Republic of the Philippines

Department of Education
Region I
SCHOOLS DIVISION OF ILOCOS NORTE

ENTREPRENEURSHIP
Quarter I Module 2:
Recognizing Potential Market
Need

MELC: Analyze the market need

(CS_EP11/12ENTREP-0a-3)
MELC: Determine the possible product/s or
service/s that will meet the need
(CS_EP11/12ENTREP-0a-4)
MELC: Screen the proposed solution/s based on
viability, profitability, and customer requirements
(CS_EP11/12ENTREP-0b-c-5)
MELC: Select the best product or service that
will meet the market need (CS_EP11/12ENTREP-
0d-6)

Prepared by:

JEFFERSON V. BALOALOA
SHS Teacher I
Lanao National High School
Entrepreneurship - Grade 11/12
Alternative Delivery Mode
Quarter 1 – Module 2: Recognizing Potential Market 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

Author: Jefferson V. Baloaloa
Editors:
Reviewer: James C. Verdadero
Layout Artist/ Illustrator:
Management Team:
Joann A. Corpuz

Joye D. Madalipay

Arnel S. Bandiola

Jenetrix T. Tumaneng

Name of EPS In Charge: Archie Mateo Llaguno

Name of PSDS In Charge

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Schools Division of Ilocos Norte

Office Address: Brgy. 7B, Giron Street, Laoag City, Ilocos Norte
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E-mail Address: [Link]@[Link]
 11/12

ENTREPRENEURSHIP
Quarter I – Module 2:
Recognizing Potential Market
Need

3
Introductory Message
For the facilitator:

Welcome to the Entrepreneurship 11/12 Alternative Delivery Mode (ADM)

Module on Recognizing Potential Market 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:

Note to the Teacher

This contains helpful tips or strategies that
will help you in guiding the learners.

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 on

Recognizing Potential Market Need!

The hand is one of the most symbolized parts of the human body. It is often
used to depict skill, action and purpose. Through our hands we may learn, create
and accomplish. Hence, the hand in this learning resource signifies that you as a
learner is capable and empowered to successfully achieve the relevant competencies
and skills at your own pace and time. Your academic success lies in your own hands!

This module was 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.

1
This module has the following parts with their 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.

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
correctly, you may decide to skip this module.

What’s In This is a brief drill or review to help you link

the current lesson with the previous one.

What’s New In this portion, the new lesson will be

introduced to you in various ways such as a
story, a song, a poem, a problem opener, an
activity or a situation.

What is It This section provides a brief discussion of the

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

What’s More This comprises activities for independent

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

What I Have Learned This includes questions or open-ended

statements to be filled in to process what you
learned from the lesson.

What I Can Do This section provides an activity which will

help you transfer your new knowledge or skill
into real life situations.

Assessment This is a task which aims to evaluate your

level of mastery in achieving the learning
competency.

Additional Activities In this portion, another activity will be given

to you to enrich your knowledge or skill of the
lesson learned. This also develops retention
of learned concepts.

Answer Key This contains answers to all activities in the

module.

2
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.
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!

3
 What I Need to Know

This module was designed and written with you in mind. It was
specifically developed and designed to provide you fun and meaningful
learning experience, with your own time and pace. This module shall serve to
give you a more in-depth knowledge about the concepts, underlying
principles, and processes of developing a business plan and the important
terms that may be associated with it. The scope of this module permits it to
be used in many different learning situations. The lessons are arranged to
follow the standard sequence of the course.

The module contains 4 lessons, namely:

• Lesson 1 – Analyzing the Market Need
• Lesson 2 – Determining Products/Services
• Lesson 3 – Screening Proposed Solutions
• Lesson 4 – Selecting the Best Products/Services

After going through this module, you are expected to:

• Analyze the market need (CS_EP11/12ENTREP-0a-3)
• Determine the possible product/s or service/s that will meet the need
(CS_EP11/12ENTREP-0a-4)
• Screen the proposed solution/s based on viability, profitability, and
customer requirements (CS_EP11/12ENTREP-0b-c-5)
• Select the best product or service that will meet the market need
(CS_EP11/12ENTREP-0d-6)

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 Lesson

1 Analyzing the Market Need

What I Know

Direction: Read and answer each statement carefully then write the letter of
the best answer on a separate sheet of paper.

1. All are core competencies in Entrepreneurship, except:

A. basic bookkeeping/ accounting skills
B. communication skills
C. building relations with customer
D. building competitive advantage

2. Which of the following is not a business competency? This competency

covers the outcomes required to build, and grow a micro/small-scale
enterprise – like developing and maintaining small-scale business,
establish customer base, and manage business finances.
A. Establish customer service
B. Manage finances
C. Preparing business letters
D. Monitoring operations

3. Which is not a goal of entrepreneurial competency?

A. Expanding the enterprise
B. Expanding markets and clientele
C. Developing individuals and teams
D. Enhancing one’s business skill

4. All are important aspects of Entrepreneurship as a course, except:

A. Discussion on economic issues and concerns
B. Explanation of key concepts of competencies in Entrepreneurship
C. Discussion on the relevance of the course
D. Exploration of career opportunities

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5. Which of the following does not cover a high-performing enterprise?
A. Build and develop the enterprise to be more competitive within a
changing business environment.
B. Creating gaps among employees.
C. Responding to consumers’ demand.
D. Maintaining product quality and accessibility.

