ENTREPRENEURSHIP

Quarter 1: Module 4 Week 4

Learning Competency:
Determine the possible product/s or service/s that will meet the need.
(CS_EP11/12ENTREP-0a-4)

Lesson 5 : The Possible Product/s or Service/s that will Meet the Need
PRETEST: DIRECTIONS: To check your prior knowledge about the topic, please
analyze the statements below. Write the letter of the correct answer in the space
provided.

_________1. Which is referred to as a marketing offering?

A. Product/Service B. Sales C. Company D. Goals
_________2. Which of the following is not a tangible product?
A. Car B. Alcohol C. event organizer D. Face mask
_________3. Which is referred to as the production of an essentially intangible
benefit?
A. Items B. Company C. Service D. Market
_________4. Which of the following is a customer need that an Entrepreneur should
consider?
A. Usability B. income C. occupation D. savings
_________5. Which is not an after sales service?
A. Online support
B. warranty & Guarantee
C. Returns & Replacement
D. Employee training

LOOKING BACK TO YOUR LESSON

A Market is a place where two parties can gather to facilitate the exchange of
goods and services.
A potential market is the part of the market you can capture in the future. It
includes the demographic groups that are not currently your customers but
could become customers in the future (Lake, L, 2019).
The size of a potential market helps a company understand the level of
investment it should make further in the market, while taking into
consideration other factors.
The market now demands that your business align to their needs. In order to
properly align your marketing efforts ‒ and your content, in particular ‒ to
what buyers need, you have to have a clear understanding of the many
intricacies, pains and pressures within your market.

DIRECTIONS: Read and analyze the statements below. Determine whether the
statement is TRUE OR FALSE. Write TRUE if the statement is correct and write FALSE
if otherwise. Write your answer in the space provided.

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_____________1. Penetrated Market is a set of customers or clients who are already using
a particular product or service.
_____________2. Available market refers to a group of potential customers to whom a
company wants to sell its products and services.
_____________3. Target market users are people who have not yet purchased your
product but are considering it.
_____________4. Need is a motivating force that compels action for its satisfaction.
_____________5. Existing customers are people who have already purchased your
product.
_____________6. To know the demographic information that people have in common is a
way of reaching a potential market.
_____________7. To determine the potential market is not helpful for business future
growth.
_____________8. Asking what related products will customers need in the future is helpful
in identifying potential markets.
_____________9. Customer is a person or organization that uses a commodity or service.
_____________10. Market size is the number of individuals in a certain market segment
who are potential buyers.

BRIEF INTRODUCTION
As would-be entrepreneurs, there is a need to find the right products or services for your
target market. The product or service should deliver superior customer value (Claessens,
M., 2015).

Concepts about Product and Service

A product can be defined as anything that we can offer to a market for attention,
acquisition, use or consumption that could satisfy a need or want. However, the
definition of product does not only involve tangible goods such as a car, a fridge or a
phone. The definition is extended to include intangible objects as well, because they can
be offered to a market. Therefore, the broad definition of product includes services,
events, persons, places, organisations or even ideas (Claessens, M., 2015).

Services are special form of product which consists of activities, benefits or

satisfactions offered for sale that are intangible and do not result in the ownership of
anything. A service can thus include banking, airline travel, communication services,
hotel services and so on (Claessens, M., 2015).

A product is a tangible item that is put on the market for acquisition, attention, or
consumption, while a service is an intangible item, which arises from the output of one
or more individuals (https://corporatefinanceinstitute.com).

Examples:

1. When a consumer buys a car, the product comes with a lot of other service
responsibilities, such as tune-up and maintenance
(https://corporatefinanceinstitute.com).
2. A laptop buyer now buys a bundle of service benefits in addition to the tangible
components of the laptop.

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Specific Examples of products and services (https://www.archives.gov)

Products

new prints of motion picture film elements

prints for exhibit purposes
reference copies on DVD/CDs, books, magazines for the reading rooms or other
clients
Cars, tables and chairs, etc.

Services

consulting with clients on appropriate products for specific purposes

providing advice on risk assessment and priority setting
working on standards committees
conducting training and other educational outreach

The Difference of Product and Service (https://accountlearning.com)

Identifying and Meeting Customer Nee

Customer needs are the named and unnamed needs of customers when they come
in contact with the different business establishments or when they search for the
solutions which businesses provide (https://www.conductor.com/). In addition,
providing superior customer service means meeting customers’ needs by providing
them with the products and services they want or by providing effective solutions to their
problems (https://simplifytraining.com/). Similarly, innovation comes from identifying
customers’ needs and providing solutions that meet those needs (Sauro, J.).

