GUMABAY, JOMARI R.

BIT 4E-FSM
PROF. JAMES REY M. APONTE
ENTREP 42

CONCEPT NOTE NO. 2

In continuation of the reporting the chapter 4 in titled “Creating Business Plan”

according to the reporters is a documented strategy for achievement plans outlining
companies' market plan, financial projections, market research, business purpose, and mission
statement. For them creating a business plan it must be a guideline collecting pattern that leads
you to easily find the main target, reason, goals, mission. Overcoming opportunities manifest a
good chance in fulfilling the objectives on the written ideas on the paper plan. Same with the
previous reporters, identifying advantages and disadvantages will strengthen the ideas
strategies and may result in a better end. The group identifies the importance of SWOT that
pertains to the strengths, weakness, opportunity and threats in a business. Lastly they also
categorized the three strategies for business plans to be effectively implemented; these are the
cost leadership strategy, differentiation strategy and focus strategy.

The next chapter focuses on “Exploring the Market” which they identify as utilizing
knowledge and skills that firms use to boost abilities outside of it. In their presentation they
provide the difference among market, marketing and marketing research. Where the first
pertains to the audiences who are interested in buying the services and product, while the
marketing looks on the profit if the business particularly meets the desired revenue. And the
marketing research subjectively carried resources depending if it's primary or secondary. The
topic itself is broad which also included the customer visualization, customer and industry
research, customer decision making, market segmentation, product life cycle, market
positioning and benefits on exploring the market.
 Chapter 6 reporters “Developing the Right Marketing Mix and Plan” according to them it
is a strategic plan in promoting service goods in most effective way. The reports mentioned 4P’s
of marketing stands for product, price, place and promotion. Product is the service that can be
bought on the business.Price the capacity where the profit can go. Place the location the
business wants to offer the services and the promotion how can a product or services can be
popular on it’s most. They provide the “Seven Strategies for Establishing and Preserving Your
Brand and Reputation” this are the:
1. Deliver a superior good or service
2. Uphold the greatest moral principles
3. Clearly define your product or service and concentrate
4. Give your staff good treatment
5. Make every one of your ads uplifting and educational
6. Connect your business with a nonprofit
7. Engage in active participation in your community