WEEK1: THE IMPORTANCE OF manager, handling five stores.

With his
ENTREPRENEURSHIP AND background and skills in store management,
THE ENTREPRENEURIAL COMPETENCIES Magsaysay’s friends asked him to handle Potato
Corner, of which he was a co-founder.They
Who is an Entrepreneur? pooled their money together and started the
food cart business in 1992, offering franchises
● Someone who brings resources, left and right. Today, Potato Corner has more
labor, materials, and other assets into than 550 stalls in the Philippines and around the
a combination that makes their value world.
greater than before.
Araceli and Jun Manas – Hen Lin
● Someone who introduces changes, Using the recipes they learned from a Chinese
and innovations. (innovative) chef and a capital of P30,000, Araceli and Jun
Manas started Hen
● Someone who is driven by the need to Lin in 1983. Jun worked for an insurance firm
experiment, accomplish, and the escape while his wife Araceli worked in a bank. The
authority of others. couple had to learn the intricacies of the
business themselves. At night, they practiced
● Someone who finds better ways to making siomai or dumplings.
utilize resources, reduce waste, and The Manas couple opened the first Hen Lin
produce jobs for others. store in SM Makati, which was well received for
its delicious dim sum offerings. 30 years on, Hen
● An aggressive competitor. Lin is popular in many malls, offering various
products such as hopia,
Successful Entrepreneurs in the Philippines: noodles, congee, rice toppings, and breakfast
food.
Socorro Ramos – National Book Store
Socorro Ramos entered the publishing and retail ENTREPRENEURSHIP – is a dynamic process
industry by working as a salesgirl at a bookstore. of vision, change, and creation. It
At the age of 19, she opened requires an application of energy and passion
National Book Store in Escolta with her husband towards the creation and
with a capital of P200, selling books and school implementation of new ideas and creative
supplies to students. At that time, Manila was solutions with willingness to take calculated risk.
under the control of the Japanese, who imposed Entrepreneurship helps us to:
censorship on books and periodicals. To
augment their earnings, she and her husband ● Creates opportunity
resorted to selling other items like candles and ● Ensures social justice
soaps. After the post-war boom proved ● Instills confidence
profitable for the company, ushering in bigger ● Stimulates the economy
revenues, the Ramoses opened a nine-story ● Take risks
building along Avenida. At 95, she still believes ● Fail and to persevere
in the time-honored tradition of “hands-on ● Become creative, inventive and
approach” in business. She even designed the innovative
company’s logo herself.
THE ENTREPRENEURIAL PROCESS – is the
Joe Magsaysay – Potato Corner process of pursuing a new venture,
The young Magsaysay left school to bust tables, whether it be new products into existing
wash plates, and work on the cash register at a markets, existing products into new
fast food chain. In a few years, he became a
markets and/or the creation of a new Personally undertaking a research or analysis to
organization. find out answer of some problem. Seeking
information to clarify what is needed. Using
Role of Entrepreneurship in Economic contacts & networks to obtain desired
Development: information. Taking action on own to help reach
objectives.
● Boosts per capita output and income.
● Initiates and constitutes changes in the 5. Concern for High Quality of Work
structure of business and society. Stating a desire to produce work of high quality.
● Stimulates product evolution process Comparing own/ company’s work favourably to
(process for developing and that of others. Making all out efforts to ensure
commercializing an innovation). the quality of products or services. Doing things
● Iterative synthesis: The intersection of that meet
knowledge and social needs that starts or beat existing standards of excellence.
the product development process and
leads to a marketable innovation. 6. Commitment to Work Contract
Taking extra-ordinary efforts or making personal
Entrepreneurial Competencies sacrifices to complete a job. Accepting full
responsibility for failures, if any. Expressing
A competence is an underlying characteristic of utmost concern for the customers. Readiness to
a person which led to his or her effective or work even at workers’ places to get work done.
superior performance in a job. The term Placing highest priority for getting a job
‘competence’ refers to the completed.
combination of knowledge, skills, motive,
attitude and habits. Every role requires 7. Efficiency Orientation
some particular competencies. Using information or business tools to increase
1. Initiative personal or professional efficiency. Expressing
Taking actions that go beyond job requirements concern for assessing costs versus rewards of
or demands of the situation. Doing things on some improvements, changes or action.
your own before being asked for or being forced Constantly looking for ways to do things faster or
to by events. Taking actions to expand the with fewer resources or at a lesser cost.
business into new areas, products or services.
8. Systematic Planning
2. Seeing and Acting on Opportunities Breaking a large task down into several
Seeing and acting on opportunities for business sub-tasks. Developing plans after duly
development or for personal growth. Seizing anticipating obstacles. Evaluating alternatives on
unusual opportunities to obtain and mobilize merits and demerits. Taking a logical and
necessary resources. Looking for and taking systematic approach to activities, in general.
actions to seize opportunities. Developing and using
Logical, step-by-step plans to reach goals.
3. Persistence
Taking suitable actions in the face of a 9. Problem Solving
significant obstacle. Ensuring all efforts to Identifying the root-cause of the problem or
solve a problem or barrier. Taking repeated objectives. Developing strategy in the light
actions to overcome obstacles that get in of objectives, resources and constraints.
the way of achieving goals. Keeping alternatives, wherever necessary.
Generating new ideas or innovative solutions.
4. Information Seeking Identifying and applying new
and potentially unique ideas to reach the goals.
 ➢ Helping companies to identify their problems?
10. Self -confidence ➢ Recommending solutions to company
Expressing confidence in own ability to complete problems?
a task. Sticking with own judgment in the face of
opposition or early lack of success. Doing Raymond Lim is a business coach with 30
something for which chances of success are not years of experience in business consulting,
very fair. Having a strong belief in self and own sales, and marketing. He graduated from the
abilities. National University of Singapore
with a Bachelor degree in Business
11. Persuasion Administration. He is the CEO and founder of
Convincing someone successfully to do five (5) companies namely; RBG Philippines
something else than what he/she would have Inc., Realty Beacon Philippines Inc., DigiTokens
done. Selling someone a product or service. Inc.,Digi Assets Pte Ltd., and Beacon Cloth
Making someone agree to provide Care.
resources on extra-ordinary conditions.
Asserting own confidence & competence in SALES MANAGER: someone who knows how
personal or company’s strengths. Persuading to represent the company, manage accounts
others successfully. and follow up on leads.

