DefiED EntrepreneurshipEntrepreneurship & What I Need to Know jtten with This module was designed and written With 3 master the topics of Entrepreneurship. The Scop’ you in mind. [tis here to help yoy f this module permits it to use in recognizes the di many different learning situations. The language aa ee ee a vocabulary level of students. The lessons are arrangs ad them can be changed Sequence of the course, But the order in which you re to correspond with the textbook you are now using. After going through this module, you are expected tte 1. Understand the concepts of Entrepreneurship. 2. Familiarize with the characteristics of a successful entrepreneur. 3. Plan for a business/s that fits one’s interest. What I Know ; LET'S TRY! (PRE-ASSESSMENT, : Direction: Fill out the KWL chart about your idea of entrepreneurship, KWL Chart What Talready Know | What IWant to Know | What I Learned about about the lesson? about the lesson? the lesson? Cee Entrepreneurship refers to the conc business venture to gain profit by taking sever put, entrepreneurship is the willingness to st: role in the economic development of the exp: ept of developing and managing a al risks in the corporate world. Simply fart a new business. It has played a vital anding global marketplace. An entrepreneur is someone willing to work for himself and by himself. There are several different meanings of the term entrepreneurship. Success in entrepreneurship is not just about your idea or your money. Plenty of people have interesting ideas or a lot of cash to throw around — and they never quite manage to find success in their ventures. What is It Skills Required by Entrepreneurs An entrepreneur is commonly viewed and perceived as an innovator. The skills required for successful entrepreneurship are innovation and the ability to be creative. Also, to generate new ideas for a bu: siness venture. An entrepreneur must haveality of leadership ang ve au 8 Strong sense pene Of unified teamwork to gain maximum 7 Chara gelf-Motivation Stertatics of Suceg ful Ente : eprenenr most Significant trai eof the m traits srotivation. When you want tea om preneurs j fae Urs is 1 fyone else a8 an entrepreneu, rable eet mes means that it is hard to’ eae sipout anyone tomake you. Yoy a ae wagicated t0 your plan and keep movin in aa eee jfyou are not receiving an immediate ae a check, g, _ Uaderstand What You Offer an entrepreneur, you need t os eee ‘0 know what you offer marl , sroduct oF a service, you need a ie ‘oa Pr That means you need to know when it ie tae at im eak things a little bit. Also, knowing whether in the high end, middle of the road = ban gain being able to position yourself and then adjust as needed is an essential part of entrepreneurship. 3, Take Risks successful entrepreneurs know that sometimes it is necessary to take risks. Playing it safe rarely leads to success as a business owner. It is not about taking just any risk, though. Understanding calculated risks that are more likely to pay off is an important part of being an entrepreneur. You will need to be willing to take a few risks to succeed. It is the willingness to face challenges. 4, Know How to Network Knowing how to network is a vital part of entrepreneurship. Sometimes who you know is a significant part of success. The ability to connect with others and recognize partnership opportunities can take you a long way as a business owner. Figure out where to go for networking opportunities and make it a point to learn how to be effective.iain ee knowledge 5. Basle Money Management Stills and “bi We often think of successful entrepreneurs #87 picture” people who do not worry 80 MUC! managing their day-to-day responsibi | team might indeed have an accountant or other Att members to help you manage the should However, if you want to be successfull, oe and still have basic money management skU® To knowledge. Understand how money wor! ou run knowing your financial status can make y your business on sound principles. 6. Flexibility To a certain degree, you need to be flexible o roa entrepreneur. Be willing to change as needed. S*3¥ on top of your industry and be ready to adopt changes in processes and products as they are needed, Sometimes, you also need flexibility in your thinking. It is an essential part of problem-solving. ¢ You want to be able to find unique and efficient solutions to issues. 7. Passion Finally, successful entrepreneurs are passionate. They feel deeply about their product or service or mission, Passion is what will help you find motivation when you are discouraged. It will drive you forward. Passion is fuel for successful entrepreneurship. If you find yourself losing your passion, that might be the clue that it is time to move on to something else. Many passionate entrepreneurs create successful businesses, sell them, and then create something else. Improving and developing your characteristics will help you become a better entrepreneur. When more and more people began to settle in stable communities and live as a group, drastic changes observes in their lifestyles. The tribe had an individual leader who specialized in one task cannot fail to observe. Each leader specializing in a particular responsibility helped further innovation and development of leadership quality in the individuals. Leadership quality is what makes entrepreneurs so successful in entrepreneurship today.df The and the ap tcPesstul entrepreneurship are Seven characte vuty to be creative Sel motivatie tistics z fa : lon, un of'a successful entrepreneur are: Sw how to net ener What you offer, take risks, Owledge, flexipini.,” PaSiC Money management skills and Dility, and passion, for Se is an ongoing process that is in practice for the past few centuries. need for a good leader is one of the factors that led to the evolution of entrepreneurship. In addition, eneu several other factors led to the beginning and increasing importance of entrepreneurship. Assessment A, Identification. Read the statement carefully. Identify the concepts refers to in each sentence. Write your answer on the blank before each number. 1. It refers to the concept of developing and managing a business venture. 2. He is willing to work for himself and by himself. 3 - 4. These are the skills required for a successful entrepreneurship 5. It is understanding how money works. 6. It is the willingness to face challenges. 7. It helps find motivation and is the fuel for successful entrepreneurship. _ It is the willingness to change. eee 4hip. trepreneurs! oe an inn a rt ne 10. It is one of the most impo ) characteristics of successful B. Enumeration, Enumerate the seven (7 entrepreneur and discuss each. siscassion Characteristics Enrichment Each part will help you reflect Direction: This activity has four parts. on your journey as an entrepreneur. Read the and write your answer in 3-5 sentences of exp) question in the Thought Bubble Janation on the box provided. What business do you want to do that fits your interest? How will you start your business? You can add methods on how you will do it. Pe What advertisement you will do to promote it? You may give sample. Using technology, how will you prometa jou 5after going through this module, you are expec ‘ ted to: 1. Understand the key cone et 2. Explore job opportunitie: 3, Familiarize with the good characteristics of a good entrepreneur. 