CHAPTER 5: CUSTOMERS AND MARKETS

LEARNING OBJECTIVES:

• Examine the market and its customers;

• Compare the different types of customers;

• Distinguish the perfect customer;

• Create Customer Persona;

• Design a customer journey map for the identified persona;

• Assess market size using various approaches;

• Adapt entrepreneurship marketing; and,

• Develop one’s personal brand.

 • the CORE of every business
• the REAL BOSSES of any
CUSTOMERS ARE: company

Entrepreneurs must therefore:

• Understand the needs of his/her customers.

• Satisfy their needs, and
• Retain them.
MARKET AND CUSTOMERS
 T !
K E
A R
M

 is any place where manufacturers, distributor and retailers sell

and consumer buy.
 Is also whole group of buyers for a product and/or service
 Are always dynamic
 An entrepreneur must understand the market and those that
are inside it
 Essential really to understand customers, their needs, their
personality, their attitudes and even their budgets.
 are
ets
ark IC ?
o M M
y d A
h Y N
W D

Markets are dynamic because they are constantly

influenced by various factors such as economic
situations, innovations, globalizations, etc.
Things that “CUSTOMERS” look
for when “BUYING” an offering
whether a product or service or
both.
1. PRICE - every customer purchases within his budget limit unless a product/service is
exceptional.

2. EXPERIENCES - worthwhile shopping experience may create loyal customers

3. DESIGN - design of the product must always be appealing

4. FUNCTIONALITY - expected by the customer that the product can serve its purpose

5. CONVENIENCE - product and/or service must be always readily available for the
customer

6. RELIABILITY - should be dependable and it should meet the customer’s requirements

7. COMPATIBILITY - product should be well-matched with the other products

TYPES OF CUSTOMERS:

1. The Potential Pandoy

(Potential Customer)

 cannot be considered a customer yet.

 However, he needs a little bit of convincing and

assistance making him a paying customer
 2. New Netnot
(New customer) -

 the fresh customer who has just

bought something for the first time
3. IMPULSIVE ICOY
(Impulsive Customer)

 a customer that make instant buying decision based on

craving or whim provided that the conditions are right
4. Discount Daboy
(Discount customer)

 a customer who never buys a product and/or avail of

service on full price but only on a discounted rate
 5. Loyal Lando
(Loyal Customer) -

 a satisfied customer that keeps

coming back to one’s store for
more purchase