Entrepreneurship Lesson 3

NEED
NEED
 Learning Objectives

01
02 03
 PRETEST
DIRECTIONS: Analyze the statements below. Write the letter of the correct answer
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 C. Returns & Replacement
B. warranty & Guarantee D. Employee training
E. All of the above
 PRETEST
DIRECTIONS: Analyze the statements below. Write the letter of the correct answer
Note: Items 6-10 are answerable by Yes or No.
6. Market needs can be disregarded. Yes No

7. Products and services need not to plan. Yes No

8. Filling out the need is necessary for growth Yes No

and development of the community.

9. The boost of economy in the local area depends Yes No

on how the needs are being addressed.

10. Knowing the right products and services is Yes No

very important in starting business.
Question
What does
the picture
suggest?
“Don’t find customers
for your product. Find
products for your
customers.
By: SETH GODIN
Tips:
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.
Remember:
Your skills in choosing that
product or service is critical
to your success or failure.
The best marketing
strategy ever:

CARE
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.
Goods
➢ are tangible items that are produced,
purchased, and consumed to satisfy
human needs and wants. They can
be physically touched, stored and
transported.
Service
➢ are special form of product
which consists of activities,
benefits or satisfactions
offered for sale that are
intangible.
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.
 Concept of Product and Services
A product can be defined as
anything that we can offer to
a market for attention,
acquisition, use or The broad definition of product
consumption that could includes services, events, persons,
satisfy a need or want. places, organizations, or even ideas.

Product does not only Services are special form of product

involve tangible goods such which consists of activities, benefits or
as a car, a fridge or a phone satisfactions offered for sale that are
but also include intangible intangible and do not result in the
objects as well, because they ownership of anything..
can be offered to a market.
Example:
When a consumer buys a car, the
product comes with a lot of other
service responsibilities, such as
tune-up and maintenance.
Example:
When a consumer buys a car, the
product comes with a lot of other
service responsibilities, such as
tune-up and maintenance.
 A laptop buyer now buys a bundle of
service benefits in addition to the

Specific Examples of
tangible components of the laptop.

products and services.

Specific Examples of
products and services.
A laptop buyer now buys a bundle of
service benefits in addition to the
tangible components of the laptop.
 The Difference
between Product
and Service
 The Difference
between Product
and Service
 Tangible vs. Intangible
TANGIBLE PRODUCT
is countable, touchable, and INTANGIBLE PRODUCT
visible, a consumer can assess is claimed to be a type of goods that
its durability by examining it. does not have a physical nature, as
opposed to a physical goods.
 Production vs. Interaction
PRODUCTION
the process of making or INTERACTION
manufacturing goods and
or customer interactions, are a
products from raw
materials or components. concept that encompasses every
communication made between a
brand and a customer.
 Perishable vs. Imperishable
PERISHABLE
Services can be described as perishable IMPERISHABLE
but not imperishable. A perishable
service simply means that it's short- not subject to decay or
lived. Ideally, such a service is deterioration, products include
consumed as soon as it is produced.
Unlike products, the service cannot be
items like jewelry and automobile
stored for later use. parts.
 Why “Identifying Customer Needs” matter?

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
1. To ensure customer satisfaction, entrepreneurs must
correctly identify customers’ needs.
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.
Question

What
problem it
will solve?
 What
problem I can
solve?

Dehydration
Question

What
problem
this will
solve?
Delivery
Service
The need for
convenience
Assessment:
I - DIRECTIONS: Determine whether the statement is TRUE or FALSE. Write TRUE if the
statement is correct and write FALSE if otherwise.

_________1. Products do not carry an element of service.

_________2. 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. Goods are tangible and discernible items that the organization produces.
_________6. Products and services are 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.
Assessment:
II - DIRECTIONS: Analyze the statements below. Write the letter of the correct answer on your paper.

1. The customers you would most like to attract are referred to as your
A. Competition C. Market segments
B. Target market D. Market
2. The process of creating something new that makes life better is called...
A. Technology C. Brand recognition
B. Innovation D. Opportunity cost
3. Which of the following is the BEST definition of knowing your products and services?
A. When an employee knows which product is better than the others.
B. When an employee can explain the basic aspects of the services the company offers
C. When an employee can explain specific details of their products and express the value it has
over others.
D. When an employee is able to discuss what type of product or services they sell and to whom.
Assessment:
II - DIRECTIONS: Analyze the statements below. Write the letter of the correct answer on your paper.

