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Entrepreneurship
Grade12
nd
2 Quarter – Week Five & Six
Possible Product/Service that will meet the Market Need & Screen
Proposed Solution based on Viability

OBJECTIVES: This lesson demonstrates an understanding of understanding of concepts, underlying

principles, and processes of developing a business plan.
1. Determine the possible product/s or service/s that will meet the need.

INTRODUCTION:
As would-be entrepreneurs, there is a need to find the right product or services for your target
market. The product or service should deliver superior customer value.
DISCUSSION:
Concepts about Product and Service
A product can be identified as anything that we can offer to a market for attention, acquisition, use
of 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 of 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 a product includes
services, events, persons, places, organizations, or even ideas.
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.
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.
Specific Examples of products and services
Products
 New prints of motion picture film elements
 Prints for exhibit purposes
 Reference copies on DVD/s or Cd/s, books, magazines for the reading rooms
Services
 Consulting with clients on appropriate products for specific purposes
 Providing advice on risk assessment and priority setting
 Working on standards committee
 Conducting training and other educational outreach

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The Difference of Product and Service

Product
1. It is tangible.
2. Quality standards can be attained.
3. It may be an asset sometimes e.g. 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.
12. Both Brand name and Trade name are
important in the marketing of any product.
13. Labeling is an integral part of marketing. It is
required as per law.
Service
It is intangible.
It is very difficult to attain quality standards.
It involves expenditures without any 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 relevant 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.
Brand mark and Trade name are important in the
marketing of service.
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. In addition, providing superior customer service means meeting customer’s needs by providing
them with the products and services they want or by providing effective solutions to their problems.
Similarly, innovation comes from identifying customer’s needs and providing solutions that meet those
needs.
Why “Identifying Customer Needs” Matters?
 Correctly identifying customer’s needs is essential for ensuring customer satisfaction and loyalty.
 Customers have unique needs.
 Often, customers either aren’t clear about what they need or they don’t really know what they
want.
 Identifying clients’ needs creates satisfied customers and satisfied customers are likely to have to
reason to enter
Key Points:
 To ensure customer satisfaction, entrepreneurs must correctly identify customer’s needs.
 To identify the needs, entrepreneurs must both listen and ask the right questions.
 After identifying the needs, always check for additional or related needs.
 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?
 Identify what the customers through keyword research, focus groups or social listening.
 Distribute the information to relevant stakeholders in the organization.
 Craft product features or create content that speaks to the customer’s needs.
 Collect customer feedback in order to meet their expectations.

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LET’S PRACTICE
Task 1: Criss Cross Puzzle
Read and analyze the clues below and write the correct words 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.

2 3

5 6
7 8

1
0

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Task 3:
As would-be entrepreneur, make 10 items customer product survey questionnaire. Focus on the
following guidelines:
1. Give a brief a 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, and 1 – very negative. You may use another
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

EVALUATION:
1. Maintaining a competitive advantage is essential for long-term business success. What do you think a
business can do to keep ahead of its competitors?

2. Why do you think so many small businesses fail in the first few years of operation?

3. Reflect on what you have read and learned so far. How would this information influence you if you
were intending to start a small business? Would you still go ahead? Give reasons for your answer.

SYNTHESIZE:

ASSIGNMENT:
Identify and list 5 possible questions that needed when identifying business opportunities

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References: https://drive.google.com/drive/folders/1XyKma0Aqfb08wE8q3K4wAytI1aMmiuWu?
fbclid=IwAR0kNZk6cKC9betcWJgIMfUYoXPhmeDnJjP8q7__sNdnTuCODe1o_jpY1Wk
Enhanced Teacher’s Manual- Entrepreneurship in Phil. Setting for SHS: Nick L. Aduana

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