GOOD AFTERNOON 12 DEWEY Rearrange the letters to create as many new words as you can in one minute! Are You Ready? T I T C O M P I E0N Hurry! Write your answers. The clock is ticking. S T O R M E C U Hurry! Write your answers. The clock is ticking. P P E L S U R I Hurry! Write your answers. The clock is ticking. S S T U B I T U E T Hurry! Write your answers. The clock is ticking. P H I C G E OG R A Hurry! Write your answers. The clock is ticking. PROCESS QUESTIONS: 1. HOW DOES THE CONCEPT OF COMPETITION (THE WORD YOU FORMED) IMPACT BUSINESS STRATEGIES AND INDUSTRY GROWTH? 2. WHAT IS THE SIGNIFICANCE OF CUSTOMERS AND SUPPLIER IN SHAPING A BUSINESS'S PRODUCTS AND SERVICES? 3.WHAT DO YOU THINK OUR LESSON FOR TODAY? INDUSTRY ANALYSIS COMPETITION Who are the major businesses in the industry? Are there locations close to your proposed business? Have they been long existing or still new entrants? What is the market share of each of these businesses? It is very important that you know your competitors and be ready for them. Your aim is to win their customers, convince them to buy from you instead, and remain as loyal customers. CUSTOMERS Who will you sell your product to? The target market must be identified. Who exactly will buy your products? What income groups? What age brackets? What gender? What career groups? What type of people will you cater to, based on their preferences, lifestyles, and buying habits? SUPPLIERS Every retail business relies on suppliers for raw materials, intermediate products, or finished goods for resale. Finding reliable suppliers is crucial for quality and timely deliveries. Modern technology makes it easy to research and review suppliers online, and traditional sources like yellow pages also offer valuable leads. A business owner can source products directly from manufacturers, which is typically the cheapest option but may involve high delivery costs if distant. Distributors provide a middle-ground, offering smaller quantities at slightly higher prices. Importing from nearby countries can be cost-effective if prices are lower and transport and import duties are manageable. Maintaining strong supplier relationships is essential for ongoing access to quality goods and materials. SUBSTITUTES Substitutes are goods that can replace each other, meeting similar consumer needs. For instance, margarine can substitute for butter, or wheat bread for white bread. Some substitutes, like Pepsi for Coca-Cola, are close, but brand loyalty often influences consumer choice. To foster loyalty, manufacturers differentiate their products. For example, Safeguard and Dove are both soaps, yet distinct enough for consumers to develop preferences. Strong product differentiation gives manufacturers an advantage, as it encourages customers to choose their brand over competitors. A GUIDE TO INDUSTRY ANALYSIS Geographic Area - identify the area whether local, regional, nationwide, or international Industry (as to size) - worth in pesos and number of firms, trends, and developments and future outlook Product- describe the product as to physical attributes and characteristics, and its uses Buyers - describe target customers as to age, income group, geographical location, and occupations; include consumer demographics such as population/ household size, sex, race, ethnicity, family status, housing status, etc.; may also include psychographics such as lifestyle information, tastes, preferences, and buying habits Regulatory Environment - should include government laws and regulations that apply to the business Company Information - make