4. Which of the following is the BEST explanation of why knowing your products and services creates value?
A. It helps the customer to see why the product or service stands out and how it is beneficial to them.
B. It helps manipulate the customer into thinking the product or service is of good value.
C. It identifies all the characteristics about the product or service so customers can fully evaluate it.
D. It shows passion, which means that it must be a good product or service.
5. What are the typical characteristics of services?
A. Services confer benefits; are tangible; are time- and place-dependent; are consistent; cannot be owned;
and providers and consumers form part of the service.
B. Services confer no benefits; are intangible; are time- and place dependent; are inconsistent; cannot be
owned.
C. Services are intangible; are time- and place-dependent; are inconsistent; cannot be branded; and
providers and consumers form part of the service.
D. Services confer ownership; are intangible; can be consumed at any time or place; are inconsistent; and
providers form part of the service.
E. Services confer benefits; are intangible; are time- and place-dependent; are inconsistent; cannot be
owned; and providers and consumers form part of the service.
Assessment:
II - DIRECTIONS: Analyze the statements below. Write the letter of the correct answer on your paper.

6. Which is an example of a goods?

A. Candy bar C. Dental visit
B. Hair cut D. Having the car oil changed
7. Which is an example of a service?
A. Candy bar C. Hamburgers
B. Having your hair cut D. Computers
8. A goods is something you buy and consume. Tell which is a good.
A. You buy cookies from Mrs. Jenny in the cafeteria.
B. Mrs. Priester asks you to wash the tables.
C. You hire someone to braid your hair.
D. You ask a friend to shampoo your living carpet.
9. When someone sales a good or provides a service they _____________ money.
A. Earn B. Spend C. Consume D. Produce
10. Anything made or grown to be sold is a ___________.
A. Service B. Good C. Consumer D. Producer
11. Work done for people is a ____________.
A. Service B. Good C. Consumer D. Produce
12. The banking and hotel services are example of _____________________.
A. Products B. Commodities C. Barter system D. services offered
13. In providing products and services to supply the need in the market, the following are most preferred
factors to consider except_____________.
A. Self-preferences and interest only of the entrepreneur.
B. Taste and preferences of target market.
C. Target market cultures.
D. Norm and status of target market.
14. Which activity is addressed in the product/service management function?
A. Setting discounts to clear products from inventory.
B. Determining where products will be offered for sale.
C. Focusing promotional activities on a new-product release.
D. Eliminating products that are slow sellers.
15. Which of the following is the BEST definition of a good?
A. A tangible item which can be owned, stored, and evaluated.
B. A tangible item which cannot be owned, stored, and evaluated.
C. An item that can only be bought at an in-person store.
D. An intangible item which can be owned, stored, and evaluated.
Assessment:
III- DIRECTIONS: Matching type: Column A contains list of products and Column B contains of lust of
services. Match as to which service in column B is related to the product in column A.
Write a letter of your answer in your answer sheet.

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 e. 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
 ACTIVITY
TASK 1
DIRECTION: Do what are asked. Write your answer a one whole sheet of paper.
1. In a particular locality, there is a shortage of face mask. The residents of the
place and the healthcare frontliners continue to accommodate the
unprecedented challenge of the coronavirus outbreak. Many of the settlers
do not have adequate protection against the pandemic. As an entrepreneur,
what do you think will be a potential business that could address the need?
Who will be your target market?
2. People lament about the high rate of electric bill. You always hear them cry
regarding this problem because it does not give justice to the
consummation. Being an entrepreneur, what do you think will be the
potential business that could address the need? What plan of action will
you make in order for you to realize your business. Use the template below
for your plan of action.
 ACTIVITY
TASK 1
DIRECTION: Do what are asked. Write your answer in a one whole sheet of
paper.
 ACTIVITY
TASK 2
As a future entrepreneur, you are task to identify at least one product or service
which can be related to your dream business. Focus on how you will meet the
needs of your target market and then give at least 3 reasons why you are
proposing these product or service and begin with self-analysis.

PRODUCT/SERVICE Reason of choosing the product /service

1. 1.
2.
3.

Self-analysis:
• 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 your mother, your best friend, your next-door neighbor?
THANKS!
DO YOU HAVE QUESTIONS?
THANKS!
DO YOU HAVE QUESTIONS?