LESSON TITLE:

Determine the Possible Products and Services

_______________________________________________________

Name of Teacher –Writer: GERALDINE M. SABUGO

School: SINAIT NATIONAL HIGH SCHOOL

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This Self Learning Kit is an innovative tool produced by the Department of
Education Division of Ilocos Sur to meet the necessary standards of the K-12
Curriculum in providing teachers and learners relevant and localized content.
The content of this Self Learning Kit is mainly anchored in explaining on how
to determine the possible products and services.

At the end of the lesson, you are expected to:

1. Identify the possible product and services in the market
2. Determine the product and service classification
3. Make a list of possible product and service

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 Last meeting, we discussed all about the internal/external
factors in business operations wherein we developed our
skills, widened our mind on how to make competitor analysis
and determine the needs and wants of the people in their
community for your future business. Before we start our
lesson for today let us exercise first our brain by answering
the given activity for you.

DIRECTIONS: Picture identification. Identify the give pictures below and write
whether they are product, industrial, consumer products, specialty, convenience
product. Write your answer in your notebook.

1. 2. 3.

4. 5.

Here in our lesson you will determine the possible product and
services that is available in the market based on customer needs
and wants. The importance of this lesson is that you can used or
apply it in the future especially if you decided to put up or
business venture. You will have an idea on how are you going to
make a high quality features of your products like packaging and
labeling. 3
Determining the possible products and services
In a market economy, an entrepreneur is free to produce and offer to
consumers any legal product or service. Knowledge of business activities will help
the entrepreneurs satisfy the customers and make a profit. If you want to succeed as
an entrepreneur, you must develop the ability to select and offer the right products
and services to your customers in a competitive market.
The most important thing you can do before deciding what to sell is to think.
Think on what are the possible products and services that you can offer to the
market before you bring it to market, the better your decisions will be.
What is a Product?

Product is anything that can be offered in a market for

attention, acquisition, use, or consumption that might satisfy a
need or want.
Ex: Soap, Toothpaste Events, Properties Goods, Places,
Services
Service is a form of product that consists of activities, benefits
or satisfactions offered for sale that are essentially intangible
and do not result in ownership.
Ex: Doctor’s Exam, Legal Advice
Product and Service Classifications
1. Consumer Products- are products and services for personal consumption.
Classified by how consumers buy them.

a. Convenience product- are consumer products and

services that the customer usually buys frequently,
immediately and with a minimum comparison and buying
effort. Ex: Newspapers, Candy, Fast Food

b. Shopping products- are consumer products

and services that the customer compares
suitability, quality, price and style. Ex: Furniture,
Cars, Appliances

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 c. Specialty products- are consumer products and services with unique
characteristics or brand identification for which a significant group of
buyers is willing to make a special purchase effort. Ex: Medical services,
Designer clothes, High-end Electronics

d. Unsought products- are consumer products that the consumer does

not know about or knows about but does not normally think of buying.
Ex: Life Insurance, Funeral Services, Blood Donations

2. Industrial Product- are products

purchased for further processing or for use
in conducting a business.
Classified by the purpose for which the product
is purchased
Examples are the following:
- Raw materials and parts include raw and manufactured materials and
parts usually sold directly to industrial users. Ex: Wheat, Lumber, Iron,
Cement
- Capital items are industrial products that aid in the buyer’s production or
operations. Ex: Buildings, Elevators, Computers
- Supplies and Services

Once you’ve got a product or service in mind, you need to begin with a self-analysis:
 What kinds of products do you like, enjoy, consume and benefit from?
-Make your personal preference as a basis of creating a new product and
service you like to offer in the market.
 Do you like the product or service you’re planning to sell?
-You ask yourself if you want that product or service.
 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?
 Can you see yourself selling this product or service after five to ten years?
 Is this a product or service that you intensely desire to bring to the
marketplace?
Select the product or service in the market needs
Before you introduce a new product or service in the market you need to
select first on what are the possible products or services which is in demand today
and create a unique one that is different from others.

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 For example, the milk tea there’s a lot of franchise or business venture that is
now offering these kind of drinks and it has different flavors. As a beginner why not
think of new one, a different one. You make some research and experiments until
such time that you will come up with a new flavor of milk tea with a twist.

Product and Service Decision

Consumers buy a product because it meets their needs. However, there is
much more to a product than consumers may realize. You have to make your
product stand out from all the others in the market. The price is the actual amount a
customer pays for product or service.
The primary reason a business exists in a market economy is to provide
products or services to consumers and to earn a profit. The production function

creates or obtains products or services for sale.

Levels of Product and services

- Core benefits represent what the buyer is really buying
- Actual product represents the design, brand name, and packaging that
delivers the core benefit to the customer
- Augmented product represents additional services or benefits of the actual
product.
The many aspects of a product that a business must spend time developing
and managing includes:
 Branding - Brand is the name, symbol or design used to identify your
product.
Examples are the following:


 Packaging- Package is the box, container, or wrapper in which the

product is placed.
Examples are the following:

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 Label is where information about the product is given on the package.
Examples are the following:

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 To assess your understanding about the topic discussed, I
provide some activities here. Read and analyzed them first
before you answer.

