11/12

Entrepreneurship
Quarter 1 – Module 4:
Developing a Business Plan:
Identifying the Market Need

Week 4

SELF-LEARNING MODULE

DIVISION OF GENERAL SANTOS CITY

Entrepreneurship – Grade 11/12
Self-Learning Module (SLM)
Quarter 1 – Module 4: Developing a Business Plan: Identifying the Market Need
First Edition, 2020

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11/12

Entrepreneurship
Quarter 1 – Module 4:
Developing a Business Plan:
Identifying the Market Need

Week 4
SELF-LEARNING MODULE

DIVISION OF GENERAL SANTOS CITY

Introductory Message
For the facilitator:
Welcome to the Entrepreneurship 11/12 Self-Learning Module (SLM) on
Developing a Business Plan: Identifying the 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:

Notes 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.

ii
For the learner:
Welcome to the Entrepreneurship – Grade 11/12 Self-Learning Module (SLM) on
Developing a Business Plan: Identifying the Market Need!
The hand is one of the most symbolized part 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.
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.

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.

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 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 Learned This includes questions or blank

sentence/paragraph 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 or concerns.

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

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the lesson learned. This also tends retention
of learned concepts.

Answer Key This contains answers to all activities in the

module.

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!

iv
What I Need to Know

This module was designed and written with you in mind. It is here to help
you master the Development of a Business Plan: Identifying the Market Need.
The scope of this module permits it to be used in many different learning
situations. The language used recognizes the diverse vocabulary level of students.
The lessons are arranged to follow the standard sequence of the course. But the
order in which you read them can be changed to correspond with the textbook you
are now using.

This module would assist you as Senior High School learner to recognize a
potential market and determine the possible product or service that will meet
the market need (TLE_ICTAN11/12PC-Ia-1).

The module discusses the topic on:

 Lesson 1 – Developing a Business Plan: Opportunity Spotting

After going through this module, you are expected to:

1. identify the possible product/service that will meet the market need; and,
2. conduct a product test.

1
What I Know

Let’s begin with challenging our minds about the market need.

Have I met this before?

Instruction: Multiple Choice: Read the questions and encircle the correct answer.

1. Which product is not a market need?

a. a product that is in daily use
b. a product that a customer wants
c. a product which is not used frequently
d. a product with no benefit to customers

2. What strategy is necessary before launching your product to the market and
make a better business decision?
a. market research c. financial advising
b. business planning d. product development

3. Which component considers the tradition and practices of the target group?
a. cultural c. competition
b. interest and needs d. personal similarities

4. What refers to the group of people who are likely to buy your product or
services?
a. people c. market price
b. market size d. customer profile

5. What is the ultimate purpose of market research?

a. get the target market c. predict changes in the market
b. identify the market need d. predict pitfalls and reduce risk

II- Put check (/) mark if the statement is correct and X mark if the statement is
not. Write you answer on the space provided before each number

________1. In order to determine the size of the market is to understand who your
ideal customer is.
________2. It is enough to know the market need.
________3. An entrepreneur should also look into the personal lives of the
customers like marital status, their career, etc…
________4. Religion is not a barrier to any products developed.
________5. Market research delays the launching of the product.
________6. It is unprofessional to know the competitors of your product/service.
________7. Choosing the right product/service will determine your success.
________8. The market is the judge of your business idea.
________9. Retention of customers for repeat business should be taken in
consideration for business idea.

2
_______10. Product test is the best strategy to learn what you don’t know about
your market and buyer.

Lesson
Developing a Business Plan:
1 Identifying the Market Need

Hello dear aspiring Entrepreneur! Now that you know how to identify and
give solutions to problems it would be easy for you to make it into a reality. We
don’t just imagine but we make things happen. Preliminary preparations in the
business plan writing will be experienced through the discussion of identification of
market need.

What’s In

Your understanding with the previous topic would make this module easy
for you to be accomplished.

Forget Me Not

Instruction: Read the questions and identify the answers referred by each
statements on topics discussed about Opportunity Spotting. Encircle the letter of
the correct answer.