What’s In

A potential market is the part of the market you can capture in the
future. Your potential market includes the demographic groups that are not
currently your customers but could become customers in the future. They
might become your customers because you expand your available products
or services, or because you begin marketing your current products and
services in a new way and to new groups of buyers (Lake, 2019).

What’s New

Direction: Analyze carefully the images below and list down at least three (3)
potential markets that entrepreneurs should consider during this COVID -19
pandemic and indicate their needs. Write your answer in the separate sheet
of paper.

6
 Potential Market Market Need
1. 1.
2. 2.
3. 3.

What is It

Definition and Importance of Potential Market

According to Lake (2019), potential markets are an important part of a

business's future growth. Every business has a set of target customers that
make up its share of the available market. While you can continue selling to
these customers in the future, one of the best ways to grow your business is
to identify potential markets that you can begin targeting.

In this sense, potential markets allow you to:

• Ensure the future of your business by identifying new customers.

• Think proactively about ways for your business to grow and change.
• Show the potential of your business to investors or collaborators.
• Increase your revenue.
• Create a plan B that will weather changes in the economy or market.
• By identifying and pursuing potential markets, you are not increasing
your market share for today; you are ensuring your market share will
increase for the future.

Potential market is the part of the total population that has shown some
level of interest in buying a particular product or service. This includes
individuals, firms and organizations. Potential market is also called Total
addressable market (TAM) (MBA Skool Team, 2018).

The following figure depicts what is a potential market with respect to

the total population and how it can be converted to a penetrated market:

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 Potential Market

Available Market

Target Market

Penetrated
Market

Available Market. These are prospects who are willing and capable
(have sufficient resources) buyers, and have access to a particular market or
service. In addition to this, it is defined as the number of people who are both
willing and capable of buying a particular product or service in a particular
market (MBA Skool Team, 2020).

Target Market. In contrary, target market refers to a group of potential

customers to whom a company wants to sell its products and services. Target
markets are generally categorized by age, location, income, and lifestyle.
Defining a specific target market allows a company to home in on specific
market factors to reach and connect with customers through sales and
marketing efforts (Kenton, 2019).

Penetrated Market. In addition, penetrated market is a set of

customers or clients who are already using a particular product or service. A
penetrated market means that the potential users of a product or service are
aware of it, and in many cases are active consumers of it.

The size of a potential market is found by performing a market forecast.

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. If the potential market is very small, it means
there is a very small fraction of the total population showing any interest in
the product or category.

This means that it is better that the company doesn’t invest further in
the product or category because people won’t buy it. If the size of the potential
market is large, it means that there is a huge fraction of the total population

8
which is showing interest in the product, so further investment can be made
on the product development or modification, marketing, promotions etc. The
size of the potential market gives an estimate of what all a company should
do and how much it should invest.

Identifying Potential Market

In identifying your new potential markets, think of every target

demographic that you currently sell to, as well as those you have not yet
targeted. Determine what they have in common with each other, new
milestones that they will encounter in their lives that will impact their buying
patterns, and where they overlap or diverge from your current customers.

According to Lake (2019), in order to know your potential market, ask

yourself the following questions:

• What other products do my customers need now?

• What related products will they need in the future?
• Who else could make use of the products I am selling now?
• What demographic information does that new group have in common
with my current customers?
• What demographic information does that new group have in common
with each other?

These questions will help you identify both new ways to market your
current products or services, as well as new products and services that you
can begin selling.

For example, a business that makes face masks and PPEs could identify
potential markets such as:

• Hospitals and other health related industries whose employees are

prone to COVID -19 virus and other viruses.
• Business industries and other organizations who want to ensure the
health condition of their employees.
• Employees and workers who need to report to work to earn income.
• Households who needs to go out for their necessities.

Of course, you may not decide to target every potential market that you
identify, understanding your options will help you discover the most natural
and profitable directions for your business to grow.

Effective identification of potential market depends on your knowledge

about your company, as well as your industry. Other times, you may need to
use research to identify the areas where your business can grow and expand.

9
Reaching the Potential Market

Once you've identified and chosen a potential market to begin targeting,

you will need new marketing strategies in place to communicate with them.
Though there may be some overlap between your current customers and your
potential market, you should still treat your potential market as your target
audience by creating a customer profile. Use this profile to identify your
potential market:

• The demographic information that people in this group have in

common.
• The best forms of media to reach them.
• How they prefer to shop and make purchases.
• The concerns, struggles, or problems that you can help them overcome.
• What values matter to them, both in everyday life and when shopping.
• The language that resonates with them.

The Market Need

Need
• A motivating force that compels action for its satisfaction. Needs range
from basic survival needs (common to all human beings) satisfied by
necessities, to cultural, intellectual, and social needs (varying from
place to place and age group to age group) satisfied by necessaries
([Link]).
• A driver of human action which marketers try to identify, emphasize,
and satisfy, and around which promotional efforts are organized
([Link]).

Market
• A market is a place where two parties can gather to facilitate the
exchange of goods and services. The parties involved are usually buyers
and sellers. The market may be physical like a retail outlet, where
people meet face-to-face, or virtual like an online market, where there
is no direct physical contact between buyers and sellers (Kenton, W. &
Boyle, M., 2020).
• A market is any place where sellers of particular goods or services can
meet with buyers of those goods and services. It creates the potential
for a transaction to take place. The buyers must have something they
can offer in exchange for the product to create a successful transaction
(Moffatt, M., 2019).
• A market does not refer to a particular place but it refers to a market
for a commodity or commodities. It refers to an arrangement whereby
buyers and sellers come in close contact with each other directly or
indirectly to sell and buy goods (Shaikh, S., retrieved 2020).

