4QWeek 3 - Lesson 3-Entrep

FOURTH QUARTER ______Entrepreneurship______________________
WEEK 3
4. Variability – Service is difficult to standardize
because it varies upon the performance of the
LESSON 3 provider.
TOPIC: Service Description of the Product Industrial Services
Objectives: At the end of the lesson, the learners 1. Maintenance and Repair Services- includes
shall be able to: painting, machinery repair and janitorial
services.
1. validate the service description of the product 2. Business Advisory Services- management
with potential customers to determine its consulting, advertising agency services,
market acceptability. accounting services and legal services.
2. select/pinpoint potential suppliers of raw
Labelling
materials and other inputs necessary to
Label is the part of the product that carries
produce the product or service.
information of its features and attributes. It can
also provide description of a certain services that
the company can offer. It is closely related to
packaging and requires managerial attention.
Key Concepts:
Types of Labels
Services are rental of goods, alteration of
1. Brand Label
repair of goods owned by consumers and personal
It is simply the brand alone that is
services. These are intangible products that
applied to the product or package.
satisfaction can be measured in future preferences.
2. Descriptive Label
1. Rented Goods Service- The consumers rented
It gives objective information about the
the facility or products of the sellers in a
product’s use/s construction, care,
certain period.
performance, and other pertinent features.
2. Owned Goods Service- Repair and
3. Grade Label
maintenance services rendered by the sellers
It identifies the product judge quality with
to the products of the customer.
letters, numbers, or words. It contains
product expiry dates, the content values,
3. Non-Good Service- Personal service on the part
and other features.
of the seller; most common are the expertise
and the profession of the seller.
Functions of Labels
Characteristics of Services
1. They identify the product or brand in the
market.
1. Intangibility – Services cannot be displayed,
2. They describe the product features and uses.
transported, stored, packaged, or inspected
3. They serve as an advertising medium with its
before buying.
colors and design.
4. They create lasting impression about product
2. Perishability – Services cannot be stored for
quality.
future sale.
Raw Materials
3. Inseparability- Service provider and services
Raw materials are the unprocessed and
cannot be separated. It cannot accomplish the
basic material that is used to produce goods,
purpose if one is missing.
finished products, energy, or intermediate
materials which are feedstock for future finished can often point the direction of potential
products. suppliers
6. Exhibitions
Factors for Choosing the Right Supplier 7. Trade press should be in a good contact to the
business industry.
1. Value for money or the price 8. Trade magazines feature advertisements from
2. Quality or how it works potential suppliers.
3. Reliability or dependability
4. Service or benefits Steps in Choosing a Potential Suppliers
Guidelines to Identify Potential Supplier 1. Get a written quotation

2. Compare potential suppliers in terms of
1. Think strategically in selecting suppliers priorities of the company
2. Set criteria in choosing a supplier 3. Price is important, but it should not be the only
3. Identifying potential suppliers reason to consider in choosing a supplier.
4. Drawing shortlist of suppliers 4. Check if the people employed by the supplier
5. Choosing a supplier for the production are doing the work
6. Getting the right supplier fitted to the themselves.
business 5. The labor practices of the suppliers will reflect
on the business reputation.
Set Criteria in Choosing a Supplier 6. Negotiate terms and conditions to the
suppliers.
1. Reliability – state of being reliable, worthy of
confidence and dependable. Getting the Right Supplier Fitted to the Business
1. Know the company needs
2. Quality – a degree of excellence, superior in 2. Spend time on research
kind and high distinguishing attribute. 3. Get advice from existing customers
4. Price
3. Value for Money- the lowest price does not
guarantee the best value for money Consider the following:
4. Suppliers should deliver on time or be honest 1. Do not buy from too many suppliers
and give plenty of warning. 2. Limit the number of sources the company is
using
5. Financial security- the supplier must be 3. It is always a smart strategy to having an
assured that the company has sufficiently alternative supply source ready to help in
strong cash flow to deliver what the company difficult times.
wants and needs.
6. A partnership approach- a strong relationship

will benefit both producer and supplier.
Identifying Potential Suppliers

Check out the web:
1. Recommendations from friends, business https://www.shopify.com.ph/blog/validate-product-
partners, and acquaintances. ideas
2. Directories of potential supplier in local area,
website, or yellow pages.
3. Trade associations of a particular line of
business.
4. Business advisors are persons or group of
people that are expert in the industry.
5. Local businesses are support organizations that
___________________________________
Activity 1 2. Rice
___________________________________
Identify what types of labels are the ___________________________________
___________________________________
following:
___________________________________
_____________1. brand embroidered 3. Wine
inside the collars ___________________________________
_____________2. expiry date ___________________________________
_____________3. wash care ___________________________________
_____________4. content values of the ___________________________________
Product
_____________5. product’s performance
Activity 4
Why is there a need for a company to think

Activity 2
strategically in selecting its suppliers?
______________________________________
Identify what method of recording is used ______________________________________
in each description. ______________________________________
______________________________________
1. The primitive and cheap way of ______________________________________
recording data. ______________________________________
__________________________ ______________________________________
2. This is used to see and hear what ______________________________________
user is doing. ______________________________________
____________________________
3. It is good for recording talk
produced by thinking aloud.
____________________________
4. It can be intrusive during initial
period of use.
____________________________
5. This is hard to search through.
____________________________
Activity 3
Look for a supplier and their profile in the

following raw materials.
1. Milk
___________________________________
___________________________________

4QWeek 3 - Lesson 3-Entrep

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FOURTH QUARTER Entrepreneurship________________

TOPIC: Service Description of the Product Industrial Services

Guidelines to Identify Potential Supplier 1. Get a written quotation

6. A partnership approach- a strong relationship

Identifying Potential Suppliers

Why is there a need for a company to think

Look for a supplier and their profile in the

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