1. What refers to the idea of the business which requires its basic information
before making a business plan?
a. business plan c. business concept
b. spotted opportunity d. business location

2. When do product/service opportunity exist?

a. when it is already in the market c. when there are no products
b. when there is no supplier d. when there is a gap between what
is current and possibility for new
products

3. What should an entrepreneur do to deliver products that solve the target

market?
a. identify the market problem c. make a solution to the problem
b. make an alternative action d. make a decision to the need
to the problem

4. What should an entrepreneur do if the market has similar products?

a. focus on profit c. make another product
b. lower the price d. differentiate your product

3
5. Which part of the design thinking process is making a solution to the
problem?
a. inspiration c. implementation
b. ideation d. spotting an opportunity

What’s New

In the previous module, you were given an additional activity which is to

prepare the product/service you wanted to propose. Now, this activity prepares you
to make a framework of your business concept.

Activity 1. First Stage Inspiration Process

Instruction: Answer the matrix below for the basic information of the micro
business you would like to engage.

Questions Answers

What is your line of

A.
business?

What is the brief description

B.
of your project?

What is your
C.
product/service?

Who are your target

D.
customers?

How many is your target

E.
customers?

How does your product differ

F.
from others?

Now that you have thought of the business you wanted to pursue, based
from your activity 1, try to have a self-analysis which is adapted from
entrepreneur.com about your business concept.

4
Activity 2. Second Stage Inspiration Process
Instruction: Mark check on the column to which you think is the answer to the
questions.

QUESTIONS YES NO MAYBE

1. Do you like or enjoy your product/service?

2. Is there a benefit from your product or service?

3. Do you see yourself excited about this product/service?

4. Would you buy it and use it yourself?

Would you sell it to your mother, your best friend, your
5.
next-door neighbour?
Can you see yourself selling this product or service for
6.
the next five to 10 years?
Is this a product or service that you intensely desire to
7.
bring to the marketplace?
8. Will the customers benefit from this product or service?

9. Is there a demand for my product/service?

10. Is my estimated price reasonable?

11. Is the demand large enough to make a profit?

Is it easy to manufacture the product or provide the
12.
service?
13. Do I know how to make/do this product/service

14. Is it easy to promote this kind of product/service?

Is it easy to get enough people to manufacture the
15.
product or do the services?
16. Do I have a competing industry?

17. Is it easy to sell my product/service?

18. Is my product/service a real need in today’s market?

Is my product or service better than anything else
19.
currently available?
Do you think you could become the number-one
20.
supplier in the market for this product or service?

5
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?

At this stage, developing your mind as an entrepreneur becomes more

challenging for this is where you start making a decision for your business venture.

Market Needs. Businesses should start by knowing the consumer's

interests, desires, and needs. It is easier to sell what consumers want and need
than try to sell something they do not see the benefit in buying. In a fast moving
world, it should be a competitive edge having the chance of monitoring the market,
detecting what can be a source of a profitable new business. Market needs inform
organizations about what products develop, for what customers, at what cost,
through which distribution channels, reducing the uncertainty that a new
product/service development always brings with it.

Creating your marketing plan should be a top priority. The top priority for a
marketing plan is identifying the largest group of potential buyers for your
products or services. Within that group exists smaller segments, and it has
unique needs that you might decide to run specific marketing campaigns for.

6
What is It

Size of Market This is the group of people who are likely to buy your
product or service. Unless you are in a very specific niche,
you want to find a large group of buyers. For example, if you
want to put up a bakeshop with a target market of 3,000
individuals of different ages.

Understand Your In order to determine the size, you need to understand who
Customer Profile your ideal customer is. For instance, based from the given
example on your bakeshop where a person/individual who
loves to eat freshly baked breads and hot pandesal.

Personal Often, the group you're targeting has similarities when you
Similarities in look at the personal lives of those in that group. This
Market includes marital status, education levels, type of career, as
well as family size and income levels. As to the bakeshop
example most of the consumers have similarities like
customers aging 50-70 prefers to buy flat taste breads than
teenagers who prefers tasty or flavourful breads.

Consider Cultural A marketing plan should consider the geographic and

Components cultural elements of your target group. These could have a
significant difference on how what the buyers want to buy or
even how they buy it.

