11/12

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

SELF-LEARNING MODULE
Week
4
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

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

SELF-LEARNING MODULE

DIVISION OF GENERAL SANTOS CITY

Week
4
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 This will give you an idea of the skills or

Know competencies you are expected to learn in
the module.
This part includes an activity that aims to
What I Know check what you already know about the
lesson to take. If you get all the answers
correct (100%), you may decide to skip
this module.
This is a brief drill or review to help you
What’s In 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 This includes questions or blank

Learned sentence/paragraph to be filled in to
process what you learned from the lesson.
This section provides an activity which will
What I Can Do help you transfer your new knowledge or
skill into real life situations or concerns.
This is a task which aims to evaluate your
Assessment level of mastery in achieving the learning
competency.
In this portion, another activity will be
Additional given to you to enrich your knowledge or
Activities skill of

iii
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 use in

d
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?

predict changes in the
a. get the target market c. 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.

Lesso
n 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

A. What is your line of

business?

B. What is the brief description

of your project?

C. What is your
product/service?

D. Who are your target

customers?

E. How many is your target

customers?

F. How does your product differ

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?
innovativ
2. How e 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
improv
like to e 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

Nam
e (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
would
likely 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
produc
t
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
likely would you be to x Weight
buy the product? Product
7. How likely are you
to Tally
replace the
current
product with the x Weight
new product Product

8. How likely is it that Tally

18
you would
x Weigh
recommend our
new product to a t
friend or colleague?
Product

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
2.
product/service?

3.

4.

5.

10. In your own 1.

words, what are
the things that you
would most like to 2.

improv
e in this
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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Answer Key

Activity .1 The answer would differ from each .students Below are sample
answers:

WHAT’S NEW

24
.buyer

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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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