11

ENTREPRENEURSHIP
Quarter 1
– Module 3
ENTREPRENEURSHIP

The Possible Product/s or Service/s that will

Meet the Need
.
Entrep– Grade 12
Alternative Delivery Mode
Quarter 1 – Module 3: Lesson 3- ENTREPRENEURSHIP: The Possible
Product/s or Service/s that will Meet the Need.

First Edition, 2020

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Published by the Department of Education

Secretary: Leonor Magtolis Briones Undersecretary:
Diosdado M. San Antonio

Development Team of the Module

Writer: Amecia Ray D. Mamigo
Editor: Ellen E. Edrial EdD
Reviewer: Ellen E. Edrial EdD
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Management Team: Senen Priscillo P. Paulin, CESO V Rosela R. Abiera
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Antonio B. Baguio, EdD

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Department of Education –Region VII Schools Division of Negros Oriental

Office Address: Kagawasan, Ave., Daro, Dumaguete City, Negros Oriental

Tele #: (035) 225 2376 / 541 1117
E-mail Address: [email protected]

11
ENTREPRENEURSHIP
Quarter 1 – Module 3

The Possible
Product/s or
Service/s that will
Meet the Need
Introductory Message
For the Facilitator:

Welcome to the Entrepreneurship Alternative Delivery Mode (ADM) Module 3, on

The Possible Product/s or Service/s that will Meet the Need.
This module was collaboratively designed, developed and reviewed by educators
both from public and private institutions to assist you, the teacher or facilitator in
helping the learners meet the standards set by the K to 12 Curriculum while
overcoming their personal, social, and economic constraints in schooling.

This learning resource hopes to engage the learners into guided and independent
learning activities at their own pace and time. Furthermore, this also aims to help
learners acquire the needed 21st century skills while taking into consideration their
needs and circumstances.
In addition to the material in the main text, you will also see this box in the body of
the module:

The ability to listen is as important as the

ability to speak.”
-Sheryl Sandberg

As a facilitator, you are expected to orient the learners on how to use this module.
You also need to keep track of the learners' progress while allowing them to manage
their own learning. Furthermore, you are expected to encourage and assist the
learners as they do the tasks included in the module.
For the Learner:
Welcome to the Entrepreneurship Alternative Delivery Mode (ADM) Module 3, on
The Possible Product/s or Service/s that will Meet the Need.
This module is designed to provide you with fun and meaningful opportunities for
guided and independent learning at your own pace and time. You will be enabled to
process the contents of the learning resource while being an active learner.
This module has the following parts and corresponding icons:
What I Need to
Know This will give you an idea of the skills or
competencies you are expected to learn in the
module.

ii
 What I
Know This part includes an activity that aims to check
what you already know about the lesson to take.
If you get all the answers correct (100%), you
may decide to skip this module.
This is a brief drill or review to help you link the
current lesson with the previous one.
What’s In
What’s In this portion, the new lesson will be introduced
New to you in various ways; a story, a song, a poem, a
problem opener, an activity or a situation.

What This section provides a brief discussion of the

is It lesson. This aims to help you discover and
understand new concepts and skills.

What’s This comprises activities for independent practice

More to solidify your understanding and skills of the
topic. You may check the answers to the
exercises using the Answer Key at the end of the
module.

What I Have This includes questions or blank

Learned sentence/paragraph to be filled into process what
you learned from the lesson.
What I Can This section provides an activity which will help
Do you transfer your new knowledge or skill into real
life situations or concerns.

This is a task which aims to evaluate your level of

mastery in achieving the learning competency.
Assessment
In this portion, another activity will be given to
you to enrich your knowledge or skill of the
lesson learned.
Additional Activities
Answer This contains answers to all activities in the
module.
Key
At the end of this module you will also find:

References This is a list of all sources used in developing

this module.
The following are some reminders in using this module:

1. Use the module with care. Do not put unnecessary mark/s on any part of the
module. Use a separate sheet of paper in answering the exercises.

ii
i
2. Don’t forget to answer What I Know before moving on to the other activities
included in the module.
3. Read the instruction carefully before doing each task.
4. Observe honesty and integrity in doing the tasks and checking your answers.
5. Finish the task at hand before proceeding to the next.
6. Return this module to your teacher/facilitator once you are through with it.
If you encounter any difficulty in answering the tasks in this module, do not
hesitate to consult your teacher or facilitator. Always bear in mind that you are not
alone.
We hope that through this material, you will experience meaningful learning and
gain deep understanding of the relevant competencies. You can do it.

