Entrepreneurship Some definitions of

Module 1: Introduction to entrepreneurship from early

Entrepreneurship years to present according to
some economist:
“Being an entrepreneur is a mindset.
You have to see things as According to Hart, Stevenson,
opportunities all the time. (Soledad and Dial (1995), it is a pursuit of
O’Brien) opportunity without regard to
resources currently controlled but
In 1934, Joseph Schumpeter,
constrained by the founders’ previous
an Australian economist, first
choices and industry-related
articulated the importance of
experience.
entrepreneurship to the economy and
society. This move increases the Some definitions of
entrepreneurial activities that initiated entrepreneurship from early
changes in business environment as a years to present according to
whole. some economist:
Since then, entrepreneurship is According to Kurato (2009),
observed to be symbol of business entrepreneurship is a dynamic process
innovation, determination, of vision, change, and creation that
perseverance, and achievement. requires an application of energy and
passion towards the creation and
Entrepreneurship (Glider)
implementation of new ideas and
- “Making the World forever creative solutions.
new.”
Some definitions of
- originates from the French word entrepreneurship from early
“ENTREPRENDRE” meaning years to present according to
an undertaker. some economist:

Entrepreneur According to Dyck and

Neubert (2012), entrepreneurship is
- a person who is willing to undertake conceiving an opportunity to offer new
risks to create a new enterprise. or improved goods and services,
Some definitions of showing the initiatives to pursue that
entrepreneurship from early opportunity, making plans, mobilizing
years to present according to the resources necessary to convert the
some economist: opportunity into reality.

According to Schumpeter Relevance of

(1934), entrepreneurship is carrying Entrepreneurship and
out new combinations of firm Entrepreneurs
organization- new products, new 1. Creates employment. When
services, new sources of raw entrepreneurs put up their businesses,
materials, new methods of production, they will hire or employ individuals
new markets, and new forms of who will be an asset to the business
organization. because of their relevant
competencies and personal values increases for that place because of the
aligned to the needed requirements of value that have been created.
the enterprise.
Relevance of
Relevance of Entrepreneurship and
Entrepreneurship and Entrepreneurs
Entrepreneurs
5. Stimulates investment interest
2. Develops new market. in the new business ventures
Entrepreneurs are opportunity- being created. When entrepreneurs
seekers, creative, and resourceful. engage in a new business, it stimulate
This behavior or traits of an curiosity for other to venture in the
entrepreneurs see to it that they can business because of the benefits it
penetrate or establish new buyers for offers. This new investment
their products and services. They go contributes to personal and economic
beyond their existing market to get a growth.
new market share and look for
Relevance of
interested individuals.
Entrepreneurship and
Relevance of Entrepreneurs
Entrepreneurship and
6. Improves the quality of life. The
Entrepreneurs
new products and services developed
3. Introduces innovation. by the entrepreneur contribute to the
Entrepreneurs innovate. Innovation increase of personal benefit and
can be something ordinary or convenience of people in society. The
technological or breakthrough. introduction of automatic and
Entrepreneurs are open for change electrical gadgets and appliances
and that changes oftentimes begins manifest improve better quality of life
with the outside forces. This because it makes individuals work
innovation promises optimization of easier and faster.
economic wealth and sustainability in
Relevance of
business. Due to innovation, other
Entrepreneurship and
business fold, while others will open
Entrepreneurs
flourish. Innovation is the game in
business. 7. Serves as role model.
Entrepreneurs are individuals to be
Relevance of
emulated by younger generations in
Entrepreneurship and
the community and society. The traits,
Entrepreneurs
attitude, and personality exude by
4. Generates new materials. them in seeking and recognizing
Entrepreneurs are always in constant opportunities, ability to handle risk,
search for better and cheaper sources alertness in all circumstances, and
of materials they need. This behavior creativity are just some of the
focuses of being resourceful and characteristic that should be imitate
creative of an entrepreneur. When by them to become a successful
they seek for new material providers entrepreneurs in the future.
in different areas, economic growth
 Relevance of customers with diversified products,
Entrepreneurship and ethical in producing and selling their
Entrepreneurs products and services.
8. Bring social benefit to the Entrepreneurial Competencies
people. Entrepreneurs pay taxes for
They help facilitate opportunity
every product or services sold in the
recognition, enhance business
market. Taxes is the lifeblood of the
performance, adaptability to changes,
government. The taxes collected from
and most importantly stir the
businesses will be used to provide
achievement of company goals and
social services to the people such as
objectives.
education, health, as well as to finance
the build build program of the Entrepreneurial Competencies
government.
These are the sum of
Relevance of personality, behavior, knowledge, and
Entrepreneurship and skills that an entrepreneur possesses
Entrepreneurs to discharge effectively their functions
and responsibilities.
9. Utilizes and mobilizes
indigenous resources. Small and Three (3) Levels of
medium enterprise will always look for Entrepreneurial Competencies
cheaper and local materials to supply
their needs. This actions of SMEs are Personal: Creativity
proof of being resourceful and creative Determination
because of using idle or unused Tenacity
resources to meet their needs and at
the same time minimize cost. This also Emotional Balance
make the flow of business improve in
Self-Criticism
the area because of patronage of local
resources and aided them for not Interpersonal: Communication
dependent on imported materials.
Charisma
Relevance of
Entrepreneurship and Engagement
Entrepreneurs Respect
10. Provides more alternatives for Delegation
consumers. The rigid competition in
the marketplace for quality and Business: Business vision
cheaper products and services Resource management
requires the entrepreneur to come up Networking
with more products and services
consumers can choose from. Negotiating skills
Entrepreneurs should also come up
Characteristics of an Entrepreneur
with strategies and ideas so that
customers will prefer his products and Achievement Cluster
services among his/her competitors.
Strategies such as providing Persistence
Opportunity seeking Opportunity Recognition
Hardwork - often entails phases that potential
entrepreneurs take before introducing
Coping with failure
a product or service to the market.
Coping with uncertainty
THE FIVE STAGES OF OPPORTUNITY
Risk-taking RECOGNITION, (according to Hills,
Shrader, & Lumpkin)
1.Precondition = A preparatory
Planning Cluster: stage, during which the individual
Goal-oriented assesses his knowledge to the market.