Why “Identifying Customer Needs” Matters (https://simplifytraining.com/)

1. Correctly identifying customers’ needs is essential for ensuring customer satisfaction

and loyalty.
2. Customers have unique needs.

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3. Often, customers either aren’t clear about what they need or they don’t really know
what they want.
4. Identifying clients’ needs creates satisfied customers, and satisfied customers are less
likely to have reason to enter into disputes with the organization or contemplate legal
action.

Key Points (https://simplifytraining.com/)

1. To ensure customer satisfaction, entrepreneurs must correctly identify customers’
needs.
2. To identify needs, entrepreneurs must both listen and ask the right questions.
3. After identifying needs, always check for additional or related needs.
4. As an entrepreneur, use your knowledge and experience to identify and present the
right products, services, and solutions to meet your customers’ needs.

How to Meet the Needs of Customers (https://www.conductor.com/)

1. Identify what the customers need through keyword research, focus groups, or social
listening.
2. Distribute the information to relevant stakeholders in the organization.
3. Craft product features or create content that speaks to the customer’s needs.
4. Collect customer feedback in order to meet their expectations.

Activity 1. To learn more about what community

or customers’ needs are, product need assessment
survey is important. The results of the survey then
guide future action. Generally, the needs that are rated
most important are the ones that get addressed.

As would-be entrepreneur, make 10 items customer product survey

questionnaire. Focus on the following guidelines:

1. Give a brief description about the product.

2. Give directions as to how the customers will answer the questionnaire.
3. The statement should be in a question form.
4. Use a 4 point likert scale, 4 as the highest and 1 as the lowest e.g. 4 – very positive, 3
– somewhat positive, 2 somewhat negative, 1 very negative. You may use other rating
scale.
5. The questions should focus on:
a. Reaction about the product/service
b. Characteristics/features of the product/service
c. Product innovation
d. If the product/service will meet the customer’s need
e. The value of the product/service
f. If the customer will buy the product once it is available in the market
g. If they will recommend the product to their friends
h. If they will replace their existing product once your product is available in the market
i. The features/characteristics they like about the product
j. Suggestions to improve the product/service

Activity 2. MAKE MEANING- INTERNET ASSSISTED ACTIVITY

DIRECTIONS: Give the meaning of the following word/phrase in each item. You may
use the internet to help you define the given word/phrase. Write your answer in the
space provided.

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 1. Consumption ________________________________________________________________
2. Acquisition___________________________________________________________________
3. Customer loyalty _____________________________________________________________
4. Customer satisfaction________________________________________________________
5. Customer service_____________________________________________________________
6. Customer feedback __________________________________________________________
7. Stakeholders_________________________________________________________________
8. Expenditures ________________________________________________________________
9. Tangible _____________________________________________________________________
10.Intangible __________________________________________________________________

REMEMBER

A product can be defined as anything that we can offer to a market for

attention, acquisition, use or consumption that could satisfy a need or want.
Services are special form of product which consists of activities, benefits or
satisfactions offered for sale that are intangible and do not result in the
ownership of anything.
Customer needs are the named and unnamed needs of customers when they
come in contact with the different business establishments or when they
search for the solutions which businesses provide.
Innovation comes from identifying customers’ needs and providing solutions
that meet those needs.

CHECK YOUR UNDERSTANDING

DIRECTIONS: Read and analyze the statements below about “Product or Service”.
Determine whether the statement is TRUE OR FALSE. Write TRUE if the statement is
correct and write FALSE if otherwise. Write your answer in the space provided.

____________1. Products do not carry an element of service.

____________2. A service is the result of the application of skills and expertise towards an
identified need.
____________3. A service isn't something you can try out before you pay for it.
____________4. All products are countable, touchable, and visible, a consumer can assess
its durability by examining it.
____________5. Products are tangible and discernible items that the organization
produces.
____________6. Products and services can both be perishable.
____________7. Service is associated with physical items.
____________8. A product is an offering that derives value from intangible elements.
____________9. A product may be capable of being reused for a certain time.
____________10. Service has no connection with the sale of products.

Criss Cross Puzzle. Read and analyze the clues

below and write the correct word on the blocks
across and down.

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 Products or services that will meet the need

Across

2 - measures how well the expectations of a customer concerning a product or service

provided by a company have been met.

4 - taking possession of an asset by purchase.

