technopreneurship - group 1-2

VALUE PROPOSITION

VALUE PROPOSITION

is an important part of any business or marketing plan. It tells customers about a product or service’s unique benefits and value. It defines the problem the product or service solves, the advantages it offers, and why it stands out from its competitors.

SOLUTION DRIVEN APPROACH

this approach focuses on addressing a specific problem or need that customers have. The value proposition highlights how the startup's product or service provides a unique and effective solution to this problem.

EFFICIENCY IMPROVEMENT APPROACH

This approach focuses on helping customers achieve their goals more efficiently or effectively. The value proposition highlights how the startup's product or service helps customers save time, reduce costs, or increase productivity.

benefit

refers to the positive outcomes or results that the customer can expect from using the product or service

cost

refers to the resources (such as time, money, or effort) that the customer will need to invest in order to achieve those benefits.

VALUE PROPOSITION STATEMENT

typically encompasses the overall value and benefits that a product or service offers to its customers. It may include a range of benefits, such as quality, convenience, price, or customer service. While it communicates value, it might not explicitly emphasize what makes the offering unique compared to competitors.

UNIQUE VALUE PROPOSITION

it focuses on what sets a product, service, or brand apart from competitors.

VALUE MAP

is a visual tool that lets you plan what problems or desires your product or service addresses in a way that allows you to find a match between your product and the expectations of your customers.

The Product, The Pain Reliever, and The Gain Creator

three main components of value map

Clarity and Distinctiveness, Customer-Focused, and Differentiation and Unique Benefits

3 Key Points of UNIQUE VALUE PROPOSITION

CUSTOMER

is someone who buys something from a seller, vendor, or supplier in exchange for money or something else of value. This person is also called a client, buyer, or purchaser.

LOYAL CUSTOMERS

Are the top priority customer groups and an important segment to appease. These customers purchase products or services over a longer period of time and are likely to be brand advocates for the company.

IMPULSE CUSTOMERS

These are the second most attractive segment of customers identified by the businesses. These customers buy products and services spontaneously triggered by an impulse. They don’t have a shopping list at hand while purchasing.

DISCOUNT CUSTOMERS

These customers play a key role in upbringing the company’s inventory. Theses type of customers contribute to the cash flow of the company. These customers look for discounts, seasonal offers and festive offers.

POTENTIAL CUSTOMERS

Kind of person who is very likely to buy the product or service offered by the business. e.g. a customer looking for an apartment in a particular area becomes a potential customer for the local realtors who would have a flat which will suit the requirements of the customer.

NEW CUSTOMERS

The customers who have used the product or service for the first time from a particular organization. Such customers can be switching from a competitor brand or may be new entrant into the market.

FORMER CUSTOMERS

Those who were once buyer of one business and became buyers of a new business because of some reason. These people would still be potential customers as they have already tried the product or service once.

INTERNAL CUSTOMERS

One who is connected to your organization and is internal to your organization. These for example are your shareholders, employees & other stakeholders.

EXTERNAL CUSTOMERS

A buyer of your services and products but external to your organization. An example of your external consumer could be people buying your products in the marketplace.

INTERMEDIATE CUSTOMERS

Those who purchases the goods for re-sale e.g. retailers. The customers are part of a longer supply or value chain.

ACTIVE CUSTOMERS

Are the ones who are actively using your products or services. But they’re not your loyal customers yet. This means, if offered a better deal by your competitors, these type of customers are likely to switch.

CONSUMERS

Always the end user of a product or service, but might not have purchased. Is anyone that uses a product or service, but they don’t always pay for it.

CUSTOMER NEEDS

is a motive that prompts a customer to buy a product or service. Ultimately, the need is the driver of the customer's purchase decision. Companies often look at the customer need as an opportunity to resolve or contribute surplus value back to the original motive.

Functionality

Customers need your product or service to function the way they need in order to solve their problem or desire.

Price

Customers have unique budgets with which they can purchase a product or service.

