MATH11 ABM Applied Economics Q2 Module 7 Analyze Different Principles, Tools, and Techniques in Creating a Business PDF

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Summary

Applied EconomicsQuarter 2 Module 7 – Lesson1:Analyze Different Principles, Tools,and Techniques in Creating aBusinessWhat I Need to KnowThis module was designed and written with you in mind. It is here to help youanalyze different principles, tools and techniques in creating a business. The scope o...

Description

Applied Economics Quarter 2 Module 7 – Lesson1: Analyze Different Principles, Tools, and Techniques in Creating a Business

What I Need to Know

This module was designed and written with you in mind. It is here to help you analyze different principles, tools and techniques in creating a business. The scope of this module permits it to be used in many different learning situations. The language used recognizes the diverse vocabulary level of students. The lessons are arranged to follow the standard sequence of the course. But the order in which you read them can be changed to correspond with the textbook you are now using. The module has one lesson only, namely: Lesson 1: Analyze Different Principles, Tools and Techniques in Creating a Business After going through this module, you are expected to:  identify principles in creating business;  discuss tools and techniques in making efcient business; and  analyze business principles, tools, and techniques in making efcient business.

What I Know

Before we begin our lesson, I want you to answer the pre-assessment to help us know your prior understanding about the lesson. Directions. Choose the letter of the best answer. Write your answer on a separate sheet of paper. 1. The process by which one or two or more persons engage in commercial activity for profit. a. Business b. Commerce

c. Trade d. Partnership

2. Persons or company who supplies goods and services. a. Consumer b. Creditors

c. Government d. Suppliers

3. The capability of a system to expand its total output under an increased volume of work when resources are added. a. Autonomy b. Big Ideaa

c. Profitability d. Scalability

4. A business which has its own identity and is distinct from the owners is called ____. a. Autonomy b. Big Ideaa

c. Profitability d. Scalability

5. A business with the main purpose of gaining profit is called ___________. a. Autonomy c. Profitability b. Big Ideaa d. Scalability 6. A businessthat creates its own plan to expand its economic growth. a. Autonomy c. Profitability b. Big Ideaa

d. Scalability

7. Which brand of drinks may be a very good substitute for Coca-Cola? a. Mirinda c. Sarsi b. Pepsi d. Seven-Up 8. Industry rivalry among companies of the same or related industry is called_______. a. Competition c. Alliance b. Distribution d. Threats 9. Competitive advantages that can also be gained by business that seek cooperation within or related industries is termed as____. a. Alliance c. Defensive strategy b. Cost leadership d. Differentiation 10. Individuals who will buy the products and services in the market. a. consumers c. government b. creditors d. supplier 11. Margarine is a good substitute for ____________________. a. butter c. cheddar

12.

13.

14.

15.

b. cream cheese d. Olive oil A strategy that businesses often use marketing and some ads are against the competitors. a. Advertising c. Alliance b. Cost Leadership d. Defensive Strategy An advantage that occurs when a business is able to offer the same quality product as its competitors, but at a lower price. a. Differentiation c. Defensive Strategy b. Alliance d. Cost Leadership Gained by using defensive strategy the business to set them apart itself from its competitors. a. Defensive Strategy c. Differentiation b. Alliance d. Cost Leadership Products use as replacements to other products that gives the same purpose. a. clone c. original b. substitutes d. brand

Lesso n

1

Analyze Different Principles, Tools, and Techniques in Creating a Business

Business entities are important to country’s economic growth. It enables to create goods and services, provide jobs for individuals to generate income and accumulate wealth and generate revenue for the government which enables to provide basic social services. Moreover, it produces goods and services that individuals needs and wants. Business to thrive and grow need to used tools and techniques to continuously exist thus best practices and techniques need to be employed.

What’s In

In the previous lesson, you have learned about the challenges and current problems of the Filipino entrepreneurs face in the Philippines. Based on what you have learned, Choose among the images below two (2) current problems that Filipino entrepreneurs faced and write down 5 best practices that can be used for the business to continuously operate and grow.

Notes to the Teacher The teacher must consider the prerequisite skills needed in the development of this competency including the schema or background knowledge which may reinforce learning. This module will help the learners bridge the gap of learning to attain mastery of the lesson.

