneous and enthusiastic because of the
interaction with co-participants, thereby sharing more insights to the researcher.
3. it can be observed by various spectators.

It also has some disadvantages as follows:

1. it obtains only qualitative data.
2. examination of the focus group session is difficult and requires more time.
3. there are potentially biased answer from the participants because they will
encounter peer pressure. There may also be instances that one or two among the
eight participants will dominate the discussion, resulting in biased responses.
Observation

 Observation is one of the preferred and practical methods of

generating ideas because the researcher documents the behavioral
patterns of people or of objects of events without necessarily requiring
them to participate in the research project. One method is to simply
watch and examine the customers’ behavior in their raw state without
biases and pretentions, thereby providing more accurate results and
faster process.
Observation is reliable because it allows the researcher to see the
real and actual behavior of customers rather than hearing what they
need to say. Therefore, it is not as pushy as the interview and the FGD.
Observation can be perform by either a human or a machine
observer. Human observer records information as it occurs or as it
happens using his or her five senses. The machine observer employs an
equipment to record the information needed.
Examples of human observation:
1. customer purchase pattern
2. mystery shopping

Examples of machine observation:

1. video cameras or closed-circuit television (CCTV)
2. traffic encounters
3. web analytics
4. barcode scanners
5. GPS technology

Observation only becomes a relevant research tool it meets the following conditions:
1. if the person, object, or event is indeed observable.
2. if the person does the activity regularly or the event happens on a regular basis.
3. if doing an interview or FGD is becoming intrusive of the privacy of the person.
4. if the subject of observation does not take too long to produce relevant information.
 Traditional Online Survey

Traditional and Online Survey is the process of getting

answers from a sample of respondents derived from a
particular population. Depending on the subjects of the
survey, the respondents will be given a questionnaire
asking their awareness level, their profile, their
preferences, and behaviors. These questionnaires can
be distributed and answered verbally, by writing, or
through the Internet. A survey is very simple and
practical to run because it requires preparation of
predetermined questions answerable by definite
responses using equitable scales.
In preparing for the survey, the researcher must identify what sampling
techniques to follow, the number of respondents to be surveyed, and the
blueprint of the questionnaire.

1. Sampling techniques – a sample is a percentage of a specific population chosen

by the researcher to generally represents the whole population. When the entire
population is relatively small, the researcher may choose to include the whole
population in the research project. This method is called Census.

Probability sampling – a technique wherein samples are given equitable chances

or nonzero chances of being selected from a population.

Nonprobability sampling – does not give the samples equal chances of being
selected because samples are instead selected according to their accessibility or
personal choice of the researcher.
2. Sample size – the researcher must be able to calculate first the appropriate sample
size in conducting the survey; otherwise, if the sample size is too large, he or she will
waste his or her capital and time, whereas a sample size that is too small will lead to
imprecise results. Therefore, the sample size must be the right one.

3. Questionnaire blueprint – here are some tips on how to create a blueprint for the
questionnaire:

a. Be specific and direct with the questions and the answer required.
b. Be flexible with the respondents’ convenient way of answering the questionnaires.
c. Ensure that each question is necessary and not repetitive.
d. Always put yourself in the shoes of your respondents.
e. Make sure that the questions are arranged in a coherent order that will lead to the
answers required,
f. The questionnaire should look professional, be divided into strategic parts, and be
properly numbered.
 The Marketing Mix: The 7Ps of Marketing

The marketing mix is a widely accepted strategic marketing tool that

combines the original 4Ps (product, place, price, promotion) with the
additional 3Ps- people, packaging, and process- in formulating
marketing tactics for a product or service. These 7Ps are employed
until the entrepreneur finds the right combination that will most
effectively serve the customer’s needs and wants and at the same
time achieve the profitability objective.
Entrepreneurs must use the 7Ps model to do the following:
conduct a situation analysis; set objectives; conduct a strength,
weakness, opportunity, and threat (SWOT) or competitive analysis;
and ultimately come up with marketing strategies and tactics. A
challenge to a budding entrepreneur is to ask the following key
questions at the onset:
7P’s Model

