1. The document discusses recognizing potential markets as part of developing a business plan. It provides examples and definitions related to different types of markets, both physical and non-physical.
2. Students are asked to identify details about their own neighborhoods, including the number of households and businesses, as well as common needs and how many residents can pay for products/services. This information will help them understand their potential local market.
3. Recognizing a potential market is key for entrepreneurs. The document emphasizes studying customers and competitors to identify the right target market and focusing marketing efforts accordingly.
1. The document discusses recognizing potential markets as part of developing a business plan. It provides examples and definitions related to different types of markets, both physical and non-physical.
2. Students are asked to identify details about their own neighborhoods, including the number of households and businesses, as well as common needs and how many residents can pay for products/services. This information will help them understand their potential local market.
3. Recognizing a potential market is key for entrepreneurs. The document emphasizes studying customers and competitors to identify the right target market and focusing marketing efforts accordingly.
1. The document discusses recognizing potential markets as part of developing a business plan. It provides examples and definitions related to different types of markets, both physical and non-physical.
2. Students are asked to identify details about their own neighborhoods, including the number of households and businesses, as well as common needs and how many residents can pay for products/services. This information will help them understand their potential local market.
3. Recognizing a potential market is key for entrepreneurs. The document emphasizes studying customers and competitors to identify the right target market and focusing marketing efforts accordingly.
1. The document discusses recognizing potential markets as part of developing a business plan. It provides examples and definitions related to different types of markets, both physical and non-physical.
2. Students are asked to identify details about their own neighborhoods, including the number of households and businesses, as well as common needs and how many residents can pay for products/services. This information will help them understand their potential local market.
3. Recognizing a potential market is key for entrepreneurs. The document emphasizes studying customers and competitors to identify the right target market and focusing marketing efforts accordingly.
0 First Quarter, Module 3, Week 3 Recognize Potential Market
Content Standard : The learner demonstrates understanding of
concepts, underlying principles, and processes of developing a business plan. Performance Standard : The learner independently or with his/her classmate presents an acceptable detailed business plan. Learning Outcomes : Upon the completion of the given unit, the SHS students are expected to demonstrate understanding of the market for the opportunity in its needs as part of an acceptable business plan. Competencies : TLE_ICTAN11/12PC-Ia-1
What I Know
You can work this out.
Completion. Rewrite each sentence properly and completely by appropriately
inserting the word MARKET in place. Write each correct answer clearly in a separate sheet.
1. a place brings buyer and seller in the same location.
___________________________________________________________________________ 2. exists whenever buyer and seller come together. ___________________________________________________________________________ 3. virtual are done through telecommunications or the internet. ___________________________________________________________________________ 4. stores are example of a physical. ___________________________________________________________________________ 5. potential is about possible customers. ___________________________________________________________________________ 6. telecommunications or internet is a non-physical. ___________________________________________________________________________ 7. keep customers and identify your new potential. ___________________________________________________________________________ 8. a potential is part of the population with interest to buy a good or service. ___________________________________________________________________________ 9. study buyers and competitors as your analysis. ___________________________________________________________________________ 10. analyze to study the on customers and competitors. ___________________________________________________________________________
1 How is your placement of the word market in each statement? Market recognition is essential as you work out a business as many business owners would say.
What I Need To Know
You can gear up for business! You have gone through the importance of the Entrepreneurship course, with its job and career opportunities. Now, the next key move to make, is for you to recognize a potential market.
In this key move you are expected to:
• identify a potential market • relate the varying use of the concept of market • show understanding of the potential market • propose ways to make the potential market into regular customers
What’s In
It is better for you to remember some basic points on job and career opportunities in entrepreneurship. Think back then, move forward.
Identification. Unscramble the letters for the correct answer to match
each definition on the types of business. Write each correct answer clearly in a separate sheet.
1. ADEEHILPRSS ________________
It is an establishment authorized to buy and sell specific goods,
especially motor vehicles. 2. DCEIRT EIGLLNS ________________
It involves distributors selling directly to buyers.
3. DSIIRTHSIROUBTP _________________ It is a franchise granted by a manufacturer or company to market its goods especially at wholesale in a particular area.
4. FSHNRCANIIG __________________
It acquires distribution centers through the franchisees or the
It is common in neighboring areas with the least in investment and
asset.
2 Whichever business type fits you; the potential market is vital as expressed by entrepreneurs. Alright! After that quick recall, you must go forward.
What’s New
Set your mind for business to know your market.
Observe and recall about the details of your immediate neighborhood including your household.
Direct data. Answer each question based on the details of your own place. Write your answer clearly in a separate sheet of paper.
1. How many households do you recall? _______
2. What common needs can you identify in your place? _______ 3. Which need can you match with your business idea? _______ 4. How many in each household can pay for products and services? ________ 5. How many registered businesses are in the area? ________ 6. How many of these licensed businesses are possible competitors of the business idea you thought of? ________
Your factual answers to the questions about your place are measures on how well you know your place. This is to have a good market in the business challenge. Like what most businesspeople are doing.
What Is It
The definition of market says that a market exists whenever the
buyer and seller come together.
A physical marketplace brings buyers and sellers together in the
same location.
MARKET
You could be familiar with the old idea of a market,
which is a physical place where buyers and sellers come together. This still happens, of course, but nowadays buyer and seller do not have to be in the same place all the time, to do trades with each other.