What’s New

Principles, Tools, and Techniques in Creating a Business To start a new business, an entrepreneurs needs to have a plan to start a business, as one of the best practice entrepreneurs to identify needs of the community to start a business. Based on your inquiry whether by interview or survey through print or online, now, I would like you to identify 5 major needs of your community and rank them according to order of priority from 1 being the highest and 5 lowest and describe business opportunities that can be created.

Activity 1. Fill the table below Needs of the Community 1.

Business that can be created

Rank

2. 3. 4.

5.

What is It Principles, Tools, and Techniques in Creating a Business

In planning a business, a thorough study needs to be made from the creation of business. Understanding how the business will operate and co-exists in the business world thus one needs to study principle, tools and techniques in creating business

Since business is a commercial activity and its main purpose is profit, in the book published by the Development Academy of the Philippines, how to prepare project feasibility studies, it includes an industry analysis of the following important factors.

c

What’s More

Activity 1.Modified True or False. Write True if statement is correct, write False if statement is incorrect and underline the incorrect word and write the correct answer. ___________1. One of the strategies of suppliers is to provide discounts to clients who buy small quantities of a specific good or service. ___________2. In business, competitors are a must to ensure quality products and services. ___________3. Affordable price means lesser market share. ___________4. Soya milk is an example of substitute product for fresh milk. ___________5. Low quality means high satisfaction to customers.

Activity 2 Directions: Read the story carefully. Analyze the business. Then answer the questions at the end of the story. Anne and Cherry are friends since high school. Anne is good in baking and Cherry is good in selling. To increase their income, they decided to put up an online business of bakery products. They contributed 10,000 each to start the business and decided to split the profit equally as business partners. The friends agreed that Anne will be in charge of the production while Cherry will be in charge of the online site for taking marketing and promotion. Cherry started taking orders while Anne is busy on baking products. The business started to get big orders from their regular clients and other who visited their online site. After one year of operation, while Cherry continue with her regular work Anne as in-charge of the production, started getting sick and advised to rest. Now, Anne can no longer continue baking for their business.

1. What went wrong with the business?

2. Do you think Anne and Cherry were right in how they manage their business?

3. Are they right in their decision of equal sharing of profit? Explain your answer.

Rubric:10 points- comprehensive and analytical 8-9 points- well written and some includes analysis; 5-7 points-well written but lacks analysis; 2-4 points- weak essay; 1 point Poorly written and lack strength

Tools in Evaluating a Business It's the Holy Grail for small business owners – finding ways to make efciency

Activity savings in all aspects of their operations. The good news is there are plenty of needed P tools, tips and techniques available to help them make cost savings and boost custom Thproductivity. Here are 10 of them. te 1. Use technology to speed up workflow- Businesses should be looking to innovations in technology to solve day-to-day inconveniences and to increasee 1. caefciency.

SDO

pr 2. Shorter meetings fuel efciency- Hold a brief meeting standing up, every morning, where each person explains what they are going to work on that day to 2. ensure everyone is on the right track and not wasting time on non-urgent tasks. B 3. Smart ofce space pays- Ofce space can involve a big outlay for SMEs, but it 3. fa is also an area where some sma

Senior High School

D SUPPLIERS int Provide inputs that the firms in an industry need to crea 1. that they in turn sell to their buyers.Suppliers can ex pr participants in an industry by raising prices or reducing and part services. In this of the module, the teacher would like to know 2. goods co what you have learned in the lesson 3. A business may need one or more suppliers. It is important to de what they supply and their dependability in comwho are reliable in terms of quality ofIdentify at leastItfive principles and in creating coming up with the things you order from them. is important to tools maintain good 4.A business relationships with one’s suppliers; they are the key to one’s conti wit goods and to raw materials that will be needed for the business.

