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Product
Anything that is offered to the market to satisfy a need or want.
Product Planning and Development Process
Stages that a product goes through including Idea Stage, Concept Stage, Product Development Stage, and Test Marketing Stage.
Idea Stage
The phase where the need for an idea is determined and promising ideas are identified.
Concept Stage
An idea is developed through interaction with consumers, and the refined product idea is tested for customer acceptance.
Test Marketing Stage
Provides actual sales results indicating customer acceptance.
Production Plan
A detailed plan that outlines a company’s production process, including equipment requirements, production capacity, and labor needs.
Primary Production Objective
To optimize resource utilization, reduce production costs, and improve productivity while maintaining quality.
Transformation Processes
Processes that convert inputs into outputs through various operations.
Location Criteria for Retail and Service Businesses
Factors such as trading area, retail compatibility, competition level, transportation network, and visibility that influence business location decision.
Central Business District (CBD)
The traditional center of a town, characterized by high customer traffic but also intense competition.
Sole Proprietorship
A business owned and managed by one person, who receives all profits and is responsible for all risks and losses.
Partnership
A business owned by two or more individuals who share capital, management responsibilities, profits, and losses.
Corporation
An artificial being created by law with rights, responsibilities, and limited liability for shareholders.
Cooperative
A group of individuals who voluntarily come together to start a business for mutual benefit, each contributing capital.
Management Team
A group of individuals with complementary skills working together to achieve the business objectives.
Span of Control
The number of subordinates reporting directly to a supervisor, affecting management structure and communication.
Flat Organization
An organizational structure with few management layers and a wider span of control, improving communication.
Tall Organization
An organizational structure with many layers of management and a narrower span of control, allowing for better supervision.
Entrepreneur
A person who habitually creates and innovates to build something of recognized value around perceived opportunities.
Entrepreneurship
The process of creating something different with value by devoting the necessary time and effort, assuming financial, psychic, and social risks, and receiving resulting rewards.
Micro Business
A business with total assets of P 3,000,000 or less and 1-9 employees.
Small Business
A business with total assets ranging from P 3,000,001 to P 15,000,000 and 10-99 employees.
Medium Business
A business with total assets from P 15,000,001 to P 100,000,000 and 100-199 employees.
Large Business
A business with total assets of more than P 100,000,000 and more than 200 employees.
Advantages of Entrepreneurship
Opportunities to create your own destiny, make a difference, reap profits, contribute to society, and enjoy the work you do.
Drawbacks of Entrepreneurship
Uncertainty of income, risk of losing investments, long hours of hard work, high stress levels, and complete responsibility.
Business Environment
Factors, both internal and external, that affect the business operations of an enterprise.
Creativity
The ability to develop new ideas and discover new ways of looking at problems and opportunities.
Innovation
The ability to apply creative solutions to problems and opportunities to enhance or enrich people's lives.
SWOT Analysis
A strategic planning tool used to identify strengths, weaknesses, opportunities, and threats related to a business.
Market Feasibility
Determines if products and services appeal to target customers and examines market conditions.
Financial Feasibility
Assesses whether a business can generate adequate profits and includes analysis of capital requirements and return on investment.
Key Partners
Individuals or organizations that contribute to the delivery of the value proposition in a business model.
Value Proposition
The core value that a company provides to its customers, detailing what sets it apart from competitors.
Customer Segments
The different groups of people or organizations a business aims to reach and serve.
Cost Structure
The various costs and expenses associated with running a business, including fixed and variable costs.
Revenue Streams
The sources of income generated from each customer segment in a business.
Opportunity Recognition
The act of searching for and capturing new ideas that lead to business opportunities.
Institutional Voids
Gaps in markets that hinder the ideal interactions and transactions between buyers and sellers, often leading to business opportunities.
Competitive Advantage
An aggregation of factors that sets a business apart from its competitors, giving it a unique position in the market.
Business Model Canvas
A strategic management tool allowing businesses to visualize various components of their business model on one page.
Strategic Management
The process of planning, monitoring, analyzing, and assessing the needs of an organization to achieve its goals.
Vision Statement
A declaration of an organization's objectives, providing direction and inspiration for the future.
Mission Statement
A brief description of an organization's fundamental purpose, outlining why it exists and what it does.
Goals and Objectives
Specific, measurable targets that an organization aims to achieve within a set timeframe.
Market Analysis
The assessment of market conditions including customer needs, competitors, and market trends that influence business strategy.
Operational Plan
A detailed plan outlining the day-to-day tasks required to achieve the objectives set in the strategic plan.
Financial Plan
A document summarizing the financial goals of a business and the strategies for achieving those goals.
SWOT Analysis Steps
Identify internal strengths and weaknesses, and external opportunities and threats related to the business.
Implementation Plan
A plan detailing how strategic goals will be achieved, including tasks, timelines, and responsible parties.
Monitoring and Evaluation
The process of tracking progress against strategic goals and making adjustments as necessary.
Chain of Entrepreneurship
Creativity → Innovation → Creating value in the marketplace
3 components of business creativity
Expertise, Creative thinking skills, Motivation
The Creative Process
Preparation
Investigation
Transformation
Incubation
Illumination
Verification
Implementation
SCAMPER (Substitute, combine, adapt, modify, put to use, eliminate, reverse)
Tool for generating business ideas
Feasibility Analysis
Determines whether a business idea is viable by examining four interrelated components.
- Industry and market feasibility, financial feasibility, product or service feasibility, entrepreneur/team feasibility
