The document outlines key concepts related to customer discovery and entrepreneurship, including methods for identifying business opportunities and conducting market analysis. It details steps in opportunity identification, assessment techniques, and the importance of market intelligence in launching new products. Additionally, concepts like go-to-market strategy and the business model canvas are introduced as tools for visualizing business elements and strategies.

1. Unit 2:
Customer
Discovery
By
Prof. Sandeep D Chaudhary,
International School of Management & Research, Pune

2. Introduction
Let’s start with the ways of starting
new ventures
1

3. 19,000,000,000 $
Whoa! That’s the price at which this company was
bought within 5 years of its establishment
The Company is Whatsapp
3
Unit 2 Customer discovery

4. 224,000,000,000
That’s a lot of customers
100+
Countries as the preferred
platform!
500,000,000 users
And users in India
4
Unit 2 Customer discovery

5. Ways of starting new ventures
▪ new products/services for unmet
needs
▪ existing products or services into
totally new market or
▪ starting as a Franchisee of a well-
established business
5
Unit 2 Customer discovery

6. Characteristics of Entrepreneurial
Opportunity
▪ Market-oriented
▪ Feasible
▪ Profit-oriented
▪ Specific
▪ Motivational
▪ Legal
▪ Ethical
▪ Convertible to Product
6
Unit 2 Customer discovery

7. Steps in Opportunity
identification
Let’s start with the steps in
Opportunity Identification
2
Unit 2 Customer discovery

8. Steps in Opportunity
identification
▪ Opportunity Search
▪ Opportunity Analysis
▪ Opportunity Selection
8
Unit 2 Customer discovery

9. Sources of ideas
for Opportunity!
9

10. Sources of Idea for business opportunity
10
2 4 6
7
5
3
Existing products and Services
• By reviewing, monitoring, evaluating existing
products, services or markets
• Combination of existing product/market and
markets can generate simple business ideas
• Combination of new products/services and new
markets may generate difficult business ideas
Trends
• Economic trends
• Government trends
• Societal trends
• Technological trends
Government
• Changes in govt
policies,procedures,
rules & regulations
Distribution Channels
• People working on supply chain
know the exact position of the
product in market
• Wholesalers, Distributors,
Retailers providing information
related with the competition
Research and Development
• Formal R&D- within company
Informal R&D- Entrepreneur
himself or with the team
• Research studies conducted
by competiitors
• In-house R&D efforts
suitable for Large
Strategic Changes
• Strategic changes
provide more
opportunities,
rewards,wealth &
personal satisfaction
1
Consumers
• Preferences & buying
patterns of target
consumers
• Formal & Informal surveys
using Questionnaires, face-
to-face interviews
8
Exhibitions
• Trade fairs shocasing new
products/services
• Presence of important
salesman, distributors,
franchisers,entrepreneurs
Unit 2 Customer discovery

11. Want Business Opportunities? Use this event as guide for
ideas.
11

12. 12

13. Tools & Techniques of
Opportunity search!
13

14. ▪ Focus Group
▪ Brainstorming
▪ Reverse Brainstorming
▪ Check List
▪ Problem Inventory Analysis.
Place your screenshot here
14
Tools & Techniques of
Opportunity Search
Unit 2 Customer discovery

15. ▪ Information from publications
▪ Seminars & Conferences
▪ Discussion with People
▪ Day Dreaming & Fantisising
▪ Combination of Above methods
Place your screenshot here
15
Tools & Techniques of
Opportunity Search
Unit 2 Customer discovery

16. Ways to Assess
Opportunities!
16

17. Ways to assess
market opportunities
▪ Needs and Wants
▪ Current or New Market
▪ Target Market
▪ SWOT Analysis
17
Unit 2 Customer discovery

18. Place your screenshot here
18
SWOT Analysis of DMart
Unit 2 Customer discovery

19. Tools & Techniques of
Opportunity Analysis!
19

20. ▪ Trend Analysis
▪ Demographic Analysis
▪ Gap Analysis
Product Line gaps
Distribution gaps
Usage gaps
Competitive gaps
20
Tools & Techniques of
Opportunity Analysis

21. Opportunity
Selection!
21

22. Finalization of
Business opportunity
▪ Total investment
▪ Return on investment
▪ Return on equity
▪ Expected sales volume
▪ Gains and Profitability
22
Unit 2 Customer discovery