4. Appreciate the positive viewpoints of entrepreneurial skills. epts of entrepreneurship. s as an entrepreneur. Entrepreneurial development today has become significant, given its being a key to economic development. The objectives of industrial development, regional growth, and employment generation depend upon entrepreneurial development. Entrepreneurs are the seeds and fruits of industrial development. It helps increase employment opportunities for unemployed youth. It also supports the increase in per capita income, higher standard of living, and increased individual saving. Entrepreneurs contributes to the revenue to the government (income tax), sales tax, export duties, import duties, and balanced regional development. ‘The word “entrepreneur” derives from the French verb enterprendre, which means to undertake, It refers to those who “undertake” the risk of new enterprises. Entrepreneur creates enterprise. The process of creation is called “entrepreneurship ®& What’s In ‘THE CONCEPT OF ENTREPRENEURSHIP Seed = =» *Process of *Object | Actionq ¢. innovation, implementation, Entrepreneurship involves decision eae et and this is how forecasting of the future, independence, and i 46 with a knowledge base entrepreneurship developed. Entrepreneurship is 4 ¢ psychological, technological, theory. It is an outcome of complex socio-economic, Pee wt involves fusion of legal, and other factors. It is a dynamic and risky Pree is equally applicable to big capital, technology, and human talent. Entrepreneurship ©“ activities. Different sae eet bocweeses, to economic and nomecMOMT Oy ice entrepreneurs might have some common traits. However, all Of ie models for features. If we concentrate on the entrepreneurs, erases and when these ventures, These will be a guide to predict or plan; how _ Z entrepreneurs start their enterprise. : i combination of some stray incidents, Entrepreneurship is a process. It is a e cominatnducted after systematic ; ized search ; ae It is the purposeful and organized search for Ct ship is a philosophy- it is fore it can exist in any situation, be it inks, acts, and there! the way a person thinks, acts, an‘ ae eaculio: business or government or in the ficld of education, poverty alleviation, or any others. scribes as a process of action an entrepreneur Entrepreneurship de: r ship is a creative activity. It is undertakes to establish his enterprise. Entrepreneur: the ability to create and build something from practically nothing. It is a knack of sensing opportunity where others see chaos, contradiction, and confusion. Entrepreneurship is the attitude of mind to seek opportunities, take calculated risks, and derive benefits by setting up a venture. It comprises numerous activities involved in conception, creation, and running an enterprise What is it ‘The Best Jobs for Aspiring Entrepreneurs If you are an aspiring entrepreneur, there are different career paths. These paths can help you turn your dream into a reality. The direction you choose will depend on your experience, skills, finances, and flexibility, as well as your goals for the future. Even though some entrepreneurs have become successful without spending time in a traditional workplace, many people have solid work experience before starting their own business. That experience equips them with the skills they need to get a business off the ground up and running. Some jobs will hone your entrepreneurial skills while you learn the ins and outs of running a business. Also, working in roles where entrepreneurship is valued can gi without the responsibility. Cee ee eaer eee The other path you can take is to find a job where you don’t have to work when you are not on the clock. There are plenty of jobs with regular schedules th give you free time to spend on your projects. There are also jobs and schedules that can work a flexible schedule that leaves you time to pursue your wns e i seo make your financial stability equipped to start anew venture ence bec all new businesses are successful at first. re or side job because notThe SUCCESS rate ig joy, gt could be COUN on White shel at lea, St the ess Your own babe few years. Having an income ow . usiness can be a solid strategy for obs Where You fyou focus on j T Gain Entre, Ify US On jobs that ign Preneurial Skills y. need. TO either start your YOUr aspiratio ne r nS, you will develop the skills sition your own full-time business. The 4 full-time basis or as a side job to you gain experience in the career fieig «i008 that are the best fit fe will help jun business. These are some of thee or industry where you en ic Teunch your need to CqUIP Yourself for Boing it alone itions that will give you the general skill you + Advertising, Maries an wal pratte Relations: Working in advertising, © You with the know-how to reach an + Business Developmen them to identify opportunitie the ability t grow ana 'S for your own future business. You will also gain you're working on your own. “MtetPrise, which will be invaluable when I I you have strong business development skills, use + Design: Whether you work in fashi i : will help you create your own ion, home, or product design, these skills Product or servi « Management: There are Management positions available in every industry. Whether you're starting out in a management training program or have moved up the career ladder, working in management will give you the leadership, people, and communications experience you will need to be successful. + Software, Web, or App Developer: Every business needs technology, and the work you do for your employer will enhance your skillset and give you transferable skills to use to start and grow your own business. + Real Estate: Working in real estate can build the sales, marketing, finance, communications, self-motivation, and other skills successful entrepreneurs need, + Sales Manager/Account Executive: Sales and sales management positions provide experience and opportunities to excel and generate income, meet and achieve goals, and, most importantly, the ability to sell a product or service.will give you experience in ion to gaining experience, types of organizations, + Consultant: Working for a major consulting firm w different industries and types of companies. In additic you will have an insider perspective on many different work on a product through going live, and distribution, Ise’s product to your own, + Product Manager: Successful product managers research, development, engineering, manufacturing, ‘That experience transitions seamlessly from someone ¢ Difference Between an Entrepreneur and a Manager over along time _ A manager does not have to bear risks and psychol _ cee oo ane ane “An entrepreneur drives by a perception that ‘A manager by the resources he ‘ sees an opportunity _____ currently possesses ee ~~~" “A imanager follows the rules and An entrepreneur initiates change eee ‘An entrepreneur is his own boss An entrepreneur gets uncertain rewards A trader is not always an entrepreneur An entrepreneur is also a trader Involve in buying and selling Involve in creating a new product Always work out to gain profit Besides profit, satisfaction and successful also considered Not interested in new technology Always alert and follow any modern evolvement and current changes changes and technologies Selling usual stuff Introduce new products ‘Competition is a common challenge Competition is a challenge that needs further details Focus on the daily matter Farsighted and try to improve in the future Short term profit-oriented Long term profit-oriented Entrepreneurship is a dynamic process of vision, change, and creation. It requires energy and passion for creating and implementing new ideas and creative solutions. Essential ingredients in entrepreneurship include a lot. First, you need the willingness to take calculated risks - in terms of time, equity, or career. Having the ability to formulate an effective venture team needs to be creative. It helps to i 7all resources and {p arsb a "e fundam, wy. the vision to recogning oppor Mal skills of buildi; 1 ‘ ee UnILY Where othe tims & Solid business plan. oo ou '€r8 8ee chaos, contradiction, and gelow are the characteristic, of wy, Be om, : Wage Empl . : : Ployment and entrepreneurship: : Work for Other, : : Ss deri Instructions ‘outine Job Earning is fixed, oe eae never pessinn i Teative activity i istic Can be negative Does not create wealth” ~~q, Sometimes, generally surplus __ Can choose from: ~. Creates Wealth, contributes to GDP Government service Can choose from: Public Sector Industry Prive Trade or ____ Service Enterprise ©, inde entrepreneurship. Pendence, and success first. It develops © Some jobs will hone your e ; ‘ntreprencurial skills while you learn the ins and outs of running a business, © There are differences between an entrepreneur, a manager, and a trader. Assessment A. Modified True or False Direction: Write T if the statement is correct and if not, write the appropriate word or group of words to make the statement true. 1. A trader is not always an entrepreneur. 