Week5_BCA2023 2

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Moi University *

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Nov 24, 2024

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Business and Commercial Awareness – Tutorial 5 Saturday 28 th October, 2023 LECTURER: NIGEL BHAGWATSARAN, MSC, MSC, PMP NBHAGWATSARAN@CTSCOLLEGE.COM Learning Outcomes 1. To create a Value Proposition using the canvas. 2. To complete the guidance for the remaining sections: Next steps, Appendices sections, References, Formatting 3. To review the briefing assignment video 4. To review a sample assignment 5. To review the marking scheme 6. Formatting your assignment: tables and figures 7. Complete the Group log 8. Question and Answer Forum on the assignment 9. Proof reading your assignment
Unit 5 - Overview 1. Now that you know how generate ideas and evaluate them, its time to dig a little deeper into value propositions. 2. The Value Proposition is at the heart of your idea, and is key to the overall business model. 3. This unit introduces Value Propositions and a key tool for developing them: the Value Proposition Canvas. 4. You will need to develop a Value Proposition Canvas for your chosen investment idea
What is a value proposition? 1. Your value proposition explains how you meet the needs/wants of your target customer segment. 2. Successful ideas need to achieve product/market 'fit'. This is where your product or service closely matches the needs of your target customers. 3. Commercial success is related to the extent to which a company takes account of customer needs and wants. 4. So we need to be really clear about which groups or 'segments' of customers we are planning to target with our product or service. For example: Inside/Out Hotels have been targeting younger consumers, between the ages of 20-35 who want simple, accessible accommodation in great locations.
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Value Proposition Canvas The Value Proposition Canvas - a tool which can help ensure that your product or service is focused on what the customer values and needs. It is focused on two very important building blocks from the Business Model Canvas. Watch: https://youtu.be/QoAOzMTLP5s Watch: The Value Proposition Canvas https://youtu.be/aN36EcTE54Q At the end of the 2 nd video, what major term is mentioned?
What major term is mentioned?
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The Value Proposition Template ACTIVITY: Look at the value proposition template shared in the Zoom Group chat. What are the TWO major areas of the template?
Consumers are grouped into ‘segments’ based on similarities of needs and wants and companies select one or more segments to target, developing a value proposition for each market. 1. Market segmentation enables companies to meet customer needs as closely as possible, whilst maintaining a profitable business. 2. Customers are often differentiated on the basis of variables such as age, gender, geographical location, interests etc. What segmentation variables are used to segment the market in your case study? WATCH: https://youtu.be/rTqyiGswXuI The Customer Profile – Market Segmentation
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What market segments have you identified?
Using the Customer Profile Once you have selected a target customer segment (it is strongly recommended that you just focus on one customer segment for the recommended idea in Coursework 1), you are ready to start developing the customer profile. For the Coursework 1, you should be developing a good idea of your customer segment for your chosen idea. WATCH: Look at how TESLA uses the template to create a customer profile. https://vimeo.com/152440212
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Steps in creating a Customer Profile Step 1: Select a Customer Segment - Start with an idea of your customer segment in mind. Give your chosen customer segment a descriptive name. Step 2: Identify Customer Jobs - Ask what jobs your customers are trying to complete e.g. Functional, Social, Emotional Step 3: Identify Customer Pains - Pains describe anything that annoys your customers before, during or after trying to get a job done. Step 4: Identify Customer Gains - Gains describe the outcomes and benefits your customers want. Step 5: Rank by Order of Importance - Note which of each of the jobs, pains and gains are most important to customers. You could just number each item with 1= most important etc.
The Value Map Value map: The plan to deliver value to your customers. Activity: Look at the value map shared in the Zoom Group Chat. What are the major sections in the value map? WATCH: https://vimeo.com/152440705 In looking at the video, what are some steps in creating a value map for customers?
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Steps in creating the Value Map Value Propositions Now that you have identified your Customer Profile, its time to flesh out the value that plan to deliver to your customers. Step 1: List Products and Services - Simply state the one or more products or services that form the offer you make to your customers. This is in most cases a descriptive statement of your idea e.g. an easily accessible hotel Step 2: Outline Pain Relievers - Describe exactly how your product/service alleviates the customer pains you identified in the Customer Profile Step 3: Outline Gain Creators - Now, describe how your product/service creates customer gains. Step 4: Rank by Importance - Note down which of the gain creators and pain relievers are most important to customers. You could just number each item with 1= most important etc.
Exercise: Design a value proposition canvas Activity: Using the Inside Out Hotels scenario and the template given, design and upload a value proposition for a customer segment served by the hotel company Upload in section 5.2: Make comments on the submissions made by other students.
Achieving Fit - Product matches customers needs and pains REVIEW: Let us look at Unit 5.3 Achieving Fit Once you have mapped out the Customer Profile and Value Map, you need to make sure they 'fit'. You achieve fit when customers get excited about your value proposition, which happens when you address important jobs, alleviate pains and create gains that customers care about.
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Formatting your assignment 1. Stay within the word/page limit 2. Avoid large pictures/tables 3. Obey font formatting requirements 4. Remember less is more! 5. Ensure citations from Unit materials 6. Label tables and pictures suitably 7. Proof read each other’s work 8. Include a reference list
Labelling charts and tables 1. Each table must have a heading with a table # 2. Each figure must have a heading with a Figure # 3. Your text must refer to any table or figure used 4. All table or figure headings should be bold type 5. All headings must be consistent MUST READ: https ://writingcenter.unc.edu/tips-and-tools/figures-and-charts/
Sample Assignments What not to do?
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READ: https://ualr.edu/writingcenter/tips-for-effective-proofreading/ What are 2 effective proofreading strategies? Distracts from assessing the technical content Failed grade!
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