23. Next step towards finalization of
Business opportunity
▪ Total investment in plant &
machinery
▪ Possible sources of raw materials
▪ Facilities for infrastructure
▪ Project size
▪ Availability of manpower
▪ Amount of finances required
▪ Government policies & procedures
regarding new venture
▪ Government incentives, subsidies,
exemptions 23
Unit 2 Customer discovery

24. Tools & Techniques of
Opportunity Selection!
24

25. Tools & Techniques of Selection
Hits
Hitting the most attractive,
interesting, feasible, creative
alternative as dots or hitmark
Clustering
Similar alternatives getting
grouped together to avoid
repetition
Not more than 3 opportunities
remain in a cluster
Restating clusters
Capturing a central theme of a
cluster to express it in a single
statement
25
Point
Four-stage approach for
evalution of opportunities
▪ Pluses
▪ Opportunities
▪ Issues
▪ New Thinking
Card sort
Ranking the given set of
opportunities according to
level of attractiveness with
rank 1 as the most attractive
business opportunity
Evaluation matrix
Criteria of Selection vs
Business Opportunity in a grid
matrix
Application of rating scales like
1-5 or A-B-----
Paired comparison
analysis
Comparing every alternative
with other alternatives
(1 as the most preferable,
2 as the next one,
3 as the least one opportunity)
Unit 2 Customer discovery

26. Market Intelligence
Let’s start with the steps in
Opportunity Identification
3

27. “ “Market intelligence is the external
data collected by a company about a
specific market which it wishes to
enter, to make decisions.”
It is the first set of data which the
company analyses before making any
investment decision..
27

28. Importance of Market Intelligence
▪ To understand the position in the market
▪ To evaluate Product
▪ To know Target Audience
▪ To conduct Competitor Analysis
28
Unit 2 Customer discovery

29. 29
Steps of improving Market
intelligence:
▪ Train & motivate Sales-force
▪ Motivate Distributors, retailers, other
intermediaries
▪ Network Externally
▪ Create Customer Advisory panel
▪ Optimal usage of Govt data
resources
▪ Information bought from External
suppliers
▪ Collect Competitive intelligence
through online customer feedback

30. Role of Marketing Intelligence
▪ Competitive advantage
▪ Product intelligence
▪ Marketing intelligence
▪ Consumer understanding
30
Unit 2 Customer discovery

31. Market Analysis
Let’s start with the process to identify
the potential demand of your product
4

32. “ “Market analysis is a documented
investigation of a market that is used to
inform a firm’s planning activities.”
The goal of a market analysis is
▪ To determine the attractiveness of a
market ..
▪ To understand evolving opportunities
and threats to their product
32

33. Role of Marketing Analysis in
Decision-making
▪ Inventory management
▪ Purchase
▪ Workforce expansion
▪ Facility expansion
▪ Purchase of capital
equipment
▪ Promotional activities
33
Unit 2 Customer discovery

34. Dimensions of Market Analysis
34
MARKET SIZE
MARKET
STRUCTURE
DISTRIBUTION CHANNEL
MARKET PROFITABILITY
INDUSTRY COST STRUCTURE
GROWTH RATE/POTENTIAL
MARKET TRENDS
KEY SUCCESS FACTORS
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Unit 2 Customer discovery

35. Market Analysis Process
35
3. Assess Market
Trends
1. Industry Trends
2. Target Market Trends
3. Conduct Market
Research
1. Identify
Target Market
Whom are we selling to?
Who are our ideal
customers?
1. Demographics
2. Psychographics
3. Niche Markets
2. Research the
competition
Who is competing with us?
1. Check-Out their
Websites
2. Investigate Prices of
their Products &
Services
3. Determine who their
Advertisers are
Unit 2 Customer discovery

36. Sub-sections of Market Analysis
36
Market
research
• Secondary research
• Primary research
Industry
analysis
• Total industry size
• Growth potential
• Standards & regulations affecting industry
• Common costs & profit margins
• Industry trends
Customer
analysis
• Identify customer segments
• Characterize each segment
• Buying criteria of target market
• Market niche
• Size of market
Competitor
Analysis
• Discuss the similarities and differences between product/service
• Competitive advantage
• Detailed description of main competitors
Unit 2 Customer discovery

37. INR 195
Whoa! That’s a big number in 2020 for Indian Soap
Market, aren’t you proud?
Your Assignment??.....................
37
billion

38. Place your screenshot here
38
Soap: Market Analysis
By type, the market is divided into:
▪ Organic
▪ Conventional
On the basis of form, the market can
be segmented into:
▪ Liquid
▪ Solid
▪ Others
Unit 2 Customer discovery