Information seeking THE FIVE STAGES OF OPPORTUNITY

RECOGNITION, (according to Hills,
Systematic planning and monitoring Shrader, & Lumpkin)
Setting own standards 2. Conception = This is the gestation
phase, during which entrepreneurial
Building for the future
intentions and ideas are generated,
Power Cluster: using logic, creative thinking, or both.

Self-confidence 3. Visioning = This third stage

provides the individual a hunch that
Persuasion and networking can serve as an opportunity for
Responding to feedbacks business

Building strength 4. Assessment = This stage involves

the evaluation on whether the idea
Demonstrating initiative can be realized or not. Aside from the
resources needed and the technology
to be used, the paramount question to
the individual is whether the idea can
really be actualized.
Career Opportunities in
Entrepreneurship 5. Realization = the last phase
suggests the production of a
Concept of Opportunity
prototype. This is the stage when the
According to Cambridge Dictionary, mental construct or idea is now felt in
an opportunity is “a situation or its tangible or physical form.
occasion that makes it possible to do
Factors in Opportunity
something that you want to do.”
Recognition
From a business perspective, an
A framework on recognizing
opportunity is “an exploitable set of
opportunities crafted by Hisrich,
circumstances with uncertain outcome
Peters, and Shepherd (2010),
requiring a commitment of resources
prove some of the key factors in
and involving exposure to risk”
opportunity recognition.
(www.business dictionary .com).
Three (3) major factors: education according to it. You will
then need to make a business plan
1. Market Awareness (prior
and define your target market.
knowledge of the market)
Once you have established these, you
2. Entrepreneurial readiness should start networking and selling
(entrepreneurial alertness) your idea into your targeted
market.
3. Connections (networks)
HOW MUCH CAN I MAKE WITH A
WHAT ARE THE DIFFERENT CAREERS CAREER IN ENTREPRENEURSHIP?
IN ENTREPRENEURSHIP?
The salary figures for entrepreneurs
The field of entrepreneurship presents vary according to the field they
unique opportunities, each with its venture into and how well their idea
individual challenges and benefits. A sells in the market. If your idea is
career entrepreneurship can be made unique and useful, you might end up
in virtually any field, depending on making a lot of money.
your interests. Entrepreneurship
graduates can find work as Proper Career Titles in 21st
commercial bankers, franchise Century Enterprise
operators, research and
1. CHIEF EXECUTIVE OFFICER
development executives and
(CEO) - is the highest-ranking
business consultants. Most
executive in a company, whose
entrepreneurs, however, remain self
primary responsibilities include
employed, preferring to be their own
making major corporate decisions,
bosses. Over the recent years,
managing the overall operations and
opportunities have also been growing
resources of a company, acting as the
in IT and engineering, presenting a
main point of communication between
varied set of growing prospects to
the board of directors (the board) and
entrepreneurship majors.
corporate operations and being the
How LONG DOES IT TAKE TO START A public face of the company.
CAREER IN ENTREPRENEURSHIP?
2. CHIEF OPERATING OFFICER
The amount of time it takes to make it (COO) - is a senior executive tasked
as an entrepreneur depends on the with overseeing the day-to-day
field you choose to venture into. Since administrative and operational
entrepreneurs can exist in any sector functions of a business. The COO
of the economy, there is a vast and typically reports directly to the chief
almost never-ending list of paths to executive officer (CEO) and is second
choose from. Therefore, you cannot in the chain of command. In some
define a single timeframe for careers corporations, the COO is known by
in entrepreneurship. other terms, such as "executive vice
president of operations," "chief
WHAT ARE THE REQUIREMENTS FOR A operations officer," or "operations
CAREER IN ENTREPRENEURSHIP? director."
The first thing you need to do is find 3. ADVERTISING SALES AGENT -
