Republic of the Philippines
CAMARINES SUR POLYTECHNIC COLLEGES
Nabua, Camarines Sur
MIDTERM EXAMINATION in ENTREPRENEURSHIP
Name: Laynesa, Matt Glenn Ll. Year/Course& Section: BTVTED ELX-3A
1. Explain what a business plan and its content. (10 points)
A business plan is a structured document that explains in detail how a
business determines its priorities and how to accomplish its goals, typically a
start-up. A business plan sets out a written roadmap from marketing, financial,
and operational perspectives for the organization. A business plan will help you
decide if your business concept is feasible if you have an idea for starting a new
company. If there is little or no possibility that the company will be successful,
there's no point in starting a business, and a business plan helps to find out the
chances of success. It also shows the strengths and disadvantages of
competition and help direct your strategy in your marketing campaign to obtain a
share of the market. For example, if the current market is dominated by existing
rivals, you will have to come up with a marketing strategy to draw consumers
from the competition lower prices or better service
2. Distinguish between a business plan and a feasibility plan. (10 points)
You'll need both a feasibility study and a business plan if you're
considering starting a business. After undertaking detailed analysis and critical
thought, all papers should be written and expressed in formats that everyone can
comprehend. In this way, you will show both individuals whose views you respect
and those you hope will invest in your idea. Before starting a business, a
feasibility study is performed when you have the concept for the company, but
you want to make sure it is feasible or advisable. Put another way, is the creation
of this business worth your time, effort and money? Several different
professionals, such as an accountant, entrepreneurs who have opened
successful companies, may contribute to the study. While a business plan details
how the company is going to operate. It assumes that your feasibility study has
been completed and the concept is viable.
3. Discuss importance of Market Analysis, Survey of market size and value, and
market share and competition. (20 points)
Every successful company offered services has their own story on how
they achieve their goal and make their product more reliable than the other
companies. That’s why effective market analysis can help to obtain valuable
insights into changes in the economy, competitors, ongoing market trends,
Republic of the Philippines
CAMARINES SUR POLYTECHNIC COLLEGES
Nabua, Camarines Sur
demographics, and customer spending characteristics. Market analysis is one of
the key components of helping businesses make wise business decisions with all
the essential information and trends. For example, launch of new products: In
understanding where to evaluate new products or services, consumer surveys
are influential. Market surveys offer a forum for marketers to assess the scope of
success of upcoming products and make improvements to the product
stratification based on the feedback they obtain.
4. Describe the marketing mix (7P’s) in relation to the business opportunity. (20
points)
There is a "Seven P Formula" you can use to continuously review and
reevaluate your business activities once you have established your marketing
plan. These seven are: product, price, promotion, place, packaging, positioning
and people. As goods, markets, consumers and needs evolve rapidly, these
seven Ps must be constantly revisited to ensure that you are on track and
produce the best results possible for you in the marketplace today.
Product
The product exemplifies the goods and services that a company offers to
its prospective customers. The required and sufficient information about their
unique products and services must be given to the targeted consumer in order to
order the sale. The product must be capable of meeting and satisfying the client's
demands. The portion of selling the good involves identifying the potential market
buyers.
Price
The price is labeled as the chunk of money a supplier sets for his
commodity. Setting the price takes careful thinking and analysis, particularly for
aspiring or new business owners who mistakenly believe that they are providing
the minimum price or who end up achieving zero sales. In certain cases, pricing
is computed, such as cost-plus, based on value or combative.
Place
The way the product is sold is known to be the third 'P' in marketing that is
treated as a place. Analyzing the geographical areas where the product and
service are looked for by customers. It refers to the geographic location of
product availability.
Republic of the Philippines
CAMARINES SUR POLYTECHNIC COLLEGES
Nabua, Camarines Sur
Promotion
In the marketing mix, the 'promotion' aspect involves ads and activities to
promote the service and product in demand. In order to promote the commodity
on the market, different tactics are carried out. To make end consumers aware of
the product marketers, numerous advertising campaigns are introduced to retain
their products and services.
Packaging
Packaging means the way your item or service appears from the outer
part of the package. One should note that by looking at the way of packaging,
consumers are influenced and their decisions about the product are made. If
packaging makes a positive impression on the buyer, it will certainly speed up
sales. An significant role in sales is played by the layout and design of the
product from outside.
Process
Process integrated when buying, exposure is the process. From the main
distribution segment, normally the network or website, to the delivery of the
product or service. Nonetheless, the approach does not end there, since there is
the post sales operation, and even after the purchase process, building decent
relationships with customers.
Physical Evidence
Physical Evidence also shows the ultimate customer experience. When he
or she buys a product for the first time, a customer does not have the proper
knowledge and apprehension about the product. One needs to provide physical
evidence to consumers that can instigate trust in them.
