Entrepreneurship

SAMSON ALBERT D. SALAS

Regional Science High School For
Region 02
Entrepreneurship
Products or Services that
will Meet the Need

SAMSON ALBERT D. SALAS

Regional Science High School For
Region 02
OBJECTIVES
After going through this
lesson, you are expected
to:
determine the possible
product/s or service/s that
will meet the need.
Concepts of Products
and Services
 Concepts of Products and
Services
Product
 defined as anything that we can offer to
a market for attention, acquisition,
use or consumption that could satisfy a
need or want.
 is anything tangible or intangible
which in most cases a consumer is
willing to pay money for and satisfies a
consumer’s need and/or want.
 Concepts of Products and
Services
Services
 specialform 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).
Three Levels of Product

1. Core Product
2. Actual Product
3. Augmented Product
Three Levels of Product

1. Core Product
isnot tangible physical product
because this is the benefit of
the product that is valuable to
you.
Three Levels of Product

2. Actual Product
isthe tangible, physical
product.
You can get some use of it.
Three Levels of Product

3. Augmented Product
isthe non-physical part of the
product.
 Classification of Products
According to Use:
 Consumer and Industrial Goods

1. Consumer goods
 Goodsthat are purchased for
personal consumption and/or for
household use.
 Classification of Products
According to Use:
 Consumer and Industrial Goods

2. Industrial goods
 purchased in order to make
other goods, to serve as a raw
material or input in the
production of other goods.
 Classification of Products
According to Differentiation:
 Undifferentiated and Differentiated Goods

1. Undifferentiated goods
 products whose physical
characteristics are so identical,
that it would be difficult to
distinguish one purchased from
one vendor or another.
 Classification of Products
According to Differentiation:
 Undifferentiated and Differentiated Goods

2. Differentiated goods
 arevaried in their
characteristics and features that
make them distinguishable from
one another.
 Classification of Products
According to Type:
 Convenience, Shopping, Specialty, and Unsought Goods

1. Convenience goods
 are product that are purchased
frequently, are usually
inexpensive, and do not require
much purchase effort and
evaluation.
 Classification of Products
According to Type:
 Convenience, Shopping, Specialty, and Unsought Goods

2. Shopping goods
 are purchased less frequently than
convenience goods, are relatively
more expensive, require some
amount of information search and
evaluation prior to purchase.
 Classification of Products
According to Type:
 Convenience, Shopping, Specialty, and Unsought Goods

3. Specialty goods
 are goods that require an
unusually large effort on the part
of consumers to acquire.
 Classification of Products
According to Type:
 Convenience, Shopping, Specialty, and Unsought Goods

4. Unsought goods
 are goods that consumers seldom
actively look for and are usually
purchased for extraordinary
reasons.
 Classification of Products
According to Durability:
 Consumable, Semi-Durable, and Durable Goods

1. Consumable
 isa 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.
 Classification of Products
According to Durability:
 Consumable, Semi-Durable, and Durable Goods

2. Semi-Durables
 provide benefits to the consumer
for a longer period of time, usually
spanning several months.
 Classification of Products
According to Durability:
 Consumable, Semi-Durable, and Durable Goods

3. Durables
 areproducts that are
manufactured to last a long time.
 Concepts of Products and
Services
Service Product
isan intangible item, which
arises from the output of one
or more individuals.
 Major Attributes of Service
Product
1. Intagibility
servicesof a lawyers, doctors,
accountants, etc.
 Major Attributes of Service
Product
2. Variability
servicesare performed by
human being and it could be
done in every single time.
 Major Attributes of Service
Product
3. Inseparability
services
are rendered and
consumed simultaneously.
 Major Attributes of Service
Product
4. Perishability
unconsumed services cannot be
stored or warehoused.
Identifying and Meeting
Customer Needs
 Identifying and Meeting the
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/).
 Are the psychological and physical motivations that
make someone want to purchase a product or
service and stay loyal to that business
(https://www.zendesk.com/blog/customer-
needs/).
 Identifying and Meeting the
Customer Needs
Customer Service
 providingsuperior 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/).
 Identifying and Meeting the
Customer Needs
Innovation
comes from identifying
customers’ needs and providing
solutions that meet those needs
(Sauro,J.).
Why Identifying Customer’s
Needs Matter?
 Reasons Why Identifying Customer’s
Needs Matter?
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
1. To ensure customer satisfaction, you
must correctly identify customer’s needs.
2. To identify needs, you must both listen
and ask the right questions.
3. After identifying needs, always check for
additional or related needs.
4. Use your knowledge and experience to
identify and present the right products,
services, and solutions to meet your
customers’ needs.
 Four-Step Procedure to Meet the
Needs of Customers
1. Identify what your customers need from
you through keyword research, focus
groups, or social listening.
2. Distribute the information to relevant
stakeholders in your organization.
3. Craft product features or create content
that speaks to your customer’s needs.
4. Collect customer feedback on how your
efforts meet their expectations.