I. Multiple Choice. Read each question carefully then choose the letter of
your answer. Write your answer in your notebook.
1. It is anything that can be offered in a market for attention, acquisition, use, or
consumption that might satisfy a need or want.
a. Services b. product c. consumer product
2. A form of product that consists of activities, benefits or satisfactions offered for
sale that are essentially intangible and do not result in ownership.
a. product b. label c. services
3. It is a symbol or design used to identify your product.
a. Tag b. brand c. label
4. Information about the product is given on the package.
a. Label b. price c. services
5. Package is the box, container, or wrapper in which the product is placed.
a. Price b. packaging c. wrap
II. True or False: Read and analyze the following statement carefully, write
True if the statement is correct and write False if the statement is incorrect
and underline the word that makes the statement incorrect. Write your
answer in your notebook.
1. The primary reason a business exists in a market economy is to provide
products or services to consumers and to earn a profit.
2. Consumer products are products and services for personal consumption.
3. Service is anything that can be offered in a market for attention, acquisition,
use, or consumption that might satisfy a need or want.
4. Consumers buy a product because it meets their needs.
5. Industrial Product are products purchased for further processing or for use in
conducting a business.

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III. Word Search. Direction: Search the following words inside the table.
Draw a line once you have found the word you’re looking for.

Label Brand Unsought Product Service Product

Consumers are the life success of any business venture; they are
the reason behind every successful entrepreneur. Understanding
and analyzing the self-analysis of your possible products and
services, you are then ready to analyze the product or service from
customer’s point of view. However good your product or service is,
the simple truth is that no-one will buy it if they don’t want it or
believe that they don’t need it. And you won’t persuade anyone that
they want or need to buy what you’re offering unless you clearly
understand what it is your customers really want. Knowing and
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understanding customer needs is at the center of every successful
business, whether it sells directly to individuals or other
businesses.
 Make a list of possible products and services that you can offer
within your locality or community and turn it into simple
business.

I. Identification Read and analyze the following statements carefully and

identify what is being asked. Write your answer in your notebook.
1. Anything that can be offered in a market for attention, acquisition, use, or
consumption that might satisfy a need or want.
2. A form of product that consists of activities, benefits or satisfactions offered for
sale that are essentially intangible and do not result in ownership.
3. These are products and services for personal consumption.

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4. These are products that is purchased for further processing or for use in
conducting a business.
5. It represents additional services or benefits of the actual product.

II. Fill in the blanks: Read and analyze the statements below. Write your
answer in your notebook.

1. ___________and services that the customer usually buys frequently,

immediately and with a minimum comparison and buying effort.
2. ________ is where information about the product is given on the package.
3. ___________are consumer products and services that the customer
compares suitability, quality, price and style.
4. __________items are industrial products that aid in the buyer’s production or
operations.
5. The _____ is the actual amount a customer pays for product or service.

III. Make a survey. With the assistance of your parents or relatives they will be
the one who will go outside to gather data.
1. You make a survey and conduct interview to some entrepreneur within
your community/locality about the product and services they are
selling/offering.
2. What are their interventions if some of their customers did not
meet/satisfy their needs and wants?
3. How they are handling that kind of situation?

 https://www.google.com/search?
q=products&rlz=1C1SQJL_enPH900PH900&sxsrf=ALeKk03xmUwZvvnQJqVzc8ir43-
cdkvsdw:1593467420834&tbm=isch&source=iu&ictx=1&fir=IjoOvERgDOtlDM%252CBdlpac-
CZ7DFgM%252C_&vet=1&usg=AI4_-kTFkAT7g5DMO8-
tF5M7sRGokzjv4w&sa=X&ved=2ahUKEwjSv9HcgKjqAhWUZt4KHcdLCq0Q_h0wFXoECAsQ
Bw&biw=1366&bih=576#imgrc=IjoOvERgDOtlDM
 https://marketing-insider.eu/definition-of-product/
 https://www.slideshare.net/joydeephazarika/marketing-products-services
 https://www.slideshare.net/vdotharish/classification-of-products

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 1. Specialty Product
2. Industrial Product
3. Product
4. Shopping
5. Consumer

Exercises/Activities
I.
1. b

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 2. c
3. b
4. a
5. b
II.
1. T
2. T
3. F
4. T
5. T

III.
1. Label
2. Brand
3. Unsought
4. Services
5. Product

Assessment
I.
1. Product
2. Service
3. Consumer Products
4. Industrial Products
5. Augmented Products

II.
1. T
2. F (convenience-consumer)
3. F
4. F (service-product)
5. T
III.
1. Convenience
2. Label
3. Shopping products
4. Capital
5. Price

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