Special Interests Marketing plans have become more dynamic with the
or Needs expansion of social media and digital marketing. As a
business owner, you can learn about the size of your
market, based on very specific information. Essentially you
can segment your market to enable you to develop
marketing campaigns that target specific buyers. For
example, if you own a pet store that caters to parrot owners,
you probably don't want to target cat owners.

Market research is a critical component when you’re launching a product, try

to improve your existing service, or when you’re just looking
to be a step ahead of your competitors. It will provide you
with all the information you need to make a better business
decision.

7
There are 5 things that market research can do for you in the process of
product development & business growth:
1. It is crucial for a better understanding of your customers

Market research will help you map out the full profile of your ideal
customer. Knowledge of your customers will help you determine the market size
and what triggers them to buy. You’ll gain valuable insights like their age,
location, gender & income, which will help you in creating effectively tailored
marketing and pricing campaigns.
2. Knowledge about your competitors, and how they approach the market

Market research will help assess the market to identify both key players
and those on the rise. Furthermore, it will help you find the weaknesses in your
competitor’s approach. These are gaps that you can utilize to gain more
customers. You can also learn what performed the best for the competition. In
turn, you will be able to think more creatively while modelling your new strategy.
3. Testing your product before launch

Testing is a very important part of learning what works before jumping into
the business world. Every business decision should be tested before fully
exposing to your target audience. By market testing your idea or product, you
will save yourself from additional expenses and most importantly, from
delivering a bad product to the marketplace.
You can never be 100% sure that your product will instantly connect with
your potential customer. With market research, you’ll find out what approach
you should take when marketing the product. You’ll also find the key message
that resonates with clients.
4. You won’t go out of business

―It is not the strongest or the most intelligent who will survive but those
who can best manage change.‖ — Charles Darwin

So, in order to remain in business and stay relevant, you should not only
anticipate change, but you need to be able to predict change too. That’s how
good your market research needs to be!

5. Business growth

Market research helps you comprehend the demands of your customers,

detect more business opportunities, plan the perfect marketing campaign,
minimize losses, and keep track of the competition. It allows organizations to
classify their objectives while following the current trends and take advantage by
reaching out to their target audience.
Identifying problems before they happen is crucial if you want to grow.
Effective market research will not only help you predict some of the pitfalls that
can occur but also it will save you a lot of money too. Your solution may look like
a proper market fit, but if it’s not the case, you’re in big trouble.

8
The process of market research itself is designed to reduce the risk and to
make the marketing strategy cost-effective for your business.

Choosing a Product or Service to Sell.

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.

There are thousands of products and services available to consumers today.

And 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 at choosing
that product or service is critical to your success.
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.

How to Make Sure There's a Market for Your Business Idea

1. Accept the market as a harsh, but fair judge.

If you're in business, you simply need to embrace the reality that the
market will ultimately dictate your success. That means you have to make sure
the numbers support your idea.
2. Pick proven categories, then find your niche.

Broad proven categories typically offer greater opportunities than hot new
markets.
3. Focus on wallet share, not market share.

Think about how you can retain your customers for repeat business so
you can get an exponential return on your initial advertising or marketing
investment.

4. Put your ideas to the test.

Better to pay the price in terms of time and effort now in order to learn
what you don't know about your market and buyer. The response you get will
tell you what buyers in your market want, need and desire. You can then use
that information to enhance your offering or to discover a more profitable market
and business than you initially conceived.

9
What’s More

Now, let’s try to screen what you have read on the discussion by answering
the questions below.

Activity 3: Screen Out!

Instruction: Write your answers legibly on the space provided.

1. What is a market need?

__________________________________________________________________________________

__________________________________________________________________________________
__________________________________________________________________________________

2. How does market research help in determining the market need?

__________________________________________________________________________________

__________________________________________________________________________________
__________________________________________________________________________________

3. What are the basic factors to consider in the market research?

__________________________________________________________________________________

__________________________________________________________________________________
__________________________________________________________________________________

4. How do we choose a product/service to sell?

__________________________________________________________________________________

__________________________________________________________________________________
__________________________________________________________________________________

5. How can we make sure that there’s a market for your business?

__________________________________________________________________________________

__________________________________________________________________________________
__________________________________________________________________________________

10
What I Have Learned

Great! It’s time to connect the learnings into one.

Instruction: Fill the space with word(s) to complete our learning for this module.