2. A manager is driven by perception of opportunity. 3. An entrepreneur assumes financial, material and psychological risks. 4. A manager with running the business over a long period of time. 5. Working in wage employment can build the sales, marketing, finance, communications, self-motivation, and other skills successful entrepreneurs need. 6, Trader always alert and follow any new changes and technologies, 7. An entrepreneur is not interested in new technology evolvement and new changes. = 8. The word “entrepreneur” is derived from the French verb enterprendre, which means ‘to undertake.’ 10and the work you do for your OEY, Eger sferable skills to 9. Every business needs te ae will enhance your skillset and give you tran: use to start and grow your own business: 10. Successful wage employment work on @ POtY. development, engineering, manufacturing, 6°in8 live, product through research, and distribution, A. Matching Type. : Direction: Match column A with Column B, Write the letter of your answer in the space provided. Column A Column B Lit is the process of actions of an a. Entrepreneur entreprencur.A person always _—»- Design c. Wage Employment finds something new and exploits such ideas into gainful opportunities by d. Manager accepting the risk and uncertainty with e. Trader the enterprise. f. Consultant ____ 2. It is a person responsible for setting up @ g. Business business or an enterprise. Development h. Real Estate _____ 3. Someone who runs the business over a ong period. ___ 4. It is a skill that will help you create your own product or service and get it ready to launch. ___ 5. The ability to grow and manage a business. It will be valuable when you're working on your own. ___ 6. Someone who is involved in buying and selling common products. ____7, Someone who works for other people and has a fixed earning. ____ 8. Someone who works on a product through research, development, engineering, manufacturing, going live, | and distribution. _____ 9. Working in ___can build the sales, marketing, finance, communications, self-motivation, and other skills. successful entrepreneurs need. ____ 10. Working for a major __ firm will give | you experience in different industries and types of companies. B. Explain the concept of Entrepreneurship . i, Entrepreneurship j. Product Manageree) Enrichment a. Compare and contrast an an Entre a a Manager Using a Venn Diagr, oe . Compare and Contrast q Trader and Entrepreneur using g Venn Diagram, - . Write possible jobs under the fotlous c. entrepreneurial slalls, one WUUNNnY ~_ Entrepreneurial Skills ee vertising, marketing ~and publicrelationsPOTENTIAL T vn with you in mind. It is here to help ipreneurship. The scope of this This module was designed and ee wi you master the topics about the Concept of Entreprenet Todule permits it to use in many different learning situations. The language useq recognizes the diverse vocabulary level of students. The oe arranged that follows the standard sequence of the course, but the order in which you read them can be changed to correspond with the textbook you are now using. After going through this module, you are expected to: 1. Define Potential Market. . 2. Recognize the characteristics of a potential market. 3. Assess potential markets in the locality. What’s In ‘A potential market is the part of the market you can capture in the future. Your potential market includes the demographic groups that are not currently your customers but could become customers in the future. The key characteristics of a potential market are large size, high Profitability, accessibility, and limited competition. What’s New DEFINITION OF TERMS AND CONCEPTS A potential market is the part of the market you can capture in the future. Your potential market includes the demographic groups that are not currently your customers but could become customers in the future. Product is something (such as a service) that is marketed or sold as a commodity. Demographics is the study of a population based on factors such as age, race, and sex. : Competitive is being eager to do better than others. Profitability is the fact that something produces or is likely to create profit. Accessibility is the fact of being able to be reached or obtained easily. Locality - a particular area or neighborhood. 13gnere Es ne w market, it's important to anal 7 woes with the market. 'y2e key characteristics to gauge your chances for competitive Advantage ig you have relevant experience and skills within the targeted industry, poe Me hae ecutive advantage when entering the target market. For examnp! iS ae oye d in the retail business for the last 15 years, the retailers would Tae paar market for you. Refine your target market even further. nal experience h: it il a seth arg thin mest as been with gourmet food retailers, Yo size and Profitability ‘The target market's profitability must be large enough to be worth pursuing. Research the number of people in the target market. And the potential revenue and net profit after expenses. Estimate your projected income from industry research reports through industry associations, research companies, or organizations. Accessibility A high-potential target market must be identifiable and accessible through marketing channels. For example, if the target market is in a different country, the political conditions will be challenging to reach through conventional marketing channels. It may not be a practical target market since it is hard to reach and difficult to promote. In some cases, a specific target market may be expensive to achieve, and therefore may not be a good choice for the small-business owner on a budget. However, if you have a clear, specific and accessible group that you can reach within your means, then the target market has higher potential. Competition A lucrative target market ideally would have limited or manageable competition. Research the needs of the target market, the stakeholders, and how well the competition meets the market’s needs. If the potential target market needs are not sufficient, there may be an opportunity to capture a large part of the market. However, if many entrenched competitors fully satisfy the target market's needs, there may be fewer possibilities in the market. 14@) What's More ffering? What does your locality mean to your business © ness. Here's a handy checklist ‘ to your business: Assess the potential value of your locality Yor Ort ning: to help you calculate the potential in your bt Indicator 1. Does your location contributes to the eee of cre and selling of your products and services : 2. If you get to grips with the demographics of your cal ‘could you tweak your product/service offering to attract more salesi ‘3. What volume of relevant consumers or business decision-makers are in say a 10-mile radius of where you are now? ~ Would the fact that you're only a 20-minute drive away appeal to them? 5. If you sourced quality local ingredients/expertise in your products/services, could you attract greater interest or even be able to charge a slightly higher price? 6. Could you attract a bigger national market because of the local ingredients/elements you use? Oe What I have Learned > Potential Market is the part of the market you can capture in the future. Your potential market includes the demographic groups that are not currently your customers but could become customers in the future. The key characteristics of a potential market are: large size, high profitability, accessibility, and limited competition. It is however important to assess the potential markets in the locality. (Hwee conv List down as many possible potential markets up to at least 50. Then trim down possible potential markets as that will conform to the characteristics of potential markets and checklist. ation, promotion, Fs Assessment I. Individual Work: Submit a written report of your local potential markets assessment. IL. Modified True or False. Write True if the statement is correct. If not, replace the underlined word with the correct answer to make the statement tue 1. The Potential market includes the demographic groups that are not currently your customers but could become customers in the future. 