Technopreneurship (Midterm)

Customer Profiling

"Identifying the ideal customers based on a set of distinctive characteristics." It includes the target market's interests, behavior, location, and demographics. Creating buyer personas — semi-fictional characters — is the most common method for defining customer profiles. Other identifiers, such as demographics, location, hobbies, preferred social media channels, likes and dislikes, purchasing patterns, psychographics, and credit history, can be used.

Primary Goals of Marketing

1. Focusing on customer wants and needs to distinguish products from the competition; 2. Integrating all the organization's activities to satisfy customer wants and needs; and 3. Achieving the organization's long-term goals by satisfying customer wants and needs

3 steps where strategic planning is regarded to be established and carried out

1. Strategy Formulation 2. Strategy Implementation 3. Strategy Evaluation

The Marketing Mix

A company's strategy to promote brands or products in the market. It includes price, product, promotion, and place. However, in today's world, additional Ps like packaging, positioning, people, and process are becoming increasingly essential.

Strategic Planning: Process

Action-oriented process

Personal Factors

Age, Occupation, Life Cycle Stage, Lifestyle, and Personality and Self Concept

Demographic Segmentation

Age, gender, income, education, marital status

Strategic Planning: Process

Analytical process

Planning Process: Strategy Evaluation (Evaluation of the performance of the chosen strategy)

Any experienced entrepreneur is aware that success today does not guarantee success in the future. For instance, a company might discover that to achieve the desired improvements in customer relations. It needs to adopt a brand-new Customer Relationship Management (CRM) software program after implementing a strategy to enhance customer service.

Consumer

Any individual who uses a product or service, whether for personal or business purposes.

Customer

Any person or business that buys a product or service but might not be the end user.

Stage 5: Post-purchase evaluation (Retention)

At this point, customers enter the retention phase of the decision-making lifecycle. They begin to comprehend how to utilize the product-service mix to realize the value in the early stages. What should technopreneurs do? • Provide after-sales support. • Direct new users to the features with the most significant impact.

Methods of customer profiling and segmentation: Analyze and iterate on customer personas

Collect the external factors, qualify the contextual details, and develop a thorough understanding of how the business provides value to each type of customer.

Geographic Segmentation

Country, state, city, municipality, town

Cultural and Social Factors

Culture, Subculture, Social Class, Social Groups, Opinion Leaders, and Role and Status

Stage 4: Make the purchase (Understand the costs, and find the right fit)

Customers are prepared to purchase at this point. All of their requirements have been met up to this point. They confirmed the benefits and demonstrated values. They are aware that the gain would outweigh the drawback. They have compared and analyzed the available offers. They may begin a negotiation process, but nothing is certain until they close and convert. What should technopreneurs do? · The sales procedure needs to be easy. · Reiterate the value and benefits of the product or service.

Strategic planning

Developing detailed business strategies, putting them into practice, and analyzing the outcomes of a company's long-term goals. It is a theory that emphasizes combining a business's marketing, financial, and human resources departments to meet its strategic goals.

Factors Influencing Consumer Behaviour

Economic Factors, Personal Factors, Psychological Factors, and Cultural and Social Factors

Value-based Segmentation

Economic value of a particular customer group

Stage 1 - Need Recognition (Identify the Problem)

Everything begins with a particular requirement and issue to be resolved. Customers might not fully comprehend their issue or know how to fix it. At this point, they look for help. What should technopreneurs do? · Provide evidence that they understand their customer's areas of concern. · Use testimonials from previous customers, case studies, quotes, and social proof. · Prove that the product or service being offered can solve their problem.

Planning Process: Strategy Implementation (Adoption or use of strategic course of action)

Following the formulation of a strategy, the business must allocate resources for its implementation and establish specific targets or goals related to that implementation. How well upper management communicates the chosen strategy throughout the company and gets all employees to commit the desire to put the strategy into action determines the success.

Firmographic Segmentation

Group customers based on shared organization attributes

Strategic Planning: Function

Identifying actions to be taken

Strategic Planning: Funtion

Identifying actions to be taken, the individuals who will perform the actions, the right time to perform the action, the way to perform the action.

Stage 2: Information Search (The paradox of choice)

In the next stage, customers seek as much information as possible to confidently decide. What should technopreneurs do? · Make the information about their product or service clear and simple to find and understand. · Information regarding price, features, and services ought to be readily available to customers.