1. Find market N________________ and do market R________________.

2. Factors to consider in the research are: S________________ of the market;

C________________ profile and similarities; G________________ and
C________________ elements; and S________________ the market.

3. Market research assist you in P________________ development and business

G________________.

4. To make a decision is to T________________ and start it by doing

S________________.

11
What I Can Do

Based from your information in Activity 1, you will be required to do a

product or service test to 5 selected target customers. It could be a family member
or a neighbouring friend. This is a home-based product test.

Activity 4: Ideation Process: Product Test and Survey

Instruction: Test your product/service and allow your target customer to evaluate
your product/service honestly by answering the survey form as adapted from
Survey Monkey.com on market research surveys at next pages. Put a check mark
(/) on the column that corresponds your answer and write the comments on the
space provided.

(The number assigned to evaluate is for the purpose of containing the

students in their vicinity due to COVID 19 Pandemic).

12
A. Customer 1

Name (optional) ________________________ Age________ Gender___________

5 4 3 2 1
1. What is your first Very Somewhat Neutral Somewhat Very
reaction to the positive positive Negative negative
product?
1. How could you rate Very high High quality Neither Low quality Very low
the quality of the quality high nor quality
low quality
product?
2. How innovative is Extremely Very Somewhat Not so Not at all
the product? innovative innovative innovative innovative innovative
3. When you think Definitely Probably Neutral Probably Definitely
about the product, need need don’t need don’t need
do you think of it as
something you need
or don’t need?
4. How would you rate Excellent Above Average Below Poor
the value for money average average
of the product?
5. If the product were Extremely Very likely Somewhat Not so likely Not at all
available today, how likely likely likely
likely would you be
to buy the product?
6. How likely are you to Extremely Very likely Somewhat Not so likely Not at all
replace the current likely likely likely
product with the
new product
7. How likely is it that Extremely Very likely Somewhat Not so likely Not at all
you would likely likely likely
recommend our new
product to a friend
or colleague?
COMMENTS
8. In your own words,
what are the things
that you like most
about this new
product/service?

9. In your own words,

what are the things
that you would most
like to improve in
this new
product/service?

13
B. Customer 2

Name (optional)________________________ Age________

Gender___________

5 4 3 2 1
1. What is your first Very Somewhat Neutral Somewhat Very
reaction to the positive positive Negative negative
product?
2. How could you rate Very high High quality Neither Low quality Very low
the quality of the quality high nor quality
low quality
product?
3. How innovative is Extremely Very Somewhat Not so Not at all
the product? innovative innovative innovative innovative innovative
4. When you think Definitely Probably Neutral Probably Definitely
about the product, need need don’t need don’t need
do you think of it as
something you need
or don’t need?
5. How would you rate Excellent Above Average Below Poor
the value for money average average
of the product?
6. If the product were Extremely Very likely Somewhat Not so likely Not at all
available today, how likely likely likely
likely would you be
to buy the product?
7. How likely are you Extremely Very likely Somewhat Not so likely Not at all
to replace the likely likely likely
current product with
the new product
8. How likely is it that Extremely Very likely Somewhat Not so likely Not at all
you would likely likely likely
recommend our new
product to a friend
or colleague?
COMMENTS
9. In your own words,
what are the things
that you like most
about this new
product/service?

10. In your own words,

what are the things
that you would
most like to
improve in this new
product/service?

14
C. Customer 3

Name (optional)________________________ Age________

Gender___________

5 4 3 2 1
1. What is your first Very Somewhat Neutral Somewhat Very
reaction to the positive positive Negative negative
product?
2. How could you rate Very high High quality Neither Low quality Very low
the quality of the quality high nor quality
low quality
product?
3. How innovative is Extremely Very Somewhat Not so Not at all
the product? innovative innovative innovative innovative innovative
4. When you think Definitely Probably Neutral Probably Definitely
about the product, need need don’t need don’t need
do you think of it as
something you need
or don’t need?
5. How would you rate Excellent Above Average Below Poor
the value for money average average
of the product?
6. If the product were Extremely Very likely Somewhat Not so likely Not at all
available today, how likely likely likely
likely would you be
to buy the product?
7. How likely are you Extremely Very likely Somewhat Not so likely Not at all
to replace the likely likely likely
current product with
the new product
8. How likely is it that Extremely Very likely Somewhat Not so likely Not at all
you would likely likely likely
recommend our new
product to a friend
or colleague?
COMMENTS
9. In your own words,
what are the things
that you like most
about this new
product/service?

