Name: Dino A. Beringuel Course, year and section: BS in Crim.

2-A

The Entrepreneurial Mind

Module 5 Learning Task

1.) Small businesses have a reputation of being difficult to get off the ground. That’s where the
marketing concept comes into good use. With the marketing concept, the entrepreneur will be
able to give his business venture the biggest chance of profiting, if done right that is. He will
have an idea about who his customers are, what they need, and when they need it. Information
like such is key to establishing a good business.
2.) A marketing strategy plan contains reports on the current situation of a certain market, threats
present and opportunities present, objectives of your business and the issues present in them, a
marketing strategy based off the market research you conducted, systematic action programs to
be taken, the set budget you have for your business, and finally a compilation of control
measures to be taken as back-up in case things do go south. The executive summary is done last
and is located in the beginning of the marketing strategy document.
3.) The target market is basically the niche your business intends to fill. For instance, If your area
doesn’t have a gas station, you fill that area of need and start a gas station business.
4.) To effectively serve the target market, a firm must have an idea about what the target market
needs the most or a priority list that the firm may fill in terms of goods and services, what the
competitors are doing in terms of pricing, effective promotion, and methods of distribution. If
done right, It can help or influence the customers in deciding whether or not to acquire your
firm’s goods/services.
5.) I once knew of a sari-sari store in our area. It used to be the sole sari-sari store in walking
distance. With the absence of competition, they had relatively expensive goods. When we
decided to start our own sari-sari store, we faced the problem of whether or not our new
business will profit, considering that we were new to the area. My father had the idea of having
the price as low as possible and to offer a wider variety of goods. The drawback is that with this
plan, it will require more capital, and will take a longer time to break-even. However, we went
through with it and sure enough we were profiting and broke even sooner than expected. My
father usually asks what people need when they visit our store, then he would list the goods in
order of priority. With this, we garnered more customers.

Unfortunately, our business was mishandled by our relatives who we asked to take over and it
went down. Unrelated, but I just had to share.