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Tle 10 entrepreneurship lesson 2

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This document provides guidance on developing a simple business plan, including identifying potential customers, competitors, and determining if your business will offer products or services. It discusses analyzing market needs, conducting a SWOT analysis, and differentiating products from services. Learners are given tasks to craft a customer survey, determine potential competitors by answering questions, and identify if sample offers are products or services. The goals are to help learners understand the key components of a business plan and how to evaluate their proposed business idea.

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TLE10ENTREPRENEURSHIP Lesson 2: DEVELOPING SIMPLE BUSINESS PLAN WEEK 2 Explainer Video
TREYresearch In this lesson, you are expected to analyze market needs, SWOT analysis, determine potential customers and competitors, differentiate product from services, and develop a simple business plan. WhatIneedto know? 2 I
TREYresearch LearningTask1:Pre-test Write the letter of the correct answer in your answer sheet. 3
TREYresearch WhatIknow? Identify Your Potential Customers 4 D
TREYresearch Identifypotentialcustomers You can choose to see everyone as your potential customers or focus on a specific segment or group of people to be more effective. Grouping consumers allow you to identify which group is the most appropriate target for your products. You can efficiently and effectively use marketing activities to engage them and convert them into your customers. First, you will need to identify how the market is divided for the product that you are providing. • Geography: region, population, climate • Demographics: age, gender, income, family size, family lifecycle • Psychographics: lifestyle, personality, interests, habits, values Behavior: usage, loyalty, readiness to purchase, attitude towards product, buying decision • Benefits: social status, health, emotions Next, evaluate these different market segments and your own goals to find out which is the most appropriate segment for your product. 5 Company’s objectives and resources Different customer segments Identify Your Best Customers Unique Selling Proposition Statement
TREYresearch Questioner,Examples, Questions,andTemplates ToSurveyYourClients How to obtain feedback from your customers? 6
TREYresearch Tipsonhowto obtainfeedback fromyour customers 7 1. "What is your favorite product?" 2. "Why did you purchase this product?" 3. "How satisfied are you with [product]?" 4. "Would you recommend [product] to a friend?" 5. "Would you recommend [company name] to a friend?" 6. "If you could change one thing about [product], what would it be?" 7. "Which other options were you considering before [product or company name]?" 8. "Did [product] help you accomplish your goal?" 9. "What's the primary reason for canceling your account?" 10. "How satisfied are you with our customer support?"
TREYresearch LearningTask2: Survey Questionnaire to Determine Potential Costumers 8 D
TREYresearch LearningTask2:SurveyQuestionnairetoDeterminePotential Costumers. Create/craft a survey questionnaire to determine potential customers. This survey form should include the profile of the potential customers, their needs, wants, lifestyles, culture and tradition and etc. 9
TREYresearch WhyCompetition isImportant? If a product is sold by only one business, that business can charge a very high price for it even if it doesn’t work very well. This business does not have to worry too much about the quality and the price of what it is selling or the customers it is selling to because they do not have any other choice. Competition prevents this situation from happening. If a business is charging too much for a low- quality product, it will lose its customers when another business opens that charges less or offers a better-quality product. In a very competitive environment, many businesses compete with each other to give consumers the best possible choice. This is great for consumers. It results in lower prices, and better products. Most importantly, it results in a vibrant, dynamic marketplace with businesses always improving their products and operations. This gives consumers the power of choice. They have the freedom to decide what is important to them, what to buy, how to spend their hardearned money. The Philippine Competition Act is a law that promotes competition in the Philippines by enforcing rules that ensure competitive behavior and monitoring business to prevent practices that would lessen competition. 10
TREYresearch HowtoFindYourCompetitors? Finding your competitors does not have to be taxing or complicated. The first step to finding your competitors is to differentiate between your direct and indirect competition. What is Direct Competition? • Direct competition is a term that refers to the companies or publishers who sell or market the same products as your business. Your customers will often evaluate both you and your direct competitors before making a purchase decision or converting. What is Indirect Competition? 11 • Indirect competition is a term that refers to the companies or publishers that don’t sell or market the same products but are in competition with your business digitally. They may write the same type of content as you and be competing for the same keywords. In short, they are competing for your customers’ attention. As you craft your marketing strategy, you need to be aware of both your indirect and your direct competition. Let us discuss three ways to identify both your direct and indirect competitors.
TREYresearch Afeweffectivetechniquesforidentifyingdirectcompetitors: 1. Market Research. 2. Solicit Customer Feedback. 3. Check Online Communities on Social Media or Community Forums. Add a footer 12 Take a look at the market for your product and evaluate which other companies are selling a product that would compete with yours. Talk to your sales team and find out which competitors they see come up often in their sales process. From there, you will be able to take a closer look at those companies, their product and marketing efforts, and create strategies to outperform them. Again, your customers are the key to unlocking your direct competitors. Once they’ve decided on your business and product, you can ask them which other businesses/products they were evaluating. In this day and age, your potential customers will often seek out advice and recommendations on social media sites and apps, or on community forums like Quora or Reddit.
TREYresearch LearningTask3: Determine Potential Competitors 13 D
TREYresearch LearningTask3:DeterminePotentialCompetitors Answer the following questions in essay form in a separate paper. 14
TREYresearch Add a footer 15
TREYresearch LearningTask4:ProductVSServices. Based on the presentation, write an essay entitled Product vs Services by answering the guide questions below. Use extra paper for this. 16
TREYresearch LearningTask5:ProductorServices Identify whether the following offers a product or service. Write your answer in a separate answer sheet. 17
TREYresearch TLE10ENTREPRENEURSHIP LESSON 2:Lesson 2: DEVELOPING SIMPLE BUSINESS PLAN WEEK 2 18