10
 Furthermore, according to Stull, C., Myers, P.& Scott D.M. (2008) the
market is consisting of the following:
• Existing customers: People who have already purchased your product.
• Prospects: People who have not yet purchased your product but are
considering it.
• Target market users: People in your target market who are not currently
looking for a solution.

Define the Market Need for Your New Business

Why is it important to clearly define market needs? 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.

To achieve such alignment, the ability to define market patterns, needs,

interests, preferences, etc. for a comprehensive view of the buying process is
critical. Below are ways to define your market:

• Consider whether the business offers a new solution to an old problem

or complements an emerging trend.
• Have a clear picture of your target market.
• Determine the benefits that your product or service offers.
• Examine industry data that can confirm whether there is a sustained,
growing demand for your product or service.
• Identify the percentage of market share that it is realistic for you to
capture. The more competition you have, the lower the margins will be.
• Consider how realistic your pricing is. How can you present your
product or service to potential customers so that it appears to be a good
value, while still affording you a healthy profit?

What’s More

Direction: Match the definitions in Column A with the word/phrase in

Column B. Write your answer in a sheet of paper.

1. It is a company’s marketing goals and objectives

A. Market
combined into a single comprehensive plan.

11
 2. Refers to a person or organization that uses a
B. Target Market
commodity or service.
3. This is an area or arena in which commercial
C. Potential Market
dealings are conducted.
4. This is used to give a general idea of the size of a
company in relation to its market and its D. Need
competitors.
5. This is one part of the total market for a good or E. Demographic
service. group
6. It is also called Total addressable market (TAM). F. Market Strategy
7. A person or business that purchases a commodity
G. Market size
or service.
8. Circumstances in which something is necessary, or
H. Customers
that require some course of action; necessity.
9. The study of the characteristics of human
populations, such as size, growth, density, I. Consumers
distribution, and vital statistics.
10. The number of buyers and sellers in a particular
J. Market share
market.

What I have learned

Direction: In a piece of paper, answer the question below and expound your
answer:

Do you have what it takes to be an entrepreneur?

What I can do

Direction: As would-be entrepreneur, you are tasked to identify your

dreamed business, one that involves your interests. Indicate who are your
potential market, target market, available market and/or penetrated market.
Write your answer in a sheet of paper.

12
 Assessment

Direction: Read and analyze the statements below and identify whether this
refers to potential market, available market, target market, or penetrated
market. Write your answer in a sheet of paper.

1. Active consumers of a product.

2. People who are both willing and capable of buying a particular product
or service in a particular market.
3. It is the part of the total population that has shown some level of
interest in buying a particular product or service.
4. It includes specific customers to whom a company directs its marketing
efforts.
5. Customers or clients who are already using a particular product or
service.

Additional Activities

Directions: Please write in a separate sheet of paper your idea in on the

situation below.

If you’re thinking about starting a business, most likely you have

dreamed of one that involves your interests, what does the market need or
want? Do you know who is buying, what and how much, or how, where and
why they are buying those goods or services already?

13
 Lesson
Determining Products /
2 Services

What I Know

Direction: To check your prior knowledge about the topic, please analyze the
statements below. Write the letter of the correct answer in a separate sheet of
paper.

1. Which is referred to as a market 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

What’s In

As we go further, let us try to recall our lesson about the potential

market and market need.

14
 • 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.

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.

Examples:

1. When a consumer buys a car, the product comes with a lot of other
service responsibilities, such as tune-up and maintenance.
2. A laptop buyer now buys a bundle of service benefits in addition to the
tangible components of the laptop.

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 What’s New

Direction: 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 a sheet of paper.

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 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.
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.

What is It

One thing to keep in mind is that products and services are closely
aligned. In fact, a majority of products carry with them an element of service.
It is clear that provision of service may be in connection with the sale of
products, e.g., after-sale or repair service or it may not be in connection with
the sale of goods, e.g., banking, insurance, legal, catering and other services.
The provision of medical service may involve sale of certain goods by a doctor
to his client, e.g., false teeth, contact lens, artificial limbs, etc. Therefore, there
is a clear difference between the two concepts, and it’s imperative for one to
understand their working definitions.

16
 Product Service
1. It is tangible. It is intangible
2. Quality standards can be
It is very difficult to attain quality
attained.
standards.

3. It may be an asset sometimes,.

It involves expenditure without any
e.g., fridge, television set, etc. .
tangible return benefit

Physical possession is not possible.

4. Physical possession is possible.
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.
Skill of the service provider is the
9. Skill of the seller alone cannot deciding factor in most cases, e.g.,
determine sale. legal, catering and medical services.

Production and distribution of service

10. Production and distribution
will have to be done simultaneously,
need not take place
e.g., provision of electricity.
simultaneously.

11. Packing plays a crucial role in It has no relevance in the marketing of

the marketing of any product. service.
12. Both Brand name and Trade Brand mark and Trade name are
name are important in the important in the marketing of
marketing of any product. services.
13. Labelling is an integral part of
marketing. It is required as per It has no relevance.
law.

Most of the businesses focus on innovations and fail to align their brand
with customer needs. Customer-centric companies are 60% more profitable
than companies that don’t focus on customers (Patel, 2020).

