SHS

Entrepreneurship
Module 4: Quarter 1 – Week
4
Entrepreneurship
Grade 11/12 Module 4: Quarter 1 - Week 4
First Edition, 2020

Copyright © 2020
La Union Schools Division
Region I

All rights reserved. No part of this module may be reproduced in any form without
written permission from the copyright owners.

Development Team of the Module

Author: Marites C. Martinez, T-II

Editor: SDO La Union, Learning Resource Quality Assurance Team
Illustrator: Ernesto F. Ramos Jr., P II

Management Team:

ATTY. Donato D. Balderas, Jr.

Schools Division Superintendent
Vivian Luz S. Pagatpatan, Ph.D
Assistant Schools Division Superintendent
German E. Flora, Ph.D, CID Chief
Virgilio C. Boado, Ph.D, EPS in Charge of LRMS
Mario B. Paneda, Ed.D, EPS in Charge of Araling Panlipunan

Michael Jason D. Morales, PDO II

Claire P. Toluyen, Librarian II
 Entrepreneurship
Module 4: Quarter 1 - Week 4
 Target

A potential market is the part of the market you can capture in the
future that includes the demographics groups that are not currently your
customer but become your customer in the future. This is used in a
business proponent that is precisely true with the target customers,
target market and or target audience. The target market must be
identified by using different kinds of surveys that you know, like, online
or oral interview, by that way, you will already identify and determine the
products and services they are looking for, after that, the entrepreneur
already have an idea how and what to cater in your potential market.

In your previous lesson, you are already done with analyzing and
knowing the market needs and wants, wherein you are based with the
physiological needs which is the basic needs up to the self-actualization.

This learner material will provide you with information and

activities that will help you more understand about market, products and
services.

After going through this learner material, you are expected to:

1. know the meaning of potential market, target customer, products

and services and needs and wants; and
2. determine the possible product/s or service/s that will meet the
need.
(TLE_ICTAN11/12PC-Ia-1)

1
 Jumpstart

For you to comprehend the exercise well, do the accompanying

exercises. Have a great time and good luck!

Activity 1: Read and get to know me!

Direction: Read the five key concepts in understanding and determining
customer needs. Understand what you are reading.

Customer Needs is a mission-critical for business looking to

create product that truly speaks to their customer’s problems.

The customer needs are the named and unnamed needs your
customer has when they come in contact with your business, your
competitors, or when they search for the solutions you provide to
identify the needs of your customers at every step of your process. You
can identify customer needs in several ways, by conducting focus
groups, listening to your customers or social media, and keyword
research.

(a) Needs, Wants, and Demands. Needs are a special kind of

want and refer to things we must have to survive, such as our basic
needs. While wants are desires for goods and services we would like to
have but do not need. Demands are requests for specific products that
the buyer is willing and able to pay for over a specific period.

(b) Products, Services, and Experiences. A product is any good,

service, or idea that can be offered to a market to satisfy a want or
need. On the other side, services are the non-physical, intangible parts
of our economy, as opposed to goods, which wan touch or handle.
Experiences are knowledge or skill in a job or
activity, which you have gained because you have done that activity or
work for a long time.

(c) Value and Satisfaction. A value refers to the value customers

place on a product or service. Satisfaction on the other hands, is the
measure of how well customer expectations from a purchased product
or service have been meet.

(d) Exchanges and Relationships. Exchange is the act of obtaining

desired object from someone by offering something in return (Armstrong et
al 2009). On another note, relationship is a connection between two people
or things.

(e) Markets. Market is defined as the group of individual or

organizational customers who have both the willingness and financial
capability to purchase a product or service.
Direction: Choose your answer from the given choices. Write your
answer in a separate sheet of paper. Write the letter only.

1. What do you call the special kind of want?

a. Demand b. needs c. wants
2. What do you call the knowledge or skill in a particular job or skill?
a. Product b. service c. experiences
3. Which is used to measure of how well customer expectations from
a purchased product or service have been meet?
a. Satisfaction b. value c. experience
4. What do you call the name and unnamed needs of your customer?
a. Customer needs b. consumer products c. customer services
5. Which is called the requests for specific products that the buyer is
willing and able to pay for over a specific period?
a. Needs b. wants c. demands

ACTIVITY 2: FILL ME UP!

Are you familiar with the different products around you? Are you also
familiar and aware with the service/s that you see around you?

Direction: In the first column of your paper you write at least 5 product
that you know or see inside your house. While on the second column
write also 5 service business activity done by different people to earn
money and survive that you know. Write all your answer in a separate
sheet of paper.

Examples are given in the box.

Product Service
s s
Bottled Mineral Water Fish Vending
1. 1.
2. 2.
3. 3.
4. 4.
5. 5.
 Discover

In entering a business,
always remember that there is
always uncertainties that occurs,
that’s why you have to set yourself
on what to face in reality.

