WEEK 1 -​ They are willing to take risks

RELEVANCE OF and generate unique ideas that

ENTREPRENEURSHIP TO AN can provide profitable solutions
ORGANIZATION to the needs of the market and
1. Development of Managerial the society.
Capabilities
-​ This means that one of the FACTORS AFFECTING
benefits an entrepreneur gets is ENTREPRENEURSHIP
to develop his managerial skills. 1. Personality Factors which
include:
2. Creation of Organizations a.​ Initiative - doing things even
-​ Which means that because of before being told.
entrepreneurship many b.​ Proactive - which means he
organizations will exist. can classify opportunities and
seize it.
3. Improving Standard of Living c.​ Problem Solver - Which
-​ This means that means he can retain good
entrepreneurship can lift up the relations with other people.
economic status of an d.​ Perseverance - meaning he
individual. will pursue things to get done
regardless of challenges.
4. Means of Economic e.​ Persuasion - means that he
Development can entice people to buy even if
-​ This means that not only the life they don't want to.
of the entrepreneur is improved f.​ A planner - he makes plans
but also the society where the before doing things and does
business is located not fail to monitor it.
g.​ Environmental Factors -
which include political, climate,
CONCEPT OF ENTREPRENEURSHIP legal system, economic and
-​ The word "entrepreneur" was social conditions and market
derived from the French verb situations.
entreprendre, which means "to
undertake."
-​ This is pinpointing to those who COMMON COMPETENCIES IN
"undertake" the risk of ENTREPRENEURSHIP
enterprise. 1. Decisive
-​ The enterprise is created by an -​ an entrepreneur must be firm in
entrepreneur and the process is making decisions.
called " Entrepreneurship" 2. Communicator
-​ Entrepreneurs are innovators. -​ an entrepreneur must have a
convincing power.
3. Leader - The entrepreneur needs to gamble
-​ an entrepreneur must have the but wise enough to offset the risk.
charisma to be obeyed by his
employees. TYPES OF ENTREPRENEURS
4. Opportunity seeker
-​ an entrepreneur must have the 1.​ Innovative Entrepreneurs
ability to be the first to see -​ They are those who
business chances. always make new things
5. Proactive by thinking of new ideas.
-​ An entrepreneur can control a They have the ability to
situation by making things think of newer, better and
happen or by preparing for more economical ideas.
possible future problems. 2.​ Imitating Entrepreneurs
6. Risk Taker -​ They are close who don’t
-​ an entrepreneur has the create new things, but
courage to pursue business only follow the ideas of
ideas. other entrepreneurs.
3.​ Fabian Entrepreneurs
CORE COMPETENCIES IN -​ They are skeptical about
ENTREPRENEURSHIP changes to be made in
the organization. They
1. Economic and Dynamic Activity don’t initiate but follow
-​ Entrepreneurship is an only after they are
economic activity because it satisfied.
involves the creation and 4.​ Drone Entrepreneurs
operation of an enterprise with -​ They are those who live
a view to creating value or on the labor of others.
wealth by ensuring optimum They are diehard,
utilization of limited resources. conservatives, even
ready to suffer the loss of
2. Innovative business.
- The entrepreneur constantly looks 5.​ Social Entrepreneurs
for new ideas, thus he needs to be -​ They are also initiating
creative. changes and driving
social innovation and
3. Profit Potential transformation in the
- The entrepreneur can be various fields such as
compensated by his profit coming education, health,
from the operation. human rights,
environment, and
enterprise development.
4. Risk Bearing
 CAREER OPPORTUNITIES OF -​ Potential Market is also called
ENTREPRENEURSHIP Total addressable market(TAM)
(MBA Skool Team,2018).
1. Business Consultant 2. A Potential Market
-​ with the expertise in the field of -​ is the part of the market you
entrepreneurship, he can be a can capture in the future. It
very good source of advice to includes the demographic
other entrepreneurs and would groups that are not currently
be businessmen. your customers but could
become customers in the future
2. Teacher (Lake, L, 2019)
-​ A graduate of entrepreneurship
can use his knowledge in 3. Market Potential
teaching. -​ is the total demand for a
product in a given business
3. Researcher environment (Bhasin, H., 2018).
-​ The entrepreneur can be
employed as a researcher by an
enterprise. THE IMPORTANCE OF POTENTIAL
MARKETS (LAKE, L., 2019)
4. Sales -​ Potential markets are an
-​ The entrepreneurship graduate important part of a business’s
can apply as a salesman. future growth.
-​ Ensure the future of your
5. Business Reporter business by identifying new
-​ The entrepreneur being expert customers.
in the field, can be employed as -​ Think proactively about ways
a business reporter. for your business to grow and
change.
-​ Show the potential of your
WEEK 2
business to investors or
RECOGNIZED A POTENTIAL
collaborators.
MARKET
-​ Increase your revenue.
-​ Create a Plan B that will
THE POTENTIAL MARKET
weather changes in the
1. Potential Market-
economy or market.
-​ is the part of the total
population that has shown some
HOW TO IDENTIFY YOUR
level of interest in buying
POTENTIAL MARKETS (LAKE, L.,
aparticular product or shown
2019)
level of interest in buying a
-​ Consider every target
particular product or service.
demographic that you currently
 sell to, as well as those you -​ The best forms of match to
have not yet targeted. reach them.
-​ Identify what they have in -​ How they prefer to shop and
common with each other, new make purchases.
mouse on the table encounter -​ The concerns, struggles, or
in their lives that will impact problems that you can help
their buying patterns and where them overcome.
they overlap or diverge from -​ What values matter to them,
your current customers. both in everyday life and when
shopping
QUESTIONS -​ The language that resonates
This will help you identify both new with them.
ways to market your current product
or services, as well as new products POTENTIAL MARKET WITH
and services that you can begin RESPECT TO THE TOTAL
selling. POPULATION AND HOW IT CAN BE
CONVERTED TO A PENETRATED
1.​ What other products do my MARKET:
customers need now?
2.​ What related products will they
need in the future?
3.​ What else could make use of
the products I am selling now?
4.​ What demographic information
does that new group have in
common with my current
customers?
5.​ What demographic information
does that new group have in
common with each other?