Being customer-focused help in understanding customers better and

align products and services to create great value. You cannot persuade
consumers without knowing what they are looking for. Identifying and
meeting customer needs should be the focal point of every business to build
a solid customer base. Once you have a clear knowledge about the same, you
can further use it to persuade your customers.

17
Importance of Identifying Customer Needs

Customer needs are defined as the influential factors that trigger them
to buy your product or service. These 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. 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.

Prior to your business promotions or product launch, it is vital to know

your customer needs and wants. Conducting market research can greatly
help you to understand your potential customers. The more you know about
your customers, it helps you define their needs and help your business in the
following ways:

• Provide faster solutions – One of the common things customers want is

real time support. By identifying the needs of your customers you can
provide faster and effective support.
• Improve your products & services – Customer research helps
understand the motives behind the buying process. You can learn
about the areas you are missing out and create an effective Unique
Selling Proposition. The insights can be used to enhance the products
or services to satisfy customer needs.
• Reduce the number of support tickets – Building the product and
services considering the needs of the target customers ensures effective
solutions to customer issues.

Ways in Identifying Customer Needs

Recognizing customer needs includes deep research across your
industry and asking your customers lots of specific questions. It is very
important to gather in-depth details from your customers through regular
communication and be sure you can deliver on their individual needs.
Presented in the diagram below are the questions you can consider to
help you identify your customers’ needs (Patel, 2020).

18
 Who are your What is personality of
target customers? each customer segment?

What do they Can you walk on

value? their shoes?

How do you discover What do customers

unmet customer needs? value in interactions?

How can you become more How do you uncover hidden

relevant for customers? satisfiers/dissatisfiers?

You can also follow a simple four-step procedure to meet the needs of
customers as can be seen in the diagram below.

IDENTIFY DISTRIBUTE
Identify what your Distribute the information
customers need from you to relevant stakeholders in
through keyword research, your organization.
focus groups, or social
listening.

COLLECT CREATE
Collect customer feedback Craft product features or
on how your efforts meet create content that speaks
their expectations. to your customer’s needs.

19
 After you’ve identified what your customer needs from you, take the
data you’ve collected seriously. If potential customers are asking for
something, big or small, make sure you deliver. Businesses that have a
developed methodology for how they collect and share customer insights
within their organization will have the best luck at meeting customer needs
quickly.

Meeting Customer Needs

Meeting customer needs is crucial for any business looking to retain

and attract new customers. Because, as important as the discovery phase is,
knowledge about what your customer needs from you is only as good as the
way you use it.

All of today’s most successful businesses take steps to meet customer

needs early and often. For the modern entrepreneur, taking strides to make
sure your customers’ needs are met will help you align with other internal
teams at your organization, like your sales team, customer support team, and
your product team. With your whole organization operating under a cyclical
process of anticipating, identifying and meeting customer needs, you’ll see
results in no time.

What’s More

Direction: 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 a
sheet of paper.

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.

20
 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

Direction: In a piece of paper, share what you have learned by completing

the sentences below.

1.
I learned that products are:
2.
The differences of products 1.
and services are: 2.
For me, products and 1.
services are: 2.
Understanding customer 1.
needs are important
2.
because:
The best ways to satisfy 1.
customers are: 2.

What I can do

Direction: In a sheet of paper, do a simple Need Analysis in your community

by following the format below.

Proposed Product/
Need/Problem Strategy
Solution
Look for a wholesaler and
Offering affordable
Ex. Expensive Facemask sell for a competitive
facemask
price
1.

21
2.

3.

4.

5.

Assessment

Direction: Read and analyze the clues below and identify the correct word on
the blocks across and down. Write your answer in a separate sheet of paper.

Products or Services that will Meet the Need

22
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.
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

Additional Activities

Directions: In a sheet of paper, given that you have purchasing power, as a

student, write down at least five (5) things you need and categorize it if it is a
product or service using a check mark.

My Need Product Service

1.
2.
3.
4.
5.

23
 Lesson
Screening
3 Proposed Solutions

What I Know

Direction: 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 a sheet of paper.

1. Consumption _______________________________________________________
2. Acquisition__________________________________________________________
3. Customer loyalty____________________________________________________
4. Customer satisfaction_______________________________________________
5. Customer service____________________________________________________
6. Customer feedback__________________________________________________
7. Stakeholders________________________________________________________
8. Expenditures________________________________________________________
9. Tangible____________________________________________________________
10. Intangible___________________________________________________________

What’s In

In the previous lessons in this module, you have learned on Lesson 1

how to analyze who are your potential market and what are their needs. In
Lesson 2, you have learned how to determine your customers’ needs and how
will you satisfy these needs as an entrepreneur.

In this lesson, you will learn the significance of screening proposed

solutions which will ensure success to the business. For this reason, failure

24
of a product or service can produce an extremely negative impact on a small
business. To prevent this effect, small-business owners conduct customer
analysis before the release of a new product or service to determine if their
offering is likely to appeal to a target market of customers as intended.

Understanding customer psychology can act as a catalyst for your

business to deliver better customer service, build long-lasting relationships,
and maintain a consistent source of revenue. The key way to anticipate is via
a thorough analysis of the needs and wants of customers.

What’s New

Direction: 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 a sheet of paper.

