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Reflect Upon: IOS The Net Profit Per Kilo Will The Nnu - Lqup

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Elene Grace Barte

Mr. Antonio is considering starting a new business venture with a potential market share of 173,375 kilos. While this market share for a startup business seems attractive, Mr. Antonio's chances of success will be higher if he implements relevant and enticing marketing strategies to understand customer requirements and target the appropriate market segment.

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Reflect Upon: IOS The Net Profit Per Kilo Will The Nnu - Lqup

Uploaded by

Elene Grace Barte
19 views3 pages
Mr. Antonio is considering starting a new business venture with a potential market share of 173,375 kilos. While this market share for a startup business seems attractive, Mr. Antonio's chances of success will be higher if he implements relevant and enticing marketing strategies to understand customer requirements and target the appropriate market segment.

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Mr. Antonio is considering starting a new business venture with a potential market share of 173,375 kilos. While this market share for a startup business seems attractive, Mr. Antonio's chances of success will be higher if he implements relevant and enticing marketing strategies to understand customer requirements and target the appropriate market segment.

Copyright:

© All Rights Reserved
Download as DOCX, PDF, TXT or read online from Scribd
Download as docx, pdf, or txt
19 views3 pages

Reflect Upon: IOS The Net Profit Per Kilo Will The Nnu - Lqup

Uploaded by

Elene Grace Barte
Mr. Antonio is considering starting a new business venture with a potential market share of 173,375 kilos. While this market share for a startup business seems attractive, Mr. Antonio's chances of success will be higher if he implements relevant and enticing marketing strategies to understand customer requirements and target the appropriate market segment.

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IOS the net profit per kilo

Will the nnu•lqup


I lossevet•. because Mr. Antonio ill reduce only
becotne PS.

Potential market share - 173 375 kilos

Potential nuu•ket share w ?277 Mr. Antonio also has

This market share tör a startup business is an attractive venture.

a bigger chance of the of if he implements relevant and enticing tnarketing strategies.

Reflect Upon
1. Based on your observation, do you think Filipino entrepreneurs apply a systematic way of
calculating market size, customer requirements, and primary target market before they venture into
a business? What made you say yes, no, or maybe? Do you think calculating the market size,
market share, and customer requirements really matter? Why? Relate your

2. What do you think are the repercussions if the market size, market share, primary target market,
and their requirements were not calculated and recognized from the onset?
3. What do you think are the procedures they follow if they are not following the systematic "know
your customer" process?
4. In your opinion, will entrepreneurs still be successful even if they don't conduct the "know your
customer" process? Why or why not?

Customer Requirements
Customers are said to be the lifeblood of the business. These are the people who
buy the products or avail the services of the entrepreneur. Their thoughts, feelings, and
experiences shape the decisions of the business. Thus, the phrase "the customer is
always right" is a mantra that most successful entrepreneurs follow. requironents are
specific features and characteristics that the customers need from a product pr a
service. It is in these customer requirements that business opportunities originate.
Entrepreneurs must be aware of all these requirements for them to come up with
features that best suit their needs. They must know who buys, and what, when, where,
how, and most importantly, why they buy. These requirements can be used to
formulate the value proposition and the unique selling proposition, as addressing the
requirements would increase the competitive edge of the business• Entrepreneurs
should also be vigilant with the constant change in customer requirenlents. For
example, cellphone services five years ago are way different now because ofthe
proliferation of smartphones today

For example, in a restaurant business, some customers will prefer cheaper prices
or J bundled menu; some will prefer a cozy ambiance; some will prefer a place with
relaxing music: some will prefer to have food served fast; and some prefer to Pay using
their credit card and not cash. In short, customer requirements vary from person to
person. Thus, the entrepreneur must group them together, calculate their size, and come
up products and services that suit them. The customer is the voice of every business that
every entrepreneur should listen to.

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