Group 5

Taperla, Julie Mae C.

Patoc, Charmaine Leigh
Pepito, Mary Joyce
Ripalda, Loren
Solimen, Irish Nicole
Trongco, Myrelle

BSOA 3-2

The Search for Business Opportunities

&
Entrepreneurial Management

The Search for Business Opportunities

 Entrepreneurial Activities
- A process of designing, launching, and running a new business that offers a
product, process, or service for sale or hires. Commonly, entrepreneurs
involved in an entrepreneurial activity requires support from their environment
in terms of financing, advising, selling, among others.
- In the order of entrepreneurial activities, business plans come after idea
generation, business model canvas, feasibility study, and pitch deck. Figure
10.3 illustrates the path from idea generation to business plan.
- By following the steps of the Entrepreneurship Method, which we introduced
in Chapter 1, you have a better chance of creating a solid, evidence-based
business plan to present to potential investors when the time comes. By
gathering, testing, and analyzing real data, you will be more able to illustrate
your passion to create, the resources you have used, the actions you have
taken to get your business on the move, the risks you have taken (and the
ones you are prepared not to take), the people who have been enrolled in
your journey, the experiments you have carried out to test what works and
what doesn’t, and where you would like the business to go next. In short, you
will be able to prove that your product works, a real market exists, and your
financials are not based just on guesswork.
 SWOT Analysis
- A SWOT analysis is a way to evaluate strengths, weaknesses, opportunities
and threats. Businesses might perform this analysis for a product, team,
organization, leadership or other entities. Learning about this strategy can
help you decide if performing one might benefit the company for which you
work.
- A SWOT analysis is a tool you can use both personally and at work to
evaluate and make decisions about a particular subject. In this analysis, you
investigate both internal and external factors that affect different areas of an
organization. There are four main areas to evaluate in this analysis:

o Strengths
- Your strengths analysis record the internal, positive attributes of the
organization, individual, product or other entity you are evaluating.
Some questions you might ask to understand strengths are:
 What are your positive qualities?
 What achievements have you made?
 What helps you accomplish goals?
 What resources do you have?
 What are your specialties?
 What sets you apart from others?
o Weaknesses
- Your weaknesses analysis captures all internal areas of improvement
or vulnerabilities that exist within the subject you are evaluating. Some
questions you might ask to understand weaknesses are:
 Internally, what makes it difficult to achieve goals?
 What are your areas for improvement?
 What are you lacking (resources, technology, people, etc.)?
 What do you need to tackle long-term goals?
 o Opportunities
- Your opportunities section lists all external opportunities relevant to
your subject. Some questions you might ask to understand
opportunities are:
 What products, services or information is popular with your
audience?
 Are there external resources you can use to achieve goals?
 Can you benefit from any current economic or market trends?
 What technology will be popular in the near future?
 How do stakeholders view your brand, product or service?
o Threats
- Your threats section includes all external threats that could have a
negative effect on your subject. Some questions you might ask to
understand threats are:
 Is market health expected to be bad or turbulent?
 Is your brand, product or service no longer needed?
 Do competitors have a certain edge over you?
 How does your audience, industry or market view your
company?
 What could put your business at risk?
 Are there potential new competitors on the horizon?

Goals of a SWOT analysis

- SWOT analyses are used to gain more information about all aspects of an
issue, team, individual or other entity. These evaluations are used in many
businesses in nearly every industry or personally for individuals to assess
their progress towards certain goals. Many people use SWOT analysis before
they set team or organization goals to ensure they are working towards
appropriate milestones.
- Overall, SWOT analyses can be helpful to assess a certain subject. You
might be looking to simply gain a better understanding of people, a product or
a process, or you can also create action items as a result of your SWOT. For
example, you might see that there are some internal weaknesses that can
easily be fixed. From there, you can create individual or team goals to
overcome those weaknesses.
-
 Product Life Cycle
- Where is your product or service within its life cycle? Is your product market-
ready or is it still in development? Does it have a long life cycle or a relatively
short one? Do you have plans to mitigate declining sales as the product life
 cycle runs its course? If your product or service is still in development, how
far along have development efforts come? What remains to be completed,
and are there any obstacles in the way?

- It emphasizes the significance of comprehending the life cycle of the good or service,
including whether it is ready for the market or is still in development, how long or
short it is, and any strategies to counteract falling sales. It also emphasizes the work
still to be done, the development initiatives that have advanced, and any obstacles that
could stand in the way.