1. Customer needs analysis____________________________________________

2. Environmental Scanning____________________________________________
3. Interview ___________________________________________________________
4. Focused Group Discussion (FGD)____________________________________
5. Survey______________________________________________________________

What is It

Customer Needs Analysis

It refers to a comprehensive analysis that can benefit your business to

understand what value your customers want from your products or services.
It provides valuable insights about your target audience that can be
inculcated within the product to make sure that it delivers great customer
value.

Effective customer needs analysis depends mainly on two factors.

Firstly, to create customer personas and identify what customer inputs are

25
needed to create breakthrough products and the second is to know how to
capture customer inputs and feedback.

Conducting customer research to understand the factors that influence

purchasing decisions can be done by:

• Environmental scanning: It is a process that systematically surveys and

interprets relevant data to identify external opportunities and threats.
An organization gathers information about the external world, its
competitors and itself.
• Interview: It is done through one-on-one or face-to-face meeting to
gather data of a specific person provided with background
qualifications. It is the direct way of collecting customer inputs. You
can interact directly with customers who are using your product or who
have chosen to buy it. It is considered to be reliable over other ways of
acquiring inputs.
• Focused Group Discussion: FGD is a small-group discussion guided by
a trained leader. A group of people are gathered and asked about their
perceptions, opinions, beliefs, and attitudes towards a product, service,
concept, advertisement, idea or packaging. The groups emphasize
qualitative or quantitative surveys because it provides more opinions
and motivations.
• Survey: It is one way to gather data through a printed questionnaire,
over the telephone, by mail, person or on the web. The analysis done
through surveys help businesses to get a picture of their position in the
market in terms of fulfilling the needs of their target customers.

Five Tips in Writing Interview Questions

Writing questions for an interview can be tricky. It is important that you

know the right questions to ask and how to ask them. Structuring of the
interview questions is also important. The following are five simple tips to help
you write interview questions.

1. Avoid Asking Double-Barreled Questions

These are questions that have more than one question in the sentence.
An example is, “Do you think he is telling the truth and that he deserves to
be set free?” There are two questions to be addressed here. When asked
double-barreled questions, most likely the respondent will answer just one of
them. It’s better to ask your questions separately.

2. Do Not Ask Questions That Are Biased

Avoid asking questions that are slanted towards an opinion. A good

interview question is neutral and it allows the respondent to give his or her
own take of the issue. It should not influence the respondent’s opinion.

26
3. Avoid Assuming Questions

Assuming questions are those that already have assumed opinions for
the interviewees. An example is, “A lot of people are angered by the anomaly.
Are you one of them?” This question is structured in such a way that an issue
is painted as an anomaly when it probably still needs to be proven. The correct
way to ask this is, “Do you believe that an anomaly took place?”

4. Keep Your Questions Short and Clear

Write questions that are short and clear. Correcting grammar is

essential too, because the slightest grammatical or punctuation mistake can
change the question’s meaning. Review your interview questions and have
them checked for grammar.

5. Do Not Include Unnecessary Questions

And finally, delete questions that are irrelevant to your topic. Do not get
carried away, but keep your questions focused on your objective.

Eight Tips in Writing Effective Survey Questions

If you have decided to use a survey or poll to learn more about your
customers, you must have a list of people to survey and the right online survey
tool in place. Now all you need to do is to write your survey questions. Sounds
easy enough, doesn’t it? But beware. There are some common mistakes that
are easy to make even on the simplest of questions.

Use the following list as your guide to help avoid these possible pitfalls.

1. Write questions that are simple and to the point

Make your questions easy to understand by using simple language. The

goal is to write a question that your reader will easily understand without
having to reread it. Using everyday language is the best way to accomplish
this. A good exercise to practice is to write questions that you could see
yourself asking friends or colleagues.

2. Use words with clear meanings

Avoid phrases that are left to the reader’s interpretation. Words like
most, numerous, many, and several mean different things to different people.
You want to use words that are more commonly understood, such as almost
all, a majority of, almost none, and a few.

27
3. Limit the number of ranking options

When you ask your respondents to rank items in order of preference or

importance, try not to surpass six items. Asking them to rank a long list can
result in an abandoned survey. If you need to get feedback on all the items on
your list (and you have more than six,) consider making two questions out of
the original one.

4. In a multiple-choice question, cover all options without overlapping

When you ask a multiple-choice question that can only have one
answer, give the respondent a list that covers all the options without
overlapping. For example, if you asked the respondent to tell you his or her
age, your choices should not be “18-25, 25-35, 35-45, over 45.” In this case,
the 25- and 35-year-olds would have two choices when they should have only
one. This will skew your results.

5. Avoid double-barreled questions

Asking double-barreled questions is a common mistake because it’s

easy to do without realizing. Here’s an example of one: “How far would you be
willing to drive for dinner and a movie?” This type of question is problematic
because it asks the respondent to give one answer for two different questions.
In the case of the example, someone might be willing to drive further to go to
dinner than they would for a movie (or vice versa). By asking two different
questions, you will get a much more accurate answer.

6. Offer an “out” for questions that don’t apply

Some respondents can’t or won’t answer certain questions because they

don’t have the experience or aren’t really sure how they want to respond. For
these situations, you should offer an option for them to select “Does Not
Apply” or “Don’t Know.” If you are certain that a respondent is able to answer
the question, for example, if you ask someone who just purchased from your
website, “How would you rate our website?” you don’t need to offer an “out.”