Strategic Decision-Making: Logical Incrementalism

In this mode, top management first develops a reasonably clear idea of the corporation's mission and objectives. It is a fusion of strategy formulation and implementation. This approach appears useful when the environment is changing rapidly, when it is building consensus, and when resources must be developed before committing the entire organization to a specific strategy.

Strategic Planning: Meaning

It imploes a bundle of decisions or moves taken in relation to the formulation and execution of strategies to achieve organizational goals

Strategic Planning: Meaning

It is a future-oriented activity that tends to determine the organizational strategy and is used to set priorities.

Strategic Decision-Making: Adaptive mode

It is characterized by reactive solutions to existing problems rather than a proactive search for new opportunities. Strategy is fragmented and is developed to move a corporation forward incrementally. This mode lacks clarity and consensus on strategic goals and is only appropriate for dealing with complex and changing environments.

Goal-based Strategic Planning Model

It is designed for more established businesses and enterprises. Using this strategic planning model entails using a SWOT analysis. Right after, the enterprise identifies goals and issues it can take advantage of to prioritize its objectives better. The next step is formulating a mission statement and action plans, creating a strategic plan, developing an operational plan, and formalizing the budget for the enterprise's first year.

Strategic Decision-Making: Entrepreneurial mode.

It sates that one powerful individual makes strategy. This mode focuses on opportunities and growth, not business problems. Strategy is guided by the founder's vision of direction and is exemplified by significant, bold decisions. The dominant goal of this mode is the growth of a corporation.

Strategic Decision-Making: Planning mode

It systematically gathers appropriate information for situation analysis, generates feasible alternative strategies, and rationally selects the most appropriate strategy. It includes the proactive search for new opportunities and the reactive solution to existing problems.

Planning Process: Strategy Formulation (Determination of strategic objectives)

Key objectives can be extracted from the mission and vision statements of the enterprise. From here, strategic objectives can be made.

Methods of customer profiling and segmentation: Review customer journey map

Knowing their challenges, needs, and goals is best to understand better what customers want from the business.

Strategic Planning: Stressed on

Making optimal strategic decisions.

Strategic Planning: Management

Management by plans

Strategic Planning: Management

Management by result.

Technographic Segmentation

Mobile used, desktop used, apps and software used

Psychological Factors

Motivation, Invovement, Perception, Learning, Lifestyle, and Attitude

Economic Factors

Personal Icome, Discretionary Income, Disposable Income, Family Income, Expectation regarding Future Income, Liquid assest and consumer credit, and Level of Standard of Living

Psychographic Segmentation

Personality, values, attitude, interest

Methods of customer profiling and segmentation: Build personas

Personas are fictional profiles representing a target audience's group of similar people. They can assist in determining how to deliver the appropriate messages, offers, and products at the proper time while reaching people on a more personal level.

Strategic Planning: Stressed on

Producing strategic resilts, new markets, new products, new technologies, etc.

8Ps of Marketing

Product, Price, Place, Promotion, People, Physical Evidence, Processes, and Positioning

Needs-based Segmentation

Products or service must-haves, needs of specific groups

Strategic Objectives

Refers to the specific performance targets the business wants to accomplish. These objectives define how the enterprise's mission will be met.

Five Stages that people go through when making decisions

Stage 1 - Need Recognition (Identify the Problem) Stage 2 - Information Search (The paradox of choice) Stage 3 - Evaluation of Alternatives (The value outweights the cost) Stage 4 - Make the purchase (Understand the cost, and find the right fit) Stage 5 - Postpurchse evalueation (Retention)

Steps in Strategic Planning Process

Strategic Planning - Strategy Formulation - Strategy Implementation - Strategy Evaluation

Methods of customer profiling and segmentation: Understand the industry

Technopreneurs can also define their brand identity with the help of industry knowledge. It is recommended to differentiate products and services to stand out.

Methods of customer profiling and segmentation: Choose customer profiling software

Technopreneurs must first collect information from their current clientele to ensure accurate and effective customer profiles.

Methods of customer profiling and segmentation: Focus on the problem and solution

Technopreneurs must know who their customers are — or will be — how and why they use the product or service. Examine the current users and their actions closely.

Methods of customer profiling and segmentation: Collect customer feedback

Technopreneurs need to meet them to understand what customers are like clearly. As a result, customer interviews and surveys are among the best tools for creating a customer profile.