Entrepreneurs take a deep study

on how they will know better on
their potential market (how?).
Figure 1. Customer needs and wants
Know their wants and needs
including the demands; that
includes the products they are looking for, and what good and services
has to be given to the customers and how to deliver the products to the
customers in a safest way not to harm them because customers are the
(VIP),the very important person of all the entrepreneurs.

In market, there is a capability to

purchase a product/service that can be
variable as it can expand or contact
depending on certain factors. Market
demand is the total demand of all
potential customers for a specific
product/service over a specific period in a
specific market area.

Value, consumers have different needs

Figure 2. Supply and Demand
Curve and buying capacities, consumers assign
varying values on the same product or
service. The
product with the highest quality does not always provide the highest
value for customers. In valuing customer, an entrepreneur must give the
good brand and quality of the product to their customer, the product that
suits their different needs that gives full satisfaction in using and
consuming it especially the consumer goods.

Satisfaction, to ensure the maximum customer value and satisfaction,

entrepreneurs and marketers must: balance product or service quality
and price, establish consistency among product availability, level of
customer service and efficiency and have the consumer and atmosphere
feel comfortable and convenient.

Products are considered tangible

goods wherein the goods can be seen
and touched or the intangible service
that the enterprise offers to its
customers to satisfy their needs and
produce the expected results.

Services are the intangible goods

wherein you will be paid according to
your profession,
skills, and Figure 3. Scale of Customer Satisfaction
talents.
TYPES OF PRODUCTS

There are three types of product which can be distinguished via

consumption and tangibility. These are durables, non-durables and
services.

1. Durables- these are the products which have long

interval between repeat purchases because of their
long-lasting nature. (Example. television sets like
HAIER and LG. cars like Toyota and Mitsubishi
etc.)

Figure 4. Durable Products

2. Non-durables- products have stronger repeat

purchases because they are consumable.
(Example: shampoo, bar soap, biscuits etc.)

Figure 6. Non-
Durable
Products

3. Services- these are the products which are essentially intangible

because there are no physical items involved (example: training
services, food vending, dental and rental services etc.)

CATEGORIES OF PRODUCTS

1. Convenience Products have the lowest risk and lowest effort in

buying the products because consumers will not spend a lot of
time or money in buying those products and can be sold by
wholesales. (example; staple goods)
2. Preference Products are consumer goods that have the specific
preferences for brands or suppliers but are willing to make
substitution when necessary.
3. Shopping Products are products that consumers feel are worth
the time and effort to compare with other competing products.
(example: tiles)
4. Specialty Products are unique, customized products which have
their own niches, and this commands utmost loyalty from another
buyer.
 Explore

ENHANCEMENT ACTIVITY 1: COMPLETE ME!

Direction: Fill up the table by filling the missing words using the different
types of products. Write answers on a separate sheet of paper.

Product Type of products

s
1. bath soap 1.non-durables
2. washing machine 2.
3. fruit vending 3.
4. repair and maintenance 4.
5.fish vending 5.
6. toothpaste 6.
7. detergent bar 7.
8. canned goods 8.
9. milk products 9.
10. massage therapy 10.

ASSESSMENT 1:

Direction: Answer the following question. Write all answers in separate

sheet of paper. Choose the letter of the correct answer.

1. What product has the lower risk and lower effort?

a. Convenience products b. shopping products c. specialty
products
2. What do you call the product that is unique and customized
product?
a. Specialty products b. convenience products c. preference
products
3. Which product has a long interval between repeat purchases of the
customers?
a. Durables b. non-durables c. services
4. These are intangible goods that no physical item involved.
a. Durables b. non-durables c. services
5. What do you call a product that suppliers are willing to make
substitution when necessary?
a. preference b. non-durables c. services
ENHANCEMENT ACTIVITY 2:
Direction: Answer the following what is being asked. Write all answers
in a separate sheet of paper.

1. By looking at the categories of a product. List down on your

separate sheet of paper some example of each category except
from the examples already given.
2. Take note of the difference and similarities of the types of products
that you noticed upon understanding of the definition given.
3. Based on your understanding on the definition of categories of
products, what do you think is the best category? Explain.

ASSESSMENT 2: COMPLETE ME!

Direction: Write the answers in a separate sheet of paper. Choose the
correct word/s from the choices inside the parenthesis to complete the
sentence in each given item.

1. Products are considered (tangible, intangible) good

wherein the goods can be seen and touched.
2. _ (Specialty Products, Preference Products) commands
loyalty from the buyer. It is the products that you can customize in
your own niches.
3. Durables are the products which have long (interval,
range) between repeated purchases
4. (Value, Satisfaction) is the assumption from a purchased
product.
5. In market, there is a capability to purchase a particular product or
service that can be variable as it (can, cannot) expand.

ENHANCEMENT ACTIVITY 3: MATCH ME!

 What you need

Ruler Pencil/pen

 What you have to do

1. Get a ruler and pen and copy the written arrangement below on
a separate sheet of paper.
2. Match the following into their correct answers.
3. Use lines to connect them.

