Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

Open University System

Name: Kent Loujay L. Encina DAY: S/SUN

Subject Code: ENTR20023- Opportunity SeekingTime: 10:30am-12:00Pm
Section: BSENTOUMN 2-3

1. Demonstrate design thinking as a human-centered process focusing on consumer and their

needs.

Design thinking is a human-centered process that focuses on understanding the needs and desires of
consumers in order to create innovative solutions. It involves a systematic approach to problem-
solving that puts the consumer at the center of the design process. By empathizing with consumers,
defining their needs, ideating possible solutions, prototyping and testing those solutions, and
ultimately implementing the best design, design thinking ensures that the end product meets the
needs and expectations of the target audience.

One of the key principles of design thinking is empathy. By putting oneself in the shoes of the
consumer, designers can gain a deeper understanding of their needs, desires, and frustrations. This
empathy allows designers to see the world from the consumer's perspective and to develop products
and services that truly meet their needs. By listening to consumers, observing their behaviors, and
engaging with them directly, designers can gain valuable insights that inform the design process.

Once designers have gained a deep understanding of consumers and their needs, the next step in
the design thinking process is to define the problem. This involves identifying the core issues that
need to be addressed and articulating the goals and objectives of the design project. By clearly
defining the problem, designers can ensure that their solutions will address the root causes of
consumer needs and deliver meaningful value.

After defining the problem, designers engage in ideation, or brainstorming potential solutions. This
involves generating a wide range of ideas, no matter how outlandish or unconventional, in order to
explore different possibilities and approaches. By encouraging creativity and open-mindedness,
designers can come up with innovative solutions that may not have been immediately obvious.

Next, designers move on to prototyping and testing their ideas. Prototyping involves creating low-cost,
low-fidelity versions of the proposed solutions in order to test their feasibility and usability. By
soliciting feedback from consumers through user testing and iteration, designers can refine their ideas
and improve the final product.

Finally, designers implement the best design solution based on the feedback and insights gained
during the testing phase. By taking a user-centered approach throughout the design process,
designers can ensure that their products and services truly meet the needs and expectations of
consumers. Design thinking is a powerful tool for creating innovative solutions that resonate with
consumers and drive business success.

2. Enumerate different ways of generating data?

Data generation is an essential aspect of research in various fields such as science, technology,
economics, and social sciences. There are several ways through which data can be generated, each
with its own strengths and limitations.

2.1 Surveys: Surveys are one of the most common methods of data generation. This involves
asking a set of questions to a sample of participants to gather information about their opinions,
attitudes, behaviors, and preferences. Surveys can be conducted through phone calls, face-to-face

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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
Open University System

interviews, paper questionnaires, or online surveys. Surveys are useful for capturing large amounts
of data quickly and can provide valuable insights into the target population.

2.2 Experiments: Experiments involve manipulating one or more variables to observe the effect on
another variable. This controlled setting allows researchers to establish causation between
variables. Experiments can be conducted in laboratory settings or in the field. They are commonly
used in scientific research to test hypotheses and understand the relationships between variables.

2.3 Observational studies: Observational studies involve observing and recording behaviors, events,
or phenomena in their natural setting without interference or manipulation. This method is useful for
studying complex social phenomena where experiments may not be feasible or ethical.
Observational studies can provide valuable insights into natural behaviors and interactions.

2.4 Secondary data analysis: Secondary data analysis involves using existing data collected by
other researchers or organizations for a different research purpose. This method is cost-effective
and time-saving as researchers do not need to collect data themselves. Secondary data sources
include government databases, academic journals, and organizational reports. However,
researchers need to ensure the quality and reliability of the data before using it for analysis.

2.5 Content analysis: Content analysis involves systematically analyzing text, images, or
audiovisual content to identify patterns, themes, and relationships. This method is commonly used
in qualitative research to analyze media content, social media posts, interviews, and documents.
Content analysis can provide valuable insights into public opinions, media representations, and
discourse analysis.

2.6 Ethnography: Ethnography involves immersing researchers in a particular cultural or social

setting to observe and document behaviors, interactions, and practices. This method is commonly
used in anthropology, sociology, and cultural studies to understand the lived experiences of people
within a specific context. Ethnography requires a long-term commitment and close collaboration
with the participants.

3. Enumerate are the nine components of the business model canvas. Discuss each.

The Business Model Canvas is a strategic tool that helps entrepreneurs and business owners to
visualize and develop their business model. It consists of nine key components that work together to
create a holistic view of the business. In this essay, we will enumerate and discuss each of these
components in detail.

3.1 Customer Segments: This component refers to the different groups of people or organizations
that the business aims to serve. Identifying and understanding the needs, preferences, and
behaviors of these customer segments is crucial for developing products and services that meet
their specific requirements.