a list of the most successful businesses in the industry A brief history of the industry - when it started and how it developed Factors that affect the growth of the industry - such as migration of population from rural to urban areas Trends in sales over recent years - show actual sales in the industry over the past 5 years Current operational/management trends within the industry, which are standard practices prevalent among the firms. The types of marketing strategies prevalent within the industry Competitor information - including the location of competitors how long lent reso have they been in business and their market share. Factors that affect the growth of the industry - such as migration of population from rural to urban areas GOOD AFTERNOON, DEWEY! APPLIED ECONOMICS Process Question: 1. What are the different types of Industry? 2. What do you think are the differences of each industries? 3. What do you think our lesson for today? TYPES OF INDUSTRY PRESENTATION AGRICULTURAL BUSINESS encompasses the economic sectors for farming and farming-related commerce. It involves all the steps for getting agricultural goods to the market, including production, processing, and distribution. The industry is a traditional part of any economy, especially for countries with arable land and excess agricultural products for export. SERVICE where it offers intangible products like financing services that being offer in the banks and other financing firms. MANUFACTURING refers to any industry that produces products from raw materials by the use of human labor or machinery and that is normally carried out orderly with division of work. AGRIBUSINESS Agriculture has been defined as the science and art of producing livestock and cultivating plants and . The agricultural sector has been an important component of the Philippine economy. RETAIL Retail includes the sale of merchandise from a one point of purchase directly to a consumer who tends to utilize that product. The single purchase could be a brick and-mortar retail store, a catalog, an internet shopping website, or even a mobile phone. The retail activity is at the last point of the chain. Manufacturers sell huge quantities of goods to retailers, and retailers tends to sell those same quantities of goods to customers. SERVICES A service industry is any industry that produces value that is primarily intangible such as advice, consultation, customer service, knowledge, management, data and experiences. Advanced economies are undergoing a long-term shift whereby service industries are turning into a larger component of economic output similar to other industries such agriculture and manufacturing MANUFACTURING • Manufacturing is the processing of raw materials into finished goods through the use of equipment,tools and processes. • Manufacturing, any industry that produces products from raw materials by the use of human labor or machinery and that is normally carried out orderly with division of work. • In the common sense, manufacturing denotes the assembly of parts into finished products on an equal large scale. Among the most essential manufacturing industries are those that make aircraft, computers, chemicals, refined petroleum products, consumer electronic, clothing, electrical equipment, furniture, heavy machinery, ships, steel, automobiles, and tools and dies INTERNATIONAL TRADE • International trade is the exchange of services and goods from one country to another. This type of trade gives opportunity to a world economy, in which prices, or demand and supply, affect and are