Activity 9 (Group 10)
Technopreneurship
Leader: Dumangon, Hyacinth V. (4-1)
Members: Lopez, Jackie Lynne R. (4-2)
Olayon, Crisjohn H. (4-1)
Pastor, Hilarie Mae R.(4-1)
1. Deep dive into the discussion of Products and Services. Prepare at least five
(5) items each for 1.1 Definition of Terms, 1.2 Acronym, 1.3 Enumeration (i.e., A-E),
1.4 Multiple Choice, and 1.5 Matching Type.
1.1 Definition of Terms:
A. Technopreneurship: The practice of entrepreneurship in the technology industry,
involving the creation, development, and delivery of innovative products and services
that leverage technological advancements.
B. Product Life Cycle: The stages a product goes through from introduction to decline,
including introduction, growth, maturity, and decline stages.
C. Value Proposition: The unique benefit that a product or service offers to customers,
distinguishing it from competitors and providing a reason for customers to choose it.
D. Customer Service: The support and assistance provided to customers before, during,
and after purchasing a product or service to ensure customer satisfaction.
E. Market Needs: The specific requirements and desires of consumers that drive the
development and offering of products and services to fulfill those needs.
1.2 Acronym:
A. IoT: Internet of Things
B. ROI: Return on Investment
C. CRM: Customer Relationship Management
D. MVP: Minimum Viable Product
E. B2B: Business-to-Business
1.3 Enumeration (A-E):
A. List five key components of a product development plan:
1. Executive Summary: Providing an overview of the product plan, target market, and
expected outcomes.
2. Market Analysis: Conducting thorough research on the target market, including size,
trends, competition, and customer needs.
3. Product Definition: Clearly defining the product, its core features, and unique selling
points.
4. Product Roadmap: Developing a detailed timeline with key milestones to bring the
product to market.
5. Marketing and Sales Strategy: Identifying channels, pricing, promotions, and sales
forecasts for the product.
B. Identify five factors that influence the success of a product in the market:
1. Product Quality: Ensuring the product meets or exceeds customer expectations.
2. Competitive Landscape: Understanding competitors and positioning the product
effectively.
3. Marketing and Promotion: Effective marketing strategies to reach and attract target
customers.
4. Customer Feedback: Listening to customer needs and feedback to improve the
product.
5. Pricing Strategy: Setting a competitive price that reflects the product's value and
meets market demands.
C. Describe five strategies for effective product differentiation:
1. Unique Features: Introducing distinctive features that set the product apart from
competitors.
2. Branding: Creating a strong brand identity that resonates with the target market.
3. Customer Service: Providing exceptional customer service to enhance the overall
product experience.
4. Customization: Offering personalized options or tailored solutions to meet specific
customer needs.
5. Innovation: Continuously innovating and updating the product to stay ahead in the
market.
D. Outline five benefits of providing exceptional customer service:
1. Customer Loyalty: Building long-term relationships with customers who value the
service.
2. Positive Reputation: Enhancing the brand's reputation through satisfied customers.
3. Repeat Business: Encouraging repeat purchases and customer referrals.
4. Competitive Advantage: Standing out from competitors who may offer similar
products.
5. Increased Profits: Happy customers are more likely to make additional purchases and
contribute to business growth.
E. Explain five reasons why understanding market needs is crucial for technopreneurs:
1. Product Development: Tailoring products to meet specific market demands and
preferences.
2. Competitive Edge: Identifying opportunities to differentiate products and stand out in
the market.
3. Customer Satisfaction: Meeting customer needs leads to higher satisfaction and
loyalty.
4. Innovation Opportunities: Understanding market gaps can inspire innovative product
ideas.
5. Business Growth: Addressing market needs effectively can lead to increased sales
and market share.
1.4 Multiple Choice:
A. What is the primary goal of the introduction stage of the product life cycle?
1. Maximize profitability
2. Build a customer base
3. Expand distribution channels
4. Differentiate the product
B. Which term refers to the intangible offerings that complement products in
technopreneurship?
1. Hardware
2. Services
3. Software
4. IoT devices
1.5 Matching Type:
Match the following:
A. Growth Stage 1. Increasing sales and growing profits
B. Unique Value Proposition 2. Support and assistance for
C. Customer Service customers
D. Market Research 3. Clearly articulating product benefits
E. Product Differentiation 4. Identifying customer preferences
5. Standing out from competitors
2. Case Analysis on BOO
Case Study: XYZ Tech Solutions
Background: XYZ Tech Solutions is a mid-sized technopreneurship firm specializing in
software development and IT consulting. The company faced several challenges in its
operations, which were addressed through strategic decisions and implementations.
Subtopics and Case Analysis:
1. Identifying Location:
o Problem: XYZ Tech Solutions initially struggled with poor accessibility and
lack of proximity to its key clients.
o Solution: The company relocated to a tech hub, enhancing its
accessibility to clients and suppliers, and benefiting from a supportive
industry ecosystem with better infrastructure.
2. Marketing Strategy:
o Problem: The firm had a weak market presence and struggled to
differentiate its services in a competitive market.
o Solution: Conducting comprehensive market research and competitor
analysis, XYZ Tech Solutions redefined its target market, developed a
unique value proposition, and implemented a digital marketing strategy
utilizing SEO and social media marketing.
3. Order Processing and Inventory Control:
o Problem: Inefficiencies in order processing led to delays and
inaccuracies, affecting customer satisfaction.
o Solution: Implementing an ERP system streamlined the order processing
workflow, integrated inventory management, and improved real-time
tracking and automation.
4. Competition and Buying Patterns:
o Problem: The company faced intense competition and struggled to retain
customers.
o Solution: XYZ Tech Solutions analyzed consumer buying patterns,
tailored their offerings to meet customer needs, and implemented
customer loyalty programs. They also adapted their marketing strategies
based on evolving consumer trends.
References:
• Kotler, P., & Armstrong, G. (2022). Principles of Marketing (18th ed.). Pearson.
• Ries, E., & Trout, J. (2001). Positioning: The Battle for Your Mind. McGraw-Hill
Education.
• Blank, S. G., & Dorf, B. (2012). The Startup Owner's Manual: The Step-by-Step
Guide for Building a Great Company. K & S Ranch Inc.