39. Place your screenshot here
39
Soap: Market Analysis
▪ Based on product, the industry can be
segregated into:
Bath Soap
Kitchen Soap
Medicated Soap
Laundry Soap
Others
▪ On the basis of distribution channel,
the market can be distributed into:
Supermarkets and Hypermarkets
Convenience Stores
Pharmacies
Online
Others

40. ▪ Godrej Consumer Products
Limited
▪ Hindustan Unilever Limited
▪ ITC Limited
▪ The Himalaya Drug
Company
▪ Wipro Enterprises (P) Ltd
▪ Others
Place your screenshot here
40
Key Industry Players in the
India Soap Market
Unit 2 Customer discovery

41. 41
Can you identify the
respective
companies of these
dishwashing soaps?
Unit 2 Customer discovery

42. Go-to-Market
strategy
Let’s start with the plan to succeed in
new markets with new customers
5

43. Definition & Meaning
“A go-to-market (GTM) strategy is a plan
that helps you position a new product or
service for launch, define your ideal
customers, and coordinate your
messaging”
▪ Launching a new product in an existing
market
▪ Launching an existing product in a new
market
▪ Testing a new product's market for
growth 43

44. ▪ Digital marketing:
Flipkart, Amazon, and Ola have used digital
marketing to create brand awareness and drive
customer acquisition.
▪ Partnerships and alliances:
mobile wallet company Paytm has formed
partnerships with various companies in the e-
commerce, travel, and entertainment industries to
offer discounts and cashback to customers.
▪ Sales promotions:
Swiggy, a food delivery platform, has used referral
programs and first-time user discounts to attract new
customers.
44
Go-to-market strategy
examples in India

45. ▪ Localization:
Xiaomi, a smartphone manufacturer, has
customized its products and marketing campaigns to
appeal to Indian consumers. The company has also
established a local supply chain and after-sales
service network to improve customer satisfaction.
▪ Brand ambassadors and influencers:
Indian cricket captain Virat Kohli is a brand
ambassador for Puma, while Bollywood actor
Ranveer Singh promotes products for multiple
brands.
45
Go-to-market strategy
examples in India
Unit 2 Customer discovery

46. 46
Steps to creating a GTM
strategy
▪ Define Target markets
▪ Define Target customrs
▪ Define Brand positioning
▪ Define the Offering
▪ Define the channels
▪ Build the Budget model
▪ Define Marketing strategy.
Unit 2 Customer discovery

47. Long Tail Markets
Let’s start with the process to
understand a strategy used by
entrepreneurs
6

48. Place your screenshot here
48
Long Tail markets- Meaning
▪ It focuses on selling low volumes of
specialized products to many
customers, rather than high volumes of
a reduced number of popular items..
▪ Invented by Chris Anderson in 2004
▪ Argued that these goods with lower
demand can actually increase in
profitability
Unit 2 Customer discovery

49. Business Model
Canvas
Let’s start with the process to
visualise different elements of
business
7

50. Definition & Meaning
▪ “Business Model Canvas is
a Visual framework for
describing the different
elements of how a
business works”
▪ Constitutes 9 elements
▪ Easy to alterations in visual
areas
50
Unit 2 Customer discovery

51. Meaning
▪ It attempts to answer:
What the business does?
Which resources it needs?
How the Money flows?
for whom ?
with Whom?
51
Unit 2 Customer discovery

52. Meaning
▪ Explains Four major
aspects of Business
Customers
Offer
Infrastructure
Financial Viability
52
Unit 2 Customer discovery

53. Business Model Canvas
53
Key Activities
Insert your content
Key Resources
Insert your content
Value Propositions
Insert your content
Customer
Relationships
Insert your content
Channels
Insert your content
Customer Segments
Insert your content
Key Partners
Insert your content
Cost Structure
Insert your content
Revenue Streams
Insert your content

54. “ “Business Model Canvas is a documented
investigation of a market that is used to
inform a firm’s planning activities.”
The goal of a market analysis is
▪ To determine the attractiveness of a
market ..
▪ To understand evolving opportunities
and threats to their product
54

55. How big is Dish-washing detergent/soap market in india?
55

56. INR 36
Whoa! That’s a big number in 2020 for Indian
Dishwashing Market, aren’t you proud?
Your Assignment??.....................
56
billion

57. Thanks!
Any questions?
You can find me at
▪ sundeep.chaudhari@gmail.com
57