7. Avoid offering too few or too many options

While it is difficult to put an exact number on how many items you can
have in a list because it varies with each question, a good guide is to offer a
complete list of the most likely choices and then provide an “other” option to
collect data from the rest of the responses. For example, if you own a pet store
and want to know what animals your customers own, you’ll want to include
the top 8-10 most likely pets and not a list all 118 species sold in your store.

8. Make recall easy

Avoid taxing your respondents by asking them to recall events in the

distant past, especially if they are mundane, everyday events. While you may

28
get a solid answer if you ask how many times someone has flown to Europe
in the last year, it will be much less accurate if you ask how many ads for
trips to Europe they have seen in the last year. Keep this formula in mind:
more common events = shorter window of recall.

What’s More

Direction: To learn more about what community or customers’ needs are,

product need assessment survey is important. The results of the survey will
guide future action. Generally, the needs that are rated most important are
the ones that get addressed. Do it in a separate sheet of paper.

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
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

29
 What I have learned

Direction: In a piece of pad paper, answer the question below and expound
your answer:

Think of a product you can offer during this pandemic. What do you
think is the most applicable technique in gathering data to prove your
product’s viability?

What I can do

Direction: Conduct a simple online survey using your developed survey

questionnaire to a minimum of ten respondents. Record the data you gathered
in a sheet of paper.

Assessment

Direction: Read and analyze the statements below and identify whether this
refers to interview, focus group discussion, or survey. Write your answer in
a sheet of paper.

1. Participants get involved in the brainstorming activity which leads to

generating ideas.
2. Good for capturing discursive or complex information on participants’
thoughts, feelings, behaviors, and beliefs.
3. Data variable is depending on the participants’ understanding of
instructions.
4. It reaches a large number of people.
5. Flexible investigative approach.
6. Statistically valid information about a large number of people.
7. Easy to accommodate contingencies by changing scenarios in mid-
stream if necessary.

30
 8. It requires a time commitment and recommended when client wants to
understand individual decision processes.
9. Ideal for exploring subject areas the might be deemed too controversial
or sensitive for a focus group atmosphere.
10. Generally required at concept development stage or when the product
is an innovation.

Additional Activities

Directions: In continuation with your survey and data gathered in the

activities above, present and discuss the results of your survey using graphs
or tables in a sheet of paper. Indicate a brief explanation to each diagram.

31
 Lesson
Selecting the Best
4 Product/Service

What I Know

Direction: As a future entrepreneur, considering your classmates as your

potential market. List down five products/services you will offer to them that
they really need. Do it in a separate sheet of paper and follow the format below.

Classmates’
Product/Service Demographics Reason
Gender Age
1.
2.
3.
4.
5.

What’s In

In continuation with our discussion in this Module entitled,

“Recognizing Potential Market Need”, you will learn how to properly select the
best products or services that will meet your customers’ need. In reality, a key
question often asked by start-up entrepreneurs is what to sell in the business.

The selection of the right product or service is critical. In fact, the choice
of a product or service for your business can make or break your business.
Choose a product that requires significant production capital when you have
none and couldn’t find any, and your business is compromised from the start.
Offer a service that a hundred other entrepreneurs offer in your locality and
you may find it hard to get noticed above your competitors. Or select a product

32
with an extremely specialized market yet you do not know how to reach the
potential customers, and your business can go kaput.

Your products or services define your business. Your products are your
business! If you want to turn your business into an income-generating
machine, the first step is to choose the right product or services to sell.

With the right products, you even stand a better chance at keeping your
customers. The idea is to keep your customers forever by continually offering
them a valuable product or service, thereby diminishing your costs of reaching
and appealing to them. Wise product selection is therefore critical to your
business success.

What’s New

Direction: After reading the case below, analyze the problem and write your
answer in a sheet of paper.

Nelson Antonio and Medy Tarnate were partners in a souvenir factory

in Ilocos Norte. They had 200 workers in the 2000s, who helped them
manufacture different designs of shirts which they displayed and sold by the
thousands in different retailers in Ilocos Norte. They were considered very
successful at that time.

Their souvenir business slowed down when low-priced Chinese imports

became popular in the Philippine market. Nelson and Medy often quarreled
about money matters and management styles. Nelson had more
entrepreneurial characteristics: creative/innovative, flexible, updated on new
trends, and was willing to take risks. Medy belonged to the “old school” of
businessmen who could not understand Nelson’s propositions regarding the
rehabilitation of their business: getting loans, introducing unique t-shirt
designs, opening “tiangge” stalls, online selling, etc. She was contented with
the small profits they were making.

Since their business is a partnership, Nelson cannot carry out his plans
without Medy’s consent. Medy’s pessimism, for him, is unacceptable and he
foresees closure of their business in a few more years if Medy will go on with
her way of thinking.

Questions:

1. What is the main problem in the case?

2. Do you agree with Nelson’s proposals? Why or why not?
3. If you were Medy, would you consider offering new products? Why?

33
 4. If you are in Nelson’s place, what will you do to solve their business
problem? Explain your answer.

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. More than any other factor, your ability to make this choice will
determine your success or failure.

The most important thing you can do before deciding what to sell is to
think. And the more you think about a product or service before you bring it
to market, the better your decisions will be.