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 TABLE OF CONTENTS
CONTENT PAGES

TITLE PAGE ------------------------------------------------ i

INTRODUCTORY MESSAGE------------------------------------------------------------------------------------ ii
For the Facilitator-------------------------------------------------------------------------------------------------------- ii
For the learner------------------------------------------------------------------------------------------------------------ ii

WHAT I NEED TO KNOW --------------------------------- 1

Learning Competency --------------------------------- 1
Learning Objectives --------------------------------- 1

WHAT I KNOW ------------------------------------------------ 1

Task 1 ------------------------------------------------ 1

WHAT’S IN ------------------------------------------------ 2
Task 2 ------------------------------------------------ 2

WHAT’S NEW ------------------------------------------------ 3

Task 3 ------------------------------------------------ 3

WHAT IS IT ------------------------------------------------ 4

WHAT’S MORE ------------------------------------------------ 7

Task 4 ------------------------------------------------ 7

WHAT I HAVE LEARNED --------------------------------- 7

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 Task 5 -------------------------------- 7

WHAT I CAN DO ---------------------------------------- 8

Task 6 ------------------------------------------------ 8

ASSESSMENT ------------------------------------------------ 9

GLOSSARY ------------------------------------------------ 10

ANSWER KEYS ------------------------------------------------ 11

REFERENCE LIST -------------------------------------------- 12

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 WHAT I NEED TO KNOW

Module 3: The Possible Product/s or Service/s that

will
Meet the Need
This module is written for you to accomplish at home. It is carefully
designed so that you can work at your own pace and allow self-discovery
of the concepts through activities that you will perform. Activities are also
selected to allow independent learning which aim to develop your reading
comprehension skills through understanding written texts. You may start
your journey in learning the possible product/s or service/s that will meet
the need. Knowing and understanding the product/s or service/s is at
the center of every successful business, whether it sells directly to
individuals or other businesses. Once you have this knowledge, you can
use it to persuade potential and existing customers that buying from you
is in their best interests. Good luck.

Learning Competency
The Possible Product/s or Service/s that will Meet the Need.
(CS_EP11/12ENTREP-0d-6)

Learning Objectives:

After going through the module, you are expected to:

1. Identify the possible product/s or service/s that will meet the need.
2. Develop a short plan in providing the products and services to
address the needs.
3. Use critical thinking in accomplishing tasks given.

WHAT I KNOW

Task 1

DIRECTIONS: Analyze the statements

below. Write the letter of the correct answer on your
notebook. 1. Which is referred to as a marketing offering?

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 A. Product/Service C. Company
B. Sales D. Goals
2. Which of the following is not a tangible product?
A. Car C. Event organizer
B. Alcohol D. Face mask
3. Which is referred to as the production of an essentially intangible
benefit?
A. Items C. Service
B. Company D. Market
4. Which of the following is a customer need that an Entrepreneur should
consider?
A. Usability C. Occupation
B. Income D. Savings
5. Which is not an after sales service?
A. Online support D. Employee training
B. warranty & Guarantee E. All of the above
C. Returns & Replacement

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.

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 WHAT’S IN

Task 2

DIRECTIONS: What does the picture below

suggest? Write your analysis in sentence form.
Accomplish this on your notebook.

Source: Everyman.Js-x.com

WHAT’S NEW

Task 3

Direction: Accomplish the task in your notebook.

Potential Why is the Who will be the target

Products/Services product/service needed market?
in the present time?
1.
2.

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3.

Explore!

1. How did you find the activity?

2. Was it easy/hard to identify products/services needed in the present
time?
3. Do you think the products/services will click in your target market?
4. How would you know that the products/services answer the need of the
present time?

WHAT IS IT

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. Ultimately, the need is the driver of every
entrepreneur. Business operators often look at the customer need as an
opportunity to resolve or contribute to the need which is providing a right
product and services. 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. However, 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 in choosing that product or service
is critical to your success (Tracy, B., 2015).

Once you have the product or service in mind, you need to begin with
a self-analysis (Tracy, B., 2015):

1. What kind of products do you like, enjoy, consume and benefit

from?
2. Do you like the product or service you are planning to sell?
3. Can you see yourself getting excited about this product or service?
4. Would you buy it and use it yourself?
5. Would you sell it to your mother, your best friend, your next-door
neighbor?

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 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 (Claessens, M., 2015).

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 (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).

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)

The Difference between Product and Service

Tangible vs. Intangible

Assessing the quality of a tangible product is very easy. Since most

products are countable, touchable, and visible, a consumer can assess its
durability by examining it. A good case in point is when an individual is
buying a home. The buyer will check every nook and cranny of the house,
including the attic, basement, foundation, each individual room, and more.
In contrast, a service is not something that one can feel or try out before

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paying for it. Say an individual needs a professional inspector to identify
any hidden issues before deciding to purchase a home. Just how
experienced is the inspector with regard to plumbing, roofing, and other
structural matters?