Convenience

Your product or service needs to be a convenient solution to the function your customers are trying to meet.

Experience

The ————- using your product or service needs to be easy — or at least clear — so as not to create more work for your customers.

Design

Along the lines of experience, the product or service needs a slick design to make it relatively easy and intuitive to use.

Reliability

The product or service needs to reliably function as advertised every time the customer wants to use it.

Performance

The product or service needs to perform correctly so the customer can achieve their goals.

Efficiency

The product or service needs to be efficient for the customer by streamlining an otherwise time-consuming process.

Compatibility

The product or service needs to be compatible with other products your customer is already using.

Empathy

When your customers get in touch with customer service, they want this and understanding from the people assisting them.

Fairness

From pricing to terms of service to contract length, customers expect ________________ from a company.

Transparency

Customers expect ______________ from a company they’re doing business with. Service outages, pricing changes, and things breaking happen, and customers deserve openness from the businesses they give money to.

Control

Customers need to feel like they're in control of the business interaction from start to finish and beyond, and customer empowerment shouldn't end with the sale. Make it easy for them to return products, change subscriptions, adjust terms, etc.

Options

Customers need this when they're getting ready to make a purchase from a company. Offer a variety of product, subscription, and payment options to provide that freedom of choice.

Financial pain points

Are pretty straightforward. Essentially, the customer is spending too much money on a particular service or product.

Productivity pain points

Are all about issues with efficiency. You may have heard these pain points referred to as ‘friction.’ Friction can exist anywhere. Whether it’s in the sales process, onboarding, or using an app interface, the end result is the same: inefficiencies and customer pain.

Process pain points

Are problems wherein you create friction for customers due to redundant or sub-par processes. Any scenario where there are unnecessary extra steps toward the customer’s goal would be considered a process pain point.

Support pain points

are issues where customers aren’t receiving the help they need. If a customer can’t find an answer to a pressing question, what’s stopping them from finding a company that cares about helping them out?

Customer Demographics

Is a statistical data relating to the unique identities and identifiers of individuals.

TECHNOPRENEURSHIP

IS THE USE OF TECHNOLOGY AS AN INTEGRAL AND KEY ELEMENT IN THE TRANSFORMATION OF GOODS AND SERVICES.

•IDEAS

•- THE INDISPENSABLE START-UP INGREDIENT ALL INVENTIONS AND INNOVATIONS NEED.

•INVENTION

•- NOVEL/NEW/ORIGINAL PRODUCT, DEVICE, PROCESS, OR CONCEPT.
•- CREATION OF A NEW PRODUCT

•INNOVATION

•- ADDING VALUE TO SOmETHING ALREADY EXISTING.
•- PRACTICAL IMPLEMENTATION OF NEW IDEA

•PRODUCTS

•ARE PHYSICAL ITEMS THAT INCLUDE RAW MATERIALS, PARTS, SUBASSEMBLIES.

•SERVICES

•ARE ACTIVITIES THAT PROVIDE SOME COMBINATION OF TIME, LOCATION, FORM, OR PSYCHOLOGICAL VALUE.

•TECHNOPRENEUR

 are entrepreneurs who use technology as their driven factor in transforming resources into goods and services, creating an environment conducive to industrial growth.

Decisiveness

ability to make decisions quickly and effectively

Confidence

self-assurance arising from one’s appreciation of one’s own abilities

or qualities

Accountability

willingness to accept responsibility

Resilience

capacity to recover quickly from difficulties

Humility

freedom from pride or arrogance

team

is a group of individuals working together to achieve their goal.

Forming

stage where group of people comes together to achieve a shared purpose.

Storming

Disagreement are constant at this stage of development since team members are still getting to know each other.

Norming

This is when people start to resolve their differences, appreciate colleague’s strengths, and respect the authority of the leader.

Performing

Relationships, team processes, and the teams effectiveness in working in its objectivess are syncing to bring about a successful functioning team,