the right business idea and get sells advertising space to businesses
and individuals. They will contact =someone who manage accounts and
potential clients, make sales follow-up on lack of a company.
presentations, maintain client
= the one leading the team.
accounts, and often work under
pressure to meet sales quotas. =the person that conducts the
company's revenue engine.
4. PROJECT MANAGER - is the
person responsible for leading a =hire and motivate high-performing
project from its inception to execution. sales teams, and lead them to
This includes planning, execution and generate leads, hit or exceed revenue
managing the people, resources, and forecasts, and ultimately meet
scope of the project. customer needs.
5. OPERATIONS MANAGER - is key 3. Research and Development
part of a management team and Director
oversees high-level HR duties, such as
attracting talent and setting training =someone who understands business
standards and hiring procedures. They concepts, systems, procedures, and
also analyze and improve practices.
organizational processes, and work to = is responsible for directing and
improve quality, productivity, and overseeing all discovery and
efficiency. development projects.
6. MARKETING STRATEGIST - =S/he also plays a role in mentoring
analyzes data to determine the best and developing R&D staff, in resource
way to allocate resources to grow allocation and R&D decision-making.
revenue and profits; someone who is
responsible for the implementation of 4. Fundraiser
marketing strategies.
=someone who raises money for a
JOB OPPORTUNITIES FOR specific purpose
ENTREPRENUERS
=motivate and facilitate supporters to
1. Business Consultant, or maximize the funds they raise.
Business Adviser
=inspire new supporters to raise
=provides expert advice, analysis, and money, while maintaining and
solutions. developing relationships with existing
supporters =organize traditional
=they enable new and existing activities, such as sponsored outdoor
businesses to develop and expand events and house-to house collections
=their duties include developing of donated goods and money.
business plans, advising on financial 5. Teacher
matters and identifying areas for
growth within a company. = is a person who provides education
for pupils and students. The role of
=people who can go to a client site, teacher is often formal and ongoing,
identify the problems, and fix them. carried out at a school or other place
2. Sales Manager of formal education.
=Teachers may use a lesson plan to =are entrepreneurial people whose
facilitate student learning, providing a primary role is in creating new
course of study which is called the business via creating new startups or
curriculum. scaling growing companies, having
significant and direct stake in the
= someone who inspire students how
actual business success.
to increase their entrepreneurial
intention. Entrepreneurship Module 3:
Market Needs in a Potential
6. Talent Recruiter
Market
=someone whose job is on recruiting
Customer Needs
people to an organization.
- is a mission-critical for business
= are one of the most important
looking to create product that
positions in every Talent Acquisition
truly speaks to their customer’s
team.
problems.
= are responsible for finding,
- are the named and unnamed
attracting, and hiring new employees
needs your customer has when
to fill open positions and meet
they come in contact with your
company's workforce needs and goals.
business, your competitors, or
= They are generally responsible for when they search for the
the full life cycle of the recruiting solutions, you provide to
process. identify the needs of your
customers at every step of your
=This entails sourcing and screening process.
candidates, coordinating the interview
process, and facilitating offers and Five (5) Key Concepts in
employment negotiations, all while Understanding and Determining
ensuring candidates have a pleasant Customer Needs
experience.
(a)Needs, Wants, and Demands
7. Business Reporter
Needs are a special kind of want and
=someone who can write articles refer to things we must have to
about business matters. survive, such as our basic needs.

