ENTREPRENEURSHIP

Reviewer

➢ Entrepreneurship is a science of conversion of processed ideas into a remarkable business venture.

➢ Develops skills in starting up a business is the usefulness of entrepreneurship to the students.
➢ Entrepreneur possessed of skills and competencies, therefore the making of an entrepreneur is a
Dynamic in process and an approach.
➢ Formulating solutions and alternatives is not a peculiar characteristic of managers in solving
problems?
➢ The demands for entrepreneurial success are common to entrepreneurs, Flexible and adapts to change
described that entrepreneur does not have a one-track mind.
➢ Market segmentation refers to grouping of customers by similar characteristics or similar purchase
behaviours.
➢ Customers varied. Existing customers are people who already purchased the product you are selling.
➢ Goods are of different types, Impulse are items that consumer does not plan to buy.
➢ Durable goods are defined as the products that are used over a long period of time.
➢ Capital or fund is necessary to run a business. Banks is the external source of funds used in the
business.
➢ Success of the product depends on market size and demand; Marketing research determines the true
picture of market demand and product competitors.
➢ Product planning is part of product life cycle, Idea generation involves the searching and looking for new
product or business opportunities.
➢ Like living things product has a life cycle too. Market is saturated and penetrated maturity phase of
Product Life Cycle.
➢ Marketing mix have different elements. Product is offered to a market that might satisfy a want or a need.
➢ Like other business activities, it should be planned. Product strategy is being described as the roadmap
of a product and outlines the end- to- end vision of the product.
➢ Referring to Marketing Mix, Place refers to the physical location where business carries out business and
reach markets.
➢ As a part of distribution channel, Retailers are described as the ones who sell directly to customers.
➢ Price determines the value of good or service to the buyers even to the sellers.
➢ Price determination is influenced by different factors like market demand as an external one.
➢ Promotion includes advertising, publicity, personal selling, and sales promotion that help the company to
fully inform, persuade, and remind the customer about the company’s goods and services.
➢ Promotion uses different media. newspapers have been the leading medium in advertising.
➢ Among the elements of marketing mix, People is considered as the ultimate marketing strategy.
➢ Considered gives protection and differential advantage over other products in the market, package are the
container and wrapper of the product.
➢ Branding t is the activity in product planning that involves designing and producing container and
wrapper for a product.
➢ Packaging strategies vary, Multiple packaging is the placing several units of a product in a single
container.
➢ Among the elements of Marketing Mix, Positioning differentiates the firm’s product or service from those
of competitors.
➢ Brand helps the product to be desirable. Brand Image is the impression in the consumer’s mind of a
brands total personality.
➢ Identification of product is important. Brand is a name or a mark that identifies the seller’s product and
differentiates it from the competitor’s product.
➢ Importance of Entrepreneurship education:
- an individual lifelong learning process
- Key driver of economy
- transforms learners to be innovator
➢ Trina has laundry shop; therefore, she is engaging into Owned- good service.
➢ Revive and renew the product if the business is in the Decline stage.
➢ Place include: Channel distribution like manufacturer and retailer, physical distribution like railroads.
➢ Cost-based pricing strategy is setting price based on the expenses and desired mark-up.
➢ Advertising is a promotional tool that is commonly used by a company for example Uniliver pays
endorsers to promote their products on radio and television.
➢ People considered as the most important in the marketing mix today because they sell and push the
product.
➢ Brand positions the product of a manufacturer or owner by easily identifies and distinguishes one
product from another.
➢ In growth phase of Product Life Cycle, when the product gains wider consumer acceptance the
distribution is expanded and the profits are high because the mass market buys from a
limited group of firms.
➢ Truth about Service:
a. The credibility of the service provided most of the time.
b. Service cannot be separated from the service provider.
c. It is difficult to standardize service because it varies upon the performance of the provider.

➢ Sales promotion adds value to the product when Incentives are designed to induce customers to buy
and to persuade company sales forces to sell.
➢ Brand mark is symbol designed in distinctive colours that are protected by operation of law
under DTI.

Prepared by:
LONAH L. YAP
SST- I

Noted and Checked by:

SOCORRO R. RELOX
MT I/Subject Group Head

Approved by:

ERWIN M. MARQUEZ
Principal III