10. In your own words,

what are the things
that you would most
like to improve in
this new
product/service?

15
D. Customer 4

Name (optional)________________________ Age________

Gender___________

5 4 3 2 1
1. What is your first Very Somewhat Neutral Somewhat Very
reaction to the positive positive Negative negative
product?
2. How could you rate Very high High quality Neither Low quality Very low
the quality of the quality high nor quality
low quality
product?
3. How innovative is Extremely Very Somewhat Not so Not at all
the product? innovative innovative innovative innovative innovative
4. When you think Definitely Probably Neutral Probably Definitely
about the product, need need don’t need don’t need
do you think of it as
something you need
or don’t need?
5. How would you rate Excellent Above Average Below Poor
the value for money average average
of the product?
6. If the product were Extremely Very likely Somewhat Not so likely Not at all
available today, how likely likely likely
likely would you be
to buy the product?
7. How likely are you Extremely Very likely Somewhat Not so likely Not at all
to replace the likely likely likely
current product with
the new product
8. How likely is it that Extremely Very likely Somewhat Not so likely Not at all
you would likely likely likely
recommend our new
product to a friend
or colleague?
COMMENTS
9. In your own words,
what are the things
that you like most
about this new
product/service?

10. In your own words,

what are the things
that you would
most like to
improve in this new
product/service?

16
E. Customer 5

Name (optional)________________________ Age________

Gender___________

5 4 3 2 1
1. What is your first Very Somewhat Neutral Somewhat Very
reaction to the positive positive Negative negative
product?
2. How could you rate Very high High quality Neither Low quality Very low
the quality of the quality high nor quality
low quality
product?
3. How innovative is Extremely Very Somewhat Not so Not at all
the product? innovative innovative innovative innovative innovative
4. When you think Definitely Probably Neutral Probably Definitely
about the product, need need don’t need don’t need
do you think of it as
something you need
or don’t need?
5. How would you rate Excellent Above Average Below Poor
the value for money average average
of the product?
6. If the product were Extremely Very likely Somewhat Not so likely Not at all
available today, how likely likely likely
likely would you be
to buy the product?
7. How likely are you Extremely Very likely Somewhat Not so likely Not at all
to replace the likely likely likely
current product with
the new product
8. How likely is it that Extremely Very likely Somewhat Not so likely Not at all
you would likely likely likely
recommend our new
product to a friend
or colleague?
COMMENTS
9. In your own words,
what are the things
that you like most
about this new
product/service?

10. In your own words,

what are the things
that you would most
like to improve in
this new
product/service?

17
After doing the product test, assess if the product or service you proposed
fits the market need.
Activity 4. Product Test Results

Instruction: Make an interpretation of the results of the survey you recently

conducted by getting the Weighted Mean (for numbers 1-8) and by writing the
comments of your customers.

Example:
Scale 5 4 3 2 1 Total Weighted Description
(weight) Product mean

Total
product
5 customers
1. What is your first Tally 3 1 1
reaction to the x Weight 5 3 2
product? Somewhat
Product 15 3 2 20 4
positive

5 4 3 2 1 Total Weighted Description

Scale
Product mean
(Weight)

1. What is your first Tally

reaction to the x Weight
product? Product
Tally
2. How could you rate
the quality of the X Weight
product?
Product
Tally
3. How innovative is the
x Weight
product?
Product

4. When you think Tally

about the product, do
you think of it as x Weight
something you need
or don’t need? Product

5. How would you rate Tally

the value for money x Weight
of the product? Product
6. If the product were Tally
available today, how
x Weight
likely would you be to
buy the product? Product
7. How likely are you to Tally
replace the current
x Weight
product with the
new product Product

8. How likely is it that Tally

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you would
x Weight
recommend our new
product to a friend
Product
or colleague?
Scale and Description:
RANGE Item 1 Item 2 Item 3 Item 4 Item 5 Items 6, 7, 8
1.00 – 1.80 Very negative Very low Not at all Definitely Poor Not at all
quality innovative don’t need likely
1.81 – 2.60 Somewhat Low quality Not so Probably Below Not so likely
negative innovative don’t need average
2.61 – 3.40 Neutral Neither Somewhat Neutral Average Somewhat
high nor innovative likely
low quality
3.41 – 4.20 Somewhat High Very Probably Above Very likely
positive quality innovative need average
4.21 – 5.00 Very positive Very high Extremely Definitely Excellent Extremely
quality innovative need likely

Note: Copy the comments of your customers as written.

