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Entrep PPT Week6 Module6 1STQTR

This document provides information about selecting the best product or service for the market. It discusses factors that affect product offerings such as market segment decisions, product mix decisions, product specifications, positioning and communication decisions. It defines value proposition and explains that it demonstrates what a brand has to offer customers that competitors do not. It also defines market competition as rivalry between companies selling similar products to achieve growth. Finally, it provides an example of market competition for donuts and includes an activity for learners to match situations to decisions.

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Ria Lomiteng
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156 views17 pages

Entrep PPT Week6 Module6 1STQTR

This document provides information about selecting the best product or service for the market. It discusses factors that affect product offerings such as market segment decisions, product mix decisions, product specifications, positioning and communication decisions. It defines value proposition and explains that it demonstrates what a brand has to offer customers that competitors do not. It also defines market competition as rivalry between companies selling similar products to achieve growth. Finally, it provides an example of market competition for donuts and includes an activity for learners to match situations to decisions.

Uploaded by

Ria Lomiteng
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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ENTREPRENEURSHIP

INGRID P. ALDE
Subject Teacher
LET’S RECALL
Directions: Identify the factors affecting consumer buying behavior

Psychological Purchase situation


variables
Social influences
TOPIC: Selecting Best Product and Services for the Market
Module: 6 Week: 6 Quarter: 1st

LEARNING COMPETENCIES:
o Selecting the best Product or Service that will meet the
Market Need
OBJECTIVE/S
o The learner selects the best product or service that
will meet the market need
o The learner understands the value proposition for
the best product and service.
o The learner considers competition in the market
that affects product offerings.
INTRODUCTION

After screening the proposed solution based on viability, profitability


and customer requirements, the products or services that will meet
the needs of the market are affected by Market segment
decision, product mix decisions, product specifications,
positioning and communication decisions (3G
ELEARNING. 2015). To better understand its application, it is
itemized and applied in the locality below.
Keep in Mind

Market Segment Decision


It is important that there is a
demand for the product or
services to be created that will
meet a certain segment.
Keep in Mind

Product Mix Decisions


Product varieties for a target market
to ensure market need is solved.
There can be changes with the
design, color, texture etc. but with
the same content to create varieties
to choose from.
Keep in Mind

Product specifications
Some customers especially in the
industry need exact specification
and other detail for the product.
This involves the measurements
required by the customer related to
size, shape, materials or
composition and including its
description.
Keep in Mind

Positioning and
communication decisions
It is how you position your products
to your customers. You align your
product to the minds of your
customers creating an image that fits
their needs.
4 Types of Customer Satisfaction

1. Physiological satisfactions - These 3. Social satisfactions - These are related with


are needs for survival like “need for how the customer deals with other people or
sleep, food air and reproduction”. society with its approval. A product will be best
for these people if it will be recommended by
2. Economic satisfactions - Customers friends.
want to have a guaranteed good value 4. Psychological satisfactions - It includes
for their money. feelings and emotions to the customer. Best
products for these customers are those things
that are associated with their positive and
negative experiences, memories of their youth
and love.
What is Value Proposition?

According to Investopedia it is the value a company promises to


deliver to customers should they choose to buy their product. A
great value proposition demonstrates what a brand has to offer a
customer that no other competitor has and how a service or product
fulfills a need that no other company is able to fill.
KEY TAKEAWAYS
o A company's value proposition tells a customer the number one reason why a
product or service is best suited for that particular customer.
o A value proposition should be communicated to customers directly, either via the
company's website or other marketing or advertising materials.
o Value propositions can follow different formats, as long as they are "on brand,"
unique, and specific to the company in question.
o A successful value proposition should be persuasive and help turn a prospect into a
paying customer.
What is Market Competition?

“Competition is the rivalry between companies selling similar products and


services with the goal of achieving revenue, profit, and market share
growth”(Carnrite.2016) Products created may have similarity with other competitors and
entrepreneurs should be well aware that they are not alone in the business.
Competitors can be with the directly similar with the product being offered and can be a
threat to the business. Another type can be a substitute product that can be used in
replacement with your offered product. The entrepreneur should know that without a
customer or market to patronize the product can be a threat to the business. The best
product should be marketable and can compete with the similar products and its
substitutes.
Sample Market Competition of
“Donut”
ACTIVITY TIME
Module: 6 Week: 6 Quarter: 1 st

Directions: Choose the item inside the box that best apply with the situations below it.

A. Market segment decision C. Product specifications


B. Product mix decisions D. Positioning and communication decision

1. Variety of products is the best way to cater customers of all ages.


2. The buyer is very strict with the precise measurements of raw materials
3. The sportswear product is dedicated for teens only.
4. Products sold to customers in Airlines are usually priced higher.
ACTIVITY TIME
Module: 6 Week: 6 Quarter: 1st
(Answer Key)

1.B
2.C
3.A
4.D
Thank you and Happy
Learning.

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