12. Assertiveness ➢ Representing a company for a product or

Speaking politely but firmly. Telling others clearly service?
what they have to do. Reprimanding ➢ Managing accounts for a company?
those who fail to perform as expected, however ➢ Following up on customers interested in your
close they may be. Confronting products or Services?
problems and issues with others directly.
RESEARCH AND DEVELOPMENT
13. Monitoring DIRECTOR: someone who understands
Ensuring that the work is completed or it is of business concepts, systems, procedures and
high quality. Personally supervising all aspects practices.
of the work. Developing a system of supervision
& monitoring. Ensuring smooth progress of ➢ Looking for useful facts and information?
project or work. ➢ Interpreting data and making conclusions?
➢ Understanding business procedures and
14. Concern for Others’ Welfare practices?
Taking actions to improve the welfare of society. ➢ Recommending courses of action?
Responding positively to employees’ specific
needs. Having a concern for the welfare of TEACHER: someone who inspire students how
employees and to increase their entrepreneurial intention
their families. Having a concern & taking suitable through acquiring the attitude
actions to improve others’ welfare. towards entrepreneurship.

WEEK2: CAREER OPPORTUNITIES IN ➢ Speaking in front of many people?

ENTREPRENEURSHIP ➢ Inspiring young people to have a vision for
society?
BUSINESS CONSULTANT: people who can go ➢ Sharing your experiences and insights about
to a client site, identify problems and fix them. business and success?

➢ Making travels from one client company to FUNDRAISER: someone who raises money for
another? a specific purpose and meant not to make profit
but instead for maintaining the organization or serving that market. Market analysis skills
toward the purpose for which it was Created. involve looking into important factors such
Understands the importance of business and as market size and its potential value, different
networking relationships. customer segments and their buying patterns,
the rivalry as well as the
➢ Organizing events? economic environment in general.
➢ Building network relationships?
➢ Raising money for a cause? Determine who the customers are in terms of:

TALENT RECRUITER: someone whose job is in ➢ Customer Requirements

sourcing, attracting, recruiting, interviewing, and ➢ Target Market
on-boarding employees to an organization. ➢ Market Size
Someone who is people
savvy and has an in-depth business sense Customer Requirements
as well.
Customers are said to be the lifeblood of the
➢ talking one on one? business. Their thoughts, feelings and
➢ knowing what motivates people? experiences shape the decision of the business.
➢ making agreements with people? Entrepreneurs should know who, what, when,
➢ finding the right people for a position? where and why they buy.

