THE POSSIBLE PRODUCT/S OR
SERVICE/S THAT WILL MEET THE
NEED
PRE-TEST
Directions:
To check your prior knowledge about
the topic, please analyze the
statements below. Write the letter of
the correct answer.
PRE-TEST
1. Which is referred to as a
marketing offering?
A. Product/Service
B. Sales
C. Company
D. Goals
PRE-TEST
2. Which of the following is not a
tangible product?
A. Car
B. Alcohol
C. Event Organizer
D. Face mask
PRE-TEST
3. Which is referred to as the production
of an essentially intangible benefit?
A. Items
B. Company
C. Service
D. Market
PRE-TEST
4. Which of the following is a customer
need that an Entrepreneur should
consider?
A. Usability
B. Income
C. Occupation
D. Savings
PRE-TEST
5. Which is not an after sales service?
A. Online support
B. Warranty & Guarantee
C. Returns & Replacement
D. Employee training
THE POSSIBLE PRODUCT/S OR SERVICE/S
THAT WILL MEET THE NEED
Looking back to your lesson
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
.
BRIEF INTRODUCTION
As would-be entrepreneurs, there is
a need to find the right products or
services for your target market.
The product or service should deliver
superior customer value.
CONCEPTS ABOUT
PRODUCT AND SERVICE
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.
CONCEPTS ABOUT
PRODUCT AND SERVICE
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
CONCEPTS ABOUT
PRODUCT AND SERVICE
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
CONCEPTS ABOUT
PRODUCT AND SERVICE
Specific examples of products and services:
1. 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.
CONCEPTS ABOUT
PRODUCT AND SERVICE
Specific examples of products and services:
2. 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
CONCEPTS ABOUT
PRODUCT AND SERVICE
The Difference of Product and Service
Product Service
1. It is tangible It is intangible
2. Quality standards can be attained It is very difficult to attain quality
standards
3. It may be an asset sometimes, It involves expenditure without any
e.g., fridge, television set, etc. tangible return benefit
4. Physical possession is possible. Physical possession is not possible.
CONCEPTS ABOUT
PRODUCT AND SERVICE
The Difference of Product and Service
Product Service
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 The producer of service is the seller
be different persons. too, e.g., medical and legal
services.
8. Assembling is very important. Assembling has no relevance at all.
CONCEPTS ABOUT
PRODUCT AND SERVICE
Why “Identifying Customer Needs” Matters?
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.
CONCEPTS ABOUT
PRODUCT AND SERVICE
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.
.
CONCEPTS ABOUT
PRODUCT AND SERVICE
How to Meet the Needs of Customers?
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.
Activity 4- Make Meaning-internet
assisted 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 your notebook.
1. Consumption 6. Customer feedback
2. Acquisition 7. Stakeholders
3. Customer loyalty 8. Expenditures
4. Customer satisfaction 9. Tangible
5. Customer service 10. Intangible
Activity 4- Make Meaning-internet
assisted activity
1. Consumption - the amount of something that people and other
entities use.
2. Acquisition - taking possession of an asset by purchase.
3. Customer loyalty - indicates the extent to which customers are
devoted to a company’s products or services.
4. Customer satisfaction - measures how well the expectations of
a customer concerning a product or
service provided by your company have
been met.
Activity 4- Make Meaning-internet
assisted activity
5. Customer service - meeting the needs and desires of any
customer.
6. Customer feedback - is information provided by clients about
whether they are satisfied or dissatisfied
with a product or service.
7. Customer loyalty - indicates the extent to which customers are
devoted to a company’s products or services.
8. Stakeholders - is a party that has an interest in a company and
can either affect or be affected by the business.
Activity 4- Make Meaning-internet
assisted activity
8. Expenditures - funds used by a business to attain new assets,
improve existing ones, or reduce a liability.
9. Tangible - capable of being perceived especially by the sense of
touch
10. Intangible - unable to be touched or grasped; not having
physical presence.
POST TEST (MATCHING TYPE)
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
B 1. Car A. Usability and durability
C 2. Xerox machine B. Repairs and maintenance
A 3. Smart phone C. Leasing or pay per copy
F 4. Credit card D. Entertainment
G 5. Organic products E. Consistent quality
D 6. Television F. Bills payment
J 7. Accessories G. Healthy lifestyle
I 8. Books H. Boost immune system
H 9. Vitamins [Link] goods I. Accuracy of information
E 10. Basic goods J. Fashionable designs
THANK YOU!