Comments: (Copy as written by the customers)
9. In your own words, 1.
what are the things
that you like most
about this new
product/service? 2.

3.

4.

5.

10. In your own 1.

words, what are
the things that you
would most like to
improve in this 2.
new
product/service?
3.

4.

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5.

REFLECTION: Answer the items honestly and give your reasons concisely.

YES NO REASON
1. Is your product/service
innovative?

2. Is there quality in your

product/service?

3. Is your product/service answer

the market need?

4. Is the price value of your product

reasonable?

5. Is your product recommendable to

other customers?

6. Can you compete with other

similar products/services?

7. What do you think are the best

features of your product/service
as commented by your
customers?

8. What do you think needs

improvement in your
product/service as commented by
the customers

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If your self-assessment is successful it means you are ready to enhance your
business concept to the next topic. Implementation stage in the Design
Thinking topic would be possible for you.
If you still encounter problems and doubts about your decision to your
product/service then you need to re-test it.

Whatever results you have in the first test should be submitted for
there is no perfect first attempt. Just complete your work.

Entrepreneurship subject teacher is always available for advising on-line.

Weight Points
5 4 3 2 1
% 100
30%
100% 80% 75% 50%
Completeness complete complete complete complete
complete 30

30%
100% 80% 75% 50%
Correctness correct correct correct correct
Correct 30

Below
Reasons are Above
Excellent Average average Poor 30
stated well average
Many
No Few Several
unnecessary Untidy
Neatness unnecessar unnecessary unnecessary
marks output
10
y marks marks marks

Total
points

Suggested Rubrics for learners’ output:

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Assessment

Good job! After the discussion of this module, you are going to test your
knowledge and understanding about the topic. Start now!
Instruction: Multiple Choice: Read the questions and encircle the correct answer.

1. Joey’s home is situated a nearby public cemetery which is far from the city and
where there are also a number of households that pops-up the area and the
materials bought for building the house is at the city. He wanted to put up a
store but there are a lot of sari-sari stores around the area and a small market.
What is the market need?
a. wet goods c. building materials
b. grocery items d. electrical materials

2. What strategy is necessary before launching your product to the market and
make a better business decision?
a. market research c. financial advising
b. business planning d. product development

3. Which component considers the tradition and practices of the target group?
a. cultural c. interest and needs
b. competition d. personal similarities

4. What refers to the group of people who are likely to buy your product or
services?
a. people c. market price
b. market size d. customer profile

5. What is the ultimate purpose of market research?

a. get the target market c. predict changes in the market
b. identify the market need d. predict pitfalls and reduce risk

III- Put check (/) mark if the statement is correct and X mark if the statement is
not. Write you answer on the space provided before each number

________1. In order to determine the size of the market is to understand who your
ideal customer is.
________2. Culture of an area makes a differentiation of the market need.
________3. An entrepreneur should also look into the personal lives of the
customers like marital status, their career, etc…
________4. Religion is not a barrier to any products developed.
________5. Market research delays the launching of the product.
________6. It is unprofessional to know the competitors of your product/service.
________7. To think of what to sell is a delay in marketing strategy or else other
people would take your idea ahead of you.
________8. The market is the judge of your business idea.
________9. Retention of customers for repeat business should be taken in
consideration for business idea.

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_______10. Product test is the best strategy to learn what you don’t know about
your market and buyer.

Additional Activities

Congratulations! You did it until the end of the module. This activity would
add to the verification in conducting your product test.
Instruction: Paste a picture of your product/service and the product test activity as
documentation and write a caption for each pictures. Use the space below:

For those who don’t have the printers at home, pictures may be sent through on-
line to your subject teacher and write a caption of each pictures.