BUSINESS REPORTER: someone who can TARGET MARKET – is a market segment to

write articles is in a prime position to take the which a particular good or service is marketed.
lead on covering a local business beat.
PRIMARY TARGET MARKET – are people who
➢ Dressing up for a speaking engagement? need your product, willing to buy and has the
➢ Interviewing famous business personalities? power to buy.
➢ Explaining about latest developments in
business? SECONDARY TARGET MARKET – people who
➢ Working with the television crew? have limited purchasing power and fewer
demands but can be enticed to buy once
VENTURE CREATOR: someone who launches effective marketing strategies are applied.
a new business venture or commercializing a Market Intelligence
technology.
is the process of getting information
➢ Someone who launch a about customer demand, competitors’ product,
company, start a new venture in a etc. in a particular market that a company uses
enterprise family or commercializing to help it decide what products to sell, what
technology? prices to charge. It also includes customer
profiling, it drives the entrepreneur on what
WEEK3: MARKET NEED ANALYSIS correct strategies and tactics to employ.

It is important to a beginner entrepreneur like Market Segmentation

you to study first the market need before
jumping into a business venture. If is the process of grouping similar or
you are starting up a new venture, market homogeneous consumers according to:
analysis is the key to determine the
attractiveness of a market and determining the
current as well as potential future risks of
➢ demographic
GEOGRAPHIC
➢ psychographic Target customers based on a predefined
➢ geographic (location) geographic boundary. Differences in interests,
➢ behavioral segmentation values, and preferences vary dramatically
throughout cities, states, regions, and
Market Need Analysis countries.

DEMOGRAPHIC
refers to the process of studying the dynamics
The process of dividing a market through
and determining the characteristicsof a particular variables such as age, gender, education
market within an industry. level, family size, occupation, income, and
more. This is one of the most wildly used
Market Analysis is a quantitative and qualitative strategies amongst marketers.
assessment of a marketability to respond
PSYCHOGRAPHIC
positively. It looks into the size of the market
Focus on the intrinsic traits the target
both in volume and in value, the various customer has. Psychographic traits can range
customer segments and buying patterns, the from values, personalities, interests, attitudes,
competition, and the economic environment in conscious and subconscious motivators,
terms of barriers to entry and regulation in the lifestyles, and opinions.
industry.
BEHAVIOURAL
Break down the way customers go through
Demographic Segmentation
their decision making processes. Attitudes
towards the brand, the way they use it, and
Process of grouping customers their knowledge base are all behavioural
according to relevant socio economics variables examples
(income range and social class, occupation,
gender, age, religion, ethnicity) for the business Determining the Market Size
venture.
Market Size
Psychographic Segmentation
Is simply the size of the arena where the
The process of grouping customers according to Entrepreneur’s will play. It is approximation of
their perceptions, way of life,motivations, and the numbers of buyers and sellers in a particular
inclination. Market & it determine’s the vastness or tininess
of the market where he/she intends to join.
Geographic Segmentation
Steps to Determine Market Size
Is simply grouping according to their
location (It can be a street, a village or a 1. Estimate the potential market – the
barangay, municipality, city, province, or approximate number of customers that
religion). This segmentation matters more if the will buy the product or avail the service.
locations targeted have different sets of qualities 2. Eliminate the customers who are
mentioned previously. probably unlikely to buy the product or
avail the service.
Behavioral Segmentation 3. Estimate the Market Share – plotting
and calculation of the competitor's
Is the process of grouping the customers market share to determine the
according to their actions. These behaviors are remaining portion for the new ventures.
instigated by occasions, desired benefits, loyalty
and usage of products or availability of services.
WEEK4: RECOGNISING A POTENTIAL market’s problems. It removes the guesswork
MARKET PROBLEM from product development and reduces
concerns related what your competitors are
Market Problems developing. Listening to the market is the
best research you can do to ensure that you
are your target market’s stated or silent build the right solutions.
problems which refer to existing inefficiencies,
awkward workflows or non-optimal solutions. How do we evaluate a market problem?

What do we mean by MARKET? URGENCY (Is the market problem urgent?)