2. Experience and skills within the targeted industry can be a competitive advantage when entering the target market. 153. The target market's pursuing. a _—_— 4. A low-potential tar — 5. A lucrative target competition, i, Identification. Identity the : conce| answer in the space provi ‘Oncept referred to in th i Provided, e sentence. Write your limited or manageable It is something (51 2. Itis the stud (euch a8 a service) that is marketed or sold as a commodity. sex. 'y of a population b; 3. Itis the fact that somethi — a somethin, a TF tes the fat one netins Produces ois kel o produce a prot i : to reach nema! 5. It is a particular area or neighborheng ased on factors such as age, race, and Enrichment From your assessment rey , . ‘port, prepare business mapping along your locality and list down actual local competitors. a Lesson 4: Analyze the Market Needs TLE_ICTAN11/12PC-Ia-1 ~ Expected Learning Outcome/s: 1. Identify the ways to analyze the market need. 2. Enumerate the six (6) steps in the marketing analysis process. 3, Explore the ways on how to gather data through the different research approaches for market need analysis. 4, Devise a survey questionnaire for a product and service for market need data gathering and analysis. What’s In Market Needs is a marketing concept that means functional, emotional needs, or desires of a target market. Whether you are starting a new business or launching a new product, conducting a marketing analysis is the first step in determining if there is a need or audience for your idea, Knowing the market's needs and how it is currently serviced provides you with vital information essential in developing your product/service and marketing plan. Conducting a market analysis will help yout Prepare to enter a new market Launch a new product/service Start a new business 16What’s New at means functional, ing concept th cae ‘a successful company ds is a marl Market Needs i ting Generally, emotional necds, or desires of a target m! : ene a identifies when a segment of customers 18 not effectively a pis . =e et and develops and promotes products oF services to match. 3 the step to investigate a concept for the product. ear is process can be broken down into six steps: ‘The Marketing Analysi Defining the problem Analysis of the situation Obtaining data that is specific to the problem Analysis and interpreting the data Fostering ideas and problem solving Designing a plan an eeNe So, why should you embark on the market analysis process? ‘The primary reasons are: sa market for your products or services ting plan st in the sale of your product + To determine if there is + To establish the need for developing a marke To ascertain market information that will assis or service Market Analysis Questionnaire s, answer the following questions. if you cannot ‘To begin the market analysis proces ding the answers, even if it means consulting answer every question, focus on fin others. 1 understanding and knowledge of your target These questions will enhance you! ‘oduct or market and industry and ultimately determine: Is there a need for my pr service? 1. What defined market am I trying to reach? 2. What specific companies are servicing this market? a. Are they successful? b. Are there other companies servicing this market with a similar product? c. Are they successful? d. What is their market share? 73, Is the ‘market Saturated or wy 4, What is the size of the pas Pen? If 80, whyp a. Is it a growing market b, Is the industry stable, yoiat ; 5, How can] reach this marci” &*°Wing or trendy? a. How do my competitors Teach the What are the business mod, © market? What do customers expect fron, THE COMPLETE PROCESS 4. Defining the Problem Defining the problem is crucial in conducti : A @ successful M: jnalysis. It may require a great deal of time but, it is well worth the time pay oy expended. Defining | the objectives isa stepto a successful marketing campaign. Many individuals waste valuable time performing good research on the wrong problem. The following questions will assist you in defining the problem: Are we trying to market our entire product or service line? Are we trying to hone in on anew product or a new service? What specific marketing strategies have we utilized in the past two years? How has each strategy affected sales? What strategies are we currently using? How do our competitors market their products? How much money is allocated to marketing? When making a sale, do we survey our customers to determine a referral source? Dowe thank our referral source? Why would someone choose our product? ; What differentiates our product from our competitors’ products? Why do people choose our competitors’ products or services? Do we need to enhance our current product or service? Who are our customers? Are they from a specific region? How do we attract new customers? How do we increase sales from current customers? blem before Im sales, many companies fail to understand the nature of the Pro thing to solve it A claesic example occurred in eee ame anes 0d Pepsi ~ the two top soft drink rivals) increase 0 Megan to decline, ‘o battle for hij 2 ee een : higher sales. At the s: , tly, the "Be a a prablew ee toa weak promotional campaign. Subsequenty, 181 nues continued to Pepper” slogan was launched, Although the ads Wert Se aoa decrease. The marketing managers had to reanalyze theit P' for Dr. Pepper differed target market believes life should not based on the expectations fe approval of others. Despite cts with a campaign Focused research revealed that the target Populate” from Coke and Pepsi, It was found that Dr. Pepper's be lived following one's own set of ‘personal values and cfothers. Cola drinkers, on the other hand, try to win th the catchy slogan, Dr. Pepper's marketers turned away Pree that invited them to be part of a large group of "Peppers: rus daft artis indtstry ossuoplifies the aportance Of S25 75 ee is important not to confuse the symptom with a problem ee ake trouble selling a particular product, it doesn't mean that there inst a need: The problem may be distribution and pricing. Mistaking symptoms for a pro! lem 1 to misguided research and mistakes. B. Analysis of the Situation ‘An analysis of the situation is an informal survey of what information is available in oblem and ascertain the need for additional the problem area. It will help define the px information. This process entails informal talks with informed people. Informed outsiders with knowledge about the individuals can be others in the company or industry or product. In some instances, the need to contact customers is necessary to provide information. ‘The analysis should focus on both primary and secondary research. Primary research is research that proactively creates for a specific purpose. Primary research may include focus groups, qualitative surveys and phone interviews. This is information you collect yourself. In contrast, secondary research is research that has been conducted already for other purposes. From it, we can gather valuable information. Secondary research is available in libraries, online, through periodicals, books, etc. The easiest and most efficient way of accessing this type of data is on the Internet. ©. Obtaining Data Specific to the Problem ‘The next step requires gathering primary research and performing a formal research project. Many approaches can use to collect primary data. The purpose is to identify what customers think about some topic or behavior patterns. Research can conduct in person or through a survey. Questioning can be qualitative or quantitative. Another research option