Opportunity Seizing.pptx

Opportunity Seizing

1. OPPORTUNITY SEIZING

2. OPPORTUNITY SEIZING After Opportunity Seeking and Screening, the entrepreneur is ready for Opportunity Seizing, the final stage.

3. OPPORTUNITY SEIZING At this stage, the entrepreneur must be able to determine the critical success factors that enable other players in the same industry to succeed while, at the same time, be vigilant about factors that cause other businesses to fail.

4. 1. Crafting a Positioning Statement In order to craft a positioning statement, the entrepreneur is advised to look at other competitors( or substitute) in the marketplace. The following key points can help out the entrepreneur on how to go about this questioning: What are the main customer segments? What are the different products attributes and features of each other competitors?

5. 1. Crafting a Positioning Statement 3. What are the existing marketing practices of the various competitors? 4. What are the market preferences of consumers when it comes to the products being offered?

6. Positioning Statement A  is an expression of how a given product, service or brand fills a particular consumer need in a way that its competitors don't.  Positioning  is the process of identifying an appropriate market niche for a product (or service or brand) and getting it established in that area.

7. Activity no. 6 : Opportunity Seizing “Positioning Statement Sample Guide” For (your target) who wants / needs (reason to buy your product/service ) , the (your product or service) is a (category) that provides (your key benefit) . Unlike (your main competitor), the (your product/service) ( your key differentiator)

8. Competitors Analysis - is a critical part of your company marketing plan. With this evaluation, you can establish what makes your product or service unique and therefore, what attributes you play up in order to attract your target market.

9. For each competitor or strategic group Answer questions such as : Who are your competitors? What products or services do they sell? What is each competitor's market share? What are their past strategies? What are their current strategies?

10. For each competitor or strategic group Answer questions such as : What type of media are used to market their products or services? How many hours per week do they purchase to advertise through the media used in this market? What are each competitor's strengths and weaknesses? What potential threats do your competitors pose? What potential opportunities do they make available for you?

11. Grids for Competitors Analysis Grid 1: Quality versus Price Positioning of Competitors Grid 2: Sales volume versus Main Value Proposition

12. Grid 1: Quality versus Price Positioning of Competitors Grid 1 arranges the products according to their quality levels along the horizontal plane and according to their prices along the vertical plane. High Price Note: Letters represent competitors Mid Price Low Price Low Quality Mid Quality High Quality G H E F B A D C

13. Grid 2: Sales volume versus Main Value Proposition Grid 2 arranges the products according to their quality levels along the horizontal plane and according to their prices along the vertical plane.       SALES VOLUME IN UNITS OR PESOS VERY HIGH     HIGH     AVERAGE     LOW     VERY LOW               NOTE: NUMBERS REPRESENT COMPETITORS   HIGH QUALITY HIGH PRICE GOOD QUALITY MEDIUM PRICE GOOD QUALITY LOW PRICE POOR QUALITY LOW PRICE   MAIN VALUE PROPOSITION 1 2 3 4 5 6 7 8

14. Craft a Grid 1 for Competitors Analysis using the following data in the table FACTOR COMPARISON OF 6 MODEL RESTAURANT IN SN. FERNANDO CITY LA UNION Type of Food Service Name of Restaurant Sales Volume Food Quality Reasonable Price Variety in Food Menu Proximity to Workplace Average Fast Food restaurant KFC 4 4 3 3 5 3.8 Pizza Hut 5 4 3 3 3 3.6 Jollibee 5 5 4 3 4 4.2 TOTAL 4.7 4.3 3.3 3.0 4.0 3.9 Regular Food restaurant Taipan 4 4 2 5 3 3.6 Kawbing 4 4 3 5 4 4 Inasal 4 4 5 3 4 4 TOTAL 4 4 3.3 4.3 3.7 3.9

15. Activity no. 7 : Opportunity Seizing “Competitor Analysis Grids” Choose an industry with several competitors. An example would be fast food industry, footwear, or apparel industry. Try to come up with your own version of grid.

16. 2. Conceptualizing the Product or Service After making an assessment of the competing products, the entrepreneur must then conceptualize his or her own products. A CONCEPT –is an idealized abstraction of the product or service to be offered to the preferred market of the entrepreneur.

17. 2. Conceptualizing the Product or Service The concept must be compelling and unique to the customers targeted, meaning that the product should contain the attributes or features desired by the targeted market that make up the product’s main value proposition.

18. In order to come up with the product or service concept, the following options or directions may be considered by the entrepreneur: The F irst is to create similar to the winning products in the marketplace and ride with the obvious market trends. The Second is to find a market niche that has not been filled by the competitors( M arket Niche- means small segments of the market where discriminating customers are searching for special product or service features and attributes.)

19. In order to come up with the product or service concept, the following options or directions may be considered by the entrepreneur: 3. The Third is to conceptualize a product in a positioning category where the participants are rather weak. 4. The Fourth is to conceptualize a product that would change the way customers think, behave, and buy, thus existing products.

20. 3. Designing, Prototyping, and Testing the Product Designing means that the entrepreneur must render the concept and translate it into its very physical and very real dimensions(measurement)

21. 3. Designing, Prototyping, and Testing the Product This entails building a prototype of the product that will be ready for actual testing by the entrepreneur and then, later on, subject to testing by potential customers through focus group discussions(FGD), surveys, product demonstration sessions, and the like.

22. 3. Designing, Prototyping, and Testing the Product The next thing must do is to assess how much resources are available in order to seize the opportunity and what kind of organizational set-up will work best for this kind of opportunity.

23. 4. Implementing, Organizing, and Financing Good Planning and Good Programming are essential to have good implementation . A good planner and programmer must make several important choices to achieve the desired end results:

24. 4. Implementing, Organizing, and Financing First, is to choose the correct technology, the one that would produce the output that would meet the quality specifications of the products. Second, is to choose the right people who can perform the technical and the managerial functions necessary to realize the desired end results.

25. 4. Implementing, Organizing, and Financing Third, is to design the operating workflow that would assure the effective production of the output. Fourth, is to specify the system and procedures that would govern the enterprise, motivate and discipline the work force, and satisfy the customers.

26. 4. Implementing, Organizing, and Financing Fifth , is to design the organizational structure that would allow the people to function at their best.