3.2 Value Proposition: The value proposition is the unique set of benefits that a business offers to
its customers. It describes why customers should choose the business over its competitors and
how it solves their problems or fulfills their needs. A strong value proposition is essential for
attracting and retaining customers.

3.3 Channels: Channels are the various ways through which a business reaches and interacts with
its customers. This includes both traditional channels such as retail stores and online channels
such as websites and social media platforms. The choice of channels can have a significant impact
on the business's reach and customer experience.

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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
Open University System

3.4 Customer Relationships: Customer relationships refer to the type of interactions that a business
has with its customers. These interactions can range from personal relationships with dedicated
account managers to self-service options for more independent customers. Building and
maintaining positive customer relationships is key to long-term success.

3.5 Revenue Streams: Revenue streams are the different sources of income that a business
generates from its customers. This can include one-time sales, recurring subscriptions, licensing
fees, or advertising revenue. Diversifying revenue streams can help mitigate risk and ensure the
business's financial stability.

3.6 Key Resources: Key resources are the assets, capabilities, and relationships that a business
needs to create, deliver, and capture value. This can include physical resources such as equipment
and facilities, intellectual resources such as patents and trademarks, and human resources such as
employees and partners. Identifying and leveraging key resources is essential for sustainable
growth.

3.7 Key Activities: Key activities are the core processes and functions that a business must perform
to deliver its value proposition. This can include product development, marketing and sales,
customer service, and research and development. Streamlining key activities and optimizing
processes can improve efficiency and effectiveness.

3.8 Key Partnerships: Key partnerships are the collaborations with other businesses or
organizations that help the business to create value. This can include suppliers, distributors,
technology providers, and strategic alliances. Building strong partnerships can provide access to
resources and capabilities that the business may not have internally.

3.9 Cost Structure: The cost structure is the total expenses that a business incurs in order to
operate. This includes both fixed costs such as rent and salaries, and variable costs such as
materials and marketing. Understanding and managing the cost structure is essential for
maintaining profitability and sustainable growth.

4. What are the strategies entrepreneurs used when pricing their product?

Pricing is a crucial aspect of any business, as it directly impacts the profitability and sustainability of a
venture. Entrepreneurs must carefully consider various strategies when pricing their products in order
to attract customers, generate revenue, and stay competitive in the market.

One strategy that entrepreneurs often employ is cost-based pricing. This involves calculating the cost
of producing a product and adding a markup to ensure a profit. By determining the costs of materials,
labor, and overhead, entrepreneurs can establish a price that covers these expenses and provides a
margin for profit. Cost-based pricing is a straightforward approach that allows entrepreneurs to
ensure they are covering their costs and generating a return on their investment.

Another common pricing strategy is competition-based pricing. In this approach, entrepreneurs

analyze the prices of similar products offered by competitors and set their prices accordingly. By
pricing their products in line with or slightly below competitors, entrepreneurs can attract customers
looking for the best value. This strategy can help businesses gain market share and remain
competitive in the industry.

Many entrepreneurs also utilize value-based pricing when setting prices for their products. This
strategy involves pricing products based on the perceived value they offer to customers. By
highlighting the unique features, benefits, and advantages of their products, entrepreneurs can justify

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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
Open University System

higher prices and position their offerings as premium or luxury items. Value-based pricing allows
businesses to capture a higher profit margin by leveraging the perceived value of their products.

Dynamic pricing is another strategy that entrepreneurs use to set prices based on fluctuations in
demand, supply, and other market conditions. By adjusting prices in real-time based on factors such
as consumer behavior, competitor pricing, and inventory levels, entrepreneurs can maximize revenue
and profitability. Dynamic pricing is particularly effective in industries with rapid changes in market
dynamics, such as technology, travel, and e-commerce.

Entrepreneurs may also implement psychological pricing tactics to influence consumer behavior and
perception. Techniques such as setting prices just below a round number (e.g., $9.99 instead of $10)
or offering discounts and promotions can create a sense of value and urgency that motivates
customers to make a purchase. Psychological pricing strategies can help businesses attract
customers, increase sales, and maximize profitability.

