ENTREP MIND

WORKSHEET

21-67301

MARCO, Marlaurence Abraham T.

1) [30%] Describe at least two reasons why customers would buy the following products or
services. Complete the following sentences.

A customer would buy:

A sun hat

- It is good for covering from the rays of the sun outside.

- It is a very fashionable piece good for everyday use.

A wallet

- Very useful for keeping money and cards.

- A very essential thing for all people.

A computer repair service

- Needed when our computers have a problem

- Quicker and easier way for fixing our computers.

A motor vehicle service

- For our vehicle whenever it needs fixing.

- When we need to fix or add something better to our vehicle.

Roofing materials

- For fixing our roof when there is something wrong.

- Important in order for our roofs to be sturdy and stable.
Fresh fish

- A very healthy and delicious choice for meals.

- Good for your nutrition, and very easy to cook.

Shoes

- Essential thing that people use everyday.

- May also be a fashion statement, which has styles that are fit for all kinds of people.

Dinner Plates

- Needed for eating meals at home.

- Very important in a household.

Welding equipment

- Important for fixing things, especially metal.

- Needed for construction work.

A wedding dress/suit

- Very important, in order to feel special in your wedding.

- A once in a lifetime experience for couples.
2) [40%] Create a Marketing Plan (follow the 4Ps – Product, Price, Place, Promotion).

Marketing Plan

Handmade Products

Product

- Customers want to have handmade products which are trendy but still useful.
- The products are made of sturdy and eco-friendly materials.
- The products are meant to be of everyday use, and can be used for every kind of event,
or work that the customers are going to do.
- Products are of different shapes and sizes, different styles, and different colors.
Depending on what the customers like.
- These are crocheted products, which are handmade, aesthetic, and made for all kinds of
people.
- My products are different from other competitors as they are made of quality materials,
meticulously made, and are 100% made by me.

Price

- Products will be charged from the cost of materials, and labor per hour.
- The products may either be affordable or a little pricey, depending on the type of style
the customer requested.
- Prices are subjected to change, depending on the materials used, and the time it took to
make the product.
- The price will be affordable to students and it may also be pricey, depending on the
product.
- Discounts may be given if there is a bulk order, or depending on what the buyer and
seller have agreed on.
- My prices are the same as the other competitors, as all of us are labor-based.

Place

- My products may be seen in person, but no physical store is available. The easiest way
is to find it online, on social media platforms.
- Since people are connected to the internet especially now, it will be easy to find my
shop, just one click will get the buyers to be in my online shop.
- People may share my shop across their accounts, so other people may see it and
inquire with me.

Promotion

- Since it is based online, people can post advertisements across all social media
platforms.
- Posting photos of our products, and sharing it to other people will also help.
- The best time for promotions is everyday. Since people are hooked on to the internet,
they can see it everyday on social media.
- My competitors have the same kind of promotions, and this is the best way for us to help
each other by promoting our shops to each other and to other people.
3) [30%] Give your thoughts about the situation below.

“A person is starting a business that will be an agent for a large manufacturer of bicycles. He
will sell the bicycles to retailers in one region of the country where he will be the only agent for
that brand of bicycles. He will buy the bicycles from the manufacturer for Php 1,500 and with
his other costs for promotion and administration, the total cost to buy and sell one bicycle will be
Php 1,900. Competition is fierce in the bicycle business and a low price is important to the
customers, so the retailers normally buy from the supplier who offers the lowest price.

The major competitors charge between Php 2,000 and Php 2,500 for a bicycle, depending on
the size of the order. The entrepreneur is new to the business so it is important for him to
establish good relations with many retailers. For this reason, he will not offer discounts for large
orders in the beginning, but rather charge a low price even for small orders. He decided to set
his price at Php 2,200.”

Thoughts:

For me, it is reasonable for this person to have this kind of price. He is just starting, and
he wants to establish a very good relationship with his customers. This is a good way for doing
that, because he set his price in the middle. Not too cheap, and not too expensive as well. After
he has established a relationship and has made a name, he can make changes to his pricing.
He may offer discounts, and may even charge higher, but he just needs to make sure that what
he is offering will be much better than the other competitors in the field.