Class 3

Question 1

Key questions for customer journey:

Answer 1

Key touchpoints- how does your user interact with your company.
Tasks- what is your customer trying to achieve.
Knowledge- what does your customer want to know.
Pain points- how does your company disappoint the customer.
Happy points- how does the company satisfy the customer.
Emotions- what does your customer feel at each stage of the process.
Wish list- what would make the customize experience awesome.
Influencers- what/who are the key influencers in your customers decision-making process.

Question 2

5 Customer journey stages:

Answer 2

Discovery- the customer becomes aware of a need.
Research- the customer searches for a solution.
Purchase- the customer finalizes their purchase decision.
Delivery- the product is received by the customer.
After sales- the company provides follow-up contact.

Question 3

The industry lifecycle:

Answer 3

Industry- group of similar business types. All businesses in at least one industry. Each industry has differing levels of competition and market potential. Must understand industry to understand customer. Types of innovation required differs by industry.

Question 4

1. Introduction stage of industry lifecycle:

Answer 4

Focus of entrepreneurs- radical innovation.
Focus of large firms- research and development.
Barriers to entry tend to be high. Customers ask why they buy and pricing tends to be high.

Question 5

2. Growth stage of industry lifecycle:

Answer 5

Demand increases rapidly, product standards emerge, customers consider the product and process innovation.

Question 6

3. Shakeout stage of industry lifecycle:

Answer 6

Rate of growth declines, companies begin to intensely compete, customer consider existing brands and price is an important competitive weapon.

Question 7

4. Maturity stage of industry lifecycle:

Answer 7

Only a few large firms remain, customer considers that they have already purchased product, focus on replacement or repeat purchases.

Question 8

5. Decline stage of industry lifecycle:

Answer 8

Demand falls rapidly, strong pressure on prices, innovation efforts cease. Four strategic options to pursue—Exit, harvest (reduce further investments), maintain (support at a given level, consolidate (buy rivals).

Question 9

1. Innovators (technology enthusiasts):

Answer 9

Enter the market during the introductory stage, smallest market segment, proactively pursue new technology, enjoy beta versions, tinker with product imperfections, provide free feedback and suggestions.

Question 10

2. Early adopters (visionaries):

Answer 10

Enter the market during the growth stage, demand is driven by imagination and creativity.

Question 11

3. Early majority (pragmatists):

Answer 11

Enter the market during shakeout stage, take interest as product gains mass appeal, practical and risk adverse, weigh benefits and costs carefully, this group is key to catching growth wave.

Question 12

4. Late majority (conservatives):

Answer 12

Enter the market during the maturity stage, typically not as wealthy, not as confident in their ability to master the technology, buy from well-established brands, appeal to these customers by simplicity and price.

Question 13

5. Laggards (skeptics):

Answer 13

Enter the market during the decline stage, adopt a new product only if necessary, generally don’t like new technology/change, typically not pursed as future customers.