 Pricing strategy

- Pricing is a strategic decision that has far-reaching implications for

the success of your venture. Pricing is further complicated for new
ventures because in many cases the products offered are new to the
market. Entire books could be (and have been) written on the topic of
pricing strategy, and an exhaustive examination of the topic is beyond
the scope of this book; however, a brief primer on pricing strategies is
included in chapter 5. Be sure to detail your pricing strategy and be
sure to explain why it will be effective with regard to your target market
and your competition. Keep in mind that it is very rare for new ventures
to sustain a cost advantage over their competition.

 Proprietary rights

- What, if any, proprietary rights do you have to your product?

Proprietary rights include patents, copyrights, trademarks, and trade
secrets. If you are licensing proprietary property from another entity,
the specifics of that relationship should be detailed here. Don’t forget to
include any proprietary knowledge or skills in this section as well.
Copies of the legal documents that certify these proprietary rights
(patent filings, agreements, etc.) should be included in the appendixes.
Most new ventures do not have significant proprietary rights. If this is
the case for your venture, this subsection can be omitted.

 Marketing Management Process

- Marketing management is the process that helps a business to
perform its various functions to achieve its goals successfully.
- The marketing management process includes setting marketing
objectives, analyzing marketing opportunities, researching and
selecting marketing targets, designing marketing strategies,
planning marketing programs, implementing marketing programs,
and controlling.

 Importance of Marketing Management

o Demand Creation
- The main goal of marketing is to create demand for the
product that the brand is promoting. Marketing management
uncovers insights about consumer behaviour and needs,
informs the potential customers about the products' features,
and advertises the products to convince them that they
would cater to their needs.

o Customer Satisfaction
- Marketing management majorly helps improve customer
satisfaction, as it helps identify customer needs, allowing the
brand to develop better and more valuable products.
Customer satisfaction is likely to increase when a product's
value is higher.

o Brand Reputation
- Improving the brand's reputation is also a crucial function of
marketing management. Sales promotions, advertisements,
etc., are tools that may improve a brand's reputation.
Offering products at a reasonable price and an expected
quality also helps strengthen the brand image.

o Profit Generation
- Profit generation is crucial for the business's survival - this
can only be achieved through proper marketing
management. Without good marketing management, the
brand would not sell enough products or acquire enough
customers to make a profit.
 o Market Share
- Due to intense competition, businesses need to try and
increase their market share. Through market and
organizational analysis, marketing management helps
develop strategies or plans that aid companies in improving
their market share.
o Product Marketing Management
- You might have noticed by now that understanding
customers, their buying patterns, and their needs are crucial
for marketing. They help the brand align its products with
customers' desires - precisely what product management
aims to do. Product marketing is a type of marketing
management that brings together the product, the market,
customer success and sales. Product positioning is crucial in
product marketing to generate more sales.

o Content Marketing Management

- Businesses use content marketing to attract audiences and
capture their attention. Companies practicing content
marketing use images, text, videos and other digital
instruments to achieve their organizational goals.
Businesses approach different audiences using various
digital tools to engage them with a brand or product. It is an
alternative to promoting products without bombarding
customers with information, leading to advertising overload.
Content marketing aims to convert target customers to loyal
customers

 Direct and Digital Marketing

What is direct digital marketing?

- Direct digital marketing (DDM) is the electronic delivery of relevant

communications to specific recipients. DDM uses email, Web sites
and mobile services in the same way that direct marketing in the
physical world uses the postal service.
 - Direct marketing is a form of advertising and sales strategy that
involves directly communicating with potential customers to
promote products or services. It aims to establish a direct and
personalized connection with the target audience in order to
generate sales, build brand awareness, and foster customer
loyalty. Direct marketing bypasses intermediaries such as retailers
or advertising platforms and allows companies to interact with
customers directly through various communication channels.
- Typically when thinking of direct marketing, direct mail is the first
technique that comes to mind. You might remember flipping
through a Toys ‘R’ Us catalog as a child, dog-earing the pages for
your Christmas wish list. Nowadays, you might be more likely to
find yourself reading a Restoration Hardware or Williams Sonoma
catalog. Either way, these are both well-known direct mail
marketing pieces that work.
- However, it’s important to remember that while direct marketing
and digital marketing are often seen as separate strategies, there
are instances where digital marketing can be considered a form of
direct marketing. These channels can include email marketing,
social media marketing, SMS marketing, and targeted online
advertisements.