In a nutshell, the client lacks sufficient knowledge about the

inspector’s expertise until the task is already in progress. The customer
can read online reviews, ask for the inspector’s credentials, as well as
before and after pictures of his previous work, but there’s no definite way
of evaluating the quality of a service until it’s rendered.
Source: (Entrepreneurship by Feliciano Fajardo 1994)

Production vs. Interaction

A potential car buyer usually checks the car’s body lines, feels the
leather used on the seats, and takes the car for a test drive before
deciding whether to buy the car or not. Since it’s a product, the buyer is
aware of the specific production line the vehicle hails from, and there are
many more like it. In fact, there are other cars identical to the one being
bought.
But what about the service the car buyer receives from the car dealer?
The
way a car salesperson interacts with one buyer is not the same way he
interacts with another buyer. If the car buyer is lucky, he may find a
salesperson who is well-informed, courteous, and is willing to negotiate. If
he’s not, the car salesperson might be one who lacks information or
behaves in a nonchalant way.
Source: (Entrepreneurship by Feliciano Fajardo 1994)

Perishable vs. Imperishable

The best way to illustrate perishable products is to consider a

restaurant owner. If such an individual does not understand the concept of
spoilage and waste reduction, he risks ruining his business since most
fresh foods spoil within a few days. Another example is technology. Even
some intangible products like software become obsolete at some point.
Imperishable products include items like jewelry and automobile parts.
However, does the distinction between perishable and imperishable exist
in services? Services can be described as perishable but not imperishable.
A perishable service simply means that it’s short-lived. Ideally, such a
service is consumed as soon as it is produced. Unlike products, the service
cannot be stored for later use.

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 Perishable services include airline flights, auto repair, theater
entertainment, and manicures. If an individual purchases an air ticket for a
particular day, and then he suffers colds and is not able to travel, the
ticket expires. The perishable attribute of some services makes it hard to
balance supply and demand.
Source: (Entrepreneurship by Feliciano Fajardo 1994)

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” matter? (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.
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.

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 WHAT’S MORE

Task 4

DIRECTIONS: Determine whether the

statement is TRUE or FALSE. Write
TRUE if the statement is correct and write FALSE if otherwise. Write your
answer on your notebook.

_________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. 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.

WHAT I HAVE LEARNED

Task 5

Direction: In your notebook, complete the following

statements.
1. I have learned that
_____________________________________________________________________

2. I have realized that

_____________________________________________________________________

3. I will apply what I have learned

____________________________________________________________________

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 ASSESSMENT

Task 7

1. The customers you would most like to attract

are referred to as your
A. Competition C. Market segments
B. Target market D. Market

1. 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.

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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
placedependent; 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.

6. Which is an example of a good?

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 good is something you buy and consume. Tell which is a good.

A. You buy cookies from Mrs. Jenny in the caferteria.
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 C. Consume

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B. Spend D. Produce

10. Anything made or grown to be sold is a ___________.

A. Service C. Consumer
B. Good D. Producer

11. Work done for people is a ____________.

A. Service C. Consumer
B. Good D. Produce

12. The banking and hotel services are example of _____________________.

A. Products C. Barter system
B. Commodities 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.

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 GLOSSARY

Product -can be defined as anything

that we can offer to a market for
want. attention, acquisition, use or
consumption that could satisfy a need or

Services -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.
Innovation- comes from identifying customers’ needs and
providing solutions that meet those needs.

REFERENCES

Websites
1. https://simplifytraining.com/
2. Claessens, M. (2015). Definition of product and service. Retrieved from:
https://marketing-insider.eu/definition-of-product/
3. Defining Key Concepts: Products vs. Services. Retrieved from:
https://www.archives.gov/preservation/products/definitions/products
services.html

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 1. Identifying and Meeting Customer Needs. Retrieved from:
https://www.conductor.com/learning-center/customer-needs/
5. Identifying Customer Needs. Retrieved from:
https://simplifytraining.com/course/identifying-customer-needs/
6.Products and services. Retrieved from:
https://corporatefinanceinstitute.com/
7. Resources/knowledge/other/Products and Services | Meaning, Definition,
Differences. Retrieved from:https://accountlearning.com/products-
servicesmeaning-definitiondifferences/
8. Sauro, J. Methods for Identifying Customer Needs. Retrieved from:
https://www.dummies.com/business/customers/10-methods-for
identifyingcustomer-needs/
9. Tracy, B. (2015). Choosing a Product or Service to Sell. Retrieved from:
https://www.entrepreneur.com/article/78778

1. Entrepreneurship; Feliciano Fajardo, 1994

2. Go negosyo by Joey Conception, 2017

For inquiries or feedback, please write or call:

Department of Education – Schools Division of Negros Oriental

Kagawasan, Avenue, Daro, Dumaguete City, Negros Oriental

Tel #: (035) 225 2376 / 541 1117

Email Address: [email protected]
Website: lrmds.depednodis.net

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