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Entrep 12 Q1 M3 Recognize AND Understand THE Market

General Education (The National Teachers College)

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Quarter 1 — Module 3

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Module 3
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Entrepreneurship – Grade 12
Alternative Delivery Mode
Quarter 1 - Module 3
Second Edition, 2021

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Entrepreneurship
Quarter 1 – Module 3
Recognize and
Understand the Market

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Introductory Message

For the Learner

Have you ever dreamed of becoming the next multi-millionaire? If you’re thinking that winning the
lottery is the only way to become one, well, think again. It is not chance that gives you millions,
instead being a millionaire is a result of hard work and determination. Starting your own business
is a good beginning towards fulfilling your dreams. Entrepreneurship is the way!
You may often hear the word entrepreneur and entrepreneurship. But what do these terms mean?
You may refer to an entrepreneur as the person managing the business and entrepreneurship as
the business venture. Some may say there is no difference.
So, what does this module provide you towards reaching your dreams?

1. It outlines the concepts and basic principles, and processes of developing a business plan.
2. It helps you understand the environment and market in your locality as a factor in developing a
business concept.
3. It allows you to experience starting and operating your own business.

Substantial knowledge of entrepreneurial principles and processes is important as this increases

the chances of making your business successful.
In this module, you are guided with a set of learning parts that will help you understand the underlying
principles of entrepreneurship.

1. What I Need to Do – the part used to introduce the learning objectives in this module.
2. What I Know – this is an assessment as to your level of knowledge to the subject matter at hand,
meant specifically to gauge previous knowledge.
3. What’s In – the part used to connect your previous learning with the new lesson.
4. What’s New – the part used to introduce new lesson through a story, an activity, a poem, song,
situation or activity.
5. What is It – the part that will help you discover and understand entrepreneurial
concepts.
6. What’s More – the part that will help enrich your learnings of entrepreneurial concepts.
7. What I Have Learned – the part that will help you process what you have learned In the lesson.
8. What I Can Do – the part that allows you to apply what you have learned into real life situations.
9. Assessment – the part that evaluates your level of mastery in achieving the
learning objectives.
10. Additional Activities – the part that enhances your learning and improves your
mastery of the lesson.

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What I Need to Know

You are done in recognizing potential markets in the second module in

Entrepreneurship. You already understand the best product or service that will
meet the market needs. Now, you will continue to learn more about markets, and
recognize and understand the market. In this module we're going to focus on
what's at the heart of every new venture opportunity, the value proposition. A good
value proposition is one that directly links the most important features of the
product or service to the customer's plan. A good value proposition is one that
directly links the most important features of the product or service to the
customer's plan.
In creating a business, the vicinity map is the most important tool that will
identify the key features of the solution and how they help the customer achieve
those benefits or overcome those obstacles. Customers don't buy products. They
don't buy brands and they don't buy technologies. Fundamentally, customers buy
solutions, will continue learn more about markets, and recognize and understand
the market.

This module has two objectives:

1 – Describe the unique selling proposition and value proposition that
differentiate one’s product/service from existing products/services.

2 – Determine who the customers are in terms of:

a. Target market
b. Customer requirement
c. Market size

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What I Know

Before we begin with this module, answer the questions below. Let’s
see if you already have some ideas about Recognizing Potential Markets. Write

True if the statement is correct and write False if not.

1. Value refers to what the product does for customers that they’re

prepared to pay.

__ 2. The Marketing Concept that was first proposed as a theory to

understand the pattern in successful advertising was called Unique Selling
Proposition.

___3. In creating value proposition, entrepreneurs will consider the four (4)
basic elements.

___4. Unique selling proposition is specific, often citing numbers or

percentages.

___5. Effective selling using advertising and marketing is part of value

proposition.

___6. Identifying and rank the uniqueness of the product or services is one
tip for the entrepreneur on how to create an effective unique selling proposition.

___7. The entrepreneurs should not consider the health benefits of the
consumers.

___8. Consumers have common wants and needs.

___9. Market targeting is a stage in market identification process that aims

to determine the set of buyers with common needs and characteristics.

___10. Identifying the unique selling proposition will not require marketing
research.

___11. Targeting a specific market does not mean that you are excluding
people who do not fit your criteria.

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___12. Demographic segmentation is the total market divided according to

geographic location.

