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Entrep Module 4

This document discusses identifying customer needs and developing products and services to meet those needs. It defines products as tangible goods and services as intangible activities or benefits. Examples of products include prints, books, and furniture. Examples of services include consulting, training, and standards committees. The document emphasizes the importance of correctly identifying customer needs through research in order to ensure customer satisfaction and loyalty. It provides tips for identifying needs, checking for additional needs, and using experience to meet customer needs with appropriate products and services.

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VICTOR, KATHLEEN CLARISS B.
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© © All Rights Reserved
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35 views

Entrep Module 4

This document discusses identifying customer needs and developing products and services to meet those needs. It defines products as tangible goods and services as intangible activities or benefits. Examples of products include prints, books, and furniture. Examples of services include consulting, training, and standards committees. The document emphasizes the importance of correctly identifying customer needs through research in order to ensure customer satisfaction and loyalty. It provides tips for identifying needs, checking for additional needs, and using experience to meet customer needs with appropriate products and services.

Uploaded by

VICTOR, KATHLEEN CLARISS B.
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Q1_W4_MODULE 4

Learning Competency: The Possible Product/s or


Service/s that will meet Market Needs
LOOKING BACK TO YOUR LESSON
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.
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).
Concepts about Product and
Service
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).
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
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 Costumer’s Need
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
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.
THANK YOU!
 .

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