Suggested Rubrics for checking:

10-9 8-7 6-5 4-3 2-1

CRITERIA Total Points
Excellent Very Good Good Fair Poor
Completeness of the
task required
Relevance of the
Content/Caption
Image Quality
TOTAL POINTS

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WHAT I KNOW WHAT’S IN
Part I Part II 1. c
1. d 1. / 6. x 2. d
2. a 2. x 7. / 3. c
3. a 3. / 8. / 4. d
4. b 4. x 9. / 5. a
5. d 5. x 10. /
WHAT’S NEW
Activity 1. The answer would differ from each students. Below are sample answers:
Questions Answer
A. What is your line of
Beverage production
business?
B. What is the brief The business will provide bottled beverage for
description of your orders. It is a healthy drink with natural
project? preservation.
C. What is your Beverage drink made up of fruit and vegetable
product/service? extracts.
D. Who are your target
All ages, and status
customers?
E. How many is your target
250-500
customers?
F.
The product did not use local lemon instead uses
How does your product
better variety of lemons with real fruit extracts
differ from others?
that blend with vegetables.
Answer Key
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WHAT’S MORE
1. What is a market need?
These are the needs and wants of the consumers that has given them
benefit in using the product or service.
2. How does market research help in determining the market need?
Market research help in determining the market need by understanding
the customer, it also provides the information to make a better decision.
3. What are the basic factors to consider in the market research?
The size of the market, customer profile, geographical and cultural
elements and competitors and segment of the market
4. How do we choose a product or service to sell?
Think before making a decision and make self-analysis of your
product/service.
5. How can we make sure that there’ s a market for your business?
Make your customer as judge for your product/service, consider your
category in the competition, focus on repeat business and put your idea to the
test in order to learn what you don’t know about your product, market and
buyer.
WHAT I HAVE LEARNED
1. Need ; Research
2. Size; Customer; Geographical; Cultural; Segment
3. Product; Growth
4. Think; self-assessment
WHAT I CAN DO ASSESSMENT
The students have different Part I Part II
answers using their survey 1. c 1. / 6. x
2. a 2. / 7. x
questionnaires
3. a 3. / 8. /
4. b 4. x 9. /
5. d 5. x 10. /
References

Tracy, Brian. (2005, July 18). Choosing a Product or Service to Sell. Retrieved from
https://www.entrepreneur.com/article/78778

Maravilhas, Sergio; Melo, Paulo; Oliveira, Ricardo Goes. (2018). Entrepreneurship

and Innovation: The Search for the Business Idea. Retrieved from https://www.igi-
global.com/chapter/entrepreneurship-and-innovation/204214

Leonard, Kimberlee. (2019, March 8). Examples of Market Needs in a Marketing

Plan. Retrieved from https://smallbusiness.chron.com/examples-market-needs-
marketing-plan-12307.html

5 Reasons Why Market Research is Crucial for Your Business. (2017, March 6).
Retrieved from: https://medium.com/@BizzBeeSolution/5-reasons-why-market-
research-is-crucial-for-your-business-a27b77fa8264

Sugars, Brad. (2013, May 16). How to Make Sure there’s a Market for Your
Business Idea. Retrieved from https://www.entrepreneur.com/article/226667

Retrieved from https://www.surveymonkey.com/mp/market-research-surveys/

Mohammed, Amal. (2016, December 14). Which Method should I Use to Present the
Mean of a 5-point Likert Scale?. Retrieved from
https://www.researchgate.net/post/Which_method_should_I_use_to_present_the_
Mean_of_a_5-point_Likert_scale

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DISCLAIMER
This Self-learning Module (SLM) was developed by DepEd – Division of
General Santos City with the primary objective of preparing for and
addressing the new normal. Contents of this module were based on DepEd’s
Most Essential Learning Competencies (MELC). This is a supplementary
material to be used by all learners in General Santos City in all public
schools beginning SY 2020-2021. The process of LR development was
observed in the production of this module. This is version 1.0. We highly
encourage feedback, comments, and recommendations.

For inquiries or feedback, please write or call:

Department of Education – Division of General Santos City

Learning Resource Management System (LRMS)

Tiongson St., Lagao, General Santos City

Telefax No.: (083) 552-8909

Email Address: [email protected]

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