Marketing Objectives and Strategies

Technopreneurs should set goals specific to how much money the business makes. The goal of marketing should be to bring in more money from sales. On the other hand, the brand should be the focus of the marketing efforts

Behavioral Segmentation

Tendencies and frequent actions, habits, features or product use

Methods of customer profiling and segmentation: Analyze demographics

The best way to define a customer profile is to look at demographics from the outside, more deeply into needs, and finally at what the business offers.

Methods of customer profiling and segmentation: Examine contextual details

The final step in finishing the customer profile is to examine all the information to see how to assist them.

Promotion (8Ps of Marketing)

The goal is to make people aware of the product, entice them to buy it, and get them to do so over other options.

Strategic Decision-Making Process: Scan and assess the internal corporate environment.

The organization must determine its strengths or core competencies and weaknesses.

Strategic Decision-Making Process: Scan and assess the external environment.

The organization must determine the strategic factors that pose opportunities and threats.

Strategic Decision-Making Process: Review corporate governance.

The organization must evaluate the performance of its board of directors and top management.

Strategic Decision-Making Process: Generate, evaluate, and select the best alternative strategies.

The organization must identify the best course of action to solve an identified problem and achieve a set of objectives.

Strategic Decision-Making Process: Implement selected strategies.

The organization must implement strategies through company programs, budgets, and procedures.

Strategic Decision-Making Process: Evaluate implemented strategies.

The organization must monitor the implemented strategies through feedback systems and control of activities that ensure minimum deviation from original plans.

Strategic Decision-Making Process: Analyze strategic factors.

The organization must pinpoint its problem areas and revise its corporate mission and objectives.

Strategic Decision-Making Process: Evaluate current performance results.

The organizational performance must be assessed based on return on investment, profitability, current mission, objectives, strategies, and policies.

Customer Segmentation

The process by which a business divides customers based on common characteristics, such as demographics or behaviors, so the marketing or sales team can reach those customers more effectively

Methods of customer profiling and segmentation: Use a customer profiling template

The process of customer profiling can be shortened by downloading and using pre-made templates. All that is required is to complete the blanks.

Real-time Strategic Planning Model

This approach is even more adaptable than the organic model. It aids in presenting an organization's vision, values, and mission. Lists are frequently presented to board members or management for further discussion during real-time strategic planning.

Scenario Strategic Planning Model

This makes use of a PESTEL analysis. This model can be used by an enterprise that wants to beef up and prepare for different scenarios, such as changes in the economy, trends in society, new laws, and other external forces that can alter how it does business. The enterprise can list the most common problems that could affect their business over the next three (3) to five (5) years and create responses on how to resolve them.

Alignment Strategic Planning Model

This model creates alignment between a business's resources and mission. It helps fine-tune the enterprise's objectives or learn why its goals are not being achieved as planned. This model starts by determining the business' resources, mission, programs, and required support. After this, it is important to know what areas in the business are working well and which ones need further adjustment to reach the desired effect. Lastly, the business needs to include adjustments as strategies in the plan.

Organic Strategic Planning Model

This model requires continual reference to common values and shared reflection around current processes. Organic planning often uses a technique known as storyboarding to let participants create their ideas before sharing them with a larger group. In this type of planning, brainstorming is imperative to pinpoint the needs of the enterprise and target the issues that need addressing.

Inspirational Strategic Planning Model

This quick strategy starts with creating a very inspiring vision for the organization and the goals that go along with it. This model is better for more established businesses than the basic model.

Goal of strategic management

To maintain a competitive advantage over rivals and take control of the market as a whole. Further, it evaluates, guides, and changes the strategy per the business climate progressions. It assists in creating a strategic vision, establishing goals, establishing direction, and creating and implementing strategies that align with the organization's goals to evaluate the organization's internal and external business environment.

Stage 3: Evaluation of Alternatives (The value outweighs the cost)

Ultimately, customers need to determine if the advantage they get is worth more than the price they would have to pay. Customers will look for rivals in a particular service category to compare with. Alternative solutions that solve the same problem differently but are not direct competitors will also be reached by decision- makers. What should technopreneurs do? · Make it clear how much the product or service is worth. · Help users determine the value versus cost. · Show familiarity with the competitor's products and service prices. · Compare products or services to other services that meet their needs.

Basic Strategic Planning Model

Usually consists of creating a mission statement detailing the enterprise's existence. The business then will figure out its intermediate goals, referring to what needs to be done to accomplish its mission.