REACHING YOUR POTENTIAL

MARKET (lake, l., 2019)
Once you've identified and chosen a DESCENDING ORDER:
potential market to begin targeting, Potential Market » Available
you will need new marketing Market » Target Market »
strategies in place to communicate Penetrated Market
with them.
-​ The demographic information
that people in a group have in AVAILABLE MARKET
common.
 ●​ Prospect who are willing and make further in the market,
capable (have sufficient while taking into consideration
resources) buyers, and have other factors.
access to a particular market or
service
WEEK 3
(www.businessdictionary.com)
RECOGNIZING THE IMPORTANCE
●​ Defined as the number of
OF MARKETING MIX IN THE
people who are both willing and
DEVELOPMENT OF MARKETING
capable of buying a particular
STRATEGY
product or service in a
particular market (MBA skool
THE MARKETING MIX (7P’S) IN
Team, 2020).
RELATION TO BUSINESS
OPPORTUNITY
TARGET MARKET
-​ Marketing Mix is a set of
●​ Refers to a group of potential
controllable and connected
customers to whom a company
variables that a company gather
wants to sell its products and
to satisfy a customer better
services. Target markets are
than its competitor. It is also
generally categorized by age,
known as the "Ps" in marketing.
location, income, and lifestyle.
-​ Originally, there were only 4Ps
●​ Defining a specific target
but the model has been
market allows a company to
continually modified until it
home in on specific market
became 7P's.
factors to reach and connect
-​ The original 4P's stands for
with customers through sales
Product, Place, Price and
and marketing efforts. (Kenton,
Promotion.
W., 2019).
-​ Eventually, three elements have
been added, namely: People,
PENETRATED MARKET
Packaging, and Positioning to
●​ A set of customers or clients
comprise the 7P's.
who are already using a
particular product or service.
●​ A penetrated market means
1.​ Product
that the potential users of a
-​ Marketing strategy typically
product or service are aware of
starts with the product.
it, and in many cases are active
-​ Marketers can't plan a
consumers of it.
distribution system or set a
(www.businessdictionary.com)
price if they don't know exactly
what the product will be offered
SIZE OF A POTENTIAL MARKET
to the market.
●​ Helps a company understand
the level of investment it should
 ●​ Product - refers to any goods or
services that are produced to
meet the consumers wants,
tastes and preferences.
-​ An example of goods includes
tires, MP3 players, clothing, etc.
-​ Goods can be categorized into
business goods or consumer
goods.