is an observation of customers and their purchases or utilization of a product or service. Qualitative research utilizes open-ended questions to obtain in-depth answers. Closed-ended questions requiring yes or no answers are prohibited. The idea is to 19PP nave people share their thoughts on a topic without giving them extensive directions or guidelines. xamples of qualitative research question: “What do you think about the time you “pcide on a place to shop for your kids’ clothes?” the consumers are free to answer as they chose: one might talk about convenient THE ion, another about service, and others about the type of designer clothing iqvailable. Depth is a significant factor in this type of research. Follow-up questions may use to have a better understanding of their responses to shopping habits. The qualitative approach requires the researcher to exercise judgment in summarizing ail the information. Depth is the key. Qualitative research doesn't have to be question-oriented. Focus group interviews oe the most widely used format for qualitative marketing research. It involves the sirerviewing of six to 10 people in an informal setting, Open-ended questions are posed to gather in-depth information on the subject matter. In a group setting the Fesearcher looks for group interaction to stimulate thinking. ‘A skilled focus group leader or facilitator can learn a lot from this approach. The facilitator's role is to establish guidelines for the group interaction, such as talking as litle as possible, keeping the group focused, and asking simple open-ended questions. A focus group session can last an hour. Itis significant to have recordings Gf these sessions for viewing of different managers. Conclusions reached vary depending on the skill level of the individual. Although qualitative research can be objective, it requires extensive training and experience. Qualitative research may provide ideas or hypotheses, but other approaches based on larger sample size and objective measures are needed to test the hypotheses. Researchers often use qualitative research to prepare for quantitative research. Quantitative differs from qualitative through the gathering of data. Quantitative uses parametric statistical information, i.e., information with a number to it. Sample sizes are generally larger and more representative of the market. From the statistics or generated data, it could create conclusions. Survey research is usually quantitative. It seeks structured responses that summarize through numbers, like percentages, averages, or other usable statistics. An example of quantitative research question: What percentage of the consumers shopping in grocery stores purchase coffee? We could calculate the average score. Survey questionnaires often provide fixed responses to questions to simplify the reply. This multiple choice format makes it faster and easier for the respondent. Simple fill-in-the-number, circle-the-range or exact answer questions are also widely used, A market researcher might ask, "how many suppliers do you use for household appliances?" or "what is your salary range (multiple choices given with ranges of salaries)?" Fixed responses are computer-friendly, which is how most surveys are analyzed. A common approach to objectively measuring consumers’ attitudes and opinions is respondents indicate how much they agree or disagree with a questionnaire statement. Another method is to have respondents rate a product using a rating scale, called a Likert scale. A number is attached to the product value, for example: 20Excellent= 4 Good 3 Pair 2 Poor = 1 lation thinks about a A researcher interested in what a target consumer Pop" m Particular frozen dinner might use the following example: dinner. 2. A frozen dinner is more expensive than eating at [~ a fast food restaurant. eae] a brand of frozen dinner. = A. Please check your level of agreement with each of the following statements. Strongly Stron; ; fn ese Agree Uncertain Disagree Disagree 1. Ladd extra seasoning ee sit - when I prepare a frozen [~] zal oa | ont B. Please rate how important each of the following is to you in selecting C. Please check the rating which best describes last frozen dinner you prepared. Poor Fair 1. Price per serving i] emer) 2. Amount of meat ail ae 3. Amount of vegetables 75 4. Cooking time eel Good No Very Importance Important 1. Price per serving Oo oa aa a cae} 2. Amount of meat Oo es Seer 3. Amount of vegetables [“"] a] Hoe | 4. Cooking time O fer Here ae} your feelings about the Excellent ] apecisions about what specific questions to ask and how , t gn how the respondents will be contacted: by mail, in pensar nom oul depend erson or by phone. questioning is needed. This type ‘estions at their convenience. Telephone surveys are growing in number, and they can be fast and effective. In this format, researchers can ascertain answers to simple questions quickly. a mail questionnaire is applicable when extensive of format allows the respondents to complete the qu Personal interview surveys can be effective for maintaining a respondent's attention. In this format the interviewer is present to explain complicated directions hopefully leading to better responses. observations use for data collection. During observation, researchers try to learn what the subject does naturally. It should not influence the consumer's behavior. observation methods are usually in advertising research. D, Data Analysis and Interpretation Data analysis and interpretation are critical in analyzing the market. What does this information mean? Can one constructively use the data to define the problem and then establish a plan? In quantitative research, this step most often involves statistics. In the marketplace one can find many statistical packages (computer- based) to analyze the data. E, Fostering Ideas and Problem Solving In this step, the research results use to make marketing decisions. The findings should be applied in marketing planning. If the research doesn't provide the information necessary to make these decisions, the company, whether small or large, has wasted its time, money, and manpower on unnecessary data. The final step must be anticipated throughout the entire process. F. Marketing Plan ‘This six-step Process of Market Analysis is critical in designing a marketing plan that is tailored to your specific product or service. AE) What I have Learned > = There is a need to analyze "Market Needs". «The 6 steps in the marketing analysis process. + Explored the ways on how to gather data for market analysis through different research approaches-qualitative and quantitative. What I Can Do Search at least 10 samples of survey questionnaire for any product or services. 222. Devise your own survey questionnaires for a particular product and service in mind. Assessment I. Direction: Arrange the steps in marketing analysis according to its chronological order. Write numbers 1-6 that correspond to its order. A. Designing a plan B. Defining the problem ©. Analysis of the situation ____D. Analysis and interpreting the data ____E. Fostering ideas and problem solving ____F. Obtaining data that is specific to the problem IL. Modified True or False Direction: Write TRUEis the statement is true. If not, write the correct word or phrases to make the statement true. ____ 1. Qualitative research utilizes close-ended questions to obtain in-depth answers. ____ 2. Focus group interviews are the most widely used format for quantitative marketing research. ____ 3. Survey questionnaires often provide fixed responses to questions to simplify the reply. ____ 4. A Likert scale is a common approach to objectively measuring consumers’ attitudes and opinions is to have respondents indicate how much they agree or disagree with a questionnaire statement. ____ 5. Secondary research may include focus groups, qualitative surveys, and phone interviews. ___ 6. Telephone surveys are growing in number, and they can be fast and effective. ____ 7. Personal interview surveys format the interviewer to present and explain difficult directions that may lead to better responses. ___ 8. Observation is a type that can use for data collection. ____ 9. Market needs is a marketing concept that that pertains to, functional or emotional needs and desires of a target market. 