Chapter 5

CUSTOMERS
AND MARKET

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0 ANGELITA C. SERRANO, PhD-

Unlimited Books Library Services and Publishing Inc
BM
OBJECTIVE
SThe learners shall be able to:
1. Examine the market and its customers.

2. Compare the different types of customers.

3. Distinguish the perfect customer.

4. Create a customer persona.

5. Design a customer journey map for the identified persona.

6. Assess market size using various approaches.

7. Adapt entrepreneurship marketing.

8. Develop one’s personal brand.

ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
INTRODUCTI
ON
 Customers are the core of every
business
 customers are the real bosses of any
1. company
understand the needs of his
 Entrepreneurs
customers must therefore:
2. satisfy their needs and
3. retain them

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 MARKET AND
CUSTOMERS
Market is any place where
Market is also whole group
manufacturers, Markets are
of buyers for a product
distributors and retailers always
and/or service
sell and consumers buy dynamic

Essential really to
An entrepreneur must understand customers,
understand the market and their needs, their
those that are inside it personality, their
attitudes and even their
budgets
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
things that customers look for when buying
an offering

Price-every customer
purchases within his Experience-worthwhile Functionality- expected
Design- design of the
budget limit unless a shopping experience by the customer that
product must always
product/service is may create loyal the product can serve its
be appealing
exceptional customers purpose

Reliability- should
Convenience- product be dependable and Compatibility- product
and/or service must be it should meet the should be well-
always readily customer’s matched with the other
available for the requirements products
customer

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
TYPES OF CUSTOMERS
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

New Netnot (New customer) -the fresh customer who has just bought something for the
first time

Impulsive Icoy (Impulsive customer) -a customer that make instant buying decision based
on craving or whim provided that the conditions are right

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

Loyal Lando (Loyal customer)-a satisfied customer that keeps coming back to one’s store
for more purchase

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
TARGET CUSTOMER
GROUP
target market is a group of
possible consumers or entrepreneur needs to
organizational buyers to identify exactly the pain
whom a company wants points and preference of
to sell its products and/or his customers
services

when the pain points and

those concerned are
whether individuals, families determined then the
or businesses entrepreneur has define
his target market

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
approaches in exactly describing the
perfect customer
• A product and/or service may be intended for a B2B
Consumer or business or B2C market
• the target market according to the place where
Geographic possible customers live or work, take vacation or do
business
Demographic • target market here is describing by means of age,
gender, income level, educational background, marital
Psychographic status, etc.

Generation • based from the intrinsic traits of a customer

customer
• cohort is a group of subjects who share a significant characteristic or
Cohort experienced a common event in a selected time period
• marketing whether its infancy, childhood,
Life stage adolescent, adulthood or old age
Behavioral • based on customer loyalty, occasion-based, consumer
usage etc. ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
CUSTOMER
PERSONAS
User persona is a short fictional profile of an ideal
user or customer
persona clarifies who persona must elements of each
accurately represent
the target users are the company’s users user persona is
because it is essential normally written in
to the overall value one page
proposition

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 User Persona Example-Gilda
GILDA-The Event Planner of Goals and Needs Activities
The Family 1. A trip to great beaches every summer for the 1. Gilda get children out of bed and get them
immediate and extended family ready for school
2. Romantic places for “staycation” with hubby 2. She prepares her children’s “baon” to school
3. She needs simple apps to connect with 3. Run errands for the family on a regular basis
possible destinations to visit 4. Scheduling of meetings and dates
4. Require to create outdoor activities for the family with friends and colleagues
while on vacation 5. Cooking dinner, cleaning and
decorating the house
6. Goes to work from Monday to
Friday

Gilda’s Vital Information Motivations Pain Points

✓ Gilda is a 45-year-old 1. Create memories for the whole family 1. Gilda has little time to plan for outdoor
married female living in 2. Make relaxation, unwind and lessen stress activities for her family
Manila, Philippines together with family 2. Having to check a lot of websites for
✓ Gilda is a mother of 3. Have fun with children, hubby, Dad and activity planning
six children, aged Mom and siblings 3. She is not always at home; she wants
12 to 22, great wife to 4. Loves spending time outdoor with family but to
her hubby who she trap with hectic office schedules plan while on the go
loves dearly 4. Guides must be readily available as soon as her
✓ Gilda is always on the family arrives in a place.
go due to busy office Devices and Internet Usage Notable Quotes
and meeting schedules
everyday Laptop 95%
Mobile Phone 95% “I love to go on an out-of-town vacation date with hubby.”
✓ Gilda loves her Dad
and Mom and Tablet 80% “I tried TripAdvisor but not satisfied.”
her two siblings Social Media 90%
Computer Knowledge 85% “I want someone who can provide me with a trip package.”
“Even with busy schedule, a family
needs to bond
to relax and build
memories”.

