Entrepreneurship Module 3

Know Your Customer

Branding

Provides the product with a recognizable identity

Channels

Sharing your value proposition with others

Customer Segments

Who you believe will benefit from your value proposition, also known as target market

Marketing Mix

The 4 P’s of Marketing: Price, Place, Promotion, and Product

MVP

Minimum Viable Product

Empathy

The capacity to step into other people’s shoes. Helps us better understand our customers.

Market Research

The process and methods used to gather information, analyze it, and report findings related to the marketing of goods & services.

Market Research is conducted to…

Test product features, Determine market and growth potential, and Assess competitive advantage

Two Variations of Market Research

Primary and Secondary

Primary market Research is…

Costly, collected directly from the source, designed with a specific outcome in mind

Secondary market research is…

Less expensive, not source data - you don’t gather it yourself

Example of secondary market research

Trade Magazines

Target Market

Your ideal group of customers who will benefit from your value proposition. Also known as customer segments.

A target market is NOT

Everyone that can, or will, buy the product

Target market consists of…

Demographics, Geographics, Psychographics, and Buying Behavior

Demographics

Who your customer is

Psychographics

Why your customers buy

Buying Behavior

How your customers buy and how they intend to use the product

Empathy interview

Designing for the customers needs

Marketing Mix total product offering

• Features

• Benefits

• Brand strength, influence

• Reputation

• Warranty

• Customer support

Price

Amount a customer will pay; financial aspects of your product

Advertising is also…

A form of promotion

Customer Channels

How you will share your value proposition. Aquire, retain, and grow customer relationships.

Most important when it comes to customers

Relationships

Not easy to create and maintain

Customer Relationships