Key characteristics of direct marketing

Targeted Audience

Direct marketing focuses on reaching a specific target audience or

customer segment that is more likely to be interested in the product or
service being promoted. This helps maximize the effectiveness of
marketing efforts and minimize wastage. For example, you can purchase
list for almost any specific group of people. Selling a new high protein dog
food? You will want to use a list that consists of dog owners. This prevents
wasting your budget on the wrong audience. Like, cat owners.

Personalization
Direct marketing aims to create personalized and tailored messages or
offers for individual customers. By leveraging customer data and insights,
companies can customize their marketing communications to address
specific needs and preferences of their target audience. Direct mail, for
example, can be physically held and provides a tactile experience for
recipients. Personalized messages, such as handwritten notes or
customized offers, can also create a stronger emotional connection with
customers compared to some digital interactions.

Call to Action

Direct marketing campaigns typically include a clear call to action that

prompts recipients to take immediate action, such as making a purchase,
requesting more information, or subscribing to a newsletter. This facilitates
direct response from customers and allows for better tracking and
measurement of marketing effectiveness.

Reaching Offline Audiences

It’s true that a majority of consumers can be found online, not all
consumers are highly engaged with digital platforms. This could be due to
privacy concerns, no access to constant internet access or other various
reasons. Direct marketing methods, such as direct mail or SMS marketing,
can reach audiences who are less active online or prefer offline
interactions.

Measurability

Direct marketing campaigns are highly measurable, allowing companies to

track and analyze the results of their marketing efforts. By monitoring
response rates, conversion rates, and other key metrics, businesses can
assess the success of their campaigns and make data-driven decisions to
optimize future marketing strategies.

Direct marketing can be an effective approach for businesses of all sizes,

as it enables direct interaction with potential customers and facilitates the
building of long-term relationships. In today’s digital landscape, consumers
are exposed to a vast amount of online content and advertisements. Direct
marketing can cut through the digital clutter and capture the attention of
recipients who may be more receptive to a tangible and less saturated
marketing message.

Sometimes direct marketing is also digital marketing

As previously stated, direct and digital marketing sometimes overlap. Here

are a few examples:
1. Email Marketing: Email marketing is a widely used digital marketing
tactic that involves sending targeted messages directly to individuals’ email
inboxes. Companies can personalize their emails, segment their audience,
and tailor their messages based on customer data and preferences. Email
marketing allows for direct communication and can include calls to action,
making it a form of direct marketing in the digital realm.
2. Personalized Online Ads: With advancements in digital advertising
technology, businesses can now deliver personalized ads to specific
individuals based on their demographics, browsing behavior, or purchase
history. These targeted ads can create a direct and personalized
experience for the audience, similar to the way direct marketing messages
are customized for individual recipients.
3. Social Media Marketing: Social media platforms provide an opportunity
for businesses to directly engage with their audience through posts,
comments, and direct messages. Companies can initiate conversations,
respond to inquiries, and build relationships with customers in real time.
This direct interaction and communication align with the principles of direct
marketing.
4. Remarketing Campaigns: Remarketing or retargeting is a digital
marketing technique that involves showing ads to people who have
previously visited a website or shown interest in a product or service. By
displaying relevant ads to these individuals across various digital channels,
businesses can directly reach out to potential customers who have already
shown some level of engagement or interest.
5. SMS Marketing: While traditionally associated with direct marketing,
SMS (Short Message Service) marketing has evolved in the digital age.
Businesses can send targeted and personalized text messages directly to
customers’ mobile devices, promoting products, offering exclusive deals, or
sending important updates. This form of direct communication via digital
channels falls under the umbrella of digital marketing.

It’s important to note that the line between direct marketing and digital
marketing can be blurred, and the effectiveness of each strategy depends
on various factors. Ultimately, businesses should consider their target
audience, goals, and available resources to determine the most suitable
marketing mix, which may include elements of both direct and digital
marketing.
Entrepreneurial Management

What is Entrepreneurial Management

Entrepreneurial management comprises setting particular goals for the new venture.
Setting particular goals may help the entrepreneur control their revolution and to
accomplish a certain result. Entrepreneurial management is the theory of utilizing the
imaginative and creative abilities, skills and proficiencies to adeptly open and manage a
start-up company. It is a means of resolving a group problem through a distinctive and
money-making business solution.