●​ A buyer of consumer goods may

not have thorough knowledge of
the goods he buys and uses.
-​ An example of services includes
hair salons and accounting
firms.
-​ Services can be divided into Stages of Distribution Channel
consumer services, such as hair 1.​ Channel 1 - Contains two stages
styling or professional services, between producer and
such as engineering and consumer - a wholesaler and a
accounting. retailer.
●​ A wholesaler typically buys and
2. Place stores large quantities of
●​ Place represents the location several producers' goods and
where the buyer and seller then breaks into bulk deliveries
exchange goods or services. It to supply retailers with smaller
is also called the distribution quantities. For small retailers
channel. with limited order quantities,
●​ It can include any physical store the use of wholesalers makes
as well as virtual stores or economic sense.
online stores on the internet.
2.​ Channel 2 - Contains one
intermediary. In consumer
markets, this is typically a
retailer.
●​ The consumer electrical goods
market in the UK is typical of
this arrangement whereby
producers such as Sony,
Panasonic, Canon etc. sell their
goods directly to large retailers
such as Comet, Tesco and
 Amazon which then sell onto chosen are suitable and
the final consumers. relevant for the product.
The Market
3.​ Channel 3 - Is called a -​ Is it geographically spread?
"direct-marketing" channel, -​ Does it involve selling overseas
since it has no intermediary (see further below)
levels. In this case the -​ The extent and nature of the
manufacturer sells directly to competition - which distribution
customers. channels and intermediaries do
●​ An example of a direct competitors use?
marketing channel would be a The Business
factory outlet store. Many -​ Its size and scope e.g. can it
holiday companies also market afford an in-house sales force?
directly to consumers, -​ Its marketing objectives -
bypassing a traditional retail revenue or profit maximisation?
intermediary - the travel agent. -​ Does it have established
distribution network or does it
WHAT IS THE BEST need to extend its distribution
DISTRIBUTIONAL CHANNEL FOR A option
PRODUCT? -​ How much control does it want
What factors should be taken into over distribution? The longer
account in choosing the best the channel, the less control is
distribution channel? Here is a available
summary: Legal issues
-​ Are there limitations on sale?
Nature of the product -​ What are the risks if an
-​ Technical/complex? Complex intermediary sells the product
products are often sold by to an inappropriate customer?
specialist distributors or agents
-​ Customised? A direct 3. Price
distribution approach often The price is a serious component of
works best for a product that the marketing mix. What do you think
the end consumer wants is the meaning of Price?
providing to a distinct -​ In the narrowest sense, price is
specification the value of money in exchange
-​ Type of product - e.g. for a product or service.
convenience, shopping, -​ Generally speaking, the price is
speciality the amount or value that a
-​ Desired image for the product - customer gives up to enjoy the
if intermediaries are to be used, benefits of having or using a
then it is essential that those product or service.
One example of a pricing strategy is marketing mix today. This is
penetration pricing. because of the remarkable rise
-​ It is when the price charged for of the services industry.
products and services is set -​ Products are being sold through
artificially low in order to gain retail channels today. If the
market share. Once this is retail channels are not handled
attained, the price can be with the right people, the
higher than before. product will not be sold.
-​ Services must be the first class
For example: If you are going to open nowadays. The people
a beauty salon, you need to set your rendering the service must be
prices lower than those of your competent and skilled enough
competitors so that you can penetrate so that the clients will patronize
the market. If you already have agood your service.
number of market share then you can
slowly increase your price. 6. Packaging
-​ Is a silent hero in the marketing
4. Promotion world.
This refers to the complete set of -​ Packaging refers to the outside
activities, which communicate the appearance of a product and
product, brand or service to the user. how it is presented to the
-​ The idea is to attract people to customers.
buy your product over others. -​ The best packaging should be
-​ Advertising, Personal Selling, attractive enough and cost
Sales Promotion, Direct efficient for the customers.
Marketing, and Social Media are -​ Packaging is highly functional.
examples of promotion. -​ It is for protection,
containment, information, utility
5. People of use and promotion.
Your team, a staff that makes it
happen for you, your audience, and 7. Positioning
your advertisers are the people in ●​ When a company presents a
marketing. product or service in a way that
-​ This consists of each person is different from the
who is involved in the product competitors, they are said to be
or service whether directly or "positioning" it.
indirectly. ●​ Positioning refers to a process
-​ People are the ultimate used by marketers to create an
marketing strategy. image in the minds of a target
-​ They sell and push the product. market.
-​ People are one of the most ●​ Solid positioning will allow a
important elements of the single product to attract
 different customers for not the instead of price points and
same reasons. product features.
For example, two people are -​ The question is, can you build a
interested in buying a phone; one brand which truly talks to your
wants a phone that is cheaper in price audience?
and fashionable while the other buyer -​ Branding is a powerful and
is looking for a phone that is durable sustainable high-level
and has no longer battery life and yet marketing strategy used to
they buy the same exact phone. create or influence a brand.
-​ Branding as a strategy to
distinguish products and
DEVELOP A BRAND NAME companies and to build
Brand name is a name, symbol, or economic value to both
other feature that distinguishes a customers and to brand owners,
seller's goods or services in the described by Pickton and
marketplace. Broderick in 2001.
-​ Your brand is one of your
greatest assets because your COMMONLY USED BRANDING
brand is your customers' STRATEGY
over-all experience of your 1. Purpose
business. -​ Every brand makes a promise.
-​ Brand strategy is a long term But in a market in which
design for the development of a customer confidence is little and
popular brand in order to budgetary observance is great,
achieve the goals and objectives its not just making a promise
-​ A well-defined brand strategy that separates one brand from
shakes all parts of a business another, but having a significant
and is directly linked to purpose. (Allen Adamson)
customer needs, wants,
emotions and competitive ●​ How can you define your
surroundings. business purpose? According to
-​ Experts believe that a good Business_Strategy_Insider,
brand can result in better Purpose can be viewed in two
loyalty for its customers, a ways:
better corporate image and a a.​ Functional
more relevant identity. -​ This way focuses on the
-​ As more customers continue to assessments of success
differentiate between emotional in terms of fast and
and experienced companies, a profitable reasons. For
brand may be the first step example, The purpose of
forward in your competition the business is to make
money.
 b.​ Intentional variation to keep things fresh
-​ This way focuses on and human" so if your old
fulfillment as it relates to tactics don't work anymore,
the capability to generate don't be afraid to change. It
money and do well in the doesn't mean it worked in the
world. past, it may still work now.

