Business Development-Startup Business ..

Dr M M Bagali, Business Development, Startup, New Business, HRM, HRD, OB, Leadership, Management, Research, HR Management, Global HRM, HRD, HR

1. SHRI B.V.V. SANGHA'S
BASAVESHWAR ENGINEERING COLLEGE,BAGALKOT
Tuesday
20/01/2024
01:00 PM
A talk on(online)
“Achieving problem-solution fit and product-market fit”
Meeting link :
https://meet.google.com/qnu-ppza-jzx
Registration link :
https://forms.gle/8dFRBwAcAkCp8cGBA
INSTITUTION’S INNOVATION COUNCIL
PhD in Management, PhD in Social Work,
Post Doc in HRM
Senior Professor of Management and Human
Resources
Director - Management Studies
AND
DEPT. OF COMPUTER SCIENCE AND ENGINEERING
Dr. M.M.Bagali
Scan here welcome

2. ! M M Bagali
PhD in Management I PhD in Social Work I Post Doc in HRM
Senior Professor of Management and Human Resources,
Director - Management program
EPGI Group of Educational Institutes
Vice President
Centre for Research in Human Resources and Higher Education,
A Startup venture

3. The Flow
of
Talk
Talk
1.Why Venture Fail
2.Achieving Problem-Solution Fit
3.Product- Market Fit
4.Q and A

4. Why Venture Fail

5. Why Venture Fail
Product don't fit
Price don't match
Customer don't want
Din’t read the market
Run out of the money

6. dint read the
customers want ‘what’

7. problem

8. customer needs
analysis
‣
price
‣
quality
‣
choice
‣
convenience
‣
functionality
‣
Usability
‣
Reliability
‣
…..
Problem solutions fit

9. Idea generation
Opportunity evaluation
Planning - marketing analysis
Company formation
Launch and growth
How do you develop the Venture !!
Problem-fit model

10. Problem - Solution - Product - Market

11. "Achieving Problem-Solution Fit"
identify an existing problem and to solve it with a
solution that customers find useful and satisfying
Problem-Solution Fit
Problem-solution fit ….. alignment between a customer's
needs or pain points and the solution that a business
offers through its product or service
the evidence that a product, or a service, solves a
customer’s problem
?

12. "Achieving Problem-Solution Fit"
identify an existing problem and to solve it with a solution that
customers find useful and satisfying
Problem-Solution Fit
the evidence that a product, or a service, solves a customer’s
problem
~ go to the market
~ talk to the customers
~ understand the presence
~ see if (product) exists
You get feel of ………
Problem ??
solution

13. How do you achieve this - PSF
Alignment - of what ??
Valuable customer segment
Their unserved needs
Your value proposition

14. How do you achieve this - PSF
Alignment - of what ??
Valuable customer segment
Their needs
Your value proposition
Geographic
Region
Country
Population
Climate
Lifestyle
Personality
Values
Interest
Brand
Benefits
Improved life
Enriched experience
Cost
Quality
User Experience
Age
Gender
Occupation
Income

15. Valuable customer segment
one market at a time- beach-head
pricing
marketing strategy
positioning of the product
choosing most appropriate distribution channel

16. Their underserved needs
meet to know the need
customer discovery interviews
invaluable source of insights
pitch to customers

17. Your value proposition
a winning value proposition
‘WHY’ are you different !!
– the key benefit your customers are going to get
– the special and unique way you will deliver it

18. How do you create value !!!
Differentiation
Clarity
Customer-centric
Measurable

19. elements of value !!!
functional - the qualities of the brand, product, or service
social - the way the brand, product, or service alters the life of others
emotional - the way the brand, product, or service makes the
customer feel
life change - the way the brand, product, or service alters the life of
the customer

20. the elements of value
pyramid

21. “Nike's brand value proposition is to provide
fashionable, innovative, and high-performance
shoes for customers in every sport to meet their
changing demands.” Nike's slogan, “Just Do
It,” is inspirational and motivating, fitting for its
target audience of athletes.

22. Competitive Analysis
A tool that shows where a new business idea or a new product is positioned
against competitors
Unique Value Proposition - What problem are you solving
Unique Value Proposition - How are you solving
A tool that shows where a new business
idea or a new product is positioned against
competitors
Competitive
Analysis

23. 1. Validate the assumptions about target customers’ problems
whether the problems we want to solve exist ??????
how big is the pain
who feels the problems the most
what customers do today to solve them
where did they hear about alternative solutions

24. 2. Extrapolate from the meeting notes the top two pains that customers
want to alleviate
3. Draw a 2×2 matrix on a whiteboard and put each of the key pains on an
axis
4. Do extensive research on your competitors
5. Rank competitors for each of the two key customer pains
6. Now put the competitors’ names or logos on the matrix

25. 7. Size each competitor with a bubble
➡revenue or market share
➡a number of downloads if it’s an app
➡Unique Visitors or Page Views if it’s a website
8. Now put your business idea or new product on the matrix

“Product- Market Fit"

26. Aligning “Product- Market Fit"
-will customers use and buy this
-test whether customers would buy our product or not
-keep tweaking the product features and the commercial elements
of the proposition
Problem - Solution - Product - Market

27. Product - Market
Facebook, Instagram, Twitter, LinkedIn, and Google
MVP- minimum viable product
Customer feedback,
Focus Group, Market Survey,
Clicks, Likes, Sign-ups
Are people going to buy this ?
How do you know if there is demand for
your concept?
How- not even a product at all, but still
something consumers can respond to?

29. Company
Goals
Vision
Mission
Philosophy
Approach
Your team
Board of Directors
Board of Advisors
Technical/ Other team
Team
Minimum
Maximum
Capital Raising
IPO / Shares
Financial

31. Lesson 1- Customer Needs & Pain Points Identification
Lesson 2 - Problem-Solution Fit Validation
Lesson 3 - Competitive Position Analysis
Lesson 4 - Value Proposition Testing
Lesson 5 - User Testing Early Prototypes

Problem-Solution Fit and Product-Market Fit.

32. timeline
start
2024
2025 2027
2026 2029
end

33. thank you
[email protected]
designed - p"nt for y# - 98 80 98 69 79 - [email protected] Dr. M M Bagali
Professor of Management and Director for Management Course, Bangalore
[email protected] I https://linktr.ee/mmbagali I https://www.linkedin.com/in/mmbagali/