___13. Knowledge and awareness are variables to consider in behavioral

segmentation.

___14. Service requirement is an intangible thing or product that cannot be

touched, but can be felt.

___15. Market size is like a world globe measurement.

Lesson
Recognize and Understand the Market
1

What’s In

In the previous lesson we learned about the creation of entrepreneurial ideas

that lead to the identification of entrepreneurial opportunities, which in turn results in
the opening of an entrepreneurial venture. There are three processes in creating a
new venture, Entrepreneurial mind frame, Entrepreneurial heart flame, and
Entrepreneurial gut game. In opening a new venture or business, you need to
determine the Unique Selling Proposition (USP) and Value Proposition (VP) of your
product as well as your target market.

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What’s New

Activity 1.

Identify whether the following is a Unique Selling Proposition or Value

Proposition of a product/service.
Example: Langhap Sarap Example: Unique Selling Proposition

1. Safeguard
2. Love ko to
3. Supermarket
4. Surf
5. Bukas kahit anong oras

Activity 2.

Determine what method of market segmentation (Geographic,

Demographic, Psychological and Behavioral Segmentation) will be used for
the following items.
1. We have Climate Change.
2. Over 60 years of age.
3. Branded (US Levi’s).
4. This product is good for my health.
5. Most People in the community are Roman
Catholic.

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What is It

What is Unique Selling Proposition (USP) and Value Proposition

(VP)? This part allows the entrepreneur to prepare himself on how to advertise
and sell his product even if it is similar to others. In this lesson, you will find out
the answers and understand more about the market.

Value Proposition (VP) - is a business or marketing statement that

summarizes why a consumer should buy a company's product or use its service.
This statement is often used to convince a customer to purchase a particular
product or service to add a form of value to their lives. In creating Value
Proposition, entrepreneurs will consider the basic elements:

 Target Customer
 Needs/opportunity
 Name of the product
 Name of the enterprise/company

There are many competitors in the market who establish superiority over
other entrepreneurs. Entrepreneurs should think of other alternatives to make their
products better. An important aspect in Value Proposition is that it must be truthful
and that it should establish credibility to the consumers.
Example: Potential value proposition is most common in small businesses of your
locality.
Aling Charing Sari-Sari Store opens only from 6:00 am to 6:00 pm, but Aling
Charing noticed that there are customers who go to a nearby town to look for a
convenience store at around 10:00 pm to 6:00 am. She believes that this is a great
opportunity for her store to operate 24/7. In this example, the proposed value
proposition is: “Charing sari-sari Store, open 24/7”.
The business describes a sari-sari store – a basic retail store. The assurance
from this value proposition is because of the phrase “open 24/7”, Aling Charing’s
sari-sari store opens 24/7, which makes it different from other competitors.

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Unique Selling Proposition (USP) – refers to how you sell your product
or services to your customer. You will address the wants and desires of your
customers.
As an entrepreneur, you should think of marketing concepts that persuade
your target customers. You may ask the following questions in doing this: What do
the customers want? What brand does well? What does your competitor sell well?
Some tips for the entrepreneur on how to create an effective unique selling
proposition to the target customers are:
 Identify and rank the uniqueness of the product or services character
 Be very Specific
 Keep it Short and Simple (KISS)

As an entrepreneur, present the best feature of your product or service that

is different from other competitors. Identifying the unique selling proposition
requires marketing research that you will learn from the other modules. In
promoting your products or services, make sure that it is very specific and put
details that emphasize the differentiator against the competitors. Keep it short and
simple and think of a tagline that is easy to remember. Right now, the proposed
unique selling proposition is: “Charing sari-sari store, open 24/7”
Readers get confused between value proposition and unique selling
proposition. The two propositions are used to differentiate the products from
competitors. For example, Jollibee is known to have a Filipino taste burger. This
brand has a unique selling point because of its tagline “Langhap Sarap”
Unique Selling Proposition and Value Proposition are two of the most
famous tools used to explain why prospect customers buy each product and
service. Base on each definition, we learn that USP and VP are frameworks of
each business industry. The two propositions are valuable for the entrepreneurs.
Make sure that you're focusing on a solution that is a need, and make sure that
you are targeting a customer segment that's large enough and cares enough about
your solution so that you can build a viable business. We'll talk more about
determining the size of your target market in our next lesson.
After you understand the value proposition and the unique selling
proposition, now it’s time to understand the target market, customers requirement

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and market size. As you might expect, the market is right at the center of our word
cloud for this lesson. Understanding your market is critical in building your
business model. There are three factors that will determine your customers.

