Enumeration two Flashcards
Common Mistakes Designing Value Proposition (Jeffries 2017)
Solving low value problems
Appealing to charity, not self-interest
Confusing supporters with customers
Assuming customers are sophisticated buyers
Inventing customers to suit products
Clogging the canvas with “nice to haves”
Designing something “as good” as the competition
Solving problems for beneficiaries, not customers
Locking in your customer profile too early
Types of Value
Intrinsic value
Exchange
Use
Utilitarian
Elements of Value Proposition
Target Market
Specific value
Customer connection
Characteristics of Value Proposition
Focus
Embedded in business model
Targeting
Alignment
Prioritizing
Uniqueness
Convergence
Performance
Distinctiveness
Applicability
Customer Profile
Customer Jobs
Pains
Gains
Types of customer jobs
Functional
Social
Personal/emotional
Another types of customer job in context of puchasing
Buyer of value
Cocreator of value
Transferrer of value
Four main types of customer gains
Required
Expected
Desired
Unexpected
Mapping Customer Profile
- Select customer segment
- Identify cusotmer jobs
- Identify customer pains
- Identify customer gains
- Prioritize jobs, pains, and gains.
Value Proposition Map
Products and Services
Pain relievers
Gain creators
Types of products and services
Physical/tangible
Intangible
Digital
Financial
Fit happens in three stages
Problem-Solution Fit
Product-Market Fit
Business Model Fit
Types of market
Physical markets
Virtual/Non physical
Auction
Black
Financial
Market for intermediate goods
Importance of target market
- More Effective Marketing Mix
- Helps you choose the right Marketing Channels
- Uses limited time, money, and resources more efficiently
- Maximizes Sales and Profits
Medium of Mass Marketing
- Social Media
- Television / Radio
- Newspapers
- Magazines & Email Marketing
Types of Market Segmentation
Demographic
Behavioral
Geographic
Psychographic
Psychographic characteristics
Attitude
Beliefs
Interest
Lifestyle
Personality traits
Values
Behaviors to consider
Online shopping habits
Website actions
Benefits sought
Usage rate
Loyalty
Other Methods of Market Segmentation
Value
Firmographic
Generational
Lifestage
Seasonal
Advantages of Market Segmentation
Create stronger marketing messages
Find the ideal marketing strategies
Design targeted advertising
Attract potential customers
Differentiate your brand from the competition
Identify your niche market
Focus your efforts
Create a customer connection
Disadvantages of Market Segmentation
Increase a Company’s Rising Cost
Production Problems
Unprofitable Goal
Goals of Market Analysis
- Attractiveness of the market
- New business opportunities
- Under the mind of a customer
- Understanding dynamics of the market
Dimensions of Market Analysis
Market size
Market growth rate
Market profitability
Industry cost structure
Distribution Channel
Market Trends
Key success factors
Elements on how to analyze market profitability
Gross profit
Net profit
Operation profit
EBITDA
Elements in Porter’s value chain
Primary activities
Support activities
Primary activities
Inbound logistics
Operations
Types of operations
Outbound Logistics
Marketing and sales
Service
Support activities
Procurement
Human resource management
Technological development
Infrastructure
Types of channels of distribution
Direct
Indirect
Three categories of indirect channels
One-level
Two-level
Three-level
Distribution systems consider
Understanding of the Existing Distribution Channels
Trends and Emerging Channels
Power Structure of Channels
Key success factors
- Accessibility to essential and unique resources
- Competence to reach economies of scale
- Accessibility to channels of distribution
- Accessibility to the state-of-the-art technology
Competitor Analysis
Your business’s strengths and weaknesses
Market understanding
Specific industry trends
Required benchmarks for future growth
STEPS IN CONDUCTING COMPETITOR ANALYSI
Identifying Competitors
Assessing Competitors (Competitor Matrix)
Types of competitors
Direct
Potential
Indirect
Future
Replacement
STEPS IN ASSESSING COMPETITORS
Determining Competitors’ Objectives
Identifying Competitors’ Strategies’
Assessing Competitors’ Strengths and Weaknesses
Estimating Competitors’ Reactions
Three levels at which strategies are used
Corporate
Business
Functional
5PS
Product
Price
Place
Promotion
Specific moves and strength
Competitor’s objectives
Competitor’s strategy
Competitor’s assumptions
Competitor’s resources and capabilities
Customer response profile
Offensive
Direct Attack
End-run
Pre-emption
Acquisition
Defensive
Advertising
Highlighting
Exclusion
Types of competitors to attack and avoid
Strong or Weak Competitors
Close or Distant Competitors
Finding Uncontested Market Spaces
Types of Marketing Strategies
Cause
Relationship
Word of mouth
Paid
Diversity
Transactional
E-marketing
Undercover
Offline
Approaches in Marketing Strategy
Entrepreneurial
Formulated
Intrapreneurial
Competitive Strategies
Cost leadership
Cost focus
Differentiation
Differentiation focus
Competitive Positioning
Market Leaders
Market challengers
Market followers
Market nichers
Market Challengers types
Frontal attack
Flanking attack
Encirclement
Bypass attack
Types of market followers
Counterfeiter
Cloner
Imitator
Adaptor
Balancing Customer and Competitor Orientations
Market Orientation
Product orientation
Customer orientation
Competitor orientation
COMPETITIVE ANALYSIS TEMPLATE
Company highlights
Market information
Product information
SWOTT analysis
Company highlights
Company Profile
Key Competitive Advantage
Market Information
Target market
Market share
Marketing strategy
Product information
Products & Services
Pricing
Distribution channels
SWOTT analysis
Strengths
Weaknesses
Opportunities
Threats
Trends
