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About Customer Targeting
Market segmentation is subdividing a (large) market into clearly identifiable categories (segments), based on behavioural (user status, benefits etc.), demographic (age, gender, education etc.), psychographic (lifestyle, social class etc.) or geographical (city, country etc.) characteristics. Beside these important characteristics, the most important driver of market segmentation is the customer’s needs. Consumers in segments are characterised by similar needs and are likely to respond in a similar manner to products, services and marketing efforts.
The goal of market segmentation is to identify target markets, which consists of buyers with similar needs and /or characteristics that an organisation decides to serve. Through this, organisations can target different consumers with effective strategies and specific marketing efforts. This enhances the likelihood to appeal to customers, facilitate them with value, and in the long run increase business performance.
In forming your segments, Unique Buying Reasons (UBRs) are important carefully think through. UBRs are the reasons why customers exactly buy your offering. In defining the UBRs of customer segments, it is crucial to think about the fit between the segment and the UBRs. Think from the customer’s point of view what exactly could be the reasons why your customers buy your product.
| UBR | Description |
| Stylish Design | There is a broad selection of colours and shapes of hearing aids and cases. |
| Discrete Design | The product is barely seen by others. The user easily forgets that is wearing the product. The product does not intervene in the person’s daily life. |
| High Sound Quality | Sound improvement, natural sound, no distortions, noise removal. |
| State of the art Technology | The product offers improved features related to the quality of the sound and performance. Such as: air tap function, adaptive noise reduction, it is 100% digital and is made of a hypoallergenic material. Moreover, it looks new and different. |
| Attractive Price | The price of the hearing aid is perceived as fair by the customer because of all the features the product offers. |
| Choice | There is a broad selection of colours and shapes of hearing aids and cases. |
| Insurance Coverage | The insurance company covers a great percentage of the hearing aid price. |
| Simplicity | Ease of use, simple design, not too many components or parts, the product is self-explanatory, learning to use it does not take much time. |
| Friendly Customer Service | The company has a friendly call centre the customers can go to, in case of any questions or product malfunction. Reliable service and assistance. |
| Friendly User Interface | It is easy to access online information about the product and the service; there is a Question and Answer website, there is an online community who help each other with product assistance. |
| Reliability | The product is of high quality and durable. The repair is quick, and the product does not need constant check-ups or updates. |
| Company Image | The company’s image reflects innovativeness, family orientation, promotes charitable work and ecological awareness. |
Add new UBR
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a. Value in use
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b. Needs
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c. Channels
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About Customer Journey
The Customer Journey is the journey customers walk through when coming in touch with an offering of an organisation. In general, it ranges from a trigger, towards orientation, purchase, use and beyond. The customer journey is the sum of all the customer’s experiences.
Mapping the customer journey creates valuable insights for the organisation by making clear which steps the customer takes, which sources and channels he/she uses and on which elements he/she bases his/her (re)purchase or aftersales decision. If the organisation knows how the customer ‘travels’, you know better how to serve your customers and facilitate them with value, at the right moment and in the right manner.
The Customer Journey includes all the touch points between the customer and other parties (the organisation of the offering but also other external parties). However, the customer is no longer a passive unit or a waiting recipient who buys and uses products. Instead, customers have an active role and organisations involve them in for example product development or service optimisation. In fact, customer insights can even have an influence on the front-end (idea generation and concept), back-end (product design and testing) stages of the new product development process, and even in after-sales phases.
In the next step of customer centricity, and the focus of this assignment, customers play even a greater role. They are the ‘arbiter’ of value, meaning they determine what is of value and what not. It goes even further. Organisations are not the one who create value. It is the customer that forms the vocal point. Customers create value during usage of a product of service (commonly known in recent marketing literature as ‘value-in-use’). Organisations either facilitate customers in the creation of value-in-use or can co-create value with them. Value-in-use is simply the value that makes customers feel better off in some way. In forming the customer’s value-in-use, think from the customer’s point of view what value they create with the organisation’s offering.
In facilitating the customer with optimal value-in-use, it is important to understand the customer’s needs. These are aspects customers wish or look for in a certain offering. These could be functional aspects, but also product or service characteristics.
Channels are the distribution, sales or contact mechanisms through which organisations do business with customers. The choice for the right channels are important to effectively reach out to and serve customers. Channels should fit with the customer’s needs and their value-in-use.
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Beware! This assignment has multiple phases to fill in. Check them all!
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a. Primary channels
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b. Secondary channels
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About Market Approach
The market approach, also known as a go-to-market strategy, identifies the activities organisations takes in order to serve the needs of their target market. The goal is to effectively reach out towards target customers in order to create competitive advantage. Organisations can design how to facilitate and reach out towards customers. This can be across the entire customer journey, but also specifically for certain steps in the journey. More specifically, different approaches can be chosen that directly or indirectly service customers. Examples of direct approaches can be online webshops. An example of indirect approaches can be intermediaries.
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Value In Use
Needs
Channels
A dragons’ den is a setting in which an entrepreneur pitches his / her business idea for investors (dragons) in order to secure a financial investment. You pitch your sales plan for the board of directors, each with different backgrounds. After all pitches passed, the board of directors take a few minutes to discuss and announces the winner.
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Lorem Ipsum is slechts een proeftekst uit het drukkerij- en zetterijwezen. Lorem Ipsum is de standaard proeftekst in deze bedrijfstak sinds de 16e eeuw, toen een onbekende drukker een zethaak met letters nam en ze door elkaar husselde om een font-catalogus te maken. Het heeft niet alleen vijf eeuwen overleefd maar is ook, vrijwel onveranderd, overgenomen in elektronische letterzetting. Het is in de jaren '60 populair geworden met de introductie van Letraset vellen met Lorem Ipsum passages en meer recentelijk door desktop publishing software zoals Aldus PageMaker die versies van Lorem Ipsum bevatten.
Segment Breakdown
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