11

ENTREPRENEURSHIP
Quarter 1 – Module 3
ENTREPRENEURSHIP

The Possible Product/s or Service/s that will

Meet the Need .
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 WHAT I NEED TO KNOW

Module 3: The Possible Product/s or Service/s that will

Meet the Need
This module is written for you to accomplish at home. It is carefully
designed so that you can work at your own pace and allow self-discovery of
the concepts through activities that you will perform. Activities are also
selected to allow independent learning which aim to develop your reading
comprehension skills through understanding written texts. You may start
your journey in learning the possible product/s or service/s that will meet
the need. Knowing and understanding the product/s or service/s is at the
center of every successful business, whether it sells directly to individuals or
other businesses. Once you have this knowledge, you can use it to persuade
potential and existing customers that buying from you is in their best
interests. Good luck.

Learning Competency
The Possible Product/s or Service/s that will Meet the Need.
(CS_EP11/12ENTREP-0d-6)

Learning Objectives:

After going through the module, you are expected to:

1. Identify the possible product/s or service/s that will meet the need.
2. Develop a short plan in providing the products and services to address
the needs.
3. Use critical thinking in accomplishing tasks given.

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 WHAT I KNOW

Task 1
DIRECTIONS: Analyze the statements below. Write the letter of the correct
answer on your notebook. 1. Which is referred to as a marketing
offering?
A. Product/Service C. Company
B. Sales D. Goals
2. Which of the following is not a tangible product?
A. Car C. Event organizer
B. Alcohol D. Face mask
3. Which is referred to as the production of an essentially intangible
benefit?
A. Items C. Service
B. Company D. Market
4. Which of the following is a customer need that an Entrepreneur should
consider?
A. Usability C. Occupation
B. Income D. Savings
5. Which is not an after sales service?
A. Online support D. Employee training
B. warranty & Guarantee E. All of the above
C. Returns & Replacement

Note: Items 6-10 are answerable by Yes or No.

6. Market needs can be disregarded. Yes No

7. Products and services need not to plan. Yes No
8. Filling out the need is necessary for growth Yes No
and development of the community.
9. he boost of economy in the local area depends Yes No
on how the needs are being addressed.
10. Knowing the right products and services is Yes No
very important in starting business.

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 WHAT’S IN

Task 2
DIRECTIONS: What does the picture below suggest? Write your analysis in
sentence form. Accomplish this on your notebook.

Source: Everyman.Js-x.com

WHAT’S NEW

Task 3

Direction: Accomplish the task in your notebook.

Potential Why is the Who will be the target
Products/Services product/service needed market?
in the present time?
1.
2.
3.

Explore!

1. How did you find the activity?

2. Was it easy/hard to identify products/services needed in the present
time?
3. Do you think the products/services will click in your target market?

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4. How would you know that the products/services answer the need of the
present time?

WHAT IS IT

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. Ultimately, the need is the driver of every entrepreneur. Business
operators often look at the customer need as an opportunity to resolve or
contribute to the need which is providing a right product and services. 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. However, 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 in choosing that product or service is critical to your
success (Tracy, B., 2015).

Once you have the product or service in mind, you need to begin with a
self-analysis (Tracy, B., 2015):

1. What kind of products do you like, enjoy, consume and benefit from?
2. Do you like the product or service you are planning to sell?
3. Can you see yourself getting excited about this product or service?
4. Would you buy it and use it yourself?
5. Would you sell it to your mother, your best friend, your next-door
neighbor?

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

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objects as well, because they can be offered to a market. Therefore, the
broad definition of product includes services, events, persons, places,
organizations, 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)

The Difference between Product and Service

Tangible vs. Intangible

Assessing the quality of a tangible product is very easy. Since most

products are countable, touchable, and visible, a consumer can assess its
durability by examining it. A good case in point is when an individual is
buying a home. The buyer will check every nook and cranny of the house,
including the attic, basement, foundation, each individual room, and more.
In contrast, a service is not something that one can feel or try out before
paying for it. Say an individual needs a professional inspector to identify any
hidden issues before deciding to purchase a home. Just how experienced is
the inspector with regard to plumbing, roofing, and other structural
matters?