affected by global events. • What is an 'Import'? An import is a good or service that brought from the other countries. The word "import" comes from the word "port" since goods are often travelled via ships or boats to foreign countries. • What is an 'Export'? Exports are goods and services made in one country and sold to buyers in another. Exports are important to modern economies, because they provide opportunities to people and firms many channels of distribution for their goods. "HOW DOES UNDERSTANDING THE DIFFERENT TYPES OF INDUSTRIES AND CONDUCTING INDUSTRY ANALYSIS HELP BUSINESSES NAVIGATE THEIR COMPETITIVE ENVIRONMENT AND MAKE STRATEGIC DECISIONS?" DIRECTION: IDENTIFY THE FOLLOWING OF WHAT TYPE OF INDUSTRIES THAT THEY DO BELONG TO. DRAW THE FIGURE BEFORE ITS NUMBER THAT CORRESPONDS TO THE CORRECT ANSWER. COMPLETE THE SENTENCE: IN EVALUATING A BUSINESS'S POSITION WITHIN ITS INDUSTRY, UNDERSTANDING THE DIFFERENT TYPES OF INDUSTRIES AND CONDUCTING AN INDUSTRY ANALYSIS IS IMPORTANT BECAUSE ____." GOOD AFTERNOON, GAS DEWEY! ACTIVITY: PICTURE SURFING AND ANALYSIS A. SEARCH FOR PICTURES OR IMAGES RELATED TO THE WORDS NUMBERED BELOW. B. CUT AND PASTE THE SURFED PICTURE INSIDE THE BOX CORRESPONDING THE WORD. C. DESCRIBE THE PICTURE BRIEFLYCTORS AFFECTING BUSINESS AND INDUSTRY VARIOUS SOCIO-ECONOMIC FACTORS AFFECTING BUSINESS AND INDUSTRY Business has to pass through various socioeconomic factors and has to be affected by such factors in its will of making money or profit by producing or buying and selling products in the form goods and services. Socio-economic factors include all transactions that the business has to interact with comprising land, labor, capital, and technology. Business could not operate without a rented or owned real estate. It could not function without employing laborers, and providing investment. Socio-economic Factors Affecting Business also includes the practice of consumer in • using new products and services • availability of raw materials/supply Other factors affecting business may include the following a. Payment of Government Taxes b. Mode of the International Trade How are You Going to Determine the Socio-Economic Status of Consumers as a Factor Affecting Business or Industry? THE DETERMINATION OF THE CONSUMER’S BEHAVIOR AND THEIR DECISIONS ON WHAT TO BUY FOR CONSUMPTIONS IS ANOTHER FACTOR. CONSUMPTIONS REFER TO THE USE OF GOODS AND SERVICES TO SATISFY THE BASIC NEEDS AND WANTS OF CONSUMERS. DIFFERENT SOCIOECONOMIC CLASSES WILL GENERALLY HAVE DIFFERENT PRIORITIES, AND THIS WILL AFFECT HOW CONSUMERS SPEND THEIR MONEY. THE CONSUMERS ARE THE PERSONS WHO BUY THE PRODUCTS BUSINESS OFFERS FOR SALE. IT IS THEREFORE IMPERATIVE THAT WE GET TO PLEASE THE CONSUMER, SO HE/SHE WILL BUY FROM YOU INSTEAD OF FROM YOUR COMPETITORS. ONCE SATISFIED THE BUYER WOULD BE EVENTUALLY BECOME OUR ”SUKI” OR REGULAR CUSTOMER. Determining the Socio-Economic Status Consumers and Its Effects on Industry of THE FOLLOWING ARE THE MAIN PARAMETERS OF SOCIO-ECONOMIC STATUS OF CONSUMERS OR BUYERS: 1. INCOME - WHEN INCOME IS SCARCE, CUSTOMERS TEND TO RESTRICT THEIR SPENDING TO ESSENTIAL ITEMS. 2. EDUCATION/SKILLS - A SOCIETY THAT HAS IT THAT A WELL-EDUCATED AND SKILLED POPULATION FLOURISHES BECAUSE INDIVIDUALS ARE EMPLOYABLE IN WELL-PAYING JOBS; AND 3. OCCUPATION - REFERS TO THE TYPE OF JOBS PEOPLE PERFORM BY VIRTUE OF THEIR SKILLS, EXPERIENCES OR CHOICE. How do socio-economic factors, including the socio-economic status of consumers, influence the strategies and success of businesses and industries across different sectors? SHORT QUIZ ALTERNATE RESPONSE DIRECTIONS: READ AND UNDERSTAND THE STATEMENT BELOW. WRITE FALSE THE STATEMENT IS CORRECT AND TRUE IF IT’S INCORRECT. 