A. Target Market

Market Targeting is a sage in market identification process that aims to

determine the buyers with common needs and characteristics. Prospect
customers are a market segment that an entrepreneurial venture intends to serve.
In targeting a specific market, it will exclude people if it will not fit your
criteria. Rather, target marketing allows you to focus your marketing money and
brand message on a specific market that is more likely to buy from you than other
markets. Choose a product that is more affordable, efficient, and effective to reach
potential clients and generate business.

Commonly used methods for segmenting the markets are follows.:

1. Geographic segmentation – the total market is divided according to geographical
location.
 Variables to consider
a. Climate
b. Dominant ethnic group
c. Culture
d. Density (either rural or urban)
2. Demographic Segmentation – divided based on consumers
 Variables to consider
a. Gender
b. Age
c. Income
d. Occupation
e. Education
f. Religion
g. Ethnic group
h. Family size

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3. Psychological Segmentation – divided in terms of how customers think and

believe
 Variables to consider
a. Needs and wants
b. Attitudes
c. Social class
d. Personality traits
e. Knowledge and awareness
f. Brand concept
g. Lifestyle
4. Behavioral Segmentation – divided according to customers’ behavior pattern as
they interact with a company.
 Variables to consider
a. Perceptions
b. Knowledge
c. Reaction
d. Benefits
e. Loyalty
f. Responses
B. Customer Requirements

Customer requirements are the specific characteristics that the customers

need from a product or a service.
There can be two types of customer requirements:
1. Service Requirement
2. Output Requirement
Service Requirement:
An intangible thing or product that cannot be touched but the customer can
feel the fulfillment. There are elements in service requirement like on-time delivery,
service with a smile, easy-payment etc. It includes all aspects of how a customer
expects to be treated while purchasing a product and how easy the buying process
goes.

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Output Requirements:
Tangible thing or things that can be seen. Characteristic specifications that
a consumer expects to be fulfilled in the product. Costumers will avail services as a
product, then various service requirements can take the form of output
requirements. For example, if the consumer hires a multi cab, then on-time arrival
becomes an output requirement. Customer buys gadgets (phone speaker) the
specification like the loudness and clarity are the output requirements.
C. Market Size
The entrepreneur’s most critical task is to calculate the market size, and
the potential value that market has for their start-up business. Market research will
determine the entrepreneurs’ possible customers in one locality.

What is Market Size?

Market size is like a size of the arena where the entrepreneurs will play their
business. It is the approximate number of sellers and buyers in a particular market.
Companies are interested in knowing the market size before launching a new
product or service in the area. In determining the market size, the entrepreneur will
conduct a strategic marketing research from reliable sources using the following
method. The first step is to estimate the potential market – approximate number
of customers that will buy the product or avail your services. The second step is
to estimate the customers who probably dislike to buy your product or avail the
services. The third step is for the entrepreneur to estimate the market share, that
means plotting and calculating of the competitor’s market share to determine the
portion of the new venture. Market size becomes the most important factor if you
ever need to raise funding for your business.

What’s More

To apply what you have learned in the previous discussion, answer the
question below. Your answers should be at least 50 words.

1. How would you differentiate Value Proposition and Unique Selling proposition?

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What I Have Learned

Fill in the blanks:

Entrepreneurs will take a look at each customer’s demand in the market.

Understanding your market will help reach your goal to compete with bigger
competitors. Building positive relationships with customers require more
understanding in customers’ purchasing motivations and habits.
__________________ and ______________________ basically join hand in
hand to promote its product and services. ____________________is a sage in
market identification process that aims to determine the buyers’ common needs
and behavior. There are four (4) methods for segmentation,
____________________, ____________________, ______________________,
and _____________________. There are two types of customer requirements,
the ___________________ and _________________, the tangible and intangible
things.

Understanding your market will help reach your goal to compete with bigger
competitors.

What I Can Do

As an entrepreneur, you are planning to have a business. Using the

following guide questions, answer them so you can now start drafting your
business plan.
1. What product do you want to sell?
2. How will you apply the concept of value proposition and unique selling
proposition?
3. What is the best tagline of your chosen product?
4. Who is your target market?

