+
ENTREPRENEURSHIP
MODULE NO. 3
DEXTER P. GAJES, LPT
TABLE OF CONTENTS
Introduction ……………………………………………………………2
Module 1
Lecture………………………………………………………… 3-4
Activity…………………………………………………………5
INTRODUCTION
How are you? Welcome to Module 3. In this module we will discuss the market
analysis. We will also discuss sources of new products or services. We also
differentiate conventional and innovative products. 0I hope you enjoy your learning
while at home.
OBJECTIVES:
1. Described the unique selling proposition and value proposition that
differentiates one’s product/ service from existing products/services.
2. Validate customer-related concerns through:
• Interview
• Focused group discussion
• Survey
MARY THE QUEEN COLLEGE OF QUEZON CITY 2
[ENTREPRENEURSHIP]
MODULE NUMBER: 3 (MARKET ANALYSIS)
MARKET ANALYSIS
To start a business, the first thing to do is to find out what is the demand for the product by conducting
market survey. It is better to do market survey because they will then properly understand their customer’s needs
and how their business should operate. If an idea is found to be feasible, this knowledge will give the confidence
to go ahead, knowing that their product is in demand.
A convenient way of doing this is to prepare simple questionnaires which can be used by entrepreneurs to remind
themselves of which questions to ask.
Sample questions for a new product
TOMATO JAM
SOURCES OF NEW PRODUCTS/SERVICE
1. CONSUMER
• Monitor potential ideas and needs from customers and formally arrange for consumers to express
their opinions.
2. EXISTING PRODUCTS AND SERVICE
• Analysis of products and services uncovers ways to improve offerings that may result in a new
product or service.
3. DISTRIBUTION CHANNELS
• Channel members can help suggest and market new products
4. RESEARCH AND DEVELOPMENT
• Conduct research on your market and your customer needs, this results to the development and
identification of new and improved product and services.
METHODS OF GENERATING NEW PRODUCTS/SERVICES
1. FOCUS GROUP
• A moderator leads a group 8 to 14 participants through an open, in depth discussion in a directive
or non-directive manner. This is an excellent method for generating and screening ideas and
concepts.
2. BRAINSTORMING
• Good ideas emerge when the brainstorming effort focuses on a specific product or market area.
MARY THE QUEEN COLLEGE OF QUEZON CITY 3
[ENTREPRENEURSHIP]
RULES IN BRAINSTORMING:
• No criticism of ideas or suggestions. Every idea even the wildest, non-feasible idea is accepted.
• Freewheeling discussion is encouraged.
• Quantity of ideas is desired.
• Combinations and improvements of ideas are encouraged.
3. PROBLEM INVENTORY ANALYSIS
• Consumers are provided with a list problem and are asked to identify products that have those
problems.
Generating New Products/services for Conventional or Innovative Business
Conventional ideas can be taken from tried and tested business models like opening up a snack bar in
competition with almost 100 others in a particular city. For innovative business, however, a product can be
introduced that is not yet known to the market.
CONVENTIONAL BUSINESS SCENARIO
Below are ways to start conventional business:
• Start a business that you are familiar with.
• Start a business due to the needs of existing business contacts.
• Gain business inspiration from your hobby or interest.
INNOVATIVE BUSINESS SCENARIO
Here are some ways to introduce an innovative business:
• Gain inspiration from the needs and wants of customer.
• Gain an inspiration from the problems and issues that bothered you and your peers.
• Study the usual or existing solutions and venture in the alternative solution.
• List down existing products and find out their other uses aside from what was stated.
MARY THE QUEEN COLLEGE OF QUEZON CITY 4
[ENTREPRENEURSHIP]
ENTREPRENEURSHIP
MODULE 3
ACTIVITY
NAME: ADVISER:
GRADE AND SECTION: CONTACT NUMBER:
DIRECTIONS: Think of a product that you want to introduce. Your product should be possible to do.
Prepare a Survey Questionnaire for a new product you want to introduce. Pls. follow the survey
questionnaire format given in this module.
MARY THE QUEEN COLLEGE OF QUEZON CITY 5
[ENTREPRENEURSHIP]