In a nutshell, the client lacks sufficient knowledge about the

inspector’s expertise until the task is already in progress. The customer can
read online reviews, ask for the inspector’s credentials, as well as before and
after pictures of his previous work, but there’s no definite way of evaluating
the quality of a service until it’s rendered.
Source: (Entrepreneurship by Feliciano Fajardo 1994)

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Production vs. Interaction

A potential car buyer usually checks the car’s body lines, feels the
leather used on the seats, and takes the car for a test drive before deciding
whether to buy the car or not. Since it’s a product, the buyer is aware of the
specific production line the vehicle hails from, and there are many more like
it. In fact, there are other cars identical to the one being bought.
But what about the service the car buyer receives from the car dealer? The
way a car salesperson interacts with one buyer is not the same way he
interacts with another buyer. If the car buyer is lucky, he may find a
salesperson who is well-informed, courteous, and is willing to negotiate. If
he’s not, the car salesperson might be one who lacks information or behaves
in a nonchalant way.
Source: (Entrepreneurship by Feliciano Fajardo 1994)

Perishable vs. Imperishable

The best way to illustrate perishable products is to consider a

restaurant owner. If such an individual does not understand the concept of
spoilage and waste reduction, he risks ruining his business since most fresh
foods spoil within a few days. Another example is technology. Even some
intangible products like software become obsolete at some point.
Imperishable products include items like jewelry and automobile parts.
However, does the distinction between perishable and imperishable exist in
services? Services can be described as perishable but not imperishable. A
perishable service simply means that it’s short-lived. Ideally, such a service
is consumed as soon as it is produced. Unlike products, the service cannot
be stored for later use.

Perishable services include airline flights, auto repair, theater

entertainment, and manicures. If an individual purchases an air ticket for a
particular day, and then he suffers colds and is not able to travel, the ticket
expires. The perishable attribute of some services makes it hard to balance
supply and demand.
Source: (Entrepreneurship by Feliciano Fajardo 1994)

Identifying and Meeting Customer Needs

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 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” matter? (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.

WHAT’S MORE

Task 4
DIRECTIONS: Determine whether the statement is TRUE or FALSE. Write
TRUE if the statement is correct and write FALSE if otherwise. Write your
answer on your notebook.

_________1. Products do not carry an element of service.

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_________2. 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.

WHAT I HAVE LEARNED

Task 5

Direction: In your notebook, complete the following statements.

1. I have learned that

_____________________________________________________________________

2. I have realized that

_____________________________________________________________________

3. I will apply what I have learned

____________________________________________________________________

WHAT I CAN DO

Task 6

DIRECTION: Do what are asked. Write

your answer on your notebook.

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 1. In a particular locality, there is a shortage of face mask. The residents
of the place and the healthcare frontliners continue to accommodate the
unprecedented challenge of the coronavirus outbreak. Many of the
settlers do not have adequate protection against the pandemic.
As an entrepreneur , what do you think will be a potential business that
could address the need? Who will be your target market?

2.
People lament about the high rate of electric bill. You always hear
them cry regarding this problem because it does not give justice to the
consummation. Being an entrepreneur, what do you think will be the
potential business that could address the need? What plan of action will you make
in order for you to realize your business. Use the template below for your plan of
action.
Business Action Plan
GOAL
(Write your goal
Statement here)
Actions To Persons Date to Begin Date Resources
Be Done Involved Due Needed

Based on: https://www.smartsheet.com/develop-plan-action-free-templates

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 ASSESSMENT

Task 7

1. The customers you would most like to attract

are referred to as your
A. Competition C. Market segments
B. Target market D. Market

2. The process of creating something new that makes life better is called...
A. Technology C. Brand recognition
B. Innovation D. Opportunity cost

3. Which of the following is the BEST definition of knowing your products

and services?
A. When an employee knows which product is better than the others.
B. When an employee can explain the basic aspects of the services the
company offers
C. When an employee can explain specific details of their products and
express the value it has over others.
D. When an employee is able to discuss what type of product or services
they sell and to whom.

