The Possible Product/s or Service/s

Lesson 5 that will Meet the Need

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EXPECTATIONS
After going through the module, you are expected to:
determine the possible product/s or service/s that will meet the need.

You may start your journey in learning the possible product/s

or service/s that will meet the need . Are you excited to
answer the Pre-test? Smile and Enjoy!

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.

_________1. Which is referred to as a marketing offering?

A. Product/Service B. Sales C. Company D. Goals
_________2. Which of the following is not a tangible product?
A. Car B. Alcohol C. event organizer D. Face mask

_________3. Which is referred to as the production of an essentially intangible

benefit?
A. Items B. Company C. Service D. Market
_________4. Which of the following is a customer need that an Entrepreneur should
consider?
A. Usability B. income C. occupation D. savings

_________5. Which is not an after sales service?

A. Online support B. warranty & Guarantee
C. Returns & Replacement D. Employee training
 Learning Module for Entrepreneurship

You have finished answering the pre-test. You may request

your facilitator/guardian to check your work. Congratulations
and keep on learning!

LOOKING BACK TO YOUR LESSON

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.

Please answer the questions below. Good Luck!

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.

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_____________5. Existing customers are people who have already purchased your
product.
_____________6. To know the demographic information that people have in common
is a way of reaching a potential market.
_____________7. To determine the potential market is not helpful for business future
growth.
_____________8. Asking what related products will customers need in the future is
helpful in identifying potential markets.
_____________9. Customer is a person or organization that uses a commodity or
service. _____________10. Market size is the number of individuals in a certain
market segment who are potential buyers.

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 Learning Module for Entrepreneurship

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.
However, the definition of product does not only involve tangible goods such
as a car, a fridge or 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 product includes services, events, persons, places,
organizations or even ideas (Claessens, M., 2015).

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 (Claessens, M., 2015).

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).

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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).

2. A laptop buyer now buys a bundle of service benefits in addition to the

tangible components of the laptop.

Specific Examples of products and services (https://www.archives.gov)

Products

• new prints of motion picture film elements

• prints for exhibit purposes
• reference copies on DVD/CDs, books, magazines for the reading rooms or
other clients
• Cars, tables and chairs, etc.
Services

• consulting with clients on appropriate products for specific purposes

• providing advice on risk assessment and priority setting
• working on standards committees
• conducting training and other educational outreach

The Difference of Product and Service (https://accountlearning.com)

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.

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 Learning Module for Entrepreneurship

8. Assembling is very important. Assembling has no relevance at all.

Skill of the service provider is the
9. Skill of the seller alone cannot deciding factor in most cases, e.g., legal,
determine sale. catering and medical services.
Production and distribution of service
10. Production and distribution need not will have to be done simultaneously,
take place simultaneously. e.g., provision of electricity.
11. Packing plays a crucial role in the It has no relevance in the marketing of
marketing of any product. service.
12. Both Brand name and Trade name are
important in the marketing of any Brand mark and Trade name are
product. important in the marketing of services.
13. Labelling is an integral part of
marketing. It is required as per law. 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 (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. Correctly identifying customers’ needs is essential for ensuring customer

satisfaction and loyalty.
2. Customers have unique needs.
3. Often, customers either aren’t clear about what they need or they don’t
really know what they want.
4. Identifying clients’ needs creates satisfied customers, and satisfied
customers are less likely to have reason to enter into disputes with the
organization or contemplate legal action.

Key Points (https://simplifytraining.com/)

1. To ensure customer satisfaction, entrepreneurs must correctly identify

customers’ needs.
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 Learning Module for Entrepreneurship

2. To identify needs, entrepreneurs must both listen and ask the right
questions.
3. After identifying needs, always check for additional or related needs.
4. 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 (https://www.conductor.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 order to meet their expectations.

ACTI VITIES

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.

As would-be entrepreneur, make 10 items customer product survey questionnaire.

Focus on the following guidelines:

1. Give a brief 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, 1 very negative. You
may use other 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

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e. The value of the product/service

f. If the customer will buy the product once it is available in the market
g. If they will recommend the product to their friends
h. If they will replace their existing product once your product is available in
the market
i. The features/characteristics they like about the product
j. Suggestions to improve the product/service

Activity 2. MAKE MEANING- INTERNET ASSSISTED ACTIVITY

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_____________________________________________________________
6. Customer feedback __________________________________________________________
7. Stakeholders_________________________________________________________________
8. Expenditures ________________________________________________________________
9. Tangible _____________________________________________________________________
10.Intangible ___________________________________________________________________

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.

• 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.

• 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.

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• Innovation comes from identifying customers’ needs and providing solutions

that meet those needs.

CHECK YOUR UNDERSTANDING

DIRECTIONS: Read and analyze the statements below about “Product or Service”.
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. Products do not carry an element of service.

____________2. A service is the result of the application of skills and expertise
towards an identified need.
____________3. A service isn't something you can try out before you pay for it.
____________4. All products are countable, touchable, and visible, a consumer can
assess its durability by examining it.
____________5. Products are tangible and discernible items that the organization
produces.
____________6. Products and services can both be perishable.
____________7. Service is associated with physical items.
____________8. A product is an offering that derives value from intangible elements.
____________9. A product may be capable of being reused for a certain time.
____________10. Service has no connection with the sale of products.

POST TEST
-
Criss Cross Puzzle. Read and analyze the clues below and write the correct word
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

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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.

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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 11E. Consistent quality
6. Television F. Bills payment
7. Accessories G. Healthy lifestyle
8. Books H. Boost immune system
9. Vitamins I. Accuracy of information
10. Basic goods J. Fashionable designs

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 self-
analysis. (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?
 Learning Module for Entrepreneurship

Congratulations! You are almost done in this module. Please write your
idea on the situation below.

As would-be Entrepreneur, you are tasked to identify at least 3 products or

services which can be related to your dreamed business. Focus on how you will
meet the needs of your target market especially in this time of COVID – 19
Pandemic. In each product or service give at least 3 reasons why you are proposing
these products or services. Write your answer in the space provided.

PRODUCT/SERVICE REASON OF CHOOSING THE

PRODUCT/SERVICE
1. 1.
2.
3.
2. 1.
2.
3.
3. 1.
2.
3.

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