5. Why is there a need to write business plan? Justify your answers.

First and foremost, a business plan helps to clarify the vision and mission of a business. It forces
entrepreneurs to clearly define their goals, target market, products or services, and competitive
advantage. This clarity is essential for developing a focused and sustainable business strategy, and it
also helps to ensure that all stakeholders are on the same page. Secondly, a business plan is a vital
tool for securing funding. Whether it is a loan from a bank or investment from venture capitalists,
investors want to see a well-thought-out business plan that demonstrates the potential for profitability
and growth. A well-written business plan can help to instill confidence in investors that the business is
a viable and attractive investment opportunity. Moreover, a business plan serves as a roadmap for
the future. It outlines the steps that need to be taken to achieve the business goals and objectives, as
well as the timeline for implementation. By having a clear plan in place, it becomes easier for
entrepreneurs to track progress, identify any potential challenges, and make adjustments as needed.
Additionally, a business plan is a valuable tool for managing and monitoring the financial health of a
business. It includes financial projections, budgets, and cash flow forecasts that provide insight into
the financial viability of the business. This information is essential for making informed decisions and
ensuring that the business remains financially stable and profitable.In conclusion, writing a business
plan is essential for the success of any business. It helps to clarify the vision and mission of the
business, attract funding, set goals, and monitor progress. Without a business plan, entrepreneurs
may struggle to make informed decisions, secure funding, and achieve their business objectives.
Therefore, it is crucial for all entrepreneurs and business owners to take the time to develop a
comprehensive and well-thought-out business plan.

6. How do the business cope up with the globalization?

One way that businesses cope with globalization is by expanding their presence in international
markets. This can be achieved through various means, such as setting up overseas offices, forming
strategic partnerships with local companies, or establishing global supply chains. By expanding their
reach beyond their domestic market, businesses can tap into new customer bases and access
valuable resources that can help them grow and remain competitive in a globalized economy.Another
key strategy that businesses use to cope with globalization is by investing in technology and
innovation. In today's digital age, businesses must leverage technology to streamline their operations,
improve efficiency, and stay ahead of the competition. By investing in cutting-edge technology and
embracing innovation, businesses can increase their competitiveness, attract top talent, and deliver
innovative products and services to meet the evolving needs of customers around the world.
Furthermore, businesses must also focus on building a diverse and inclusive workforce to navigate
the complexities of globalization. By cultivating a diverse team of employees with different

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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
Open University System

backgrounds, perspectives, and skills, businesses can tap into a wealth of knowledge and creativity
that can drive innovation and foster a culture of collaboration and inclusivity. Additionally, having a
diverse workforce can help businesses better understand the diverse needs and preferences of
customers in different global markets, leading to more effective marketing strategies and products.
Lastly, businesses must also prioritize sustainability and ethical practices to cope with the challenges
of globalization. As businesses expand globally, they must consider the social and environmental
impact of their operations and take proactive steps to minimize their carbon footprint, reduce waste,
and promote fair labor practices. By adopting sustainable and ethical practices, businesses can build
trust with customers, investors, and stakeholders, and differentiate themselves in an increasingly
competitive global market.

7. How fear turns to a strength? Cite an example where your fear become your strength.

Fear is a natural and powerful emotion that can either paralyze us or push us to reach our full
potential. When fear is faced head on, it has the ability to turn into a strength that propels us forward
in life. This transformation is not easy, but it is possible with determination and the right mindset.

One example of fear turning into a strength in my own life is when I was faced with the challenge of
public speaking. As a college student, I was required to give presentations in front of my classmates
and professors. The mere thought of speaking in front of a large audience filled me with dread and
anxiety. I would shake, my voice would crack, and my thoughts would jumble together making it
difficult to articulate my ideas.

However, instead of letting my fear of public speaking hold me back, I decided to confront it head on.
I joined a public speaking club on campus and dedicated myself to improving my communication
skills. I practiced speaking in front of a mirror, recorded myself giving speeches, and sought feedback
from my peers. With each speech I gave, my fear lessened and my confidence grew.

Eventually, I found myself looking forward to speaking in front of an audience. I was able to channel
my fear into a strength by using the adrenaline rush to fuel my passion for sharing my ideas. Public
speaking became a platform for me to showcase my knowledge and connect with others on a deeper
level.

Through this experience, I learned that fear can be a powerful motivator if we allow it to be. Instead of
avoiding what scares us, we can confront our fears and use them as a springboard for personal
growth. By acknowledging our fears and taking steps to overcome them, we tap into a hidden source
of strength that can propel us to achieve great things.

In conclusion, fear has the potential to transform into a strength when we face it head on and refuse
to let it hold us back. My experience with public speaking is just one example of how confronting our
fears can lead to personal growth and self-discovery. By embracing our fears and using them as a
catalyst for change, we can unlock our full potential and achieve success in all areas of our lives.

8. What is the use of feasibility study to the modern business?

The use of a feasibility study in modern business is essential for ensuring the success and
sustainability of any project or initiative. A feasibility study is a comprehensive analysis that
evaluates the potential of a proposed project or business idea. It helps business leaders
make informed decisions by assessing the project's viability, identifying potential risks and
challenges, and estimating the expected outcomes.

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