10. Market Needs Analysis is the step to investigate a concept for the product. Enrichment 1. Search for at least (3) samples of primary research approaches on focus groups guide questions and qualitative surveys that you can use for your product. 2. With those samples as your guide, prepare (1) focus group guide questions and (1) a qualitative survey for your market need analysis. 23A. Designing a p}, 7B Defining th on 1 8 the problem “7 © Analysis of the sittati Ax D. Analysis and intense” 2B. Fostering ideas any tn the data —3_F. Obtaining data that ee solvin, ae Pecific to the problem | Modified True or False 1, Open-ended 2, Qualitative 6. True 3. True 7. True 4, Tue 8 True ri 9. True imary _- 10. True LESSON 5-6: INCORPORATING MARKETABILITY 21 ie =— TLE_IcTAN11/12PC-Ia-1 Expected Learning Outcome/s: : 1. Recognize potential market. 2. Analyze the market need. 3. Determine the possible products or services. 4. Screen the proposed solution/s based on viability, profitability, and customer requirements. 5. Select the best product or service that will meet the market need 4) What I Know Direction: Fill out the KWL chart about your idea of marketable products. KWL Chart ‘What Taiready Know | What I Want to Know | What 1 Learned about about the lesson? about the lesson? the lesson? 8 What’s New evaluations helps determine the value of orating marketability Incot tl rpeions to consider aFe, "who will buy this product?" and "How a new product. Questi 24termine if it is - questions help de ‘or mene and other dMer should be able to fulfill ot, The prod! Ieet opportunity; and Pass safely, environmental, ndards. anuich does the product cost awortharhile to invest renourrces the consumer's needs or desires: price: have an established nuarket PPI Tegal, and performance expectations ane &) What’s More Evaluating New Products in the development stage. The ould be evaluated early in evaluating process can start with your own opinion °F ie tae However, itie very important to obtain an objective opinion, Wit | ar! tT intangible results. Always use a confidentiality ‘agreement when other peop the organization are approached for marketing tests. Determining Product Marketability All new products 5! Determining a product's marketability can start with a pad and paper. Jot down safety features, legality/regulatory notes, the product's impact on society, ‘aesthetics, performance, market and demand, profitability model, consumer appeal, product drawbacks, licensing potential, the potential for new markets, development ‘status and time to market, and the inventor's reputation. It is also important to note that marketability evaluations are not market analysis. Unlike market analysis, marketability evaluations determine if the product can offer something different, such as price or quality, to the consumer. Manager Roles ‘The product manager is in charge of determining a product's marketability, and is ultimately responsible for the products and the product's success in the market. In terms of identifying the marketability of a product, the product manager's responsibilities include product conception (product market and market research), product development, product launch, duct a discontinuance. Pro sustaining, and product QE) What’s I Have Learned SS min + Incorporating marketability evaluati i Someta a ity evaluations help determine the value Questions to consider are: Who does the product cost? All new products shoul rae ould be evaluated early in the development * Jot down safe it plates S features, legality/regulatory notes, the impact of ae pean cies aesthetics, performance, market and ty model, consumer appeal, product drawbacks, will buy this product? How much 25licensin B potenti status, and ti ntial, the potenti ime ial for new markets, development * The to market, Product , and reputation of the inventor. marketability tei : lity, and its er for the product, in the market. its Ache TCan Do ‘0 succeed in e-co mm jo sell the skills to market them, ree, you need three things in-demand products aaner’s mindset—you are contin the drive to succeed. You already have the guccess: BUt finding popular pr. ee leaning, researching, and preparing for Products to sell can be a challenge. That is why W° te this list every ea year to help you uncover new trending product ideas. product ideas. In this list, you will fin 7 d trending products that will activate new busine®® since each cific tips for jgees—oF you may find a great , . Product to ad jak rod fo add t ing product is meant for a distinct audien eee — reaching new customers. ice and sl \g niche-spe* 1, Peel-off face mask when selling trending items in health and beauty, focus on visual platforms like Instagram and YouTube. You could partner up with influencers in the space and run Instagram ads to make sales quickly. A more sustainable option is to create your own Instagram profile and publish content around your face peels and masks. 2, Nail Polish ‘The younger generation is starting to experiment with new nail trends, driving demand for nail products includes enamel, varnish, and lacquer. These are expected to be the fastest-growing color cosmetics segment because ‘of its innovative textures and effects. 3. Exercise Bands the best-selling products mandatory government the globe due to the coronavirus, t growing trend in at-home exercise4. Water Bottles Increasing threats to the envi ( reusable bottles and the growing ae at Jeaning toward a healthy lifestyle drive 1 ee tt 7 : ‘Your target audience is likely to be more et y, conscious and aware ofthe harmful effects of on { €: time-use bottles. 5. Blankets Research also shows that people are toward sustainable blankets that are also : decorative, stylish, and comfortable—like Woo» retailers are making more money selling than they de fcanvctsan er pelyunter tata: on ons ele sell custom-made blankets by teaming up with one of the many print-on-demand companies out there and letting new customers build their own. leaning more also modem, 6. Yoga and Pilates Mats Yoga mats have been selling well for a while now. Due to the growing popularity of yoga and increasing awareness of its health benefits. When marketing top- selling items like yoga mats, pay attention to what your target audience is looking at on social media. For yoga-goers, the trend leans into bright and natural lit spaces with a more organic feel. Take photos of people using your yoga mats in a minimal and calming space—it may be in their living room or home office. Post them on social media channels like Instagram and Pinterest. Then, team up with influencers in the space to help promote your products organically. Consider providing yoga routines on platforms like Instagram and YouTube to help attract the right customers. 7. Kitchen and dining room furniture. There’s been a growing trend in searches for “kitchen furniture” and “dining room * furniture” in recent months. People are spending more time at home and , looking to spruce up their living spaces. Google Trends shows these two categories reaching peak interest over the next month, so if you are looking for winning products to sell, act fasteo poard Games Board games are an, ‘other of the most popular pro, ducts to one $020: It is an easy way to got sell fossil together to laugh, ee fess, and lower screen time ieve g, Laptol Laptop skins are one of eto entoe poe pecome popular every few years 7 drive incredible profits whi the trend is hot. In this case, laptop gins bad their claim to fame in 7009, 2016, and again in 2020. p Skins 10. Food Delivery ry a | 3 { Due to the threat of being out, food delivery is @ boom. People often order rather than cook. It will be easier on their part if they order through text or messenger especially, with the risk of going outside. It is safer to stay inside their house. Assessment .n: Write T if the statement is correct, otherwise write F. sips determine the value of a new | A. True or False. Direction ability evaluation hel 1. Incorporating market: product. 