 Product – What product or service is the most appropriate for the opportunity, and why will
customers buy or avail them.
 Place – What location is best suited for the business where there are more potential customers?
Can they conveniently transact on-site or online? How is the process of distribution of products
or performance of services?
 Price – What is the most appropriate price, and what pricing strategies will be used for target
customers.
 Promotion – What is the most effective advertisement or combination of advertisements, and
which advertising tool should be used to drive awareness and increase sales?
 People – What type of people need to be hired? What are the basic skills needed for the job?
What leadership style will be applied by the entrepreneur?
 Packaging – What is the best packaging for the product that is attractive enough to customers
and cost efficient at the same time? What physical evidence does the entrepreneur need to set
up so as to sell the service?
 Processing – What is the most compelling feature of the product or the business that will make
a difference in the lives of the customers? What sets the product or service from the rest?
Product

A product is any physical good, service, or idea that is

created by an entrepreneur or an innovator in serving the needs of
the customers and addressing their existing problems. The three-
level concept of products or services summarizes the reasons that a
customer decides to buy a product or avail of a service.

level 1 – Core Benefits of the Product or Service

level 2 – Physical Characteristics of the Product or Service
level 3 – Augmented Benefits of a Product or Service
Place

The place refers to a location or the medium of transaction.

The place also covers the product distribution and the whole
business logistics. The logistic side for the products should cover
production, ordering and receiving raw materials or finished goods
from the suppliers, storage, reorder point, and transportation
system. The logistic side for services covers the physical evidence
or service scape, service providers, and service delivery process, as
well as policies and procedures of the business.
Price

Price is the peso value that the entrepreneur assigns to a certain product or
services after considering its costs, competition, objectives, positioning, and target
market. It is the only P in 7Ps that generates revenue for the business. Here are the
most common pricing strategies:

1. Bundling
2. Penetration pricing
3. Skimming
4. Competitive pricing
5. Product line pricing
6. Psychological pricing
7. Premium pricing
8. Optional pricing
9. Cost-based pricing
10. Cost plus pricing
 The entrepreneur must follow these general pricing guidelines to make
the business sustainable and thriving:
1. do not price the product or service below its cost.
2. monitor competitors’ prices, and ensure that your prices are at par with
them unless the product or service is really way superior to the
competitors.
3. align prices with the other 6Ps (product, place, promotion, people,
packaging, and processing)
4. implement price strategies that are relevant to your market segment.
For example “tingi”(sachet) pricing is more appropriate in the grassroots
locality or barangay.
5. align prices with your business objectives.
Promotion

Promotion involves presenting the products or services to the public and how
these can address the public’s needs, wants, problems, or desires. The main goal of
promotion is to gain attention. A strong integrated marketing communication plan
(IMC) should be devised to deliver the compelling messages effectively. Key marketing
promotion can be the following:
1. value proposition or unique selling proposition of the product or service
2. product or service image
3. business image
4 business values and philosophy.
The entrepreneur can choose one or combination of the following promotional
tools:
1. advertising
2. selling
3. sales promotion
4. public relations
People

People is one of the three additional Ps in the

marketing mix. In today’s marketing arena, people
play a vital role in servicing customers even though
the entrepreneur sells only physical goods. With the
influx of various competing products and services,
one of the major differentiators is how people or
employees make a difference in the lives of the
customers. It is not just about the quality of products
anymore, but how employee serve customers.
Employees have become a major influence in the
customer’s buying behavior.
Packaging

Another addition in the 7Ps is packaging. Packaging is how the

product or service is presented to customers. It is the overall
identification ( look and feel ) of the product or service. This will
determine the uniqueness of the product from the competitors. This is the
first element that customers see because they don’t know what’s inside
yet. Aside from this, packaging preserves the shelf life of the product or
service. Because of the clamor in ensuring environmental protection and
preservation, many businesses begin to make packages out of
environment-friendly materials not just in products but also in services.
As one of the additional Ps in the marketing mix, packaging plays a
vital role in persuading a customer to try a product or avail of a service
based on what he or she has seen. In fact, packaging sometimes matters
more than the product or service itself. Indeed, it must please the eye of
the beholder.
Process

