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Viability, Profitability, and Customer Requirements

The document discusses key considerations for entrepreneurs in establishing a viable business, including evaluating market opportunities, developing innovative products that satisfy customer needs, understanding competitors, and ensuring management focuses on mission, workforce development, technology, demand analysis, distribution channels, product quality, and customer service. Financial analysis is also important to determine if a business idea is viable.

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jenny Salonga
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2K views

Viability, Profitability, and Customer Requirements

The document discusses key considerations for entrepreneurs in establishing a viable business, including evaluating market opportunities, developing innovative products that satisfy customer needs, understanding competitors, and ensuring management focuses on mission, workforce development, technology, demand analysis, distribution channels, product quality, and customer service. Financial analysis is also important to determine if a business idea is viable.

Uploaded by

jenny Salonga
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Viability, Profitability,

and
Customer Requirements
“In the modern world of business, it is useless to
be a creative, original thinker unless you can
also sell what you create”

- David Ogilvy
• The entrepreneur’s desire to establish his business is
a visible idea yet it must come into a test whether it is
a variable business option. It needs a careful analysis
of opportunity evaluation. The entrepreneur who fails
to evaluate his noble idea because of his eagerness
to plunge into the business world often discover later
that he has more problems to solve and at times
abandons the idea after spending his time and money
The Starting Point of Conceiving the idea of the
Type of Business:

1. Connecting a new product is a process of innovation


and when this comes into a reality, the product must
be different from an existing product.

2. New product needs customer evaluation and this


process needs exposure to the target market as to
its economic value. This new product must satisfy
customer’s needs and wants. It needs market
exposure and public acceptance before it could take
off the ground.
3. The entrepreneur must find a new approach to win
customer on his side if the product or service is
similar to what is existing in the community. The
new venture must be able to present a new
alternative or different approach for him to take off.

4. He must know the strength and weaknesses of his


competitor and thereby device a new system of
promotion and advertising such as product
discounts, cash discounts, raffles, and other
package of prizes. Emphasis should also focus on
good customer service.
The Entrepreneur should look deeper into the following
areas based on Viability:

- Management must be able to set the direction of the enterprise


with a clear MISSION and VISSION as the guiding tool for its
plans and programs.

- The technical and manpower complement are important factors


in the success of the business.

- Manpower complement may need some training and


indoctrination of the company’s operation.

- The management must introduce new technology to make work


easier for the working time.
The Entrepreneur should look deeper into the following
areas based on Customer requirement:

- The marketing program needs demand analysis for the last 5


years as to the major users of the product.

- The demographic profile of the target customer must be


taken into account as the success of the product depends on
the target customer.

- Customers would like to have a lot of choices; yet when they


like the product we turn them into regular customer.

- The growth in market demand needs channels of distribution.


The Entrepreneur should look deeper into the
following areas based on Productivity:

- Product specifications must be maintained


according to product standards that are acceptable to
customers.

- The management must look into cheap available


raw materials in the production of goods.

- Production schedule must be made together with


product specification.
- For service industries like restaurants, hotels,
beauty salon, barber shops or even water stations,
the customers must be served with dignity and
smile.

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