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4. Which of the following is the BEST explanation of why knowing your
products and services creates value?
A. It helps the customer to see why the product or service stands out and
how it is beneficial to them.
B. It helps manipulate the customer into thinking the product or service is
of good value.
C. It identifies all the characteristics about the product or service so
customers can fully evaluate it.
D. It shows passion, which means that it must be a good product or service.

5. What are the typical characteristics of services?

A. Services confer benefits; are tangible; are time- and place-dependent;
are consistent; cannot be owned; and providers and consumers form part of
the service.
B. Services confer no benefits; are intangible; are time- and
placedependent; are inconsistent; cannot be owned.
C. Services are intangible; are time- and place-dependent; are
inconsistent; cannot be branded; and providers and consumers form part of
the service.
D. Services confer ownership; are intangible; can be consumed at any
time or place; are inconsistent; and providers form part of the service.
E. Services confer benefits; are intangible; are time- and place-
dependent; are inconsistent; cannot be owned; and providers and
consumers form part of the service.

6. Which is an example of a good?

A. Candy bar C. Dental visit
B. Hair cut D. Having the car oil changed

7. Which is an example of a service?

A. Candy bar C. Hamburgers
B. Having your hair cut D. Computers

8. A good is something you buy and consume. Tell which is a good. A.

You buy cookies from Mrs. Jenny in the caferteria.
B. Mrs. Priester asks you to wash the tables.
C. You hire someone to braid your hair.
D. You ask a friend to shampoo your living carpet.

9. When someone sales a good or provides a service they _____________

money.
A. Earn C. Consume

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B. Spend D. Produce

10. Anything made or grown to be sold is a ___________.

A. Service C. Consumer
B. Good D. Producer

11. Work done for people is a ____________.

A. Service C. Consumer
B. Good D. Produce

12. The banking and hotel services are example of _____________________.

A. Products C. Barter system
B. Commodities D. services offered

13. In providing products and services to supply the need in the market, the
following are most preferred factors to consider except_____________.
A. Self-preferences and interest only of the entrepreneur.
B. Taste and preferences of target market.
C. Target market cultures.
D. Norm and status of target market.

14. Which activity is addressed in the product/service management function?

A. Setting discounts to clear products from inventory.
B. Determining where products will be offered for sale.
C. Focusing promotional activities on a new-product release.
D. Eliminating products that are slow sellers.

15. Which of the following is the BEST definition of a good?

A. A tangible item which can be owned, stored, and evaluated.
B. A tangible item which cannot be owned, stored, and evaluated.
C. An item that can only be bought at an in-person store.
D. An intangible item which can be owned, stored, and evaluated.

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 GLOSSARY

Product -can be defined as anything

that we can offer to a market for
want. attention, acquisition, use or
consumption that could satisfy a need or

Services -are special form of product which consists of activities,

benefits or satisfactions offered for sale that are intangible.

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.

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My ambition is to establish a solar energy company that supplies materials and equipment.
Because it is pricey, I will provide an installment plan. People will invest in a pricey but long-
lasting and efficient source of electricity as a substitute for paying a high-rate electric bill,
which
Increase/rise, sooner or later.

Requires significant cash to purchase essential materials and equipment.

 License is required to operate.

 Guarantee that worker safety.

 Plan your target market and advertising strategy.
 Form for business use partnerships.
 Business location

The Target
Market
The Workers
The Engineers
The
Salespersons
The People in
the Company

Financial
Resources (the
money to start the
business)
Human Resources (the people that will make the business work)
Educational Resources (the knowledge to start the business and make it grow)
Physical
Resources
(Materials,
equipment,
location,
necessary things)
Emotional
Resources
(support system)

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