REVIEWER IN ENTREPRENEUR

The Market Research or Marketing Research Proc Interviews normally last from 15 to 40 minutes, but t
ess can be defined as the hey can last longer,
process of gathering, analyzing and interpreting the i depending on the participants’ interest in the topic.
nformation about the products or the services to be o
ffered for sale to the potential consumers in the mark In a structured interview, the researcher asks a stand
et, ard set of questions and
nothing more.(Leedy and Ormrod, 2001)
DATA COLLECTION is the most valuable tool of any
type of research study. • Personal interviews are the traditional method of c
Inaccurate data collection may cause mistakes and u onducting an
ltimately lead to invalid results. interview. It allows the researcher to establish relatio
nship with
TIPS in GATHERING DATA potential participants and therefore gain their cooper
ation. It generates
• Organize collected data as soon as it is available highest response rates in survey research. •They als
• Know what message you want to get across and th o allow the researcher to clarify indefinite answers an
en collect data that is d when necessary, seek follow-up information.
relevant to the message • Telephone interviews are less expensive and less
• Collect more data time consuming,
• Create more data but the disadvantages are that the response rate is n
• Regularly run experiments or collect data ot as high as the
• Challenge your assumptions face-to- face interview, but considerably higher than t
• Set reasonable expectations he mailed questionnaire.
• Take note of interesting or significant data
FOCUS GROUP DISCUSSION (FGD) - is an excelle
SURVEYS are the most common way to gather prim nt method for generating and screening ideas and co
ary research with the use ncepts. It can be a moderated group interviews and b
of questionnaires or interview schedule. These can b rainstorming sessions that provide information on us
e done via direct mail, over the er’s needs and behaviors.
phone, internet (e.g. Google) or email, face-to-face o
r on Web (e.g. Skype or Viber). The following are considerations in the use of focus g
roup discussions in market
When designing or constructing your own research q research:
uestionnaire, remember
the following guidelines. (Edralin, 2016) • The length of the session is between 90 and 120 mi
nutes.
• Keep it simple as possible. • Usually, conduct focus groups discussion with 8 to
• Make sure it is clearly appealing and easy to read. 10 participants per group.
• Cluster or block related questions. • Assign an expert moderator / facilitator who can ma
• Move from complex questions to more specific que nage group dynamics..
stions. • Use a semi-structure or open-format discussion
• Make sure questions are concise and easily unders •Strive for consistency in the group’s composition (for
tood. example, it may not be
• Avoid questions that are difficult to answer. advisable to have business customers and retail cust
• Make sure any response scales used are consisten omers in the same
t with categories that are focus group, their needs are very different)
mutually exclusive.
Marketing Mix is a set of controllable and connected
INTERVIEW is one of the most reliable and credible variables that a company
ways of getting relevant gather to satisfy a customer better than its competitor
information from target customers. It is typically done It is also known as the “Ps” in
in personal between the marketing. Originally, there were only 4Ps but the mo
researcher/entrepreneur and a respondent where the del has been continually
researcher asks pertinent modified until it became 7P’s. The original 4 P’s stan
questions that will give significant pieces of informati ds for product, place, price and
on about the problem that he will solve. The interview promotion. Eventually, three elements have been a
is also helpful even when the business has already st dded, namely: people, packaging
arted and positioning to comprise the 7 P’s.
because the customers’ feedback provides the entre
preneur a glimpse of what the
customers think about the business.
 REVIEWER IN ENTREPRENEUR
The 7 P’s of Marketing Mix employees with the jobs at the most appropriate time
1. PRODUCT period.
Product refers to any goods or services that are prod - Educational qualifications and experience, status of
uced to meet the employment, numbers of
consumers’ wants, tastes and preferences. workers required, skills and expertise required for the
job are some of the
2. PLACE manpower criteria that must be highly considered by
Place represents the location where the buyer and s the entrepreneur.
eller exchange goods or
services. It is also called as the distribution channel. I Material
t can include any physical store - Talks about raw materials necessary in the producti
as well as virtual stores or online shops on the Intern on of a product. Materials
et. mainly form part of the finished product. Just in case
the resources are below
3. PRICE standard, the finished product will be of unsatisfactor
price is the value of money in exchange for a product y as well.
or service. - The entrepreneur may consider cost, quality, availa
bility, credibility of suppliers
4. PROMOTION and waste that the raw material may produce.
Promotion refers to the complete set of activities, whi
ch communicate the Machine
product, brand or service to the user. The idea is to a - Discusses about manufacturing equipment used in t
ttract people to buy your he production of goods or delivery of services
product over others. Advertising, Personal Selling, S - In the process of selecting the type of equipment to
ales Promotion, Direct purchase, the entrepreneur