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Tle 10 entrepreneurship lesson 2

  • 1. TLE10ENTREPRENEURSHIP Lesson 2: DEVELOPING SIMPLE BUSINESS PLAN WEEK 2 Explainer Video
  • 2. TREYresearch In this lesson, you are expected to analyze market needs, SWOT analysis, determine potential customers and competitors, differentiate product from services, and develop a simple business plan. WhatIneedto know? 2 I
  • 3. TREYresearch LearningTask1:Pre-test Write the letter of the correct answer in your answer sheet. 3
  • 5. TREYresearch Identifypotentialcustomers You can choose to see everyone as your potential customers or focus on a specific segment or group of people to be more effective. Grouping consumers allow you to identify which group is the most appropriate target for your products. You can efficiently and effectively use marketing activities to engage them and convert them into your customers. First, you will need to identify how the market is divided for the product that you are providing. • Geography: region, population, climate • Demographics: age, gender, income, family size, family lifecycle • Psychographics: lifestyle, personality, interests, habits, values Behavior: usage, loyalty, readiness to purchase, attitude towards product, buying decision • Benefits: social status, health, emotions Next, evaluate these different market segments and your own goals to find out which is the most appropriate segment for your product. 5 Company’s objectives and resources Different customer segments Identify Your Best Customers Unique Selling Proposition Statement
  • 7. TREYresearch Tipsonhowto obtainfeedback fromyour customers 7 1. "What is your favorite product?" 2. "Why did you purchase this product?" 3. "How satisfied are you with [product]?" 4. "Would you recommend [product] to a friend?" 5. "Would you recommend [company name] to a friend?" 6. "If you could change one thing about [product], what would it be?" 7. "Which other options were you considering before [product or company name]?" 8. "Did [product] help you accomplish your goal?" 9. "What's the primary reason for canceling your account?" 10. "How satisfied are you with our customer support?"
  • 8. TREYresearch LearningTask2: Survey Questionnaire to Determine Potential Costumers 8 D
  • 9. TREYresearch LearningTask2:SurveyQuestionnairetoDeterminePotential Costumers. Create/craft a survey questionnaire to determine potential customers. This survey form should include the profile of the potential customers, their needs, wants, lifestyles, culture and tradition and etc. 9
  • 10. TREYresearch WhyCompetition isImportant? If a product is sold by only one business, that business can charge a very high price for it even if it doesn’t work very well. This business does not have to worry too much about the quality and the price of what it is selling or the customers it is selling to because they do not have any other choice. Competition prevents this situation from happening. If a business is charging too much for a low- quality product, it will lose its customers when another business opens that charges less or offers a better-quality product. In a very competitive environment, many businesses compete with each other to give consumers the best possible choice. This is great for consumers. It results in lower prices, and better products. Most importantly, it results in a vibrant, dynamic marketplace with businesses always improving their products and operations. This gives consumers the power of choice. They have the freedom to decide what is important to them, what to buy, how to spend their hardearned money. The Philippine Competition Act is a law that promotes competition in the Philippines by enforcing rules that ensure competitive behavior and monitoring business to prevent practices that would lessen competition. 10
  • 11. TREYresearch HowtoFindYourCompetitors? Finding your competitors does not have to be taxing or complicated. The first step to finding your competitors is to differentiate between your direct and indirect competition. What is Direct Competition? • Direct competition is a term that refers to the companies or publishers who sell or market the same products as your business. Your customers will often evaluate both you and your direct competitors before making a purchase decision or converting. What is Indirect Competition? 11 • Indirect competition is a term that refers to the companies or publishers that don’t sell or market the same products but are in competition with your business digitally. They may write the same type of content as you and be competing for the same keywords. In short, they are competing for your customers’ attention. As you craft your marketing strategy, you need to be aware of both your indirect and your direct competition. Let us discuss three ways to identify both your direct and indirect competitors.
  • 12. TREYresearch Afeweffectivetechniquesforidentifyingdirectcompetitors: 1. Market Research. 2. Solicit Customer Feedback. 3. Check Online Communities on Social Media or Community Forums. Add a footer 12 Take a look at the market for your product and evaluate which other companies are selling a product that would compete with yours. Talk to your sales team and find out which competitors they see come up often in their sales process. From there, you will be able to take a closer look at those companies, their product and marketing efforts, and create strategies to outperform them. Again, your customers are the key to unlocking your direct competitors. Once they’ve decided on your business and product, you can ask them which other businesses/products they were evaluating. In this day and age, your potential customers will often seek out advice and recommendations on social media sites and apps, or on community forums like Quora or Reddit.
  • 14. TREYresearch LearningTask3:DeterminePotentialCompetitors Answer the following questions in essay form in a separate paper. 14
  • 16. TREYresearch LearningTask4:ProductVSServices. Based on the presentation, write an essay entitled Product vs Services by answering the guide questions below. Use extra paper for this. 16
  • 17. TREYresearch LearningTask5:ProductorServices Identify whether the following offers a product or service. Write your answer in a separate answer sheet. 17
  • 18. TREYresearch TLE10ENTREPRENEURSHIP LESSON 2:Lesson 2: DEVELOPING SIMPLE BUSINESS PLAN WEEK 2 18