Determine the possible product entr.pptx

For Entrep Discussion

1. Determine the possible product/s or service/s that will meet the need.

2. Product or service

3. Product or service

4. Product or service

5. Product or service

6. Product or service

7. Product or service

8. Product or service

9. Product or service

10. Concepts of products and services Product is anything tangible or intangible which in most cases a consumer is willing to pay money for, and satisfies a consumer’s need and/or want. There are three levels of Product: Core Product , Actual Product , and Augmented product .

11. Acc. To use: Consumer and industrial goods Consumer goods – purchased for personal consumption and/or for household use. Industrial goods – purchased in order to make other goods, to serve as a raw materials or input in the production of other goods

12. Acc. To differentiation: undifferentiated and differentiated goods Undifferentiated goods – products whose physical characteristics are so identical, that it would be difficult to distinguish one purchased from one vendor to another. Differentiated goods – varied in their characteristics and features that make them distinguishable from one another. The ability of manufacturers to successfully distinguish their products from competitors is called branding.

13. Acc. To Type: convenience, Shopping, Specialty and unsought goods Convenience goods – are product that are purchased frequently, are usually inexpensive, and do not require much purchase effort and evaluation. Shopping goods – are purchased less frequently than convenience goods, are relatively more expensive, require some amount of information search and evaluation prior to purchase.

14. Acc. To Type: convenience, Shopping, Specialty and unsought goods Specialty goods – are goods that require an usually large effort on the part of consumers to acquire. Unsought goods – are goods that consumers seldom actively look for, and are usually purchased for extraordinary reasons.

15. Acc. To durability: consumable, semi-consumable, and durable goods Consumable – is a product whose benefit can only be used by a consumer for a short period of time, sometimes only few minutes or may last a few days. Semi-Consumables – provide benefits to the consumer for a longer period of time, usually spanning several months. Durables – are products that are manufactured to last long time.

16. service Is an intangible item, which arises from the output of one or more individuals. There are four major attributes of service product. Intangibility exambles services of a lawyers, doctors, accountants, etc. Variability because services are performed by human being and it could be done in every single time. Inseparability services are rendered and consumed simultaneously. Perishability unconsumed services cannot be stored or warehoused.

17. Identifying customer needs To identify needs, you must both listen and ask the right questions. After identifying needs, always check for additional or related needs. Use your knowledge and experience to identify and present the right products, services, and solution to meet your customer’s needs.

18. Why “Identifying Customer Needs” Matters Correctly identifying customers’ needs is essential for ensuring customer satisfaction and loyalty. Customers have unique needs. Often, customers either aren’t clear about what they need or they don’t really know what they want. 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.