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Entrepreneurship: Quarter 3 - Week 4
Entrepreneurship: Quarter 3 - Week 4
ENTREPRENEURSHIP
QUARTER 3– WEEK 4
MODULE 4: Products And Services That Will Meet The Need
MELC: Determine the possible product/s or service/s that will meet the need.
gaining market’s acceptance. If you want to have a large share in the market, and have higher
margins, then determine very well those products/services you will offer to your target market.
The question is “what do organizations market? As consumers, we can answer this question for
we are familiar with the marketing of goods and services. But the question is “WHAT
PARTICULAR PRODUCTS AND SERVICES WE WILL MARKET TO MEET CONSUMER
NEEDS? In this module, discusses how to determine those products and services that will meet
the needs of consumers.
Actual Product
- Quality, Colour, Fashion,
Style and Branding
Augmented Product
- Warranties, Customer Care,
Finance, Installation Services, and
Delivery
Products that are marketed can be generally classified according to use, differentiation, type, and
durability. (So et al. 2016. Principles of Marketing DepEd-BLR) According to Use: Consumer
and Industrial Goods
Consumer goods that are purchased for personal consumption and/or for household use.
Examples of these are instant noodles, biscuits, milk, detergent soap, shampoo and other
similar items.
Industrial goods are purchased in order to make other goods, to serve as a raw material or
input in the production of other goods. Examples are aluminium, wires, electronic and
cables etc.
Undifferentiated goods are products whose physical characteristics are so identical, that
it would be difficult to distinguish one purchased from one vendor or another. These goods
are sourced from nature like example rock salt.
Differentiated Goods are varied in their characteristics and features that make them
distinguishable from one another. Example the Toyota Fortuner is different from
Mitsubishi’s Montero Sport which they have different designs, headlights, body heights,
hoods, ground clearances, etc. The ability of manufacturers to successfully distinguish their
products from other competitors is called branding.
Convenience goods are product that are purchased frequently, are usually inexpensive, and
do not require much purchase effort and evaluation. Examples: newspapers, gum, and
candy.
Shopping goods are purchased less frequently than convenience goods, are relatively more
expensive, require some amount of information search and evaluation prior to purchase.
Examples are shoes, clothes, and handbags.
Specialty goods are goods that require an unusually large effort on the part of consumers
to acquire. Examples are branded luzury, work of art, automobiles, and homes.
Unsought goods are goods that consumers seldom actively look for, and are usually
purchased for extraordinary reasons. Examples are investments, memorial plans, and life
insurance.
Consumable is a product whose benefit can only be used by a consumer for a short period
of time, sometimes only a few minutes or may last a few days. Examples are soap, perfume,
lotion, etc.
Semi-consumables provide benefits to the consumer for a longer period of time, usually
spanning several months. Examples are clothes, shoes, belts, jackets, etc.
Durables are products that are manufactured to last a long time.
Classifications of Products
According to Use:
Consumer goods
Industrial goods
According to
Differentiation:
Undifferentiated goods
Differentiate goods
According to Durability:
Products/Goods Consumables
Semi-Durables
Durables
According to Type:
Convenience goods
Shopping goods
Specialty goods
Unsought goods
Service product is an intangible item, which arises from the output of one or more individuals.
There are four major attributes of service product. (So,et al,2016. Principles of Marketing
DepEd-BLR)
Intangibility examples services of a lawyers, doctors, accountants, etc.
Variability because services are performed by human being and it could be done in every
single time.
Inseparability services are rendered and consumed simultaneously.
Perishability unconsumed services cannot be stored or warehoused.
DEVELOPMENTAL ACTIVITIES
Activity 1: Guessing Game! Name the Levels and Classifications of a Product!
Direction: Place the letter of the correct answer on the line next to each number in Column A.
Column A Column B
___1. A product that gives longer period of
time of benefits. a. Specialty goods
___2. These products are manufactured to last
longer of time. b. Semi-consumables
___3. Goods that are usually purchased for
extraordinary reasons. c. Undifferentiated goods
___4. Goods that does not require much
purchase effort.
d. Augmented product
___5. These foods are varied in their
characteristics and features that make them
distinguishable.
e. Consumable
___6. Goods that are purchased in order to
make other goods. f. Industrial goods
___7. It is non-physical part of the product. g. Durables
___8. Goods that require an unusually large
effort on the part of consumers to acquire.
h. Unsought goods
___9. Goods can only be used by a consumer
for a short period of time. i. Differentiated goods
___10. Products whose physical
characteristics are so identical.
j. Convenience goods
DIFFERENT DIFFERENT
(PRODUCT) (SERVICE)
1. SIMILARITIES 1.
2. 2.
1.
3. 3.
4. 2. 4.
5. 5.
IDENTIFYING CUSTOMER NEEDS
To identify needs, you must both listen and ask the right questions. After identifying needs, always
check for additional or related needs. Use your knowledge and experience to identify and present
the right products, services, and solution to meet your customer’s needs.
1. Correctly identifying customer’s needs is essential for ensuring customer satisfaction and
loyalty.
2. Customers have unique needs.
3. Identifying customer’s needs allows representatives to cross-sell related products or
services.
4. Often, customers either aren’t clear about what they need or they don’t really know what
they want.
5. Identifying client’s needs creates satisfied customers, and satisfied customers are less likely
to have reason to enter into disputes with your organization or contemplate legal action
Key Points
SUMMATIVE ASSESSMENT
I.Directions: Read and understand the question below. Write your answer on the space provided.
Your work will be evaluated using rubric.
1. Why identifying customer’s need matter most? And how you are going to do it?
______________________________________________________________________________
_____________________________________________________________________________
______________________________________________________________________________
_____________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
Classify Me!
II. Directions: Specify the proper level or classification of the items listed below. Write only the
letters of the correct answer before each number and refer to the following levels or classifications
below:
a. Core Product
b. Actual Product
c. Augmented Product
d. Consumer Good
e. Industrial Good
f. Convenience Good
g. Shopping good
h. Specialty Good
i. Consumable Good
j. Durable Good
k. Semi-durable Good
l. Differentiated Good
m. Undifferentiated Good
n. Unsought Good
____1. Benefit ____ 6. Cable ____11. Automobile
SERVICE
PRODUCT 1. Both products
and services meet
the needs and 1. it is intangible.
desires of the
1. It is tangible. consumers. 2. it cannot be stored.
2. it can be stored. 2. .Both products 3. it can cannot be
and services transported.
3. it can be transported. attempt to provide
value to 4.Quality assurance is
4. Quality assurance is individuals. subjective and it is dificult to
objective and measurable.
measure.
5. Goods are produced
5. Service production and
before they are consumed.
consumption happen at the
same time.
WORKSHEETS
We are all aware that each of us has a unique needs, so it is important to identify customer needs
to ensure their satisfaction and loyalty to the product/service we offered to them. As what I have
learned from this module, there are four steps on how to identify our customer needs. First, know
what our customers need by conducting a research, and interview. Second, distribute or give the
result of the research or interview to relevant stakeholders in our organization. Third, in the
product/service we are offering it should be indicated the features and see to it that it speaks the
customer’s needs. Lastly, continue collecting customer feedback regarding our product/service so
that we can continue meet the expectations of our customers which is to meet their needs.
1. A
2. B
3. B
4. C
5. D
6. E
7. E
8. F
9. G
10. G
11. H
12. H
13. I
14. I
15. J
References:
A. Book
So et al. 2016. Principles of Marketing, DepED-BLR