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Entrep Week 3

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7 views

Entrep Week 3

Uploaded by

angellegardongabo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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REVIEW!!!

It refers to people who


shown some level of
interest in buying a
particular product or
service.
A n s . Po t e n t i a l M a r ke t
People who have not yet
purchased your product but
are considering it.

A n s . Pro s p e c t s
What are the three (3)
entrepreneurial process of
creating new venture?

Ans.
Creation of entrepreneurial ideas
I d e n t i fi c a t i o n e n t r e p r e n e u r i a l o p p o r t u n i t i e s
Opening of entrepreneurial venture
What are the three (3)
essentials in entrepreneur’s
opportunity-seeking?

Ans.
Entrepreneurial mind frame
E n t r e p r e n e u r i a l h e a r t fl a m e
Entrepreneurial gut game
What are the five (5)
Source of opportunities of
entrepreneurs?

Ans.
Changes in environment
Te c h n o l o g i c a l d i s c o v e r y a n d a d v a n c e m e n t
Government’s thrust, programs, and policies
Peo ple interest
Pa s t ex p e r i e n c e
It can be defined as anything that we can offer
to a market for attention, acquisition, use or
consumption that could satisfy a need or want
of the customers.

Ans. Products
These are special form of products which
consists of activities, benefits or satisfactions
offered for sale that are intangible and do not
result in the ownership of anything.

Ans. Services
Determining the Possible
Product/s
or Service/s that will Meet the
Need
As an entrepreneur, how can
you determine the possible
products or services that will
meet customer’s needs?
Concepts about Product and
Services
A product- can be defined as anything that we can
offer to a market for attention, acquisition, use
or consumption that could satisfy a need or want.
However, the definition of product does not only
involve tangible goods such as cars, tables or chairs.
The definition is extended to include intangible
objects as well, because they can be offered to the
market. Therefore, the broad definition of product
includes services, events, persons, places,
organizations or even ideas.
Concepts about Product and
Services
Services - are special form of product which
consists of activities, benefits or
satisfactions offered for sale that are
intangible and do not result in the ownership
of
anything.
A service thus includes banking, airline
travel, communication services, hotel
services and so on
TA B L E O F C O N T E N T S

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Planning the Business
Planning is getting into the details of what the
organizational goals and how to attain them. In
manufacturing business settings, it involves
planning for the:

1. Product- involve determining:


* How long the product meets customer’s
needs,
* How long it takes for the product to make
and to be marketed, and;
* The total cost of the customer

2. Process – deals with determining the specific


technologies, procedures, and systems required to
produce products or create services.
Planning the Business

3. Facility Location- deals with the identification of


the place where the manufacturing process will be
offered.

There are the criteria that serve as guide in


facility location planning:

• Proximity or appropriate distance to target


customers
• Business climate and the market environment
• Total costing
• Transportation facilities and insfrastructure
• Quality of labor
• Supplies
• Location of company’s other facilities
Planning the Business

4. Facility lay-out- involves the


placement of departments,
workstations, machines, and
inventory storage within the factory.

The factors to consider are:


* Objective and purpose of the
system in increasing productivity
*Demand for product and services
* Number and volume of operations
* Space and availability
Planning the Business

5. Job Design- functions of


specifying work assignments of each
employee and /or group in
organization.
- It is satisfies employees personal
and individual requirements.
The areas to consider are:
• Task to be done
• Qualification of work
• Working time
• Reason for hiring
• Performance measurement
Knowing your
product and
services
Product Knowledge is
essential sales skill.
Understanding of your
product features allows
you to present their
benefits and accurately
and persuasively.
Get to know your
products or services

Customers are more


likely to trust sales
people who show
confidence in
themselves and what
are they selling.
Be honest about
shortcomings

If your product or
service has come
shortcoming in certain
situations, be honest
about them with your
customers.
Tu r n p r o d u c t f e a t u r e s
i n t o b e n e fi t s

As you engage customers,


you can use your
knowledge to lead your
customer throughthe sales
process and make their
experience and enjoyable
one that they’ll want to
revisit.
Example how you can communicate the
p o t e n t i a l b e n e fi t s w i t h y o u r c u s t o m e r s :
PRODUCT FEATURES POSSIBLE BENEFITS FOR YOUR CUSTOMERS

Its Purpose It will meet your needs and save your time and
money

How it works It is easy to use so you won’t be frustrated by


complicated features

How it will developed or manufactured Its support local industry and helps the environment

How it is checked for quality You can confident it will work

How it is delivered You don’t have to worry about delivery I will


organize it for you
ACTIVITY

Directions: Imagine a business that you wish


t o o ff e r, a n d f i l l o u t t h e t a b l e w i t h i t s f e a t u r e s .

PRODUCT PRODUCT FEATURES


1.

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