● The problem needs immediate solution.
● Existing customers - People who have ● Customers should care if the problem is
already purchased your product. not solved.
● Prospects - People who have not yet ● Customers don’t have another way to
purchased your product but are solve the problem.
considering it.
● Target market users - People in your PERVASIVENESS (Is the market problem
target market who are not currently pervasive?)
looking for a solution. ● The identified market problem applies to
a significant percentage of your target
What’s the difference between stated and market.
silent market problems?
Tips:
STATED NEEDS - are explicit statements from ❖ Use quantitative research to collect the data.
your market that declare, “I want a product like ❖ Methods of data collection include surveys,
this.” census
information and other primary market research.
Example: During pandemic one of the stated
needs of the consumer is alcohol. WILLINGNESS OF THE BUYERS (Will your
buyers pay to have this problem solved?)
SILENT NEEDS - are problems with as yet
undefined solutions. ❖ If the problem is significantly urgent and
pervasive, chances are good that customers
Example: would agree to pay for a solution.
While doing market research, a major TV
manufacturer uncovered the problem that WEEK5: HOW TO WRITE A BUSINESS PLAN
people regularly misplace their TV remote
control. Customers did not identify this as Business Plan
a problem that needed solving, but it was a
common issue. Document that can convince the reader
that the business can produce enough
By listening to the customers’ silent need, the revenue to make a satisfactory profit and
company was able to develop a feature therefore attractive as an investment
that resonated with its target market (a opportunity.
“remote-control finder” button on the TV
itself). A written document describing the nature
of the business, the sales and marketing
Using this outside-in approach enables you to strategy, and the financial background.
concentrate on and solve your target
Reasons for Writing a Plan Section 3: Business/Industry Overview

To serve as the guide you will follow throughout ➢ Describe the overall nature of the industry,
the life of your business. including sales and other statistics. Include
● All lenders and investors require a trends and demographics, and economic,
business plan. cultural, and governmental influences.
● A business plan is the key to conducting ➢ Describe your business and how it fits into the
business in the international industry.
marketplace. ➢ Describe the existing competition.
➢ Describe what area(s) of the market you will
PARTS OF A BUSINESS PLAN: target and what unique, improved or lower cost
services you will offer.
Section 1: Title Page and Contents
Section 4: Market Analysis and Competition
A business plan should be presented in a binder
with a cover listing the name of the business, the In this section, you need to demonstrate that you
name(s) of the principal(s), address, phone have thoroughly analyzed the target market and
number, e-mail and website addresses, and the that there is enough demand for your product or
date. You don't have to spend a lot of money on service to make your business viable. The
a fancy binder or cover. Your readers want a competitive analysis includes an assessment of
plan that looks professional, is easy to read and your competition and how your business will
is well-put-together. Include the same compete in the sector.
information on the title page. If you have a logo,
you can use it, too. ● Define the target market(s) for your
product or service in your geographic
Section 2: Executive Summary locale.
● Describe the need for your products or
It provides a short, concise, and optimistic services.
overview of your business that captures the ● Estimate the overall size of the market
reader's attention and creates a need to and the units of your product or service
learn more. The executive summary should be the target market might buy, potential
no more than two pages long, with brief repeat purchase volume, and how the
summaries of other sections of the plan. market might be affected by economic
or demographic changes.
➢ Describe your mission - what is the need for ● Estimate the volume and value of your
your new business? sales in comparison with any existing
➢ Introduce your company and the competitors. It helps to summarize the
management and ownership. results in table form as in the following
➢ Describe your main product and service example which demonstrates that there
offerings. is a gap in the high-quality sector of the
➢ Briefly describe the customer base you will be market that your business intends to
targeting and how your business will serve those target.
customers.
➢ Summarize the competition and how you will Section 5: Sales and Marketing Plan
get market share (i.e., what is your competitive
advantage?) A description of how you intend to entice
➢ Briefly outline your financial projections for customers to buy your product(s) or service(s),
the first few years of operation. including advertising/promotion, pricing strategy,
sales and distribution, and post-sales support if
applicable. Ownership Structure

Product or Service Offerings Describe the legal structure of your company

(e.g., corporation, partnership, or sole
Describe your product or service, how it benefits proprietorship). List ownership percentages if
the customer, and what sets it apart from applicable. If the business is a sole
competitor offerings (i.e., what is your Unique proprietorship this is the only section required.
Selling Proposition?).
Management Team
Pricing Strategy
Describe managers and their roles, key
Describe how you intend to price your product or employee positions, and how each will be
service. Pricing has to be competitive to attract compensated. Include brief resumés.
customers but high enough to cover costs and
generate a profit. Pricing can be based on External Resources and Services
markup from cost, value to the buyer, or in
comparison with similar products/services in the List any external professional resources
Marketplace. required, such as accountants, lawyers,
consultants, etc.
Sales and Distribution
Human Resources
Describe how you will distribute your products to
the customer (if applicable). Will you be selling List the type and number of employees or
wholesale or retail? What type of packaging will contractors you will need and an estimate of the
be required? How will the product(s) be salary and benefit costs of each.
shipped? What methods will be used for
payment? Section 7: Operating Plan

