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Entreprenuership M4 PDF
Entreprenuership M4 PDF
Department of Education
National Capital Region
DIVISION OF CITY SCHOOLS – MANILA
Manila Education Center Arroceros Forest Park
Antonio J. Villegas St. Ermita, Manila
ENTREPRENEURSHIP
https://search.yahoo.com/
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!
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Learning Module for Entrepreneurship
EXPECTATIONS
PRE-TEST
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.
You have finished answering the pre-test. You may request your
facilitator/guardian to check your work. Congratulations and keep on
learning!
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Learning Module for Entrepreneurship
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.
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.
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Learning Module for Entrepreneurship
_____________10. Market size is the number of individuals in a certain market segment
who are potential buyers.
BRIEF INTRODUCTION
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.
Products
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Learning Module for Entrepreneurship
prints for exhibit purposes
reference copies on DVD/CDs, books, magazines for the reading rooms or other
clients
Cars, tables and chairs, etc.
Services
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,. e.g., It involves expenditure without any
fridge, television set, etc. 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 deciding
9. Skill of the seller alone cannot factor in most cases, e.g., legal, catering
determine sale. and medical services.
Production and distribution of service will
10. Production and distribution need not have to be done simultaneously, e.g.,
take place simultaneously. 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.
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
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Learning Module for Entrepreneurship
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. 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.
ACTIVITIES
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.
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Learning Module for Entrepreneurship
2. Give directions as to how the customers will answer the questionnaire.
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.
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 ___________________________________________________________________
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.
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Learning Module for Entrepreneurship
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.
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.
POST-TEST
Criss Cross Puzzle. Read and analyze the clues below and write the correct word on
the blocks across and down.
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Learning Module for Entrepreneurship
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
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Learning Module for Entrepreneurship
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.
REFLECTIVE LEARNING
SHEET
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).
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.
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Learning Module for Entrepreneurship
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.
E-SITES
To further explore the concept learned today; please watch the video about
“steps to create new product” @www.youtube.com
REFERENCES
Websites
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Learning Module for Entrepreneurship
6. Products and Services | Meaning, Definition, Differences. Retrieved from:
https://accountlearning.com/products-services-meaning-definition-
differences/
7. Sauro, J. Methods for Identifying Customer Needs. Retrieved from:
https://www.dummies.com/business/customers/10-methods-for-identifying-
customer-needs/
Acknowledgement
Writer: Farida F. Tallud, DBM
Clarabelle V. Dalimit, DEM
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Learning Module for Entrepreneurship
ANSWER KEY
PRE-TEST
1. A 2. C 3. C 4. A 5. D
ACTIVITIES
Statements 4 3 2 1
Very Somewhat Somewhat Very
Positive Positive Negative Negative
1. What is your reaction about the
product?
2. What is your perception about the
characteristics/features of the
product?
3. Do you think there is innovation
made in the product/service?
4. Do you consider the
product/service a need or not?
5. Do you see any value of the
product/service?
6. If the product/service is available
today, will you buy the
product/service?
7. If the product is available today,
will you replace the current
product you are using?
8. If the product is available today,
will you recommend to your
friends or family members?
9. What are the things that you like most about the new product? Give at least 3.
10. What are your suggestions to improve this new product? Give at least 3.
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Learning Module for Entrepreneurship
Activity 2. Make meaning
1. Consumption - the amount of something that people and other entities use.
2. Acquisition - taking possession of an asset by purchase.
3. Customer loyalty - indicates the extent to which customers are devoted to a
company’s products or services.
4. Customer satisfaction - measures how well the expectations of a customer
concerning a product or service provided by your company have been met.
5. Customer service - meeting the needs and desires of any customer.
6. Customer feedback - is information provided by clients about whether they are
satisfied or dissatisfied with a product or service.
7. Stakeholders - is a party that has an interest in a company and can either affect or
be affected by the business.
8. Expenditures - funds used by a business to attain new assets, improve existing
ones, or reduce a liability.
9. Tangible - capable of being perceived especially by the sense of touch
10. Intangible _ unable to be touched or grasped; not having physical presence.
1. F 6. T
2. T 7. F
3. T 8. F
4. F 9. T
5. T 10. F
POST – TEST
Criss-Cross Puzzle
Across Down
2 - Satisfaction. 1- Expenditure
4 - Acquisition 3 - Intangible
7 - Stakeholders 5 - Loyalty
9 - Consumption 6 - Service
10 – Feedback 8 - Tangible
Matching Type
1. B 6. D
2. C 7. J
3. A 8. I
4. F 9. H
5. G 10. E
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