An entrepreneur is every time seen as an investigator. He/she thinks about a big

problem and discovers a creative solution to it. Efficiently, as it is known that people pay
back equally if the business plan gives a solution to their critical issues, entrepreneurial
management is highly productive.

For example, the app innovator may set up a goal of 12,000 downloads by the end of
the year. The entrepreneur bid then engrossed on marketing, alternately developing
additional features for the app.

 Key Elements of Entrepreneurial Management

o Innovation
- Every successful entrepreneur must be innovative in some way or the
other and he should be allowed to see the demand for a particular
good or service in the market because here is what makes them
distinct from other entrepreneurs and their progress is even more
money-making. When an entrepreneur is innovative, he sees new
 opportunities approaching in distinct places where one cannot even
assume.

o Organization
- The organization is one of the key factors of successful
entrepreneurship. In the absence of organization, everything will
become disorganized and inconvenient which further will cause losses,
reducing goodwill, aggrieved customers, and tension to the staff due to
which the workers may leave the company.

o Decision Making
- Entrepreneurs must observe every decision very carefully because
they make a lot of decisions every day and are generally responsible
for being at risk and should learn from their past mistakes. Decision-
making could be a skill that normally comes easily to entrepreneurs
who are high-risk takers in the business world.

o Risk Bearer
- An entrepreneur needs to appreciate that risk can’t be totally gotten rid
of from a business, so he should be ready for its outcome as well. It
can be that the consumers won’t seem to be pleased with the
commodities or services provided or even the participant can provide
the similar thing with better attributes and better price or there might be
changes in the government policies.

o Vision
- Every successful entrepreneur has this one plan in his youth that he
was anxious about, but with time that fire fades away. Good
entrepreneurs have that fire and vision in them because without vision
and willingness they cannot grow. Unluckily, young entrepreneurs have
these great sights which hardly ever change into an idea.

 Function of Management

o Planning
- Planning means setting business objectives and deciding how best to
accomplish them. Planning is managerial regarding the goals and
 setting the future course of action from a set of substitutes to reach
them.

- The plan helps to maintain efficient management as it works as a guide

for future activities. Choosing goals as well as the paths to achieve
them is what planning requires. Planning requires selecting missions
and objectives and the actions to achieve them. It requires managerial
or choosing future courses of action from among alternatives.

o Organizing
- Organizing can be defined as the procedure by which the accepted
plans are moved closer to awareness. Once a manager sets targets
and develops plans, his next decision-making is organizing human
resources and other resources recognized as required by the plan to
reach the goal. Organizing involves regulating how activities and
resources are to be gathered and coordinated.

o Staffing
- Staffing refers to the perpetual process of finding, selecting, assessing
and developing a working relationship with current or future
employees. The main target of staffing is to fill the various parts within
the company with acceptable candidates.
- Staffing can be done within the company or by contractors at different
levels of the staffing process. Staffing refers to the appointment of
various people in a team according to their knowledge, occurrence
talent, skill, and areas of proficiency. With staffing, management tries to
simultaneously find, assess, select and encourage talent while also
catering to the present talent at the management.

o Leading (Directing)
- Leading refers to the skill of affecting people for a particular motive or
reason. It is observed to be the most important and demanding of all
organizational activities. Leading is affecting or encouraging the
organization member to work together with the interest of the
organization.
- Producing a positive thinking towards the work and targets among the
members of the organization is called leading. It is required as it helps
to serve the objective of success and efficiency by changing the
behavior of the employees. Leading involves several division
procedures and activities.
 - The functions of administration, motivation, communication, and
cooperation are considered a part of the leading processor system.

o Controlling
- Observing the organizational progress toward goal achievement is
called controlling. Thus, observing progress is necessary to ensure the
acquisition of organizational goals.
- Controlling is measuring, comparing, finding differences, and
correcting the organizational skills performed to achieve the target or
objectives. Thus, controlling consists of activities like; evaluating the
performance, comparing with the existing standard and finding the
differences, and correcting the differences.
- Control activities normally relate to the measurement of acquirement or
results of actions taken to attain the goal.