2. Consistency 5. Employee Involvement

-​ The significance of consistency -​ It is equally important for your
is to avoid things that don't employees to be well versed in
relate to or improve your brand. how they communicate with
-​ Consistency aids brand customers and represent the
recognition, which fuels brand of your product.
customer loyalty.
6. Loyalty
3. Emotion -​ Loyalty is an important part of
-​ There should be an emotional brand strategy. At the end of
voice, whispering "Buy me". the day, the emphasis on a
This means you allow the positive relationship between
customers a chance to feel that you and your existing
they are part of your brand. customers sets the tone for
-​ You should find ways to connect what potential customers can
more deeply and emotionally expect from doing business with
with your customers. you.
-​ Make them feel part of the
family and use emotion to build 7. Competitive Awareness
relationships and promote -​ Do not be frightened of
brand loyalty. competition. Take it as a
challenge to improve your
4. Flexibility branding strategy and craft a
-​ Marketers should remain better value in your brand.
flexible in this rapidly changing
world. Consistency targets at
WEEK 4
selling the standard for your
MARKET RESEARCH
brand, flexibility allows you to
DATA COLLECTION
adjust and differentiate your
Is the most valuable tool of any type
approach from your
of research study. Inaccurate data
competition.
collection may cause mistakes and
-​ According to Kevin Budelmann,
ultimately lead to invalid results.
"Effective identity programs
require sufficient consistency to
be identifiable, but sufficient
Tips in Gathering Data ●​ Make sure questions are concise
●​ Organize collected data as soon and easily understood
as it is available ●​ Avoid questions that are
●​ Know what message you want difficult to answer
to get across and then collect ●​ Make sure any response scales
data that is relevant to the used are consistent with
message. categories that are mutually
●​ Collect more data exclusive.
●​ Create more data
●​ Regularly run experiments or 2. Interview
collect data -​ Is one of the most reliable and
●​ Challenges your assumptions credible ways of getting
●​ Set reasonable expectations relevant information from target
●​ Take note of interesting or customers.
significant data -​ It is typically done in person
between the
THREE DIFFERENT DATA researcher/entrepreneur and
COLLECTION TECHNIQUES respondent where the
1. Survey researcher asks pertinent
-​ Are the most common ways to questions that will give
gather primary research with significant pieces of information
the use of questionnaires or about the problem that he will
interview schedules. These can solve.
be done via direct mail, over -​ The interview is also helpful
the phone, internet (e.g. even when the business has
Google) or email, face to face or already started because the
on the web (e.g Skype or customers' feedback provides
viber). the entrepreneur a glimpse of
what the customers think about
When designing or constructing your the business.
own research questionnaire, Types of Interviews
remember the following guidelines 1.​ Personal Interviews - are the
(Edralin, 2019) traditional method of
conducting an interview.
●​ Keep it simple as possible 2.​ Telephone interviews - are less
●​ Make sure it is clearly appealing expensive and less time
and easy to read consuming but the
●​ Cluster or block related disadvantages are that the
questions response rate is not as high as
●​ Move from complex questions to the face to face interview, but
more specific questions considerably higher than the
mailed questionnaire.
3. Focus Group Discussion
-​ Is an excellent method for
generating and screening ideas
and concepts. It can be a
moderated group interview and
brainstorming session that
provides information on the
user's needs and behaviors.

The following are considerations in the

use of focus discussions in market
research.
●​ The length of the session is
between 90 and 120 minutes.
●​ Usually, conduct focus groups
discussion with 8 to 10
participants per group.
●​ Assign an expert
moderator/facilitator who can
manage group dynamics.
●​ Use a semi-structure or open
format discussion
●​ Strive for consistency in the
group composition.