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Entrepreneurship Quarter 1 — Module 2: Recognize a Potential Market

This module will allow you to learn independently the knowledge and skills in recognizing a potential market. It will guide you to identify the market problems to be solved or the market needs to be met; and let you propose solution/s in terms of product/s and service/s that will match the need using techniques on seeking, screening, and seizing opportunities. Also, in this module we are going to identify the market problem and propose solutions with regards to products and services, to continue discovering the ideal buiness you are going to offer for your community. Basically, in return for your hard time of selling your product you can generate profit.

In this module, you will know the following:

  • Associate the market problem to be solved or the market need to be met:
  • Look for solution/s in terms of product/s and service/s that will meet the need using techniques on seeking, screening, and seizing opportunities.
  • Break down the market need.
  • Detect the possible product/s or service/s that will meet the need of your locality.
  • Screen the proposed solution/s based on viability, profitability, and customer need in developing a Business Plan.
  • Choose the best product or service that will meet the market need.

This is your guide on how to develop a Business Plan. By identifying and appealing to a particular group of consumers you need to check on the possible product needed in your locality.

Business industries offer products and services. The activity of making, buying, or selling goods or providing services in exchange of money is called business. Product is something that is made or grown to be sold or use, or something that is result of a process. Services are those intangible products where there is a skill involved and has a value.

After completing this module, you need to:

  • Learn and understand the sources of opportunities for business.
  • Determine the essentials in the entrepreneur’s opportunity seeking.
  • Identify market problems and propose potential products or services that will meet the market needs.
  • Know the problem in which a business opportunity arises from.
  • Identify, screen and propose solutions to meet the problem.
  • Select the best product or service that will meet the market’s need with a consideration of generating profit.
ENTREP12_Q1_M2_RECOGNIZE-A-POTENTIAL-MARKET

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