2. Only a few products sI 3. A confidentiality agreem organization are approached 4. Determining marketability of a produc 5, The responsibilities of the product man selling the product in the field. 6. Jot down safety features, legality /regulatory notes, the product's impact on society, aesthetics, performancé, market, and demand. 7. Laptop skins are one of those random trending products that become ery few years and can drive incredible profits while the trend is ¢ early in the development stage. ould evaluat people outside the ent should use when other for marketing test. t can start with a pad and paper. \k ager include product conception and | 28jon. ; a session safe to use GUFINE 4 yee community: 8. Yoga mats are not saree ard sustainable O Peecoff mask is through galivanting © \eaning more ovfortable. 10. Research also shoves that Peorcorative, stylish, and co ern, blankets that are also mo sth Column B. Write the letter of B. Matching Type. Direction: Match Column Amber. ps i TT al Column B uct’s Column A ain charge of determining a 1. Food delivery : ility marketal 1? 2. Board games b. How much does the CT cost eee ee in-demand products Te more health ‘4, Nail polish & target audience is Likely £0 acca conscious et them de a i e. the skills to marke family together seen f easy way to get the family O68 ecommerce feat buy dis product? Questions to consider in Fe encaoenges i t's h. people order r in planning for produc! test growing color cosmence j. the device to su Enrichment A. Fill out the table below. strategies to market them. aif et peodurte that are matieataiele and write PRODUCT DESCRIPTION | MARKETABILITY STRATEGY at you want to market and describe its potential in B. Draw the product th the market. LESSON 7 - MARKETING MIX TLE_ICTAN11/ 12EM-Ial1 What I Need to Know This module was designed and written with you in mind, It is here to help you master the nature and forms of business organizations in terms of their purpose and role in socio-economic development, The scope of this module permits it to be used in many different learning situations. The language used recognizes the diverse vocabulary level of students. These lessons are arranged to follow ‘the standard sequence of the course. But the order in which you read them can be changed to correspond with the textbook you are now using, : 29papeoted Outcome, 4, Define Marketing Mix a ae a Poin the M, ms 3 ; lai larketing Mi of Marketing Mix, ©xplain the erent eee ‘nts comprising the framework What's In At this stage of Your entre jcular market iy * tes ofyou ns Strategy thar eal joumey as a student, you must design ao Products to your target develop the characteristics and good jn business, this strategy ig called market, “Marketing Mix ® “ ™ - warketing Mix refers to a mode speans, oF tool Used by the 7 entrepreneur to position the produ, t jn the target market segment to 7 ficiently and effectively deliver it to the consumers. An entrepreneur uses Marketing Mix to convince the target consumers about the benefits of puying and consuming the product, Q) wnat 1 In entrepreneurship, marketing is about creating strategies and opportunities for both seller and buyer. The marketing mix serves the overall business strategy. M A R K E T ' N G 1. Product It refers to the tangible good or intangible service offered by the business to the target consumers. It must satisfy the needs and wants of the consumers better than the other competing products in the market. A product that cannot meet the needs of the consumers should NOT stay Jong in the market. Entrepreneurial tenets relative to the product: + The product is only produced once there is an existing need or want. + The product must satisfy the need or want better than the competing products. 30The term place in the marketing mix refers tg | the place where the target consumers are. If yoy | intend to sell school supplies, it would be | appropriate to place the business near schools, /eolleges, or universities where the target consumers are students and educators, 3. Price The concept of pricing relative to the marketing mix can be viewed from two opposing perspectives, namely: the perspective of the entrepreneur who Produces the product * the opposing perspective of the consumers who ultimately buy the product When the supply of the competing products is high, the price of the product is end to gradually pull down the prices when the supply is is ly is low. As an entrepreneur for the product. Refers to the mode of conv attributes of the product ti It creates an awareness minds of the consumers buy it. There are fo eying the presence and fo the target consumers. of the product in the and elicits their desire to 5. People The modified model of the mix has added people element that positioning. The marketing as another assists in product term people refers to 31« Packaging Refers to the Process of putt ina package °F contaj aa Product type of material useg f° It inctug, container ang et the yrit® the . le ‘apper information printed ont! Per or 7. Positioning itrefers to the place occupieg by th, of the consumers, A marketing y = Product in the target Consumers. The term ks rategy specific group of consumers we UE defines as company’s Adveniioments, yy, o” * Heus of « campaigns with messages to omPanies design advertisements, they com, conveyed in Pose th, : the target consumer attributes, “Petifcally around Gx) What’s More ‘The Integrated Marketing Mix The different categories of Ps of the marketing mix are not usually applied separately in Positioning the product or service in the minds of the covenant Instead, it blends harmoniously Presented in a customer-based strategy as follows: Customer satisfaction for product Customer convenience for place Customer cost is lowered Customer information for promotion Customer quality assurance for people Customer safety for packaging . Customer decision for positioning The 7 Ps must supports by a tool that will complement other elements of the marketing mix. This makes the marketing mix integrated. OE What I Have Learned & a i 1 used by the entrepreneur Mixis a strategy and a tool Te Marking Mins eae eee ° eee ba baie suaners It utilizes by the entrepreneur: to convincing Joa target iver it to 7 : S consumers about the benefits from buying and consuming the produc Noy Pyne 32because of al ventures that yo! List 10 possible entrepreneurit roduct to produ a : a business opportunities. Determine what P : 7 the statement ding the F it refers to by rea’ 1. Wentifcation. Direction: Identify the concept 100? Tne umber. ace PI carefully. Write your answer on the sp: product in the minds of the 1. Refers to the place occupied by the oe directly 2, Refers to the individual employees or workers ee py involved in the production, marketing and sale of the p! services. ; 3. Refers to the tangible good or intangible service offered by the business to the target consumers : 4. Refers to the mode of conveying the presence and attributes of the product to the target consumers. 5. Simply refers to the place where the target consumers are. 6. The concept of pricing relative to the marketing mix can be viewed from two opposing perspectives, 7. Refers to the process of putting the product of putting the product in a package or container. 8. Refers to a mode, means, or tool used by the entrepreneur to Position the product in the target market segment to efficiently and effectively deliver it to the consumers ~ 10. The 2 concepts of pricing: Additional Activities Direction: Enumerate and explain the different elem. framework of the marketing mix, ents comprising the 33igned the nature and forms of j socio-economic develo, nd written wi : n wit Usiness organi is here to hel; ter BANizations ; Ip you mast PMent. The g ns in terms of their is 5 iene Sc 5 Purpose and role in different learning Situations, The la Of thi ee Purp level of students. These lessons are. on o8° Used reco course. But the orde, © arr T in which the textbook you are now using You read th Expected Outcomes: Directions: Write True if the statement is corr : ect and False if the statement is incorrect. 