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
create user personas through these
steps

Step 1: Create Step 2: Include A Step 3: Include Step 4: Include

a Header Demographic End Goal(s) a Scenario
• header consists of a Profile • end goal is the • scenario is a story that
fictitious name, a picture • demographic profiles of encouraging factor that describes the
and a quote the users are based stimulates action interaction of
• sums up what is the from facts • want/s and need/s of the user to a product
most important to the • personal background, users that can be and/or service to reach
persona related to professional satisfied by using the his end goal/s
the product background, user product and/or service • when, where, and how
and/or service environment, and of the story that
psychographics happens

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
CUSTOMER JOURNEY MAP
Customer journey map is a representation of a typical customer’s experience
over
time instead of a snapshot
a customer looks like a helps to set each persona
journey map timeline that where
highlights their consists of a customers may have his
experience series of user become own map
actions frustrated on
their way to
buying and
beyond

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Online Shopping Customer Journey Map

Source: https://www.pinterest. ANGELITA C. SERRANO, PhD-BM

ph/p
i ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
n Unlimited Books Library Services and Publishing Inc
Key Components of a Journey Map

Scenario + Expectations-The
Journey phases are
scenario is simply the
Actor is the viewpoint of responsible for the
situation which the journey
the journey who is information about actions,
map talks about in relation
actually the persona or thoughts, and emotions in
to the actor’s goals, needs
user the map
and expectations

Actions, Mindsets, and

Emotions-These include Opportunities are insights
behaviors, thoughts, and that are obtained from
feelings the actor has mapping
during the journey

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Importance of a Customer Journey Map
• entrepreneur may discover his customers in
Refocus a inbound marketing
company with an • blog posts, social media, infographics, white papers,
incoming email newsletters, and other content that people actually
want to read
perspective
• risky not to know fully the demographics
Refocus a and psychographics of his customers
company with an • mapping will actually provide a good picture of the
types of people who are trying to accomplish a goal
incoming with the entrepreneur’s company
perspective
Form a • map outlines each single step of the customer
customer- journey from initial attraction to post-purchase
focused mindset all support
• concerns marketing, sales, and service
over the company
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Steps to Craft a Customer Journey Map

Identify
Identify the
Write Experienc
Set clear Profile Emphasiz the resources
down all e the Create
objectives personas e the element on hand
the touch customer the
for the and define target s of the and
points journey needed
map their customer map to those
himself changes
goals personas show that are
still
needed

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
MARKET SIZING
Market size refers to the aggregate number of possible
buyers of a product and/or service in an industry
Must know the provide a better existing type of
possible market size understanding of the business, one may
prior to the entrepreneur’s refer to the
introduction of a new investment existing sales
product, a new worthiness in terms of number in an
product line or new time, money and industry to know
line of business effort the market size

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
market size is divided into four broad categories

Source: https://www.process.st/tam-sam
-som/
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Categories OF market size

Potential Total Serviceable Serviceable

Available Market Addressable Available Market Obtainable
Market (TAM) (SAM) Market (SOM)
(TAM)
• potential value of • the subset customer of • the subset of the
• is the total possible
product and/or the total SAM that will
value that service sold to a addressable realistically get to use
represents the global particular customer market (TAM) a product and/or
market of products segment avail of the service
• who can be reached
and/or services • the target market
• customers in the core and ready to buy
• is the total possible
market around the goods or services who the
value that world who need using a one entrepreneur
represents the global the revenue shall primarily sell to
market of products entrepreneur’s stream/channel
and/or services product and/or
service offering
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Market Sizing Approaches

• completed by using demographics such as

company size, industry type, location,
Top population, age, income and others
• determination of an existing dependable top-
line demand estimate
Down
• no dependable sources of top-line demand

Botto
• an entrepreneur may be able to make
extrapolation until he reaches an applicable
scale

m Up ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Top Down
Apparent consumption
calculated from government
Multi-client research from production and trade statistics-
publishers-The Freedonia Philippines Trade Data, Philippine
Group, Packaged Facts, and Statistics Authority, Foreign Trade
Simba Information Statistics of the Philippines and
even Department of Trade and
Industry

Production census of leading

suppliers in markets with a
concentrated supply base-
When the supply base consists
of only few suppliers

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
Example of how to arrive at a market size estimate using
a bottom-up approach

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
WHAT IS ENTREPRENEURSHIP MARKETING
Entrepreneurial marketing campaigns try to emphasize the
company's greatest strengths while stressing their value to
the customer
more about a use of new avoids many
marketing and non- of the
spirit traditional fundamental
marketing principles of
practices marketing

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 Entrepreneurial marketing strategies

Relationshi Expeditionar One to Real time Viral Digital

p marketing y marketing one marketin marketin marketin
• building a • forming marketing g g g
solid markets • marketi • power of • marketin • of Internet
connection and efforts are
ng technology g tools like
between creating tailor-fitted to messages e- mail and
the brand innovativ interrelate on the social
and the e with a networkin
customer products customer Internet g to back-
in an actual up
time marketing
efforts

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
 six elements of entrepreneurial marketing

Customer Continuous Strategic Calculated Proactiveness Resource

intensity innovation flexibility risk-taking • reassess the leverage
• concentrates • must • display an • calculate elements of • utilize
on the constantly enthusiasm pursuing the external resources in
enthusiasm, create to always novel environmen the best
passion, zeal, innovativ evaluate opportunities t to lessen possible way
and belief in e ideas and fine- its ambiguity
marketing tune

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
CREATING A PERSONAL BRAND
Entrepreneur must build a reputable
personal brand
branding forms a customers do not product and/or
lasting impression think of the service is the
on the minds of the company but the “what” of his
customers about talented business and
the quality founders behind personal
them branding is the
“why”

ANGELITA C. SERRANO, PhD-BM

ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
benefits of personal branding

Trust Get Build a

and featured networ
authority in media k
Create a
Attract more Premium
lasting
customers pricing
platfor
m
ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
social media platforms for an entrepreneur’s
personal branding

LinkedIn-designed to let
others know who are
professional

Twitter-simply sharing
information

Pinterest-simply
sharing information ANGELITA C. SERRANO, PhD-BM
ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
Unlimited Books Library Services and Publishing Inc
THANK
YOU

• ANGELITA C. SERRANO, PhD-BM

• ENTREPRENURIAL MINDSET ISBN 978-6000-000-000-0
• Unlimited Books Library Services and Publishing Inc