Marketing, and Social Media are examples of promot may consider types of products to be produced, prod
ion. uction system to be
adopted, cost of the equipment, capacity of the equip
5. PEOPLE ment, availability of spare
People are the ultimate marketing strategy. They sell parts in the local market, efficiency of the equipment
and push the product. and the skills required in
People are one of the most important elements of the running the equipment.
marketing mix today.
Method
6. PACKAGING - Production method discusses the process or way of
Packaging is a silent hero in the marketing world. Pa transforming raw materials
ckaging refers to the to finished products. The resources undergoes some
outside appearance of a product and how it is presen stages before it is
ted to the customers. The best finalized and becomes set for delivery to the target b
packaging should be attractive enough and cost effici uyers.
ent for the customers. - The selection of the method of production is depen
Packaging is highly functional. It is for protection, con dent on product to produce,
tainment, information, utility of use and promotion. mode of production, manufacturing equipment to use
and required skills to do
7. POSITIONING the work.
Positioning refers to a process used by marketers to
create an image in the minds of a target market. Product Description
- Is the promotion that explains what a product is and
Four M’s = Output why it’s worth buying? The
• Manpower purpose of a product description is to provide custom
• Method ers with details around the
• Machine features and benefits of the product so they’re oblige
• Materials d to buy.
- Know who your target market is, focus on the produ
Manpower ct benefits, tell the full story,
- Talks about human labor force involved in the manu use natural language and tone, use power words that
facture of products. sell, and use good
- It is measured as the most serious and main factor images. These are guidelines for you to have a good
of production. The product description; since
entrepreneur must determine, attain and match the some customers are very particular with it since they
most competent and skilled consider the welfare of
their family, if it is safe to use.
 REVIEWER IN ENTREPRENEUR
The following are the components found in a Busi
Prototyping ness Plan.
A duplication of a product as it will be produced, whic
h may contain such details • Introduction- this part discusses what is the busine
as color, graphics, packaging and directions. One of t ss plan all about.
he important early steps in the inventing process is m • Executive Summary- is part of the business plan w
aking a prototype. Benefits are the reasons why cust hich is the first to be
omers will decide to buy the products such as afforda presented but the last to be made.
bility, efficiency or ease of use. The features of the pr • Management Section- shows how you will manag
oduct or service merely provide a descriptive fact ab e your business and the
out the product or [Link] is better to test your prod people you need to help you in your operations.
uct prototype to meet customers’ needs and expectat • Marketing Section- shows the design of your prod
ions; and for your product to be known and saleable. uct/service; pricing, where
Pretesting of the product or service is similar to a sa you will sell and how you will introduce your product/
mple of the product or service given to the consumer service to your market.
free •Financial Section- shows the money needed for th
of cost in order that he/she may try the product befor e business, how much you
e committing to a purchase. will take in and how much you will pay out.
• Production Section- shows the area, equipment a
Supplier nd materials needed for the
An entity that offers goods and services to another b business.
usiness. This entity is • Competitive Analysis- is the strategy where you id
among of supply chain of a business, which may offe entify major competitors
r the main part of the value and research their products, sales and marketing str
contained within its products. Certain suppliers may ategies.
even involve in drop shipping, where they ship goods • Market- The persons who will buy the product or se
directly to the customers of the [Link] are y rvices
our business partners, without them your business wi • Organizational chart- is the diagram showing grap
ll not live. You need them as much as you need your hically the relation of one
customers to be satisfied. But as an entrepreneur yo official to another, or others of a company.
u have to choose a potential supplier that has loyalty
and value your partnership; a supplier that would lea
d you to the fulfillment of your business objectives, m
ission and vision.

Value chain is a method or activities by which a com

pany adds value to an
item, with production, marketing, and the provision of
after-sales service. The main
goal and benefit of a value chain, and therefore value
chain analysis, is to make or support a competitive b
enefit.

A supply chain is a structure of organizations, peopl

e, activities, data, and
resources involved in moving a product or service fro
m supplier to customer.
The main objective of supply chain management incl
udes management of a
varied range of components and procedures, for inst
ance, storing of raw materials, handling the inventory,
warehousing, and movement of finished product fro
m the point of processing to the point of consumption.

Business model describes the reasons of how an or

ganization creates, delivers,
and captures value in economic, social, cultural or ot
her contexts. The development
of business model construction and variation is also
called business model
innovation and forms a part of business plan.