Entrepreneurship Assignment

Added on - 29 Apr 2020

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1Running Head:Post Graduation In EntrepreneurshipPost Graduation in EntrepreneurshipInstitutionLecturerStudentCourseDate
2Post Graduation In EntrepreneurshipCustomer Development and the Value PropositionCustomer development is a necessary activity for the start up businesses. It involves identifyingpotential customers relevant for your business. It involves getting out picking important factsabout the customer characteristics of your intended products, and devising ways on how toeffectively reach them.Identifying the potential customers is the primary step to establishing a sound enterprise. Theyform the most important backbone of the business. They comprise of all the people with differentcharacteristics, ranging from both men and women, who will comprise a bigger part of theorganizational domain.A start up cosmetics industry targets mostly a larger percentage of female customers. Thecharacteristics of the potential cosmetic products depend on the ability of the enterprise to fulfillthe expectations of the customers from the effectiveness of the product offered. The product hasto add value to the experience of the customer in what is referred to as the value proposition.The value in the products should add memorable results in customers experience by addressingtheir needs. For instance, if the customers have had skin problems, offering them a skin careproduct that perfectly cures their problem will appeal to their expectations develop a strongbelief in what the business is offering them.The value proposition of the product to the customers will definitely get incorporated in themarketing strategy as the main marketing point to the customers about what value the productwill add to their experience, and this will involve promotional activities, advertisements amonothers. Then lastly, in the customer discovery process, there will be evaluation of the customerfeedback that is, their reaction and views about the product.
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