Advertising and Promotion The operating plan outlines the physical

requirements of your business, such as office,
List the different media you will use to get your warehouse, retail space, equipment, inventory
message to customers (e.g., business website, and supplies, labor, etc. For a one-person,
email, social media, traditional media like home-based consulting business the operating
newspapers, etc.). Will you use sales plan will be short and simple, but for a business
promotional methods such as free samples, such as a restaurant or a manufacturer that
product demonstrations, etc.? requires custom facilities, supply chains,
specialized equipment, and multiple employees,
What marketing materials you'll use such as the operating plan needs to be very detailed.
business cards, flyers, brochures, etc. What
about product launches and tradeshows? Production
Include an approximate budget for advertising
and promotion. For manufacturing, explain how long it takes to
produce a unit and when you'll be able to start
Section 6: Ownership and Management Plan producing your product or service. Include
factors that may affect the time frame of
This section describes the legal structure, production and how you'll deal with potential
ownership, and (if applicable) the management, problems such as rush orders. Facilities
and staffing requirements of your business.
Describe the physical location of the business Appendices and Exhibits
including location, land, and building
requirements. Include square footage estimates The appendices and exhibits section contains
with room for expansion if expected. Include the any detailed information needed to
mortgage or leasing costs. Also include support other sections of the plan.
estimates of expected maintenance, utilities, and
related overhead costs. Include zoning Possible Appendix/Exhibit Items
approvals and other permissions necessary to ● Credit histories for the business owners
operate your business. ● Detailed market research and analysis
of competitors
Staffing ● Resumés of the owners and key
employees
Outline expected staffing needs and the main ● Information about your industry
duties of staff members, especially the key ● Information about your
employees. Describe how the employees will be products/services
sourced and the employment relationship (i.e., ● Site/building/office plans
contract, full-time, part-time, etc.). Detail any ● Copies of mortgage documents,
employee training needed and how it will be equipment leases, etc. (or quotes on
provided. these)
● Marketing brochures and other materials
Equipment ● References from business colleagues
● Links to your business website
Include a list of any specialized equipment ● Any other supporting material that may
needed. Include the cost and whether it will be impress potential lenders or investors if
leased or purchased and the sources. you are looking for financing.

WEEK6: VALIDATION OF MARKET

Supplies ACCEPTABILITY

If your business is manufacturing, retail, food Market Validation

services, etc. include a description of the
materials needed and how you will reliably ❏ Is a series of interviews of people in your
source them. Give descriptions of major target market. These interviews are used to test
suppliers if needed. Describe how you a product concept to a potential target market.
will manage inventory. ❏ Is the process of finding out if the intended
primary target will
Section 8: Financial Plan be buying the product or availing the service.

The financial plan section is the most important A market validation should always be done
section of the business plan, especially if you before introducing a product. Ideally, market
need debt financing or want to attract investors. validation should start much earlier in the
The financial plan has to demonstrate that your process. A better understanding of the target
business will grow and be profitable. To do this, market will help build a better, more focused
you will need to create projected income product.
statements, cash flow statements, and balance
sheets. For a new business, these are forecasts.
A good rule of thumb is to underestimate
revenues and overestimate expenses.
Market Research opinions and attitudes (e.g. how they feel about
your products and what improvements they
The process of gathering, analyzing and would like to see in your business).
interpreting information about a market, about a
product or service to be offered for sale in When preparing for focus groups and interviews,
that market, potential customers for the product you need to develop a list of questions and key
or service; research into the characteristics, points so that you can have a productive
spending habits, location and needs of your conversation with your participants. To get the
business's target market, the industry as a most out of a focus group or interview:
whole, and the particular competitors you face.
❏ ask open-ended questions – ones that can't
Primary Research Tools be answered with 'yes', 'no' or another single
word (e.g. rather than ask 'are you happy with
SURVEYS our products?' ask 'which of our products are
you happy with and why?')
Surveys are fixed sets of questions, which are
usually used to collect quantifiable information ❏ repeat participants' answers to make sure
(e.g. the percentage of people happy with a you understand what they are saying
particular product). Questions in surveys are
usually: ❏ ask follow-up questions if you need more
information about a participant's answer.
❏ multiple choice
❏ true/false or yes/no ❏ Plan where and when you will conduct focus
❏ rankings or ratings using Likert Scale(e.g. groups or interviews and think about who will
1-5, or strongly agree/disagree scales). conduct them.

