[CT436]: Add Week 4 lecture notes (AI generated)

year4/semester1/CT436: Advanced Professional Skills/notes/CT436-Notes.tex

@@ -461,4 +461,119 @@ Creativity is a process that can be developed \& improved:
 
 Each step is critical in developing innovative solutions.
 
+\section{Disciplined Entrepreneurship}
+
+\subsection{Step 1: Market Evaluation}
+
+\subsubsection{Identifying and Expanding on the Idea}
+\begin{itemize}
+    \item \textbf{Key Points to Consider:}
+    \begin{itemize}
+        \item Clearly define the idea and its objectives.
+        \item Identify the problem the idea solves.
+        \item Determine who the target customers are and their specific needs.
+        \item Highlight the value the product/service provides to customers.
+        \item Analyze competitors and establish a Unique Selling Proposition (USP).
+        \item List required resources and stakeholders needed to execute the idea.
+    \end{itemize}
+    \item \textbf{Justification:} Develop a solid, justifiable business case for the chosen idea.
+\end{itemize}
+
+\subsubsection{Elevator Pitch}
+\begin{itemize}
+    \item \textbf{Components:}
+    \begin{itemize}
+        \item \textbf{Benefit:} Describe what customers will gain from using your product/service.
+        \item \textbf{Differentiator:} How is your product/service different from competitors?
+        \item \textbf{The Ask:} Conclude the pitch with a call to action (e.g., schedule a follow-up meeting, seek feedback).
+    \end{itemize}
+    \item \textbf{Format Example:}
+    \begin{quote}
+        “A \textit{[product/service]} for \textit{[target customer]} that \textit{[key value]}, enabling \textit{[primary benefits]}, unlike \textit{[existing alternatives]}.”
+    \end{quote}
+\end{itemize}
+
+\subsubsection{Customer Journey Analysis}
+\begin{itemize}
+    \item Consider the customer’s journey from their perspective, not just individual touchpoints.
+    \item Focus on:
+    \begin{itemize}
+        \item How customers navigate through different touchpoints.
+        \item Understanding customer needs, expectations, and desires at each stage.
+        \item Identifying gaps and opportunities for enhancing the journey.
+    \end{itemize}
+\end{itemize}
+
+\subsection{Step 2: Primary Market Research (PMR)}
+
+\subsubsection{PMR Methods}
+\begin{itemize}
+    \item \textbf{Customer Interviews:} Conduct interviews to gather insights from the target audience.
+    \item \textbf{Observational Research:} Observe user behavior to uncover needs that might not be explicitly stated.
+    \item \textbf{Immersion:} Experience the customer's environment to gain deeper understanding.
+    \item \textbf{Secondary Research:} Analyze market reports and existing data.
+    \item \textbf{User Tests and Focus Groups:} Evaluate your product/service with users to get feedback.
+    \item \textbf{Landing Page Tests:} Use a landing page to measure interest and gather data through conversion metrics.
+\end{itemize}
+
+\subsubsection{Examples of PMR}
+\begin{itemize}
+    \item Conduct contextual interviews in environments where the product will be used.
+    \item Utilize observational research to study behaviors that are difficult to articulate.
+\end{itemize}
+
+\subsection{Step 3: Selecting a Beachhead Market}
+
+\subsubsection{Definition}
+A beachhead market is a specific segment where a company can gain a dominant share and build a base for future market expansion.
+
+\subsubsection{Criteria for Choosing a Beachhead Market}
+\begin{itemize}
+    \item \textbf{Consistent Buying Behavior:} Customers in the market purchase the same product/service.
+    \item \textbf{Similar Sales Process:} Use the same sales channels, personas, and value propositions.
+    \item \textbf{Word of Mouth:} Strong word-of-mouth (WOM) influence exists within the market.
+\end{itemize}
+
+\subsubsection{Target Market Selection}
+\begin{itemize}
+    \item Choose a narrowly defined subset of end-users with similar characteristics and needs.
+    \item Develop a detailed profile including demographic information, pain points, and motivations.
+\end{itemize}
+
+\subsection{Step 4: Total Addressable Market (TAM)}
+
+\subsubsection{TAM Definition}
+TAM represents the total revenue opportunity available for a product/service if a company captures 100\% of the market.
+
+\subsubsection{Market Segmentation}
+\begin{itemize}
+    \item Break down TAM into smaller segments:
+    \begin{itemize}
+        \item \textbf{Serviceable Available Market (SAM):} Portion of TAM that a business can realistically target and serve.
+        \item \textbf{Serviceable Obtainable Market (SOM):} Portion of SAM that a business can realistically capture.
+    \end{itemize}
+\end{itemize}
+
+\subsubsection{TAM Calculation}
+\begin{itemize}
+    \item Determine the number of potential users, frequency of purchase, and selling price.
+    \item Consider both top-down (industry data) and bottom-up (company data) approaches.
+\end{itemize}
+
+\subsection{Practical Application Examples}
+
+\subsubsection{Case Study: Urban Cake Shop}
+\begin{itemize}
+    \item \textbf{Morning Commuters:} Seek high-quality coffee and pastries during morning rush.
+    \item \textbf{Seasonal Celebrators:} Motivated by unique seasonal offerings.
+    \item \textbf{One-time Weddings:} Prioritize taste and ease of service for wedding orders.
+\end{itemize}
+
+\subsection{Conclusion}
+\begin{enumerate}
+    \item Good PMR is essential for understanding customer needs and refining the business idea.
+    \item Defining a target customer profile and calculating TAM helps evaluate the market potential.
+    \item A beachhead strategy enables startups to focus resources and dominate a small market before expanding.
+\end{enumerate}
+
 \end{document}