Its about concepts in understanding and determining customer needs.

1. ENTREPRENEURSHIP
QUARTER 3- WEEK 4

2. 5 KEY CONCEPTS IN UNDERSTANDING
AND DETERMINING CUSTOMER NEEDS.
1. 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 read. Demands are requests for specific products that the
buyer is willing and able to pay for over a specific period.

3. 5 KEY CONCEPTS IN UNDERSTANDING
AND DETERMINING CUSTOMER NEEDS
2. PRODUCT, 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 one 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.

4. 3. VALUE AND SATISFACTION
- A value refers to the value customers place on a product or
or service. Satisfaction on the other hands, is the measure of
how well customer expectations from a purchased product or
services have been meet.
5 KEY CONCEPTS IN UNDERSTANDING
AND DETERMINING CUSTOMER NEEDS

5. 4. EXCHANGES AND RELATIONSHIPS
-Exchange is the act of obtaining desired object from
someone by offering something in return(Armstrong et al
On another note, relationship is a connection between two
people or things.
5 KEY CONCEPTS IN UNDERSTANDING
AND DETERMINING CUSTOMER NEEDS

6. 5. 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.
5 KEY CONCEPTS IN UNDERSTANDING
AND DETERMINING CUSTOMER NEEDS

7. 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

8. Entrepreneurs take a deep study on how they will know better
on their potential market (how?).
Know their wants and needs including the demands

9. 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.

10. Value, consumers have different needs and buying capacities,
consumers assign varying values on the same product or
Satisfaction, to ensure the maximum customer value and
satisfaction, entrepreneurs and marketers must: balance
or service quality and price, establish consistency among
product availability, level of customer service and efficiency
have the consumer and atmosphere feel comfortable and
convenient.

11. 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.

12. Services are the intangible goods wherein you
will be paid according to your profession, skills,
and talents.

13. TYPES OF PRODUCT
There are three types of product which can be
distinguished via consumption and tangibility.
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.)

14. 2. Non-durables- products have stronger repeat
purchases because they are consumable. (Example:
shampoo, bar soap, biscuits etc.)
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.)

15. 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.

16. 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.
CATEGORIES OF PRODUCTS

17. PLEASE ANSWER
SUMMATIVE ASSESSMENT

18. THANK YOU FOR LISTENING!
HAVE A GOOD DAY!