What I Have Learned

PR

customers will develop produ . cr 10. Don't be lax with the legal 1 In the hectic process of starting up a business, the founders ofte m out the legal matters until la S e

Writer:

CINDY M. RONQUILLO T-III, SHS IN APALIT(STAND ALONE 1), Cluster VI Editors: JANE P. VALENCIA, EdD – Math/ABM Supervisor CHAIRMAN KARINA B. HERNANDEZ – Teacher III

Essay.As a student of economics, what business can you recommends in this pandemic crisis Covid 2019 and why? .(Rubric:10 pointscomprehensive and analytical 8-9 points- well written and some includes analysis; 5-7 points-well written but lacks analysis; 2-4 points- weak essay; 1 point Poorly written and lack strength)

Assessment

Choose the letter of the best answer. Write the answer on a separate sheet of paper. 1.These are individuals/group of individuals who buy goods and services for personal and business use. a. Consumer c. Government b. Creditors d. Suppliers 2.The capability of a company to produce or increase output when resources are added is called _______________________. a. Autonomy c. Profitability b. Durability d. Scalability 3.Business is a legal entity that is separate and distinct from owner. a. b.

Autonomy Durability

c. d.

Profitability Scalability

4.Ford and Toyota sells the same products; it evident that there is a ____________ . a. Competition c. Alliance b. Distribution d. Threats 5.Competitive advantages can also be gained by business that seeks association or cooperation with other business: a. b.

Alliance Cost leadership

c. d.

Defensive strategy Differentiation

6. Individual or firms who desire products and services in the market for consumption or business. a. b.

Consumers Creditors

c. d.

Government Supplier

7. Which does not belong to the group? a. Colgate c. Close-Up b. Head and Shoulders d. Hapee 8. A strategy that businesses use to distinguish themselves apart from their competitors. a.

Differentiation

c.

Defensive Strategy

b. Alliance d. Cost Leadership 9. This method occurs when a business is able to offer the same quality product as its competitors and sell it at a lower price. a. b.

Differentiation Alliance

c. d.

Defensive Strategy Cost Leadership

10. The advantage gained by this type of strategy is that it allows the business to further distance itself by using defensive method. a. Defensive strategy c. Diffrerentiation b. Alliance d. Cost Leadership 11. An economic activity that is engage in buying and selling of goods and services in exchange of money. a. Business c. Trade b. Commerce d. Partnership 12. Business ability to use its resources to produce profit. a. autonomy c. profitability b. big idea d. scalability 13. These are alternative goods that can easily replace by other products either perfectly or in part. a. brand c. original b. clone d. substitutes 14. Printed and online promotion is needed in starting your business. a. advertising c. profitability b. big ideas d. scalability 15. Entrepreneurs think big and make this idea into a reality for the success of their business. a. autonomy c. profitability b. big idea d. scalability

Additional Activities Think Big. In the recent ECQ, many businesses suffer a loss due to lockdown. In at least five (5) sentences, what solutions can you suggest to make their businesses thrive? (Rubric: 5 points- comprehensive and analytical 4 points- well written and some includes analysis; 3 points-well written but lacks analysis; 2points- weak essay; 1 point- poorly written and lack strength)

Answer Key

Assessment:

What's More

1. A

1. False-large

2. D

2. True

3. A

3. False-bigger

4. A

4. True

5. A

5. False-High

6. A 7. B 8. A 9. D 10.A 11. A 12. C 13. D 14. A 15. B

What I Know 1. A 2. D 3. D 4. A 5. C 6. B 7. B 8. A 9. A 10. A 11. A 12. A 13. D 14. A 15. B

References Dinio and Villasis 2017: Applied Economics. Rex Bookstore, First Edition. Leano, Roman D. 2016: Applied Economics for Senior High School. Mindshapers Co., Inc. https://www.batimes.com/articles/8-tools-and-techniques-to-apply-to-strategic-analysis-and planning.html https://articles.bplans.com/know-your-industry-before-you-start-your-business/

Development Team of the Module Writer: Editor:

CINDY M. RONQUILLO LEILANE BARAWID/KARINA HERNANDEZ

Reviewer:

JANE P. VALENCIA, EdD – EPS – Mathematics

Illustrator: Layout Artist: Language Reviewer: Management Team ZENIA G. MOSTOLES, EdD, CESO V, Schools Division Superintendent LEONARDO C. CANLAS, EdD, CESE. Asst. Schools Division Superintendent ROWENA T. QUIAMBAO, CESE, Asst. Schools Division Superintendent CELIA R. LACNALALE, PhD, CID Chief JANE P. VALENCIA, EdD, Education Program Supervisor, Mathematics JUNE E. CUNANAN, Education Program Supervisor/ Language Editor RUBY M. JIMENEZ, PhD., Education Program Supervisor, LRMDS...