Sales Promotion (Types of Promotion)

a marketing strategy in which a company uses short-term campaigns to get people interested in a product, service, or other offer and make people want it Examples: Product bundles, flash sales, free trials, free shipping, Buy-1-Take-1, Coupons, Vouchers

Process (8Ps of Marketing)

a set of steps that help businesses figure out customer problems, look at market opportunities, and make marketing materials to reach the people they want to see.

Direct Marketing (Types of Promotion)

any marketing that communicates or distributes directly to individual customers rather than through a third party like the mass media. Examples: E-mail, direct mail, telemarketing, text blast, leaflet distribution, social media marketing

Public/Outdoor Advertising (Advertising: Types of Promotion)

billboards, transit advertising, strrt walk ads

Earned Media: Digital Channels

includes news articles, blogs, and social network discussions that mention a brand and provide word-of-mouth and PR benefits to a business without paying for them directly. Example: Public relations, and Reviews and testimonials

Advertising (Types of Promotion)

is a mass communication method used to get people to do something, usually regarding a commercial product or service.

People (8Ps of Marketing)

is all about those involved in the launch or campaign, including the company's key executives, endorsers, and the marketing team. These people will be accountable for delivering marketing promises, so they must possess the skills necessary to implement the marketing strategy.

Paid Media: Digital Channels

is an outbound strategy comprising public relations, marketing, and other promotional activities produced for and paid for by the company. Example: Banner advertising, Video advertising, Native advertising, Affiliates, Traditional Advertising

Print Advertising (Advertising: Types of Promotion)

newspaper, magazines, catalog mail

Digital Advertising (Advertising: Types of Promotion)

online display ads, search engine marketing, social media adplacement

Selling (Types of Promotion)

personal selling is a face-to-face selling technique by which a salesperson uses interpersonal skills to persuade a customer to purchase a particular product by highlighting various features. Examples: Salespersons at retail stores, Real Estate Agents, Insurance Agents, Medical Representatives

Physical Evidence (8Ps of Marketing)

refers to anything that helps the target audience trust the business. It could be the item itself, its packaging, the setting where it is sold (like a physical store), or how it is delivered (like by courier). In the digital business, this could be in the form of testimonials, reviews, or even digital products like e-books and online courses.

Price (8Ps of Marketing)

refers to the amount customers are willing to pay for a product or service.

Positioning (8Ps of Marketing)

refers to the capacity to alter how consumers perceive a brand or product compared to competitors. Establishing a brand's image or identity so that consumers perceive it in a certain way is the goal of market positioning.

Product (8Ps of Marketing)

refers to the item the business offers customers, whether tangible (like physical goods) or intangible (like digital goods or services).

Broadcast Advertising (Advertising: Types of Promotion)

television, radio, podcast

Place (8Ps of Marketing)

the location of the product or service's purchase, sale, and experience. It varies from business to business, depending on retail and direct online sales.

Public Relations (Types of Promotion)

the set of techniques and strategies for managing how information about an individual or company is disseminated to the public, especially the media. It tries to portray a person or brand naturally, like getting positive press from outside sources and recommending business decisions that will get support from the public. Examples: Product placement, sponsorship, consumer education, brand ambassadors, corporate social responsibilities, social media advocacy and campaigns

The Inspirational Strategic Planning Model is best for

· Businesses with a dynamic and inspired start-up culture · Organizations looking for inspiration to reinvigorate the creative process · Companies looking for quick solutions and strategy shifts

The Real-time Strategic Planning Model is best for

· Companies that need to react quickly to changing environments · Businesses that are seeking new tools to help them align with their organizational strategy

The Organic Strategic Planning Model is best for

· Large organizations that can afford to take their time · Businesses that prefer a more naturalistic, organic planning approach that revolves around common values, communication, and shared reflection · Companies that have a clear understanding of their vision

The Alignment Strategic Planning Model is best for

· Organizations that need to fine-tune their strategies · Businesses that want to uncover issues that prevent them from aligning with their mission · Companies that wish to reassess objectives or correct problem areas that prevent them from growing

The Scenario Strategic Planning Model is best for

· Organizations trying to identify strategic issues and goals caused by external factors

The Goal-based Strategic Planning Model is best for

· Organizations with basic strategic planning experience · Businesses that are looking for a more comprehensive plan

The Basic Strategic Planning Model is best for:

· Small businesses or organizations · Companies with little to no strategic planning experience · Organizations with few resources