Those shopping malls, department stores,
and retail stores are examples of your
3 physical markets while Non-Physical Markets or Virtual markets, are done through telecommunications or the internet
A Potential market is that part of the total population that
has shown interest in buying a product or service. It simply means possible customers.
POTENTIAL MARKET
Potential market is about possible customers.
There are the people or demographic
groups from the total population that are not yet in your list of sure customers. They could still be your sure customers if you:
• add to your available products or
services • start promoting your products and services in a new way • catch new groups of buyers. https://simplifytraining.com/cours e/identifying-customer-needs/
To keep customers and identify your new potential markets, take note of what they have in common with each other like events in their lives that will influence buying patterns, and where they connect or separate. Many entrepreneurs attest to this.
It is your business to give customer satisfaction. As an entrepreneur you
must clearly identify the right customers for your right product or service, and then focus all your marketing, advertising, and sales efforts on this customer.
Whatever product or service your business will provide, it is a must to
make sure that there is high demand for it before investing time and money.
That is why it is a must to study buyers, as part of what you analyze in
the market along with competitors and other aspects. These are moves mentioned by entrepreneurs.
4 What’s More
Enumeration and brief essay. Write answers briefly and clearly in a
separate sheet of paper. Fill out with details.
1. Two (2) examples 2. Two (2) examples 3. Your preferred
Physical market Non-physical type market One (1) reason. Why is it your choice?
1. a. __________________ 2. a. _________________ 3. a. __________________
b. __________________ b. _________________ __________________
Are your listed examples, right? If your examples in the physical market are places and the non-physical market are virtual ways, then, you do get it right for market in entrepreneurship.
What Have I learned
It is time for you to express ideas you were able to grasp.
Brief Essay. Describe the potential market in your place in two
Brief Essay. Write the answer clearly in a separate sheet. Only one (1) answer per number.
What business What is it What is it that idea can you that your your think of from neighbors neighbors like both the dislike in in common? common like common? __________ and dislike? _________ ____________
a. _________________ b.________________ c. ______________
Keep this in mind.
1. The Potential market is the part of the population that
show interest in your product or business. 2. A definition of market says that a market exists whenever the buyer and seller come together. 3. Possible customers are your potential market.
6 Assessment
This is it. You now reveal your potential in business!
MULTIPLE CHOICE: Read and understand each item carefully. Write the corresponding letter of the correct answer. __1. The Buyer and seller come together. Which is the result? A. A market will then ebb. B. A market will then end. C. A market will then exit. D. A market will then exist.
__2. A market can be physical and non-physical or virtual. How is this possible? A. A market can be Actual and non-actual. B. A market can be Local and non-local location. C. A market can be a material and non-material type. D. A market can be a place or seen through the internet.
__3. A potential market must be identified. Why must it be identified?
A. This part of the population shows interest in the buyer. B. This part of the population shows interest in the product or service. C. This part of the population shows interest in the regularity of sales. D. This part of the population shows interest in the total manufacture.
__4. Know the customer and competitors. How is this done?
A. Analyze the buyer. B. Analyze the costs. C. Analyze the deals. D. Analyze the market.
__5. There are people that could still be your sure customers. Which is wrong? A. Add to your available products or services. B. Bring change in all possible ways and have it done. C. Catch new groups of buyers or demographic groups. D. Start promoting your products and services in a new way.
_6. A seller receives a call from a buyer. How does the market exist in this case? A. vacant/open market B. virtual/non-physical market C. voucher/all alternative market D. voyager/ever travelling market
__7. A buyer books an online order or via internet. Is there a market that exist?
7 A. Yes, it is a non-alter market. B. Yes, it is a non-open market. C. Yes, it is a non-direct market. D. Yes, it is a non-physical market.
__8. People still go to stores or places to buy. What market exist in this practice? A. alternative market B. direct-order market C. open-close market D. physical type market
__9. The potential market is essential in business. Why is it so?
A. It is the possible areas. B. It is the possible customers. C. It is the possible delivery. D. It is the possible manufacturers.
__10. Take note on what is common among customers. Why is this done? A. To know on the betting behavior. B. To know on the bidding behavior. C. To know on the booking behavior. D. To know on their buying behavior. __11. Businesses provide products and services. How else should it serve? A. Provide details for customers. B. Provide options for customers. C. Provide satisfaction for customers. D. Provide technologies for customers. __12. Business is an investment of time and money. How to be sure about it? A. Be sure of high access. B. Be sure of high booking. C. Be sure of high costing. D. Be sure of high demand. __13. A market analysis must be done. How is this done? A. Study on agents and advertisers. B. Study on customers and competitors. C. Study on dealership and distributorship. D. Study on forwarding and franchising set up. __14. The old idea of a market still happens. Which is a false market statement? A. A place where buyer and seller transact is a market. B. Each time a buyer and seller transact there is a market. C. Telecommunication and online transactions make a market. D. Virtual is an old idea of businesses transacting in a market. __15. A potential market is part of a total population. Which statemen is true? A. A potential market must be identified. B. A potential market only can buy to sell. C. A potential market will become a sure customer. D. A potential market with interest in paying for products or services.
Additional Activities
How well did you do on answering the questions?
Proceed and apply to show your understanding in practice.
8 Brief essay. Write clearly on a separate sheet of paper for your response.
a. How will you do the practical daily living use of what you have learned? Include how it will allow you to promote trustworthy and reliable attitude. ___________________________________________________________________________ b. Ask-all-You-can about what you took up here. I will write back and post answers online. ___________________________________________________________________________
