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EMAct5Maglalang, Juan Miguel S.

1. There are several ways to determine the appropriate products or services for target customers, including understanding the nature of the product or service, knowing customers and their needs through research and feasibility studies, and ensuring the quality and affordability of the offering. 2. Selecting an entrepreneurial activity depends on assessing one's own skills and capabilities as well as undertaking an activity that creates value within the relevant business context. 3. A product can be considered valuable when there is customer demand for it in the marketplace.

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Juan Miguel Salvador Maglalang
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215 views2 pages

EMAct5Maglalang, Juan Miguel S.

1. There are several ways to determine the appropriate products or services for target customers, including understanding the nature of the product or service, knowing customers and their needs through research and feasibility studies, and ensuring the quality and affordability of the offering. 2. Selecting an entrepreneurial activity depends on assessing one's own skills and capabilities as well as undertaking an activity that creates value within the relevant business context. 3. A product can be considered valuable when there is customer demand for it in the marketplace.

Uploaded by

Juan Miguel Salvador Maglalang
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Maglalang, Juan Miguel S.

Directions: Read and study the guide questions below. Write your answer.
1. How does one determine the product or services to be produced and/or to be
provided to the target customers?
There are plenty of ways to determine which products or services need to be provided
in a certain area. In creating a business, the most important thing to consider is the
nature of your product or services. Next, know your customers, customers play a pivotal
role in a success of a business. Next is conduct a research, feasibility study, product
sampling for it will determine the needs of your customers. Once you have come up on
your final move, then create or produce your product or service. Make sure that the
product or service you are selling is affordable yet high quality.

2. How does one select an entrepreneurial activity?


It is the human action aimed at generating added value through creativity, innovation
and identification of opportunities. It implies the exploitation of new ideas as well as to
plan and to manage projects in order to create value and to achieve the desired
goals. Entrepreneurial activities occur within a business context, which is impacted by
economic, political, legal, social, cultural, social, and natural settings. In undertaking
such entrepreneurial activities, the entrepreneur is endeavoring to create value.
Selecting an entrepreneurial activity depends on an entrepreneur’s characteristics,
based on skills and capabilities.
3. When can one say that a certain product has “value?”
Products are produced to satisfy our daily needs. It can be considered to have its value
when it is being sold in the market and many people demand it.

4. Does applying creativity to your product or services important? Why?


Yes, it is one of the factors you should consider upon making a product, it catches the
attention of the customers that lead them in purchasing the product. The success of a
business lies within the entrepreneur strategy to apply creativity on his product.
Creativity leads to innovation which people patronize. Blending with the ordinary is
completely boring, if you have something too add up, then proceeds, it is called
innovation.

5. How can one effectively respond to the needs of the target customer?
The only way to respond with the needs of the customers is through conducting a
Market Analysis. The producer will analyze potential  consumers of their goods
and services. This way, you will perform a survey of income, preferences,
demographics, gender, finally, will analyze a set of variables so that
your product reaches the target audience, and thus meets them.

6. From the viewpoint of business owner, discuss the importance of scanning the
environment and market in generating business ideas.
Environmental scanning meaning is the gathering of information from an organizations
internal and external environment, and careful monitoring of these environments to identify
future threats and opportunities. It is the analyses of all factors that may affect the future of
the organization. Environmental scanning is necessary because there are rapid changes
taking place in the environment that has a great impact on the working of the business
firm. Analysis of business environment helps to identify strength weakness,
opportunities and threats. SWOT analysis is necessary for the survival and growth of
every business enterprise.
7. Using self-assessment, explain the level of your confidence in formulating a business
idea.
Over the years, I have seen a lot of people who have successfully raised a business.
Seeing them flourishing makes me wonder of their strategies upon. Risking is
completely one of the best ways to raise a business, if you have a good and positive
mindset at business, then there will be an assurance of your triumph. In my case,
starting a business does not seem odd as long as you have the confidence at taking
every moment into account, there are low points in business but at the end of the day,
learning the lessons from your mistakes will add something that you can apply on your
future. Therefore, I am at my highest confidence knowing that I am driven, motivated,
and determined to run my own business at all cost.

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