Class 8

Question 1

Common customer problems:

Answer 1

lack of time—how much time do you spend waiting for service.
Lack of money—which products are too expensive.
Lack of skills—do customers have knowledge or ability barriers.
Lack of access—no available solutions within the market.

Question 2

ADKAR:

Answer 2

Awareness, desire, knowledge, ability, reinforcement.

Question 3

3 ways to present your customer value proposition:

Answer 3

All-benefits approach—telling customers about everything your product/service will do.
Points of difference approach—telling customers why your product/service is better than competitors.
Resonating focus approach—just what the customer wants, tell the customer what they care about.

Question 4

Types of customer segments:

Answer 4

Mass market—large markets with similar needs/problems.
Niche market—small markets with specialized needs/problems.
Segmented market—tailoring a product according to group preferences.
Diversified market—offering different value propositions to different markets.
Multisided market—connecting two or more customer segments together with a single business.

Question 5

Business model canvas:

Answer 5

Customer value proposition—why should the customer buy?
Customer segments—how can you group your customer.
Channels—where/how will you interact with customers.
Customer relationships—how do you build your relationships.
Key activities—what are your core business functions.
Key resources—what are your core business assets.
Key partners—which external stakeholders are needed to run your business.
Business streams– where will your money come from.
Cost structures—what will you have to spend to make money.