1. Entrepreneurship William Wresch, Ph.D. wresch@unizwa.edu.om
Week 4– Consumer Information

2. Business Plan Assignment – Part 1 – Due Monday
Description of your Business
What is the name of the business you would like to start? Describe the product you will sell or the service you will provide. Where will the product be sold or the service provided? How is your business different from existing businesses?
Description of customer value
Why would customers want your product or service? What problem does it solve? What opportunity does it create? Define their needs in detail. How important will this product or service be to your customers?
Description of cost
How much will your product or service cost? Why would customers be willing to pay that?
Customer survey
Describe the customers you will approach to test this business idea. What characteristics make them likely to buy from you (age, income, interests)? Make a list of the questions you will ask them.

3. Customer Survey Questions
You need this for Business Plan Part 1
How would you describe your business idea?
What questions would you ask them?
Show me 5 good questions you would ask customers
Raise your hand when you are done. I will check your questions.

4. Customer Survey Questions
You can use 5 class mates or friends
You will do this as part of Business Plan - Part 2
Taking notes
Customer information – name, age, background
Answers to your questions
Your reactions. Did the person seem very interested? Only a little? What did you learn from this customer?

5. PESTLE – and your customers
PESTLE changes affect your customers –
Political
Economic
Social
Technological
Legal
Environmental

6. Consumer Behavior – they are impacted by change too
Technological Changes
Political Changes
Legal Changes
Consumer
Social Changes
Economic Changes
Environmental Changes

7. Consumer Responses
Political – Are changing subsidies concerning to them?
Economic – are they worried about less money?
Social – what things are changing that they see?
Technological – what new technology do they have?
Legal – are news laws changing them?
Environmental – are they preparing for hotter temperatures?

8. Consumer Behavior – People respond differently
Motivation
Attitudes
Knowledge
Consumer
Life Style
Perceptions
Personality

9. Consumer Behavior - Attitude
What is this person’s general attitude toward your product or service? What attitudes might a customer have to an ice cream shop? How would you know which consumers might be most enthusiastic about your ice cream shop plan?
Personality Area
Range
Your Response
Attitude
Indifferent
Enthusiastic
Hostile

10. Consumer Behavior - Knowledge
How much does a consumer know about your product or service? What do you do if it seems no one knows much about the business you want to start? For example, if you were the first person to sell a toy camel.
Personality Area
Range
Your Response
Knowledge
little
some
much

11. Consumer Behavior - Personality
What is the consumer’s general personality? Shy people might be hard to talk to. They might also be hard to sell to. How might you sell designer clothing to a shy person?
Personality Area
Range
Your Response
Personality
shy
moderate
outgoing

12. Consumer Behavior - Motivation
How motivated to act is the consumer? What do you do if the person you speak with just does not seem interested in your product or service?
Personality Area
Range
Your Response
Motivation
little
some
much

13. Consumer Behavior – life style
What is the general life style of the consumer? What kind of life style are you selling to – conservative? Experimental? How might their car tell you about their life style?
Personality Area
Range
Your Response
Life Style
conservative
average
Experimental (avant garde)

14. Consumer Behavior - Perception
Does the consumer already have perceptions about your product or about your industry? What do you do if many people misunderstand your product? For example, you want to sell Italian ice cream, but they think Italian ice cream is poor quality.
Personality Area
Range
Your Response
Perception (beliefs that may or may not be true)
Supportive
Neutral
Hostile

15. Choose traits of your customers
Your Business Plan
Now
What do you know about your customers and their knowledge, motivation, lifestyle, perceptions, or personality?
Choose traits of your customers
My customers do/ do not know much about my business
My customers have high/low motivation to buy from me
My customers are conservative/experimental
My customers have a good/bad perception of my product
My customers are shy/ not shy

16. Write the first line of an advertisement for your business
Your Business Plan
What kind of advertising will I need for these customers?
My customers do/ do not know much about my business
My customers have high/low motivation to buy from me
My customers are conservative/experimental
My customers have a good/bad perception of my product
My customers are shy/ not shy
Write the first line of an advertisement for your business