Lesson 5 The Possible Product/s or Service/s

4 that will Meet the Need

555555

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.

2
 Learning Module for Entrepreneurship

_____________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.

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, organisations 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 ([Link]

3
 Learning Module for Entrepreneurship

Examples:

1. When a consumer buys a car, the product comes with a lot of other service
responsibilities, such as tune-up and maintenance
([Link]

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 ([Link]

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 ([Link]

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 tangible

fridge, television set, etc. 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.

4
 Learning Module for Entrepreneurship

7. The producer and the seller may be The producer of service is the seller too, e.g.,
different persons. medical and legal services.

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

Skill of the service provider is the deciding

9. Skill of the seller alone cannot factor in most cases, e.g., legal, catering
determine sale. and medical services.

Production and distribution of service will

10. Production and distribution need not have to be done simultaneously, e.g.,
take place simultaneously. 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 ([Link] 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 ([Link] Similarly, innovation comes from
identifying customers’ needs and providing solutions that meet those needs (Sauro,
J.).
Why “Identifying Customer Needs” Matters ([Link]

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.
5
 Learning Module for Entrepreneurship

Key Points ([Link]

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.

How to Meet the Needs of Customers ([Link]

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.

ACTIVITIES
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
6
 Learning Module for Entrepreneurship

c. Product innovation
d. If the product/service will meet the customer’s need
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.

7
 Learning Module for Entrepreneurship

• 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.

• 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. 8
 Learning Module for Entrepreneurship

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.

9
 Learning Module for Entrepreneurship

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 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

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?
 Learning Module for Entrepreneurship

• 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?

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.

E-SITES
To further explore the concept learned today; please watch the video about “steps
to create new product” @[Link]

REFERENCES
Websites

1. Claessens, M. (2015). Definition of product and service. Retrieved from:

[Link]
11
 Learning Module for Entrepreneurship

2. Defining Key Concepts: Products vs. Services. Retrieved

from:
[Link]
html

3. Identifying and Meeting Customer Needs. Retrieved from:

[Link]

4. Identifying Customer Needs. Retrieved from:

[Link]

5. Products and services. Retrieved from: [Link]

resources/knowledge/other/products-and-services/

6. Products and Services | Meaning, Definition, Differences. Retrieved from:

[Link]
7. Sauro, J. Methods for Identifying Customer Needs. Retrieved from:
[Link]
foridentifyingcustomer-needs/

8. Tracy, B. (2015). Choosing a Product or Service to Sell. Retrieved from:

[Link]

12