1. A Socio- economic Factors include all transactions that the business has to interact with comprising land, labor, capital, technology, among others 2. Consumption refers to the persons who buy the products business offers for sale. 3. Occupation refers to the type of jobs people perform by virtue of their skills, experiences or choice. 4. Consumers refer to the use of goods and services to satisfy the basic needs and wants of consumers. 5. A society that has it that a not well-educated and not skilled population flourishes because individuals are employable in well-paying jobs THANK YOU ACTIVITY: POSTER MAKING PRESENTATION DIRECTIONS: MAKE A POSTER PROMOTING THE KIND OF SMALL BUSINESS THAT YOU WANT TO PUT-UP RUBRIC FOR POSTER-MAKING CONCEPT REPRESENTAION=15% NEATNESS AND CLARITY =15% VIABILITY OF A BUSINESS AND ITS IMPACT ON THE COMMUNIT A. Business as a Commitment to Foster Sustainable Economy Business has to establish relations with the community be it a small or large social unit where people have something in common, in norms, religion, values, or identity because it determine the very existence and sustainability of business itself. ECONOMIC CONTRIBUTION: SMALL INDUSTRIES DRIVE LOCAL ECONOMIC PROGRESS AND PROVIDE EMPLOYMENT OPPORTUNITIES, ESPECIALLY FOR THOSE NOT SUITED FOR LARGER CORPORATIONS. COMMUNITY INVOLVEMENT: THEY HELP CREATE JOBS, EXPAND THE TAX BASE, PROMOTE PRODUCT DIVERSITY, AND ENHANCE COMMUNITY IDENTITY, WHICH CAN ATTRACT TOURISM AND NEW OPPORTUNITIES. IMPACT ON HOUSEHOLD INCOMES: SMALL BUSINESSES IMPROVE HOUSEHOLD INCOMES, CONTRIBUTING TO THE OVERALL NATIONAL ECONOMY. CONSUMER FOCUS: SMALL BUSINESSES CAN TAILOR PRODUCTS AND SERVICES TO MEET LOCAL CONSUMER NEEDS. KEY QUESTIONS FOR ENTREPRENEURS: SUCCESSFUL BUSINESS OWNERS SHOULD CONSIDER: HOW TO SOURCE RAW MATERIALS OR SUPPLIES? WHAT IS THE POTENTIAL MARKET SIZE OR DEMAND? WHO ARE THE COMPETITORS? WHO ARE THE TARGET CUSTOMERS? WHAT IS THE POTENTIAL SELLING PRICE? IT IS ALSO VERY IMPORTANT TO ESTABLISH ORGANIZATIONAL CONTROL THAT INCLUDES CONTROL IN DEVELOPING RULES, GUIDELINES, PROCEDURES, LIMITS OR OTHER PROTOCOLS FOR DIRECTING THE WORK AND PROCESSES OF EMPLOYEES AND DEPARTMENT OF THE BUSINESS BY THE MANAGEMENT. C. BUSINESS IMPACT IN ITS OPERATION 1. IMPACT TO THE CONSUMER – BRINGING SOME NEW AND INNOVATIVE PRODUCTS OR SERVICE TO THE MARKET IS ALWAYS WELCOME TO CONSUMERS WHO IS LOOKING VALUE FOR HIS MONEY. 2. IMPACT ON SUPPLIERS AND INVESTORS – BUSINESSES PROVIDE OPPORTUNITIES FOR SUPPLIERS AND INVESTORS THAT WILL SUPPLY THEM THEIR NEEDS AND WHICH MEANS INCOME FOR THEM. MORE BUSINESS MEANS MORE JOBS, MORE HIRED WORKERS MEANS MORE INCOME, MORE INVESTMENT MEANS MORE PRODUCTION AND RETURN OF INVESTMENT, MORE INCOME TO THE ECONOMY IS LEADING TO ECONOMIC GROWTH. 3. IMPACT ON THE GOVERNMENT – THIS WILL BENEFIT FROM THE ESTABLISHMENT OF NEW BUSINESSES THROUGH REVENUES EARNED ON FEES COLLECTED FROM THEM AND ON TAX IMPOSED ON THE INCOMES OF THE BUSINESS. C. BUSINESS IMPACT IN ITS OPERATION 4. IMPACT ON HOUSEHOLDS – BUSINESSES MEAN EMPLOYMENT OPPORTUNITIES FOR THE FILIPINOS. 5. IMPACT ON THE LOCAL GOVERNMENT’S PROGRAMS – CSR OR THE CORPORATE SOCIAL RESPONSIBILITY HAS BECOME A GROWING TREND AMONG BUSINESSES TODAY. SMALL AND BIG CORPORATIONS INCREASED FOCUS ON PROJECTS LIKE SCHOLARSHIPS, HOUSING, TREE PLANTING, AND OTHER RELATED PROGRAMS FOR THE COMMUNITIES WHICH ARE USUALLY ANCHORED ON THE LOCAL GOVERNMENT UNITS (LGU) PROGRAMS.
