The Entrepreneurial Mind

Christine Bianca B. Chua

Name _________________________________ 09/ 30/ 2021
BSA 1-B Date ______________________

Module 2 Session 1.1

The Entrepreneur and His Markets

What is the product or service The Product or Service

about?
(Make sure to mention the
following: I believe I would be an entrepreneur in charge of a
• What are the most Merchandising Company that distributes educational
important functions and products. In reality, I am currently assisting my father in
features? the management of our family business, and I hope to
• What customer need does follow in his footsteps as an entrepreneur in the future. I
your product satisfy? What wish to offer school and office goods including papers,
demands do you meet? pencils, pens, and other items, much like my father. In
For who is the product or today's Bulan, Sorsogon, the population consists
service conceptualized? primarily of students, instructors, and persons who
Who is your target require resources to attain their objectives at work or
market? Who is the school. I believe that the things I will offer will assist
ultimate user (consumer) society by providing high-quality, low-cost items that will
of your product?) help people meet their everyday needs. Furthermore,
one of the functions of products in society is to make
people's lives easier as well as to bring consumer
satisfaction. One characteristic of my items is that they
may all be purchased through the main firm or the
specific product's producer. Another attribute of the
pencil, for example, is that its length will be roughly 18
cm, that it will be constructed of wood, and that it will be
green in color. Due to the epidemic, my Merchandising
Business, which I will call Supplium, will have certain
additional rules or practices in place, such as Online
Buying and Limited Face-to-Face Selling. Due to the
number of lectures to be printed, there has been an
increase in the number of people buying coupon bonds
since the start of online and modular classes, so
Supplium will meet the demands of the consumers in
terms of its flexibility in the source of supply as well as
the uniqueness of the product, which will give the
company a competitive advantage. Overall, the prices
and quality of the product and service provided by the
company will meet the needs of the customers.
What is unique, special or
original about the product or
service (what is your
competitive advantage)?
(Highlight the add-on value for
the customer and the unmet
needs or wants your product
or service fulfills! Describe
how your product differs from
competitors. Competitive
advantages can be:
• An all new product or
service
• Lowest price
• Highest quality
• Fastest delivery
• Technically most
advanced
• More useful features
Saves time or money; more
effective)
Are there any weak points
regarding your product (e.g.,
special delivery, easy to copy
by competitors, etc.)?
(If yes, describe these aspects
and explain how you are going
to deal with them!)
Unique, Special or Original Features of the Product
or Service
Well, our items are both high-quality and affordable,
and I believe that our supply pricing is purely based on
the consumers' ability to pay. Furthermore, the
business's position is easily accessible to all, which can
assist clients in alleviating their troubles and lowering
their costs. Furthermore, I believe that my service
benefits the consumer exclusively by making their life
easier. When a company cares about its customers, the
customers reciprocate by returning what they have
received from the store. And that, in my opinion, is our
competitive advantage: the long-standing business-
customer connection in which customers trust the entity
to deliver timely, cost-effective, and high-quality
products. I believe that our method of serving
customers, promoting the company, and locating the
resources that the company need is the most
successful and efficient among consumers. Because
our company mainly sells school and office supplies, we
are unable to supply certain of our clients' basic needs,
such as food, household supplies, and so on.
Important Product or Service Considerations
One flaw in my product and service is that it would be
easy for my competitors to imitate it because my
products can only be purchased from manufacturers,
and they can also buy it from them. Also, as a result of
the epidemic, supply prices have risen, making it
difficult to locate high-quality, low-cost products, as
most manufacturers have boosted the prices of
their supplies. As a result, the company is having
difficulty on finding things that can be sold to
customers. As an entrepreneur, I will look for
alternatives to locate new sources of supply or new
strategies to attract potential clients in such a way that
they will continue to buy items despite minor price
adjustments. Furthermore, I will adjust my pricing so
that they remain lower than those of my competitors, so
that customers will agree that the things I sell are the
cheapest.
Are you going to develop your
product or service further in
future?
(If yes, describe new features
of your product or service and
whether you target different
customers with these new
features!)
New and Follow-on Products or Services
In the future, I plan to enter the field of supermarkets,
where I will be able to provide the basic needs of
customers. I believe that starting this type of business
will benefit me by allowing me to earn more money and
by allowing my customers to purchase things from a
single location. They will not make an attempt to visit
other businesses; instead, they will purchase all of their
necessities from a single store. Consumers will find it
more convenient and straightforward, in my opinion. All
people who need to buy food and beverages are the
target market. The business's service will be improved,
as I will hire more people and make big adjustments to
improve the efficiency and effectiveness of the
company's operations.