ENTREPREN TVL TRACK-WEEK 4 / Module 4

EURSHIP

Name:
____________________________
Section:
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 Welcome Notes:
WELCOME YOUNG ENTREPRENEURS!!!
Just be yourself. Work hard, and do something you love.
Focus: do less, but do it better. And give back when you can.
— Jordan Fliegel, Founder of CoachUp

HOW TO USE THE MODULE?

As you start studying the module, I want you to set aside other task/s that may disturb you while enjoying
the lessons. Read the instructions below to successfully enjoy the objectives of this kit. Have fun!

Follow carefully all the contents and instructions indicated in every page
of the module.
Don’t forget to answer Pre-test before moving on to the other activities
included in the module.
Read the instruction carefully before doing each task.
Observe honesty and integrity in doing the tasks and checking your
answers.
Analyze conceptually the post-test and apply what you have learned.
Finish the task at hand before proceeding to the next.
Enjoy studying!
Return this module to your teacher once you are through with it.
If you encounter any difficulty in answering the tasks in this module, do not hesitate to
consult your teacher. Always bear in mind that you are not alone.
 The Possible Product/s or Service/s that will Meet the Need
LESSON
5

After going through the module, you are expected to:

● determine the possible product/s or service/s that will meet the need.

You may start your journey in learning the possible product/s or service/s that
will meet the need. Are you excited to answer the Pre-test? Smile and Enjoy!

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
 As we go further, let us try to recall our lesson about the potential market and market need.
● 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.

Please answer the question below, Good Luck!

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.
___________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.
 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.
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)

Product Service
 1. It is tangible. It is intangible.

2. Quality standards can be attained. It is very difficult to attain quality standards.

3. It may be an asset sometimes,. e.g., fridge, It involves expenditure without any tangible return
television set, etc. benefit.

4. Physical possession is possible. Physical possession is not possible.

5. It can be stored. It cannot be stored.

6. It can be transported. It cannot be transported.

7. The producer and the seller may be different The producer of service is the seller too, e.g.,
persons. medical and legal services.

8. Assembling is very important. Assembling has no relevance at all.

9. Skill of the seller alone cannot determine Skill of the service provider is the deciding factor in
sale. most cases, e.g., legal, catering and medical
services.

10. Production and distribution need not take Production and distribution of service will have to
place simultaneously. be done simultaneously, e.g., provision of
electricity.

11. Packing plays a crucial role in the marketing It has no relevance in the marketing of service.
of any product.

12. Both Brand name and Trade name are Brand mark and Trade name are important in the
important in the marketing of any product. marketing of services.

13. Labelling is an integral part of marketing. It is It has no relevance.

required as per law.

Identifying and Meeting Customer Needs

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.
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
define the given word/phrase.
1. Consumption _The use of goods and services by households.
___________________________________________________________________
2. Acquisition ______________________________________________________________________
3. Customer loyalty _________________________________________________________________
4. Customer satisfaction _____________________________________________________________
5. Customer service _________________________________________________________________
6. Customer feedback _______________________________________________________________
7. Stakeholders ____________________________________________________________________
8. Expenditures ____________________________________________________________________
9. Tangible ________________________________________________________________________
10. Intangible _______________________________________________________________________

● 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.

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.
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

2 3
S A T I S F A C T I O N

5 6

7 8

10

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.
Column A: Products Column B: Services

_______1. Car A. Usability and durability

_______2. Xerox machine B. Repairs and maintenance

_______3. Smart phone C. Leasing or pay per copy

_______4. Credit card D. Entertainment

_______5. Organic products E. Consistent quality

 _______6. Television F. Bills payment

_______7. Accessories G. Healthy lifestyle

_______8. Books H. Boost immune system

_______9. Vitamins I. Accuracy of information

_______10. Basic goods J. Fashionable designs

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 self-analysis
(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 5 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.

PRODUCT/SERVICE REASON OF CHOOSING THE PRODUCT/SERVICE

1. 1.
2.
3.

2. 1.
 2.
3.

3. 1.
2.
3.

4. 1.
2.
3.

5. 1.
2.
3.

To further explore the concept learned today; please watch the video about “steps to create new
product” @www.youtube.com.

REFERENCES
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/products- services.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/