1. The satisfaction of human wants makes the human person survive. 2. The satisfaction of human needs provides pleasure and comfort to the human person. 3. Human needs are limited to a total of five needs. 4. People do not have the same level of needs. 5. The term brand refers to the name of the product only, What's In intends to produce and sell must instill duct that the entrepreneur inten h in the eee target consumers. The product must satisfy the needs and wants of the target consumer better than the competitors. is vi i deavor. Successful i er is vital for any business enc busi ee aan what their customers want and the most effective way siness owners ‘ " of making their product or service available. What’s New ither rich or poor, have needs and wants but the cit All human Deing® ” and wants differs among individuals. degree or level of human need: 34‘ ice with a ire for a product's OF ate ‘we mean SS Canaan for a human being to live a Jy neces' and shelter. The term needs refers to consumer’ specific benefit, whether functional or those requirements which are extreme! healthy life. These include food, clothing, ary, but consumers 8s Awant is a desire for products or services that are not eae ‘ta person would like wish for. In economics, wants are defined as something |" are the desires to possess, either immediately or at a later time. ‘Simply P' "and services that are that cocec tesirmns motivitien to produce sushi PRPUIO™ OS an oo stage, demanded by the economy. It may vary from person to Per What is It e unlimited while the means to produce and sell a product 's, The Hierarchy of Needs determine the particular We all know that human wants ar satisfy those wants are limited. As an entrepreneur, that suffices both the needs and wants of consumer Theory of Abraham Maslow will help the entrepreneurs ; needs and wants of the target market. Analyze the diagram below: sau. ‘AcTUALAnION A ses Figure 1: Maslow’s Hierarchy of Needs ‘The physiological needs include food, clothing, shelter, water, and sleep. They are generally known as the basic needs of human beings. The physiological needs occupy the widest base in the hierarchy to indicate that all human beings have physiological needs. ‘The safety needs rank second. These include personal security, employment, resources, health, and property safety. The theory suggests that the lower level of needs should fulfill first before satisfying the needs on the succeeding level. The social needs are on the third level in the hierarchy of needs. These include the needs of friends, acceptance, and love or belongingness. People who have fully satisfied the two lower levels will seek the needs of belon; The need for self-esteem. These include respect, reco; community, The need to be popular or well-known is esteem. The highest level of need is self-actualization. Thi: i - : : 4 is need is satisfied have finally realized their ultimate dream. For example, a par reset selfactualization when he/she finally wins in the elections. It may appear that gingness and acceptance. gnition, and honor by the is the very essence of self- 35Produci a ee a Product may not be beneficial or favorable to the © to create a competitive product position in the minds mes a must, therefore, that you give a specific name to eeneu must create and produce a product that is distinct mpetitor’s ere Product. In other words, a product must A Brand is a name, term, design, “ar . ‘symbol, or combination that identifies a product and distinguishes it from its competitors. Branding strategy starts with the eee of a brand name for the first ‘single product that the business intends to make. THE BRAND ELEMENTS Brand Name (or product brand) a word, group of words, letters, or numbers representing a product that can be spoken. Should be easily pronounced, distinctive, and recognizable Brand Mark - the part of a brand that is a symbol or design. It may include distinctive colors or lettering. Trade Name (or corporate brand) identifies and promotes a company or a division of a particular corporation + The legal name used while conducting business * Used to promote a positive image of the organization (quality, value, reliability) ‘Trade Character - a brand mark with human form or characteristics ‘Trade Mark - a brand name, brand mark, trade name, trade character, or a combination of these, that given legal protection by the federal government ‘THE IMPORTANCE OF BRANDING 1. To build product recognition and customer loyalty 2. To ensure quality and consistency 2_'To ~-italize on brand exposure Rely What 1 Have Learned ‘The term needs refer to consumer's desire for a products or services with a specific benefit, whether functional or emotional. By the term needs, we mean those requirements which are extremely necessary for a human being to 36live a healthy life. These include food, clothing, and shelter. A want is Lees for products or services that are not necessary, but which consumers Wis Ot The theory of hierarchy of needs of Abraham Maslow will help the entrepr’ to determine the particular needs and wants of the target market. BRAND - a name, term, design, symbol, or combination of these elements that identifies a product and distinguishes it from its competitors. ) What I Can Do example below. Direction: List down your present needs and wants. See the Brand of the product Needs Level of needs Wants {if applicable) Spaghetti Jollibee Food Physiological to open a small entrepreneurial venture. Which Guide Question: Suppose you inten : ea be the brand name of of those needs and wants would you want to serve? What will your product? Assessment 1. Identification. Direction: Identify the following. Write the correct answer on the blank. 1. It refers to consumer 's desire for a product 's or service 's with a specific benefit, whether that be functional or emotional. 2. It is the desire for products or services that are not necessary, but which consumers wish for. 3. These include the needs of friends, acceptance and love or belonginess. 4, These include personal security, employment, resources, health and property safety. 5, These include for respect, recognition and honor by the community. 6. This includes the needs for food, clothing, shelter, water and sleep. 7. The highest level of need. 8. It identifies and promotes a company or a division of a particular corporation. 9. A brand mark with human form or characteristics 10, The part of a brand that is a symbol or design. It may include distinctive colors or lettering. 11. It is a word, group of words, letters, or numbers that represents @ product that can be spoken. 37lark, trad, Bovernment Te" that ig given’ MAM trade character, or a Biven legal ; 13-15, Protection by the federal —_— ‘The Importance of Branding Additional Activities Do the fo! : owing tasks: A. Differentiate needs from wants, B, Enumerate and explain the fi Hierarchy of needs. We levels of needs based on Maslows i 8 ; i stics-of-successful-entrepreneurs wave: book cok entepreneursip/ ' teeter? itt etreprenent /entrepreneursbipcharaceceticaanportance-4YPC2- and-functions-of-entrepreneurship/5228 /*muePreneur | . msl done slancecarecr.com/bes eurs-4160409 s:/ /worw. your ary com entrepreneur entrepreneurship-characteristicsimportance-tyPes- and-fanctions-of-entrepreneurship/5228 : i g i i i & & zg + https:/ /www.thebalancecarcers.com/best jobs-for-aspiring-entrepreneurs-4160409 Books: © W.D. Bygrave, “The Portable MBA in Entre | E.J. McCarthy, W.D. Perreault, "Basic ship" Voha Wiley & Sons, 1994) vrcing: A Managerial Approach" (iin, 1990) Sr enir High Shoot by Nick. Adana Setting io ance of knowing -Your-cu.stomer/ Pusiness.org/ ne IPO A ants tmDefnition ce bo et ety Nk Adana hee: Mey ine Setting for Set ‘+ Entrepreneurship in Philipp + Entrepreneurship in Philippine 38