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Entrep Last Lesson 3

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18 views19 pages

Entrep Last Lesson 3

Uploaded by

Shinwei Ong
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrepreneurship

Grade 12 STEM ABM


Selecting the Best Product or
Service that Will Meet the
Market Need
SWOT Analysis
One method people often use to
decide which the most suitable
business idea is the SWOT
Analysis. It helps you focus on
possible problem areas and
potential advantages of each idea.
Inside the business
To analyze the strengths and
weaknesses of a business an
entrepreneur should look inside
the planned businesses. What will
be good at and what are its
weaknesses?
1. Strengths are the specific positive
aspects, which will give your proposed
business an advantage over similar
business ventures competitors. It could
be that you have a better product
feature than your competitor, or you
can deliver the product faster than
others because of the location near the
customers.
2. Weaknesses on the other hand are
specific aspects that your business will
not be good at. Perhaps your costs will
be high because your location is far
from suppliers and you will pay more
for the transport.
Outside the business
To analyze the opportunities and
strengths of your proposed business an
entrepreneur must look outside the
business or the external environment.
What aspects of the external
environment will benefit the business
and what aspects will negatively affect
the business.
3. Opportunities are on-going
potential developments around you
that will be good for your business. It
could be that the demand for the
product you are proposing will increase
because of the influx of tourists.
4. Threats are probable events that
may effect your business negatively.
For example the business idea could be
so simple that other people may start
similar businesses in your area and
reduce your share of the market.
Identifying where products or
services are in their lifecycle is
central to your profitability.
Product Development - at this
point your product or service is
only an idea.

You're investing heavily in research and development.


1.1 Idea Generation
Methods:
a. Brainstorming – sharing ideas ,comments,
suggestions of members
b. Analyzing Existing products- learn how
market is captured successfully
c. Visiting suppliers’ facilities – suppliers’ raw
materials can be used as a method to
innovate and modify existing product.
d. Surveys – get feedback from customers
and potential market.
e. Reading trade publications – inspirational
story of successful
1.2 Idea Screening
 Ideas which are unsuitable,
unacceptable or poor must be
junked.
 Ideas with attributes are rated
on the basis of a rating form, rated
1-10 in categories: general,
marketing and production
characteristics.
1.3 Concept Testing.
 Ideas which passed screening stage
will require feedback from consumer.
 Measures consumer enthusiasm by
asking reactions in pictures, and oral
description of product.
1.4 Business Analysis – a
review of market factors,
revenues, cost and trends
1.5 Product Development -
ideas are converted into visible
form
1.6 Test Marketing-

involves selling a fully developed


product in selected area and observing
the actual or on the spot performance.
Depending on the result, decision as to
go ahead, modify the product or
services, modify marketing plan or
cancel the product.
1.7 Commercialization –
involves actual marketing of the
product in the target market.
REVIEW |

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