W3. PRODUCTS VS SERVICES

• Product - is a tangible or intangible item that is built or produced to satisfy the needs of a certain group of people. To ensure the right product, an entrepreneur must know the demand of their consumer in the market.
• A product can be defined as anything that we can offer to a market for attention, acquisition, used or consumption that could satisfy a NEED or WANT.
• - Product does not only involve tangible goods such as a car or a phone. It extends to include intangible objects because they can be offered in a market. Ex. Places, Venues, Ideas
• SERVICE

  -   are a 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
• SERVICE -   A service can include banking, airline travel, communication services, hotel services and so on.
• -   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
• -   Customer needs 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. Similarly, innovation comes from identifying customers’ needs and providing solutions that meet those needs.
• WHY IDENTIFYING CUSTOMERS NEED MATTERS

  1.       Correctly identifying customers’ need is essential for ensuring customer satisfaction and loyalty.
• WHY IDENTIFYING CUSTOMERS NEED MATTERS

  2.       Customers have unique needs
• WHY IDENTIFYING CUSTOMERS NEED MATTERS

  3. Often, customers either aren’t clear about what they need or what they want
• 1. To ensure customer satisfaction, entrepreneur must correctly identify customers’ need.
• 2. To identify needs, entrepreneur must both listen and ask the right questions
• 3. After identifying needs, always check for additional or related needs
• 4. As an entrepreneur, use your knowledge and experience to identify and present the right products, services, and solutions to meet your customer’s need
• HOW TO MEET THE NEEDS OF THE CUSTOMERS

  1. Identify what the customers need through keyword research, focus groups, or social listening.
• HOW TO MEET THE NEEDS OF THE CUSTOMERS

  2. Distribute the information to relevant stakeholders in the organization.
• HOW TO MEET THE NEEDS OF THE CUSTOMERS

  3. Craft product features or create content that speaks to the customer’s needs.
• HOW TO MEET THE NEEDS OF THE CUSTOMERS

  4. Collect customer feedback in order to meet their expectations
• 1. Consumption - the amount of something that people and other entities use.
• 2. Acquisition - taking possession of an asset by purchase.
• 3. Customer loyalty - indicates the extent to which customers are devoted to a company’s products or services.
• 4. Customer satisfaction - measures how well the expectations of a customer concerning a product or service provided by your company have been met.
• 5. Customer service - meeting the needs and desires of any customer.
• 6. Customer feedback - is information provided by clients about whether they are satisfied or dissatisfied with a product or service.
• 7. Stakeholders - is a party that has an interest in a company and can either affect or be affected by the business.
• 8. Expenditures - funds used by a business to attain new assets, improve existing ones, or reduce a liability.
• 9. Tangible - capable of being perceived especially by the sense of touch.
• 10. Intangible - unable to be touched or grasped; not having physical presence.