So how do you start? To make a product successful, you must be

personally and emotionally committed to its success. Once you've got a
product or service in mind, you need to begin with a self-analysis:

1. What are your primary considerations for choosing a particular product?

Make a list of your selection criteria, and what you think are important
to you in identifying what business to engage in. There are a myriad reasons
for selecting a product, and these reasons can include: financial benefit to
your business, relatively low investment requirements, positive return on
investment, fit with present strategy, feasible to develop and produce, easy to
source and procure, relatively low risk, and time to see intended results.

2. Can you meet the needs of the customer and solve a specific problem?

Your product must address a need or an opportunity. You need to know

how your products or services can assist customers. It must have a real value
that customers can recognize, want and need. Include in your product
information and sales materials how your products can benefit the customers,
e.g. help reduce time, effort and expense.

3. How capable are you to produce the product?

Just as an athlete needs to know his physical condition before he enters

a race, you must also know if you have the time, resources and capability to
produce your product. Many entrepreneurs make the mistake of going
forward with a business idea only to find that they cannot afford the

34
manpower required, or do not have the resources to outsource the product
development. As a result, many experience slippage in release dates making
the mistake of launching half-finished web sites. You must also evaluate at
the onset how you can scale up the production if there is a strong demand for
the product.

4. What is the size of your potential reachable market?

You need to at least get an idea of the size of your market. Know who
are likely to use or benefit from your products. If you are selling an
information product on how to sell at Shopee or Lazada, define who will be
your potential customers you think will be interested in your product. Many
small and home business entrepreneurs view market research as an
unnecessary and expensive cost, but understanding who and how big your
market can pay off in the long run.

5. Would you need to comply with government rules and regulations?

New laws or government rules and regulations can impact your

product. Some products can be sold immediately without the need for
government approval. Others, however, require permits, licenses and
approval from the government.

6. If a similar product exists, can your product be superior in its functionality,

presentation or marketing?

This entails knowing and understanding your Unique Selling

Proposition. Your unique selling proposition is the one thing that makes that
your product different than any other. It’s the one reason they think
consumers will buy the product even though it may seem no different from
many others just like it. It may be that the product has a lower price or more
convenient packaging, or it may taste or smell better, or last longer.

7. What barriers must be overcome for a potential new product entry?

Barriers to entry include high research and development expenditure,

high presence of start-up or sunk costs, and international trade restrictions
such as tariffs and quotas. Patents are likewise important barriers for many
small and home-based businesses, where your competitor may hold legal
protection for an integral component of your product and hence may prevent
you from manufacturing your product. Other barriers to entry include
predatory pricing of competitors that will force you to operate at a loss, high
advertising and marketing costs to compete with established brands in the
industry, and the cost advantages enjoyed by your competitor that allows
them to set lower prices.

35
8. What are the potential sales, growth, profits, and time for payback?

Before starting your business, run your numbers first. Get a clear idea
of your cost structure, how much sales you need to have to breakeven and
post a profit, and what your return on investment will be.

For a product or service to succeed, it must be the right product, being

sold at the right time, to the right customer, in the right market. It must be
produced and sold by the right company, and the right people. What you have
to decide is this: Is this product right for you?

What’s More

Direction: In a sheet of paper, using your knowledge on selecting the right

product to offer and considering your product ideas in the previous activities,
answer the simple Self-Analysis Questions to check your product’s
competitiveness in the market.

SELF-ANALYSIS QUESTIONS

1. What are your primary considerations for choosing a particular product?

2. Can you meet the needs of the customer and solve a specific problem?

3. How capable are you to produce the product?

4. What is the size of your potential reachable market?

5. Would you need to comply with government rules and regulations?

6. If a similar product exists, can your product be superior in its functionality,

presentation or marketing?

7. What barriers must be overcome for a potential new product entry?

8. What are the potential sales, growth, profits, and time for payback?

36
 What I have learned

Direction: In a piece of pad paper, assess yourself using the following

questions:

1. Am I able to understand the importance of identifying

potential market and knowing customer needs before ( ) Yes ( ) No
offering solutions?
2. Am I able to define and differentiate product and
( ) Yes ( ) No
service?
3. Am I able to understand the effects of meeting customer
( ) Yes ( ) No
needs?
4. Can I perform a simple customer need analysis? ( ) Yes ( ) No
5. Can I write effective questions in gathering data? ( ) Yes ( ) No
6. Do I have the knowledge in selecting the best products
( ) Yes ( ) No
to offer?
7. Am I equipped with the knowledge in recognizing the
( ) Yes ( ) No
market need?

What I can do

Direction: Assess the results of your Self-Analysis and identify your strengths
and weaknesses related to your product. After knowing the weaknesses of
your product, think of necessary actions to make it your strength. Follow the
format below and do it in a separate sheet of paper.

PROPOSED PRODUCT
ACTIONS
Strengths Weaknesses

1.

2.

3.

4.

37
 5.

Assessment

Direction: Choose the correct answer from the choices listed after each item.
Write the letter that corresponds to your answer in a separate sheet of paper.