● Surveys are usually most effective when ❏ Make sure you record the answers from the
carried out face-to-face, but interview and conversations in the focus group.
can also be completed over the phone, online, You might do this with a sound recorder or take
or through the post. written notes.

● Keep your surveys short by not asking too ❏ Typically focus groups last 1-3 hours and
many questions. Make sure your questions are focus group participants are usually paid to
clear and easy to understand. This will help you attend.
get more useful information and reduce the
chances of participants losing interest or giving Sample size - Refers to the number of
misleading answers. Test your questions on participants in your surveys, focus
friends or family to make sure they are easy to groups or interviews . A large sample size will
answer. give you a clearer picture of your customers
than a small one.
FOCUS GROUPS AND INTERVIEWS
Selecting participants
● Focus groups and interviews are based on a
set of questions or discussion points. ● As focus groups and interviews are generally
Sometimes they might include visual concepts more in-depth than surveys,
and even product samples to trial. you may not need a large sample size to get
useful information.
● They are most effective for qualitative
research, as they let you explore people's
● A typical focus group may consist of 6-8 the place, at the right time, and at the right price.
people but you may need to
conduct a number of focus groups to get the Traditionally, the marketing mix was developed
ideal mix of information you are after. For for the fast moving consumer goods sector, and
surveys, a larger sample size will help you draw there were 4P’s: Product, Price, Promotion,
more reliable conclusions from the data you and Place. The additional P’s have been added
collect. because today marketing is more customers
focused than ever before with rising importance
● The participants you select for your research of service sector.
must be able to answer your questions. Make
sure they are familiar with the topic you are 7P’s of Marketing
discussing, as targeting the wrong population
can result in inconclusive or misleading data.
PEOPLE All companies are reliant on
the people who run them
● Usually you select focus group participants
from front line sales staff to
based on criteria relevant to your customer
the managing director.
profile e.g. women, aged 35-45, with children in
Having the right people is
primary school.
essential because they are
as much a part of your
Your participants might be existing or potential
business offering as the
customers, depending on what you are trying to
products/services you are
find out with your research. Before you conduct
offering
any research with your participants, make
sure they agree to participate and outline any The Comprising Factors:
potential issues, such as confidentiality. Explain Employees, Management, Organization,
to them how you will use their information, and Culture, Customer Service Orientation
give them the opportunity to opt out at any time
if they want. PLACE What location is best suited
for the business where there
WEEK7: 7 P’S OF MARKETING are more potential
customers. Can they
What is marketing? conveniently transact on-site
or online. How is the process
of distribution?
Marketing
The Comprising Factors:
❖ Is communicating the value of a product, Retails, Wholesale, Internet, Direct Sales,
service or brand to customers, for the purpose of Peer to Peer, Multi-Channel
promoting or selling that product, service or
brand. PRODUCT What product or service the
❖ Marketing techniques include choosing target most appropriate for the
markets through market analysis and market opportunity, and why the
segmentation, as well as understanding customers buy or avail them.
consumer behaviour and advertising a product’s
value to the customer. The Comprising Factors:
Design, Quality, Packaging, Warranties,
Marketing Mix Accessories

❖ Is about putting the right product or a PRICE What is the most appropriate
price and what is pricing
combination thereof in
 strategies that will be used? The Comprising Factors:
The Product should always Uniformity of Offerings, Service Delivery,
be seen as representing Service Consumption
good value for money.
Customers are usually happy
to pay a little more for
something that works really
well for them.

The Comprising Factors:

Skimming, Penetration, Value Based, Cost
Plus, Cost Leadership

PROMOTION What is the most effective

advertisement or combination
of advertisements, and which
advertising tools should be
used to drive awareness and
increase sales?

The Comprising Factors:

Special Offers, Advertisements,
Endorsements, Campaigns, User Trials

PACKAGING What is the best packaging

for the product that is
attractive enough to
customers and cost-efficient
at the same time?

The Comprising Factors:

❖ Packaging that captures attention
❖ Packaging that connects the brand
message to the consumer
❖ Package messaging that is clear and
concise

PROCESSING The delivery of your service

is usually done with the
customer present so how the
service
is delivered is once again
part of what the consumer is
paying for.

What is the most compelling

feature of the product or
business that will make a
difference in the lives of the
customers? How it differ from
the rest?