Republic of the Philippines

Department of Education
Region XI
CITY SCHOOLS DIVISION OF DIGOS
ENTREPRENEURSHIP

Name: ___________________________________________ Section: ______________ Score: _____

Entrepreneurship (Quarter 1- Week 5)

Topic: Determine the Market Need
Learning Outcome: At the end of this lesson, the learner should be able to
 Define product and service,
 State the difference between a product and service,
 Determine the imporatance determining the market need.
Concept:

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.

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.
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
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.

Examples:
1. When a consumer buys a car, the product comes with a lot of other service
responsibilities, such as tune up and maintenance.

2. A laptop buyer now buys a bundle of service benefits in addition to the

tangible components of the laptop.
Products

1. new prints of motion picture film elements

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

Services
1. Consulting with clients on appropriate products for specific purposes
2. Providing advice on risk assessment and priority setting
3. Working on standard committees
4. Conducting training and other educational outreach
5.
The Difference of Product and Service
Product Service
1. It is tangible. It is intangible.
It is very difficult to attain quality
2. Quality standards can be attained.
standards.
3. It may be an asset sometimes, It involves expenditure without
e.g., fridge, television set, etc. any tangible return 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 The producer of service is the seller too,
different persons. e.g., medical and legal services.
8. Assembling is very important. Assembling has no relevance at all.
Skill of the service provider is the
9. Skill of the seller alone cannot deciding factor in most cases,
determine sale.
e.g., legal, catering and medical services.
Production and distribution of service will
10. Production and distribution need not take
have to be done simultaneously,
place simultaneously.
e.g., provision of electricity.
11. Packing plays a crucial role in the It has no relevance in the marketing of
marketing of any product. service.
12. Both Brand name and Trade name are
important in the marketing of any Brand mark and Trade name are
product. important in the marketing of services.
13. Labelling is an integral part of
marketing. It is required as per law. It has no relevance.
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. 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. Similarly,
innovation comes from identifying customers’ needs and providing solutions that
meet those needs

Why “Identifying Customer Needs” Matters

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 disputes with the
organization or contemplate legal action.

Key Points
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

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 to meet their expectations.
Activity 1:
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
Activity 2

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.

1. Consumption _______________________________________________
2. Acquisition_________________________________________________________________
3. Customer loyalty ______________________________________________________
4. Customer satisfaction__________________________________________
5. Customer service ______________________________________________________
6. Customer feedback__________________________________________________
7. Stakeholders _________________________________________________________
8. Expenditures_____________________________________________________
9. Tangible __________________________________________________________
10. Intangible__________________________________________________________

Activity 3
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.

PRODUCT/SERVICE REASON OF CHOOSING THE PRODUCT/SERVICE

1. 1.
2.
3.
2. 1.
2.
3.
3. 1.
2.
3.
References:
Claessens, M., 2015
https://corporatefinanceinstitute.com
https://www.archives.gov
https://accountlearning.com
https://simplifytraining.com/

Prepared by:
Austra Rose C. Reyes
Senior High School in Digos City
Digos Secondary District