Customers
- needs
- targets
- markets
Value
Proposition
Look for:
Persona of target customer
Total Available Market
Cost of Goods Sold
Importance of IP
Competitors (who are they), product differentiation
Importance of partners
Channels of distribution: Disadvantage of retail in this case
Example: Fiber Fix
Look for:
Decision Making Process
Market segment to target, how to access them
Competition, differentiation
Direct vs indirect channels margins to intermediaries
Debt or equity to raise capital
Valuation of company
Assignment 3: Value Proposition
give top three priorities of target customer
describe as-is state, customer pain points, opportunities
potential solution given in general terms
describe anticipated Use Case with solution
identify key metric measuring how solution meets the need
give a clear, compelling Value Proposition statement
The Product/Service
design implement
Customer MVP2
plan feedback
analyze test
evaluate Final
product
Life Cycles of Products or Services
Saturation
Maturity
Decline
Demand
Growth
Introduction
Time
Reasons for Product or Service Design
Economic
Social and demographic
Political, liability, or legal
Competitive
Cost or availability
Technological
Objectives of Product and Service
Design
Main focus
Customer satisfaction
Understand what the customer wants
Secondary focus
Function of product/service
Cost/profit
Quality
Appearance
Ease of production/assembly
Ease of maintenance/service
Phases in Product Development Process
1. Idea generation
2. Feasibility analysis
3. Product specifications
4. Process specifications
5. Prototype development
6. Design review
7. Market test
8. Product introduction
9. Follow-up evaluation
Idea Generation
Research based
Reverse Engineering
Concurrent engineering
is the bringing together
of engineering design and
manufacturing personnel
early in the design phase.
Computer-Aided Design
Service is an act
Service delivery system
Facilities
Processes
Skills
Many services are bundled with products
Service Design
Money (direct costs only) to produce the product and hold in inventory
Includes cost of materials, labor, rent for facility producing and inventory
Love
Buying
Intention
Shopping
Consideration
Awareness
What Is Selling?
The face to face meeting with your prospect at
the Intention or Buying level
Getting thereright place, right time, right
person
What Do Customers Care About?
THEMSELVES!!
Wants, Needs, Desires
What Do They Buy?
SOLUTIONS!!
What You Should Know About Your
Customers
Value = Benefit/Cost
Before You Do Anything Else
Sell yourself
Know your product
Know the value equation
Know your competition
Know why your customer should buy from you
instead of your competition
Assignment 5: Product
specifically and concisely describe their product
include a visual representation of the product
what is the Core
how product creates value (connect to target customer, persona)
estimate the Cost of Goods Sold
describe Minimum Viable Product, how to test assumptions
Gantt chart for major phases of development, product to market
resources needed to complete design and production