answer all of these Course Module $3$

Phase $4$ Value Prop Validation See workbook, PowerPoint slides, lecturette, and $$Talking to Humans$$

What$$s the value proposition canvas and how does it connect customers with products or services?

is powerful start point for creating products that users truly need and want, it helps organize information about users and customers, aligning their needs, pains, and expected benefits with your solution

How do elements of the customer profile $($jobs$,$ pains and gains$)$ relate to a value map?

What are some ways that entrepreneurs perform customer segment validation and how does this relate to the value proposition?

Understand the elements of the technology adoption curve and what a new venture needs to do to successfully cross the chasm. See Talking to Humans.

Guidelines for conducting interviews with customers. What are examples of what questions to ask and what are examples of things the entrepreneur should not do$.$

What is the purpose of the external contacts log and why is it important?

Phase $5$ Customer Relations See workbook, PowerPoint slides and lecturette

Define Customer Relationship Management $($CRM$)$ and explain why it is important.

refers to strategies, processes, and technologies used by businesses to manage and improve interactions with customers

focuses on building and maintaining strong customer relationships

importance $-$ increased sales, customer loyalty, data driven insights

Define the three key components $($customer data, interaction tracking, automation$)$ of CRM and know examples of each.

customer data $-$ collect and analyzed information about customers

interaction tracking $-$ monitoring touchpoints $($emails$,$ calls, social media$)$

automation $-$ streamline processes $($automated responses, lead nurturing$)$

How does CRM impact new ventures? Three ways, understand each one.

customer acquisition $-$ helps attract and convert leads

retention $-$ retaining existing customers is more cost$-$effective than acquiring new ones

feedback loop $-$facilitates feedback and continuous improvement

What is the purpose of the sales funnel?

Why is the competitive landscape important and explain the two frameworks $($SWOT$,$ Five Forces Model$)$ that are used to analyze it$?$

What is market positioning and why is continuous monitoring important to retain it$?$