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Assessment

Multiple Choice: Select the best answer and write the letter only on the space
provided.
_____1. What is the relationship between unique selling proposition and value
proposition?
a. a framework of each business industry
b. meets your competitors needs wants
c. persuades another to exchange money for a product or service
d. connected with only one particular thing
_____2. The following variables are to be considered in behavioral segmentation,
except

a. perception
b. brand concept
c. reaction
d. benefits
_____3. What is the function of Value Proposition?

a. used to power up sales

b. used to convince customer to purchase a particular product or services.
c. help customers buying habits
d. provide value to your customers
4. Give an example in promotion using Value Proposition and Unique Selling
proposition.
a. with the slogan “Langhap Sarap”
b. ordinary sari-sari store
c. multinational business
d. fruit shake stand
_____5. ___________________ will determine possible customers in one locality.

a. Market design c. market research

b. Market strategy d. market size

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_____6. The term behavioral segmentation refers to:

a. divided based on consumers

b. divided in terms of how customers’ think and believe
c. divided according to geographical location
d. divided according to customers behavior pattern as they interact with a company
_____7. What is market size?

a. Tangible things that can be seen

b. Size of arena where the entrepreneur will play their business
c. The most important part to the success of the company
d. Another variation of segmentation marketing.
_____8. These are considered favorable indicators for doing business in that particular
location.

a. structure of the segment

b. capability of the business
c. size and growth of the segment
d. segmentation marketing
_____9. This selects the type of customer requirement

a. service requirement c. service responsibility

b. service oriented d. service fulfillment
_____10. This refers to how you sell your products or services to your customer.

a. Value proposition c. Selling proposition

b. Unique selling proposition d. Marketing concept

_____11. The following are tips for the entrepreneur on how to create an effective
unique selling proposition to the target customers, except
a. Identify and rank the uniqueness of the product or services characteristic
b. Be very specific
c. Keep it short and simple
d. Completeness of proportion
_____12. Geographic segmentation refers to:

a. Divided according to geographical location

b. Divided based consumers.
c. Divided in terms for customers think and believe

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d. All of the above

_____13. Service requirement is a/an ___________________ thing or product that
cannot be touched but customer can feel he fulfillment.
a. Tangible c. Service
b. Intangible d. Output
_____14. Tangible things that can be seen refers to

a. Service requirement c. customer requirements

b. Output requirement d. Entrepreneur’s output
_____15. What is the first step in conducting strategic marketing?

a. Estimate the potential market

b. Estimate the customers who are probably dislike to buy your product
c. Estimate the market share
d. Estimate business funding.

Additional Activities

Give at least 5 products being advertised or promoted on television.

Evaluate each one according to its USP, VP and method of segmentation
used, customer requirements, and who are the customers.

Product Method of Customer Target

Name USP VP Segmentation Requirements customers
Ex. Langhap Filipino Service &
Jollibee Sarap taste Psychological Output All people
burger

1.

2.

3.

4.

5.

Kudos! You have finished Module 3. Get to know more about Market Research
in Module 4.
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Answer Key

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References

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"Marketing: Distribution Channels (GCSE) | Tutor2u Business." Tutor2u. Accessed

January 04, 2019. https://www.tutor2u.net/business/reference/marketing-distribution-
channels.

"What Is a Price? - Definition of Price." Marketing-Insider. July 13, 2015. Accessed

January 04, 2019. https://marketing-insider.eu/what-is-a-price/.

"5 Basic Functions of Packaging in Marketing a Product." Your Article Library. January
03, 2014. Accessed January 15, 2019. http://www.yourarticlelibrary.com/marketing/5-
basic-functions-of-packaging-in-marketing-a-product/22204.

"Market Positioning - Creating an Effective Positioning Strategy." Corporate Finance

Institute. Accessed January 15, 2019.
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positioning/.

Jwayne2013 Follow. "Branding Ppt." LinkedIn SlideShare. January 16, 2013.

Accessed January 18, 2019. https://www.slideshare.net/jwayne2013/branding-ppt-
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Stec, Carly. "Brand Strategy 101: 7 Essentials for Strong Company Branding."
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16 CO_Q1_Entrepreneurship SHS
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