= gather and analyze facts with Wants are desires for goods and
regards to events that are services we would like to have but do
newsworthy. not need.

=They collect information through Demands are requests for specific

investigation, research, observation, products that the buyer is willing and
or interview. Generally, they write and able to pay for over a specific period.
report stories for news magazines,
(b) Products, Services, and
television, newspaper, or radio.
Experiences.
8. Business Creators
A product is any good, service, or idea - is the part of the market you
that can be offered to a market to can capture in the future.
satisfy a want or need.
- it includes the demographic
Services are the non-physical, groups of customers that will purchase
intangible parts of our economy, as your product or services in the future
opposed to goods, which wan touch or who might become your regular
handle. customers from the expansion of your
business.
Experiences are knowledge or skill in a
job or activity, which you have gained • The potential market allows you
because you have done that activity or to:
work for a long time.
1. Identifying new customers to
• Five (5) Key Concepts in ensure the future of your
Understanding and Determining business.
Customer Needs
2. Think proactively about ways for
(c) Value and Satisfaction your business to grow and change.
A value refers to the value customers • The potential market allows you
place on a product or service. to:
Satisfaction on the other hands, is the 3. Show the potential of your business
measure of how well customer to investors or collaborators.
expectations from a purchased
4. Increase your profit.
product or service have been meet.
5. Create a strategic plan when there
(d)Exchanges and
will be changes in the economy or
Relationships
market.
Exchange is the act of obtaining
Entrepreneurs take a deep study on
desired object from someone by
how they will know better on their
offering something in return
potential market (how?). Know their
(Armstrong et al 2009).
wants and needs including the
Relationship is a connection between demands.
two people or things.
In market, there is a capability to
(e) Markets purchase a product/service that can
be variable as it can expand or contact
Market is defined as the group of
depending on certain factors.
individual or organizational customers
who have both the willingness and Market demand is the total demand of
financial capability to purchase a all potential customers for a specific
product or service. product/service over a specific period
in a specific market area.
• Jumpstart
Value, consumers have different needs
• Jumpstart
and buying capacities, consumers
• Potential Market assign varying values on the same
product or service.
Satisfaction, to ensure the maximum 1. Convenience Products have the
customer value and satisfaction, lowest risk and lowest effort in buying
entrepreneurs and marketers must: the products because consumers will
balance product or service quality and not spend a lot of time or money in
price, establish consistency among buying those products and can be sold
product availability, level of customer by wholesales. (example: staple
service and efficiency and have the goods)
consumer and atmosphere feel
2. Preference Products are
comfortable and convenient.
consumer goods that have the specific
Products are considered tangible preferences for brands or suppliers but
goods wherein the goods can be seen are willing to make substitution when
and touched or the intangible service necessary.
that the enterprise offers to its
3. Shopping Products are products
customers to satisfy their needs and
that consumers feel are worth the
produce the expected results.
time and effort to compare with other
Services are the intangible goods competing products. (example: tiles)
wherein you will be paid according to
4. Specialty Products are unique,
your profession, skills, and talents.
customized products which have their
TYPES OF PRODUCTS own niches, and this commands
utmost loyalty from another buyer.
There are three types of products
which can be distinguished via DETERMINING POSSIBLE
consumption and tangibility. These SOLUTIONS IN A POTENTIAL
are durables, non-durables, and MARKET
services.
Entrepreneur Ideas
1. Durables - these are the products
-leads to the identification of
which have long interval between
entrepreneurial opportunities, which
repeat purchases because of their
results in the opening of an
long-lasting nature. (Example.
entrepreneurial ventures.
television sets like HAIER and LG. cars
like Toyota and Mitsubishi etc.) THE ENTREPRENURIAL PROCESS
OF CREATING NEW VENTURE
2. Non-durables - products have
stronger repeat purchases because Essential in entrepreneur’s
they are consumable. (Example: opportunity seeking
shampoo, bar soap, biscuits etc.)
Entrepreneurial mind frame
3. Services - these are the products
which are essentially intangible -allows the entrepreneur to see things
because there are no physical items in a very positive and optimistic way in