Process is the last addition in the marketing mix as marketers

began to realize the importance of the internal and external operations of
the business to serve customer better. Process is defined as a step-by-step
procedure or activity workflow that the entrepreneur or employees follow
to effectively and efficiently serve customers. Its components include
input, throughput, and output. The international process includes the
back-office operations (preprocessing, processing, and postprocessing),
wherein employees or machines process customers’ request without
necessarily being seen by the customer. The external process includes the
actual servicing where the customers are part of the process.
Go Online…

1. Choose a Philippine social business enterprise from the Internet

that aims to solve a compelling societal problem.
2. Review its Web site and its marketing initiatives.
3. If you were the marketing manager of that social business
enterprise, what will your marketing campaign look like using the
marketing mix and brand management concepts? Explain your
rationale with the strategies devised. Submit this in an essay
format.
 Fundamental of Brand Management

A brand refers to the identity of a company, of a product, of

a service, or of an entrepreneur himself or herself. A brand is
a symbol of promise or assurance from the entrepreneur that
what it purports to the customers will happen. A good brand
not just entices customers to try the product but makes them
loyal to it. Moreover, the brand sets the image of the
business to the public.
Brand Management – is the supervision of the tangible and
intangible elements of a brand. The tangible elements
include the product itself, its packaging, its price, and its
location. The intangible elements, on the other hand ,
include the perception and relationship of the customers
with the brand.

Branding – the process of integrating the strategies formed

from the marketing mix to give an identity to the product or
service.
Goals of branding:
1. establishing the target customers that the business is reliable and trustworthy and that the product or service is superior solution to their current
problem.
2. differentiating with competitors; and
3. driving customer loyalty and retention.

As an important element of a brand, a brand name is a major differentiator of the entrepreneur against the competitors. To be different and catchy,
a brand name must possess the following characteristics:
• Unique
• Extendable
• Easy to remember
• Can describe the benefits of the product or service
• Can be converted to other dialects or languages in case the entrepreneur expands to other territories
• Can described a product category
• Can described concrete qualities Reference : ENTREPRENEURSHIP SECOND EDITION Diwa Publishing Pages
• Positive and inspiring 42-78
Youtube Videos
Activity/Assessment

Name the top brand that first comes to mind when these generic products or services are mentioned. Why do
you think they are the top-of-mind brands?

1. Toothpaste 11. Soft drinks

2. Soap 12. Fast food restaurant
3. Coffee 13. Convenience store
4. Milk 14. Potato chips
5. Car 15. Cookie
6. Rubber shoes 16. Chocolate
7. Mall 17. Refrigerator
8. Spa 18. Television
9. Beauty salon 19. TV station
10. University 20. Smartphone
Essential Learning

In this module, you have understood the importance of marketing as a

critical success in starting a business venture. A strategic marketing plan aids
an entrepreneur to select the appropriate target market, understand
customer deeper, and communicate with them in a channel and language that
they will easily understand.
You learned that having a value proposition and unique selling proposition
in mandatory for an entrepreneur to differentiate the business with the
competitors and solve their problems. You also learned the process of market
segmentation and its importance in targeting a specific group of customers,
rather than targeting everyone not just to save on cost but also to suit the
communication to the right market.
Essential Learning

Basic marketing research was also introduced to you, so you would

understand the procedures and techniques on how to get to know the
customers deeper such as their inclinations and sentiments. After knowing the
customer, the marketing mix or 7Ps was also introduced so you will be able to
strategically position your product or service using these primary elements of
marketing. The challenge is for the entrepreneur to use and combine these
elements and make a difference in the arena that the business belongs.
The fundamental brands of management were also introduced to you so
that you will be acquainted on how to create, manage, and sustain a brand. A
brand symbolizes the integrity and credibility of a business. These marketing
tools are essential in spearheading and managing a business enterprise. These
tools strengthen the opportunity derived from the seeking, screening, and
seizing processes undergone during the earlier phase of entrepreneurship.