ENTREPRENEURSHIP

https://search.yahoo.com/

Quarter 1 Week 4 Module 4

Learning Competency:
Determine the p ossible
product/s or service/s
that will meet the n eed .
(CS_EP11/12ENTREP -0 a-4)
 Learning Module for Entrepreneurship

HOW TO USE THE MODULE?

As you start studying th e 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.
Write in your notebook the concepts about the lessons.
Writing enhances learning, which is important to develop

and keep in mind.

Perform all the provided activities in the module.
Let your facilitator/guardian assess your answers using the

answer key card.

Analyze conceptually the post-test and apply what you have
learned.
Enjoy studying!

PARTS OF THE MODULE

Expectations - This will give you an idea of the skills or competencies
you are expected to learn in the module.
Pre-test - This will measure your prior knowledge and the concepts
you are to master all throughout the module.

Looking Back to your Lesson - This section will measure what

competencies and skills you have learned from the previous lesson.

Brief Introduction- This section will give you an overview of the

module.

Activities - These are sets of activities you will perform with a

partner.

Remember - This section summarizes the concepts and applications

of the module.

2
 Learning Module for Entrepreneurship

Check your Understanding - It will verify the concepts and

competencies you learned from the lesson.

Post-test - This will measure how much you have learned from the
entire module

Lesson The Possible Product/s or Service/s

4 that will Meet the Need

EXPECTATIONS
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!

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.

_________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 3 B. warranty & Guarantee
 Learning Module for Entrepreneurship

C. Returns & Replacement D. Employee training

You have finished answering the pre-test. You may request your
facilitator/guardian to check your work. Congratulations and keep on
learning!

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.

Please answer the questions 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. 4
 Learning Module for Entrepreneurship

_____________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.

BRIEF INTRODUCTION

As would-be entrepreneurs, there is a need to find the right

products or services for your target market. The pro duct 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).
5
 Learning Module for Entrepreneurship

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
1. It is tangible.
2. Quality standards can be attained.
3. It may be an asset sometimes,. e.g., It involves expenditure without any
fridge, television set, etc.
4. Physical possession is possible.
5. It can be stored.
6. It can be transported.
7. The producer and the seller may be
different persons.
8. Assembling is very important.
9. Skill of the seller alone cannot
determine sale.
10. Production and distribution need not
take place simultaneously.
11. Packing plays a crucial role in the
marketing of any product.
Service
It is intangible.
It is very difficult to attain quality
standards.
tangible return benefit.
Physical possession is not possible.
It cannot be stored.
It cannot be transported.
The producer of service is the seller too,
e.g., medical and legal services.
Assembling has no relevance at all.
Skill of the service provider is the deciding
factor in most cases, e.g., legal, catering
and medical services.
Production and distribution of service will
have to be done simultaneously, e.g.,
provision of electricity.
It has no relevance in the marketing of
service.
6
 Learning Module for Entrepreneurship

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 (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 order7 to meet their expectations.
 Learning Module for Entrepreneurship

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.

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 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_____________________________________________________________
8
 Learning Module for Entrepreneurship

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.

• 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.

CHECK YOUR UNDERSTANDING

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.
9
 Learning Module for Entrepreneurship

____________10. Service has no connection with the sale of products.

POST-TEST
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

10
 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.
Answer 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
11
 Learning Module for Entrepreneurship

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

REFLECTIVE LEARNING
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 selfanalysis
(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 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

12
 Learning Module for Entrepreneurship

1. 1.
2.
3.
2. 1.
2.
3.
3. 1.
2.
3.

E-SITES
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/productsservices.
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/

6. Products and Services | Meaning, Definition, Differences. Retrieved from:

https://accountlearning.com/products-services-meaning-definitiondifferences/
13
 Learning Module for Entrepreneurship

7. Sauro, J. Methods for Identifying Customer Needs. Retrieved from:

https://www.dummies.com/business/customers/10-methods-for-
identifyingcustomer-needs/

8. Tracy, B. (2015). Choosing a Product or Service to Sell. Retrieved from:

https://www.entrepreneur.com/article/78778

Acknowledgement
Writer: Farida F. Tallud, DBM
Clarabelle V. Dalimit, DEM

Editor: Isabel A. Gumaru, DBA

Evaluator: Ellaine I. Dela Cruz, DBA

Validators & Reviewer s: Remylinda T. Soriano, EPS, Math

Angelita Z. Modesto, PSDS
George B. Borromeo, PSDS

Management Team: Maria Magdalena M. Lim-Schools Division

Superintendent-Manila, Aida H. Rondilla-Chief Education Supervisor
Lucky S. Carpio-EPS and Lady Hannah C Gillo, Librarian II-LRMDS

14