Entrepreneurship Grade 12 2nd Semester PDF Digital Notes/reviewer
Entrepreneurship Grade 12 2nd Semester PDF Digital Notes/reviewer
Entrepreneurship Grade 12 2nd Semester PDF Digital Notes/reviewer
BRAND NAME
one of the brand elements which helps CHARACTERISTICS OF GOOD BRAND NAME
the customers to identify and
should be unique/distinctive
differentiate one product from another.
should be easy to pronounce, identified
requires a lot of research
and memorized.
are not necessarily associated with the
should give an idea about product’s
product.
qualities and benefits
can be based on place, animals or people
should be easily convertible into foreign
languages.
The 4Ms of Operation should suggest product/service category
should indicate concrete qualities
MANPOWER
METHOD should be extendable.
MACHINE should be capable of legal protection
MATERIALS and registration.
It should not portray bad/wrong
meanings in other categories.
4MS OF OPERATION
MANPOWER METHOD
The manpower simply refers to the human Method or production method refers to
workforce involved in the manufacture of a process or technique of converting raw
product materials to finished products.
Machine refers to the manufacturing The term material simply refers to the raw
equipment used in the production of goods materials needed in the production of a
or delivery of services. product.
Market Ssurvey
WHAT WHY AND HOW?
‘Market Survey’ is a Market Research ‘A research method for defining the market
technique. parameters of a business.
The study of the spending characteristics A tool to directly collect feedback from the
and purchasing power of the consumer target audience to understand their
who are within your business's geographic characteristics, expectations, and
area of operation, requirements.
3 More Market Research Techniques are: Market surveys collect data about a target
market such as pricing trends, customer
A. Interviews,
requirements, competitor analysis, and
B. Focus Groups,
other such details.
C. Customer Observation.
"Without data, you're just another person Surveys ask users a short series of open or
with an opinion." - W. Edwards closed-ended questions, which can be
delivered as an onscreen questionnaire or
1. Gain Critical Customer Feedback,
via email or via printed forms.
2. Understand Customer Inclination,
3. Enhance Products & Services,
4. Make Well-Informed Business Decisions
Entrepreneurship
RATING SCALES LIKERT SCALE
Image-based questions
Ssimple bookkeeping
Simple bookkeeping
bookkeeping bookkeeping
Modes of production
Intermittent production 4 main types of production
Involves special order type of production. Is type of production process where the
products are manufactured in series, within
It is a production process which requires
a specific time frame.
workers or employees producing
customized order for a specific customer, A batch of manufactured products can go
or for a small volume batch without through a multiple steps in a large or semi
repetition involved. large production to make a final required
product.
Benefits of the Job production:
This type of production will allow for the
High quality work
products to be high or small volume
High level of customization produced with minimum changes to the
Increased customer retention rate product.
EXAMPLE: Building a new factory, installing Every batch will go through specific stage
machinery in a factory. of the production and it will help with
better tracking your production.
Project Production
Benefits of the batch production:
Is the type where one group of the items is
manufactured at a time, within a specific Good for quality control
time frame. Scrap reducing
Efficient usage of
It includes product development, machines/equipment
construction, work order systems, job
shops. EXAMPLE
Involves ongoing processing and flow is a lean production method that seeks to
production method. produce an item only when needed. It aligns
the amount of inventory or raw materials
In which the raw materials are consumed in
required to manufacture a product precisely
the manufacturing process on a constant
with that product's demand. The objectives
footing.
of JIT are to eliminate waste production and
Benefits of a continuous production are: improve productivity to reduce per-unit costs.
It's a cost-efficient strategy for maintaining
o High volume of production stock levels, improving stock turnaround, and
o Efficient and cost effective production decreasing the warehouse space to store
o Simplified gauging products.
EXAMPLE EXAMPLE
Paper and pulp manufacturing, TOYOTA MANUFACTURER, CAR COMPANY,
petrochemicals, or oil and gas refineries, CAR COMPANY, RESTAURANT
and/or for products that are consumed on a
continual basis such as electricity
production or water treatment plants.
Ppricing Strategies
Pricing Strategies
Pricing strategies Cost-plus pricing
1. Cooperative Pricing
2. Aggressive Pricing
3. Dismissive Pricing
Entrepreneurship
Cooperative pricing
Price skimming
also known as skim pricing, is a pricing strategy in which a business charges a high initial
price and then gradually lowers the price to attract more price-sensitive customers.
Penetration pricing
Penetration pricing is a pricing strategy where the price of a product is initially set low
to rapidly reach a wide fraction of the market and initiate word of mouth. The strategy
works on the expectation that customers will switch to the new brand because of the
lower price.
Value-based pricing
Promotion Strategies
Any tactic that results in a third party Any tactic that results in customers
stocking your products. demanding your product from retailers.
FEE-FOR-SERVICE FREEMIUM
MARKETPLACE AFFILIATE
o Teaser
o Trivia Ad
o Product Promo
o Product Variants
Product promo
Product variants
Business Model
WHAT IS A BUSINESS MODEL?
BUSINESS MODEL MAIN TYPES OF BUSINESS MODEL