involved (example: training services, the midst of difficult situation.
food vending, dental and rental Entrepreneurial heart flame
services etc.)
-entrepreneur’s driven passion, they
CATEGORIES OF PRODUCTS are attracted to discover satisfaction
in the act and process of discovery.
Entrepreneurial gut game 3. Government’s thrust,
programs, and policies
-ability to the ability of the
entrepreneur of being intuitive. Also -priors, projects, and policies of the
known as intuition. Also means government are also good sources of
confidence in one’s self and the firm ideas
believes that everything you aspire
4. People’s interest
can be reached.
-interest, hobbies and preferences of
SOURCES OF OPPORTUNITY
people are rich sources of
1. Changes in the environment entrepreneurial ideas.
-a person with an entrepreneurial 5. Past experiences
drive views these changes positively.
-expertise and skills develop by preson
-eternal environment refers to the who has worked in a particular field
physical environment, societal may lead to the opening of related
environment, and industry business enterprise
environment where the business
FORCES OF COMPETITION MODEL
operates.
-also known as “five forces of
PHYSICAL ENVIRONMENT
competition”.
CLIMATE
COMPETITION- act or process of
NATURAL RESOURCES
trying to get or win something.
WILDLIFE
BUYERS
SOCIETAL ENVIRONMENT
-one that pays cash in exchange
POLITICAL FORCES to your goods and services.
ECONOMIC FORCES POTENTIAL NEW ETRANTS
SOCIOCULTURAL FORCES -defined as the one who enters
TECHNOLOGICAL ENVIRONMENT something.
RIVALRY AMONG EXISTING
INDUSTRY ENVIRONMENT
FIRMS
COMPETITORS
-state or situation in which
CUSTOMERS
people or groups are competing
CREDITORS
with each others.
EMPLOYEES
GOVERNMENT SUBSTITUTE PRODUCTS
SUPPLIERS -anything that takes place or
function of another
2. Technological discovery and
SUPPLIERS
advancement
-one that provide something
-person with entrepreneurial interest that is needed or wanted.
sees possibility of business
Marketing Strategy
opportunities in any new discovery or
because of the use of latest - indicates the enterprise’s
technology. overall game plan for reaching
 potential customers and turning - the performance may be close
them into customers of their to that of existing products but
products and services. there would be an additional
- it contains the enterprise’s benefits on special aspects.
value proposition, key brand
Copycat Products
messaging, data on target
customer’s demographics and - a product which copies, mimic
other elements. or deliberately similar to that of
established products in the
The 7P’s of Marketing
market.
1. Product - they are designed, branded or
packaged to look exactly the
- Refers to anything that’s being
same.
sold- a physical product, service
or experience. Niche Products
- The product or service is always
- products that do not intend to
going to be the center of
compete with the well
enterprise marketing strategy
established enterprise in the
and therefore it will influence
market.
every aspect of the marketing
- they are products with lower
mix.
reach, lower visibility, lower
- When you think for your
prices and lower top of mind.
product, consider different
factors such as quality, specific 2. Place
features, packaging and
benefits for the customers. - doesn’t only refer to a physical
- Lastly, product should address store but rather a place when
the needs and wants of the there is an interaction between
customers. seller and a buyer.
- it could mean selling via
Four General Type of Products website, catalogue, social
media, and trade fairs or
Breakthrough Products
exposition.
- this products are technologically - it includes each and every
advance and creatively superior distribution channels.
to existing product in the
Distribution Channel
market.
- it fulfill the consumer’s need to - is a chain of businesses or
a greater degree. intermediaries through which a
- are said to be an innovative good or service passes until it
products reaches the final buyer or the
end consumer.
Differentiated Products
- it can include wholesalers,
- a product that is uniquely retailers, distributors, and even
different from those of the internet.
competitors.
Retailer
 - refers to a person who finally 2. Competition-based
sells his/her products direct to pricing: assessing the prices
the consumer. set by market competitors and
setting your price either slightly
Wholesaler
higher or lower than the
- is someone who purchased competition.
product in a large quantity in 3. Economy pricing: setting
lower price and sell it to the prices that target buyers who
retailer. seek a low price or bargain.
4. Premium pricing: setting a
Types Distribution Channel high price tag on your items.
1. Zero Stage – direct This strategy requires
transaction by the manufacturer guaranteeing that the product
to the consumer or service is of high quality.
2. One Stage – the producer 5. Value-based pricing:
sells the product to the retailer setting a price based on what a
and turns it to the consumer. customer is willing to pay - what
