Professional Documents
Culture Documents
QI 4 Module 4
QI 4 Module 4
https://search.yahoo.com/
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
2
Learning Module for Entrepreneurship
Post-test - This will measure how much you have learned from the
entire module
EXPECTATIONS
After going through the module, you are expected to:
determine the possible product/s or service/s that will meet the need.
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!
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. 4
Learning Module for Entrepreneurship
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).
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.
Products
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.
6
Learning Module for Entrepreneurship
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. 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.
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_____________________________________________________________
8
Learning Module for Entrepreneurship
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.
• 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.
POST-TEST
Criss Cross Puzzle. Read and analyze the clues below and write the correct word on
the blocks across and down.
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
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.
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
Acknowledgement
Writer: Farida F. Tallud, DBM
Clarabelle V. Dalimit, DEM
14