1. A group of potential customers to whom a company wants to sell its

products and services.
a. Available Market c. Potential Market
b. Target Market d. Penetrated Market

2. What do you call a people who have not yet purchased your product but
are considering it?
a. Existing Customer c. Prospects
b. Target Market d. None of the above

3. The following are tips in writing good interview questions EXCEPT:

a. Do Not Include Unnecessary Questions
b. Do Not Ask Questions That Are Biased
c. Keep Your Questions Long
d. Avoid Asking Double-Barreled Questions

4. When you ask your respondents to rank items in order of preference or

importance, try not to surpass ___________________.
a. ten items
b. six items
c. nine items
d. five items

5. Generally required data gathering technique at concept development stage

or when the product is an innovation.
a. Interview c. FGD
b. Survey d. Environmental Scanning

6. It is referred to as the market offering.

a. Sales and marketing c. Mission and vision
b. Products and service d. Revenue and expense

38
 7. The following are characteristics of product, EXCEPT:
a. Quality standards can be attained
b. Skill of the seller alone cannot determine sale
c. It cannot be transported
d. It is tangible

8. The example of intangible product is _________________.

a. ASUS Laptop c. Afficionado Perfume
b. Windows 10 d. Giordano Eyewear

9. It is defined as the influential factors that trigger customers to buy your

product or service.
a. TV Advertisement c. Customer needs
b. Sale d. Freebies

10. It refers to a comprehensive analysis that can benefit your business to

understand what value your customers want from your products or
services
a. Self-Analysis
b. Customer Needs Analysis
c. Environmental Scanning
d. Survey

Additional Activities

Directions: Give the meaning of the following words in each item. You may
use the internet to define the given words. Write your answer in a sheet of
paper.

1. Product: ____________________________________________________________
2. Place: _______________________________________________________________
3. Price: _______________________________________________________________
4. Promotion: __________________________________________________________
5. People: _____________________________________________________________
6. Packaging: __________________________________________________________
7. Positioning: _________________________________________________________

39
 Answer Key

LESSON 1
What I Know
1. B
2. C
3. D
4. A
5. B

What’s New

This vary. A point will be given for every correct answer.

What’s More

1. F
2. I
3. A
4. J
5. B
6. C
7. H
8. D
9. E
10. G

What I have Learned

Answers may vary. It will be checked but not recorded.

What I Can Do

This vary. A point will be given for every correct answer.

Assessment

1. Penetrated market
2. Available market
3. Potential market
4. Target market
5. Penetrated market

Additional Activities

Answers may vary. It will be checked but not recorded.

40
LESSON 2
What I Know
1. A
2. C
3. C
4. A
5. D

What’s New

1. True
2. False
3. False
4. True
5. True
6. True
7. False
8. True
9. False
10. True

What’s More

1. False
2. True
3. True
4. False
5. True
6. True
7. False
8. False
9. True
10. False

What I have Learned

Answers may vary. It will be checked but not recorded.

What I Can Do

This vary. A point will be given for every correct answer.

Assessment

Across
2 - Satisfaction.
4 - Acquisition
7 - Stakeholders
9 - Consumption
10 – Feedback

Down
1- Expenditure
3 - Intangible

41
5 - Loyalty
6 - Service
8 – Tangible

Additional Activities

This vary. A point will be given for every correct answer.

LESSON 3
What I Know

This vary. A point will be given for every correct answer.

What’s New

This vary. A point will be given for every correct answer.

What’s More

This vary. A point will be given for every correct answer.

What I have Learned

Answers may vary. It will be checked but not recorded.

What I Can Do

This vary. A point will be given for every correct answer.

Assessment

1. FGD
2. Interview
3. Survey
4. Survey
5. FGD
6. Survey
7. FGD
8. Interview
9. Interview
10. FGD

Additional Activities

This vary. A point will be given for every correct answer.

LESSON 4
What I Know

This vary. A point will be given for every correct answer.

What’s New

This vary. A point will be given for every correct answer.

42
What’s More

Answers may vary. It will be checked but not recorded.

What I have Learned

Answers may vary. It will be checked but not recorded.

What I Can Do

This vary. A point will be given for every correct answer.

Assessment

1. B
2. C
3. C
4. B
5. C
6. B
7. C
8. B
9. C
10. B

Additional Activities

This vary. A point will be given for every correct answer.

43
References:
Books

1. BPI Foundation (2016). BPI-SHAPE Entrepreneurship Resource Book.

Makati City: BPI Foundation
2. Edralin, D. M. (2016). Entrepreneurship. Quezon City: Vibal Group
Inc.
3. Longenecker, J. G. (2016). Entrepreneurship. Valenzuela City: JO-ES
Publishing House, Inc.

Other Sources:
1. K to 12 Senior High School Applied Track Subject – Entrepreneurship
December 2013
2. K to 12 Curriculum Implementation and Learning Management Matrix
3. Tallud, F., & Emit, M. (2020). Entrepreneurship Quarter 1 Week 3
Module 3. Alternative Delivery Mode
4. Tallud, F. & Dalimit, C. (2020). Entrepreneurship Quarter 1 Week 4
Module 4. Alternative Delivery Mode

Internet

1. Belyh, A. (2020). Customer Development Model: Understanding

Customer Validation. Retrieved from:
[Link]
validation/#:~:text=Validating%20the%20problem%20means%20that,
with%20a%20wealth%20of%20information.
2. Blake, I. (2020). How to Determine Market Viability for a Product or
Service. Retrieved from: [Link]
[Link].
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For inquiries or feedback, please write or call:

Schools Division of Ilocos Norte – Curriculum Implementation Division

Learning Resource Management Section (SDOIN-CID LRMS)

Office Address: Brgy. 7B, Giron Street, Laoag City, Ilocos Norte
Telefax: (077) 771-0960
Telephone No.: (077) 770-5963, (077) 600-2605
E-mail Address: [Link]@[Link]

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