Download and customize hundreds of business templates for free
A company can define its target customers using the Lean Product Process by first identifying the right customer segment. This involves capturing key attributes of potential customers, including their needs, demographics, psychographics, and behaviors. Demographics include group statistics like age, gender, income, and education. In B2B scenarios, firmographics are used instead. Psychographics classify people according to attitudes, values, opinions, and interests. Behavioral data segments are based on the occurrence and frequency of behaviors. In some cases, the person who makes the purchase decision is different from the end-user, so it's important to distinguish the two and identify their distinct needs.
Question was asked on:
The first step of the Lean Product Process is identifying the right customer segment. Companies define their target customers by capturing key attributes, including needs, demographics, psychographics, and behaviors. Demographics include group statistics like age, gender, income and education. In the case of B2B, firmographics is used instead. Psychographics classify people according to attitudes, values, opinions, and interests. Behavioral data segments based on the occurrence and frequency of behaviors. In some cases, the person who makes the purchase decision is different from the end-user. Therefore, it is useful to distinguish the two and identify their distinct needs.
Asked on the following book summary:
Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
Download and customize hundreds of business templates for free
How can you effectively capture new markets and acquire demand against ever-so-fierce competition? Blue Ocean Strategy steers the focus away from your current marketplace and instead tread new territories that make existing competition irrelevant. Use this presentation to learn and implement Blue Ocean and innovate your business strategies.
Decision-making is a critical skill that can make and break your team’s success. Originally developed by management consultancy Bain, the RAPID model suggests a process for effective decision-making and delivery. Use this presentation to sequence the relationship between stakeholders and ensure that responsibilities are clearly defined and achievable.
How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools and frameworks from how to create a price sensitivity matrix, define your total addressable market, conduct a cost benefit analysis, prioritize your ideas with MoSCoW, and make use of a Kano diagram to launch successful products.
Does your team struggle to meet your most important business objectives?KPIs are vital for performance metrics as they create organizational accountability for what’s needed to reach critical goals. Us this KPI and Performance Metrics presentation to sync your team, instill self-reliance in individual members, and keep critical goals top of mind as decisions are made.