3. Two Stage – this channel is they believe your brand and
applicable where the products your product is worth.
are distributed over a wide 6. Cost-plus pricing: this
area. method is solely based on what
the cost of producing your
3. Price product is and then adding a
mark-up so that you aren’t
- encompasses the entire pricing
selling at a loss. It is also called
methodology for products or
target pricing.
services, and how customers
will react to it. 4. Promotion
- the price you set should reflect
your customer’s perceived - - is more than advertising your
value of your product, correlate product but more on raising
with your budget. awareness of a brand, product
- encompasses the entire pricing or service within a market.
methodology for products or - - it is the key to make your
services, and how customers products known to acquire new
will react to it. market- increasing sale and
- the price you set should reflect generate revenue.
your customer’s perceived Two (2) Categories of
value of your product, correlate Promotional Strategies:
with your budget.
1. Traditional marketing -
Six (6) Common Pricing refers to print media,
Strategies: broadcasting, direct mail,
1. Price skimming: setting a billboards and posters, and
high price for your product and referral, i.e. word of mouth.
then slowly reducing the price • Two (2) Categories of
over a period of time. Promotional Strategies:
 2. Digital methods - mean and anyone involved in the
email marketing, social media marketing and sales
promotion, content marketing, processes.
search engine optimization • Marketing Effort of People
(SEO), mobile marketing and  To create customer awareness
paid advertising.  To arouse customer interest
 To educate customers as they
Method of Promotional Mix
evaluate their buying choices
1. Advertising  To close the sale and deliver
- it is the most popular the product
paid form means of promotion
6. Packaging
ideas to persuade consumers
through different medium such - is more than the outside
as newspapers, social appearance of a product but
media, television, etc. identifies the product, describe
• Method of Promotional Mix its features and benefits.
2. Publicity - it can also mean the bundle of
- it is a not paid form of products or services put
communication by an enterprise together to attract and delight
which may consider as public customer consumers.
relation. This includes allowing
Importance of Packaging
public interviews, charitable
donations, conducting 1. Protects the product
trainings related to your 2. Displays and promotes the
business and etc. product
• Method of Promotional Mix 3. Attracts buyers
3. Personal Selling 4. Differentiates the product
- the most effective way from competitors
of promoting product to
consumers through direct Packaging Techniques
presentation of the desired  Unique Packaging
product. Packaging design with
4. Sales Promotion distinctive appearance better
- it is designed to than the enterprise’s
encourage consumers through competitor.
temporary incentives like giving  Functional Packaging
tokens, serve as a gift, It is the easiest way to increase
rewards and others. the existing package of the
5. People product to provide comfort and
enjoyment of the consumers.
- are regarded as the ultimate  Safe Packaging
marketing strategy. Packaging are designed to be
- are not just those who are tested and proven to the safety
selling and advertising, it also of the consumers such as tightly
includes staff, salespeople, sealed chemical products to
customer service teams, avoid leak, sealed caps for
 medicine to secure the safety of have expensive price that the
children and many more. marketing producer must price
 Easy To Remove Packaging in the larger company rather
The methods of packaging than smaller one to avoid price
where consumers can easily comparison.
access to remove the product  Position In Sales Location
without breaking or destroying Reaching your consumer is
it. Usually labeled on the possible by choosing the
package visible to the appropriate distribution
consumers like arrows channel. Place your product
indicating the upper portion of accessible and can easily
the product inside the box. establish its identity to your
 Promotional Packaging target market.
Packaging are developed to
BRANDING
promote the interest and
satisfaction of the consumers. - means “the use of a name,
The benefits and advantages of term, symbol, or design, or a
the product are most written on combination of these, to identify
the package. Supplement foods a product” (Caanon, Perrault,
and beauty products are some and Mc Carthy (2008).
examples of promotional - it comprises the use of brand
packaging. names, trademarks, and any
other system of product
7. Positioning
identification.
- this element concerns on how
BRAND NAME
a product is recognized in the
marketplace through the - connects a product with the
integration of the 4P’s (product, benefit expectation of a
price, promotion and place). customer.
- can be a word, letter or a group