7 - is a party that has an interest in a company and can either affect or be affected by
the business.
9 - the amount of something that people and other entities use.
10 - is information provided by clients about whether they are satisfied or dissatisfied
with a product or service.
Down
1- funds used by a business to attain new assets, improve existing ones, or reduce a
liability.
3 - unable to be touched or grasped; not having physical presence.
5 - indicates the extent to which customers are devoted to a company’s products or
services.
6 - meeting the needs and desires of any customer.
8 - capable of being perceived especially by the sense of touch

MATCHING TYPE. Column A contains list of products and Column B contains list
of services. Match as to which service in Column B is related to the product in
Column A. Write the letter of your answer in the space provided.

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Reflective Learning

To succeed as an entrepreneur, you must develop the ability to select and

offer the right products or services to your customers in a competitive market. More
than any other factor, your ability to make this choice will determine your success
or failure (Tracy, B., 2015).

There are thousands of products and services available to consumers today.

And there are unlimited opportunities for you to enter the marketplace and
compete effectively with a new product or service that's better in some way than
what's already being offered by your competitors. Remember, your skill at choosing
that product or service is critical to your success (Tracy, B., 2015).

Once you've got a product or service in mind, you need to begin with a selfanalysis
(Tracy, B., 2015):

What kinds of products do you like, enjoy, consume and benefit from?
Do you like the product or service you're planning to sell?
Can you see yourself getting excited about this product or service?
Would you buy it and use it yourself?
Would you sell it to your mother, your best friend, your next-door neighbor?
Congratulations! You are almost done in this module. Please write your idea
on the situation below.

As would-be Entrepreneur, you are tasked to identify at least 3

products or services which can be related to your dreamed business. Focus
on how you will meet the needs of your target market especially in this time
of COVID – 19 Pandemic. In each product or service give at least 3 reasons
why you are proposing these products or services. Write your answer in the
table.

To further explore the concept learned today;

please watch the video about “steps to create new
product” @www.youtube.com

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Websites
1. Claessens, M. (2015). Definition of product and service. Retrieved from: https://marketing-
insider.eu/definition-of-product/
2. Defining Key Concepts: Products vs. Services. Retrieved from:
https://www.archives.gov/preservation/products/definitions/productsservices.html
3. Identifying and Meeting Customer Needs. Retrieved from: https://www.conductor.com/learning-
center/customer-needs/
4. Identifying Customer Needs. Retrieved from: https://simplifytraining.com/course/identifying-
customer-needs/
5. Products and services. Retrieved from: https://corporatefinanceinstitute.com/
resources/knowledge/other/products-and-services/
6. Products and Services | Meaning, Definition, Differences. Retrieved from:
https://accountlearning.com/products-services-meaning-definitiondifferences/
7. Sauro, J. Methods for Identifying Customer Needs. Retrieved from:
https://www.dummies.com/business/customers/10-methods-for-identifyingcustomer-needs/
8. Tracy, B. (2015). Choosing a Product or Service to Sell. Retrieved from:
https://www.entrepreneur.com/article/78778

Name of Learner:
Grade/Section:

ANSWER SHEET:

PRE-TEST

1.
2.
3.
4.
5.
LOOKING BACK TO YOUR LESSON
True or False.
1. 6.
2. 7.
3. 8.
4. 9.
5. 10.

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ACTIVITIES
Activity 1. Product survey questionnaire

Statements
1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

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Activity 2. Make meaning

1. Consumption –

2. Acquisition –

3. Customer loyalty –

4. Customer satisfaction –

5. Customer service –

6. Customer feedback –

7. Stakeholders –

8. Expenditures –

9. Tangible –

10. Intangible –

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CHECK YOUR UNDERSTANDING
True or False
1. 6.
2. 7.
3. 8.
4. 9.
5. 10.

Matching Type

1. 6.
2. 7.
3. 8.
4. 9.
5. 10.

As would-be Entrepreneur, you are tasked to identify at least 3 products or

services which can be related to your dreamed business. Focus on how you will
meet the needs of your target market especially in this time of COVID – 19
Pandemic. In each product or service give at least 3 reasons why you are proposing
these products or services. Write your answer in the space provided.

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POST – TEST Criss-Cross Puzzle

Self-Analysis:

1. What kinds of products do you like, enjoy, consume and benefit from?

2. Do you like the product or service you're planning to sell?

3. Can you see yourself getting excited about this product or service?

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 4. Would you buy it and use it yourself?

5. Would you sell it to your mother, your best friend, your next-door neighbor?

Reflection:
1. What I have learned from this module?

2. I realized that ....

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3. How can I apply these learnings in my daily life?

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