1. A. Convenience Products a. bar soap

2. B. Durables b. food vending

3. C. Shopping Products c. tiles

4. D. Non- Durables d. Car (Toyota)

5. E. Services e. staple goods
 Deepen

Excellent! You have comprehended the exercise. It is safe to say that

you are prepared to sum up?

ACTIVITY 1:
Direction: Form a group of 4-6 and conceptualize for a play or a skit.
Show how customer decide for their wants and needs, and how a seller
communicate with them. The rubric will be used in assessing your
performance.

Rubrics for Scoring the Performance

CATEGORY 4 3 2 1
The role-play The role-play
Your role-
Great job! is somewhat is completely
play is on-
You offered off- topic. Pay off- topic, as
Content topic, but it
creative new more if your group
is missing
insights on attention to did not even
some
the topic! the read the
creativity
directions directions.
and insight.
next time!
For the most
Your group
Everyone in part, your
Excellent failed to stay
your group group stayed
work! Every in character,
stayed in in character.
member of and it looked
character, Next time,
Roles your group like you had
but some spend more
stayed in not prepared
members time
character, for how the
didn't seem preparing for
and it was characters
to really be how the
clear you might think
"into" what characters
took your or act.
they were might think
roles
doing. or act.
seriously.
Your group Your group
Your group obviously needs to
did an spent some spend more It seems that
excellent job time time your group
preparing preparing for preparing used the
Preparation
and the role-play, for the role- preparation
rehearsing but some play. time for
your role- rehearsal Reading something
play, and it might have lines from a else.
shows - helped things script is a
everything run more sure sign
went very smoothly you're not
smoothly. . prepared.
Keep
working!
Excellent! Good! Your
Don't forget
Your presentation, Argh! I
Overall that, though
presentation while it was expect much
Impressio the process
was fun to watch, better work
n is
 entertaining could have entertaining, from you
and been more you're also next time.
informative! informative. supposed to
learn
something
from it.

ACTIVITY 2: LOOK FOR ME!

Direction: Below is a word search puzzle containing the topics and lessons
that have discussed. Words to look for are listed below:

Durable Wants Demand

Products Relationshi s
Satisfacti ps Value Shoppin
on Convenienc g
Preferenc e Exchange Custom
e Needs er
Purchas
e Buyer

D E A D C H S D N A M E D I K
U I C D O S C H A N Y E O L R
R U U B B D H E X O A B C W E
A E S E S E E O S S M W A K Y
B S T R U E X T N G B N H A U
L A O O H N C U N R T G I I B
E H M S O U H I Y S I T M L A
E C E L D E P G G B I R A A V
R R R O S P Q N I M U I X Y A
I U R C O N V I N I E N C E L
S P I H S N O I T A L E R A U
A D S E R I N U Y H K E A B E
M E C N E R E F E R P N E H C
C X S A T I S F A C T I O N Q
E G N A H C X E J O N G S U K

Gauge

I. Multiple Choice
Direction: Read carefully each item. Use separate sheet for your
answers. Write only the letter of the best answer for each item.
1. It is a special kind of want and refer to things we must have to
survive.
a. Demand b. Needs c. Wants
2. It requests for specific products that the buyer is willing and able
to pay for over a specific period.
a. Demand b. Needs c. Wants
3. The consumers will be able to feel worth in comparing and
competing with other products.
 a. Specialty Products b. Convenience Products c. Shopping
Products
4. It has specific preferences for brands.
a. Preference Productsb. Convenience Products c. Shopping
Products
 5. The consumer will not spend a lot of time or money in
buying those products.
a. Preference Productsb. Convenience Products c. Shopping
Products
6. It is the total demand of all potential customers for a specific
product or service over a specific period in a specific market area.
a. Market b. Market Demand c. Potential Market
7. It is any good, service, or idea that can be offered to a market to
satisfy a want or need.
a. Product b. Services c. Experiences
8. These are the products that is intangible because there are no
physical items involved.
a. Non- Durables b. Services c. Durables
9. Its enterprise offers to its customers in order to satisfy their needs
and produce the expected results.
a. Services b. Intangible Service c. Products
10. It is an act of obtaining desired object from someone by offering
something in return.
a. Exchanges b. Relationship c. Market Demand

II. True or False

Direction: On your answer sheet, write T if the statement is true,
and F if otherwise.
11. Potential Market is used in a business proponent that is precisely
false with the target customers, target market and or target
audience.
12. Services are the non-physical, intangible parts of our economy, as
opposed to goods, which wan touch or handle.
13. Preference Products are unique, customized products which have
their own niches, and this commands utmost loyalty from other
buyer.
14. Services, are the tangible goods wherein you will be paid
according to your profession, skills and talents.
15. In market demand there is a capability to purchase a particular
product/service that can be variable as it can expand or contact
depending on certain factors.

III. Enumeration
Direction: Enumerate the following in your
answer sheet. 16-19. Categories of products
20-24. 5 Types of Customer Need
25-27. 3 Types of Products
28-30. Give 3 examples of non-durable products