Positioning Strategies in
of words or letter.
Marketing Mix
Trademark
 Position In Advertising
It is very important to - is a legal term as “any visible
determine the needs of your sign capable of distinguishing
target customer in order to the goods (trademark) or
design appropriate services (service mark) of an
advertisement for your desired enterprise and shall include
product. stamped or marked container of
• Positioning Strategies in goods” (Philippine Intellectual
Marketing Mix Property Code (IP Code))
 Position In Price - must be a visible sign and must
This is how the price of your be capable of distinguishing
product compares to the one’s good and services from
demand of your competitors. A those of another.
high valued products tend to
- includes only those words, - A strong brand connects easily
symbols, or marks that are with people because of the
registered for the use by a positive impression it creates
single company. about the company.
- Due to this very reason, they
Importance of Branding in
are likely to do business with
Business
you. A brand that emanates
- Branding is ultimately a taxing reliability and trustworthy easily
task in a business because of captures the heart of a
the overall impact it creates on customer.
your company. • Improves Employee Pride
- Branding can change people and Satisfaction
perception on your brand; it can - Working for a strong and well-
drive new opportunities and established branded company
increase brand cognizance. gives a feeling of satisfaction
• Branding Increase and higher degree of pride for
Awareness and Recognition the work they do.
- The ultimate reason why • Creates Trust within the
branding is being done in a Market Place
company is increases - Building trust with customers,
recognition and awareness thus potential markets, and
letting your brand be known to consumers is not easily
the public. achieved overtime, however
- The logo is the utmost with proper branding it can be
component of branding, easily reached and
especially for this factor; it accomplished.
serves as the face value of the - A well-planned appearance and
company. strategized branding help the
• Branding Intensifies company to build trust among
Corporate Value consumers and other
- Branding is important when you stakeholders.
are seeking for new • Branding Supports
opportunities or even thinking Advertising
for future business investment. - Advertising is one element of
- A well-established brand branding and advertising
increases corporate value by techniques mirror the brand and
giving the company more its anticipated image you want
control in the industry it the public to capture.
belongs. This paves way to • What are the Characteristics
more appealing investment of a Good Brand Name?
opportunities because of its - Identity of products and
strong position in the services should always be
marketplace. unique and different from that
• Branding Creates New of the competitors.
Customers
Characteristics of a Good Brand
Name
 1. It should be unique, short, client’s perspective and
simple and distinctive. priorities, anticipate their needs.
2. It can be pronounced in all 5. Develop your brand
languages. (For international positioning.
markets) A positioning statement is
3. It should be extendable. typically compose of three to
4. It has no unattractive five sentences in length and
imagery. 5. It should be easy to captures the essence of your
identify and recall. brand positioning. It must be
6. It is adjustable to any grounded in reality and capable
advertising medium. of full filing that promise.
7. It should suggest about 6. Develop your messaging
product’s qualities and benefits. strategy.
8. It is adaptable to packaging Your target audiences
and labelling needs. compose of potential clients,
9. It should be capable of legal potential employees, referral
protection and registration. sources, and potential
10. It is easy to pronounce. partnering opportunities. While
11. It should not portray bad or your core brand positioning
wrong meanings in other must be the same for all
categories. audiences, each audience need
12. It is up-to-date and timely. specific concern which is
13. It should suggest relevant to them.
product/service category. 7. Develop your name, logo
14. It is easy to read and spell. and tagline. Brand
identity should be the ways to
communicate and symbolize
your brand. Make it real and live
with it.
Step in Brand Development 8. Implement, track, and
1. Consider your overall adjust.
business strategy. A well-planned and
To start with, the overall organized brand development is
business strategy is the context nothing when it is not
for your brand development implemented. Tracking both the
strategy. implementation and result
2. Identify your target should be monitored so that if
market. miscalculation happens a
A well-defined target corrective action should be
clients should be established. done.
The narrower the focus, the
faster the growth.
3. Research your target
client group.
Conducting market research
help you understand your target