Screen the proposed solution/s based on viability, profitability, and customer requirements.
● Innovation is the process of positively
● Opportunity Screening is the process of improving an existing product or service. It is
cautiously selecting the best opportunity a key driver of economic growth. There are
● Marketing research is a systematic design, three types of innovations according to the
collection, analysis, and reporting of data to degree of distinctiveness.
a specific marketing situation facing an ○ Breakthrough innovation – These
organization. Through market research, an inventions occur infrequently as
entrepreneur will have an idea about the these establish the platform on
elements that a business opportunity could which future innovations in an area
have. are developed. These innovations
● Opportunity Screening Elements must be protected by a patent, a
○ Has superior value to customers - trade secret, or copyright.
Superior value is created when ○ Technological innovation - These
customers are willing to pay more for innovations occur more frequently
your product or service than than breakthrough innovations.
competitors', or when they prefer These innovations are technological
your version of a product or service advancements of an existing
to all others because it meets their product or service.
needs better and maybe even ○ Ordinary innovation – These
exceeds their expectations. innovations occur ordinarily as the
○ Solves a compelling problem, issue, name implies. They are commonly
need, or want. originating from market analysis and
■ Ex. During your observation, technology pull instead of a
there is only one barber shop technology push.
in your barangay. Pursuing a ○ Technology push – is when research
business like this will solve the and development in new
problem of shortage in that technology drive the development
service business of new products. It tends to start with
○ Is a potential cash cow - A cash cow a company developing innovative
is a metaphor used for a business or technology and applying it to a
a product, which exhibits a strong product.
potential in terms of returns or ○ Technology pull – refers to the
income. need/requirement for a new
○ Matches with the entrepreneur’s product or a solution to a problem,
skills, resources, and risk appetite. - it which comes from the marketplace.
Is necessary that the business you A product or a range of products is
choose suits your personality and developed, to solve the original
skills. need.
■ Ex. A landscaping business is ● During the seizing stage, refining and
great for a person who loves developing the opportunity happens. The
gardening as a hobby. refining process is called the product or
● Opportunity Seizing is the last step in service planning and development process.
opportunity spotting and assessment. This is It has four key stages.
the “pushing through” with the chosen ○ 1. Idea stage - Identify the feasible
opportunity. It involves refining and products and/or services that will
developing this opportunity. The refining perfectly suit the opportunity.
process is called the product or service ○ 2. Concept stage – The developed
planning and development process. It has idea will undergo a consumer
four key stages. acceptance test. This test includes
Screen the proposed solution/s based on viability, profitability, and customer requirements.
getting the initial reactions of the ● It is used to:
primary target market and the ○ Obtain Financing
distribution channel. Both favorable Banks and Potential Lenders require
and unfavorable results will be a business plan
considered to devise an acceptable ○ Helps organize and analyze data
product or service. critical to new business.
○ 3. Product development stage – The ○ Provides a start-up proposal
entrepreneur will conduct a ○ Provides an outline to follow when
consumer panel where the actual starting the business.
product or service samples will be ● A Business Plan has equally important parts
given to potential customers for such as:
criticism purposes. They are also ○ Executive Summary - an outline of
given samples of competitors’ your business idea
products or services for comparative ■ It must be clear and
purposes. organized because it is the
○ 4. Test marketing stage – This stage first impression one gets on
validates the work done from the first your business idea
three stages to measure success in ■ summarize the key points of
the commercialization of the the report
product or service. ■ describe any results,
○ Putting your ideas, opportunities, conclusions, or
and information together is called recommendations from the
making a Business Plan. As discussed report.
in the last module, the preparation ○ Study Background - This includes the
of the business plan is the second main business opportunity or idea,
stage of the entrepreneurial process. such as the nature of the business,
You need to prepare the Business the vision and mission of your
Plan because it helps you to: business, and the objectives of the
■ Decide if you should start business.
your business or not. ○ Business Logo - The second pillar of
■ Organize your opportunities, the identity of your new or existing
ideas, and information so business is the logo. It is not the rule
that you will see how to start that you must have a logo, but it is
and run your business in the desirable to build a full identity and
best possible way. recognition from the start of your
■ Present make your business business. In this way, you can
plan in the actual dream. increase your business's potential
● Value Proposition (VP) states why a energy.
customer should buy a certain product or ○ Value Proposition
service. It is the major driver in customer ■ It refers to the value a
purchase or service availed. company promises to deliver
● Development of a business plan to customers should they
○ 1. Develop a Business Plan choose to buy their product.
○ 2. Acquire Finances A value proposition is part of
○ 3. Meet Legal Requirements a company's overall
● A Business Plan is a detailed proposal that marketing strategy. The value
describes a new business. proposition provides a
declaration of intent or a
statement that introduces a
Screen the proposed solution/s based on viability, profitability, and customer requirements.
company's brand to
consumers by telling them
what the company stands
for, how it operates, and why
it deserves its business.
○ Vision and Mission
■ A mission statement defines
the organization's business, its
objectives, and how it will
reach these objectives.
■ A vision statement details
where the organization
aspires to go
In this course, the format is
○ Paper: long
○ Font: Times New Roman
○ Text size: 12
○ Paragraph format: Justify
○ Space: 1.0
○ For Final approval: print 1 copy
○ Sliding folder ( any color)
○ For defense: 2 copies