2: Recognize the Potential Market

Question 1

Place where two or more people can gather to facilitate the trade of goods or services

Answer 1

Market

Question 2

total of all buyers and sellers in the area under consideration

Answer 2

Market

Question 3

something necessary

Answer 3

Needs

Question 4

something desired to possess

Answer 4

Wants

Question 5

3 Methods to identify market needs

Answer 5

Focus Group
Social Listening
Keyword Searching

Question 6

market research method that brings 6-10 people in a room to provide feedback about their needs

Answer 6

Focus Groups

Question 7

gives access to what people are saying about their needs across social media and the web

Answer 7

Social Listening

Question 8

A way of identifying the need by the use of search engines, most common words and phrases entered

Answer 8

Keyword Research

Question 9

3 types of Market Sizing

Answer 9

TAM Total Available Market
SAM Serviceable Available Market
SOM Serviceable Obtainable Market

Question 10

TAM

Answer 10

Total Available Market

Question 11

a reference to the total market demand for goods or services

Answer 11

Total Available Market

Question 12

Part of TAM target by the entrepreneurs’ goods or services that is within reach

Answer 12

Serviceable Available Market

Question 13

SAM

Answer 13

Serviceable Available Market

Question 14

SOM

Answer 14

Serviceable Obtainable Market

Question 15

portion of the SAM that is realistically reachable

Answer 15

Serviceable Obtainable Market

Question 16

object or system created for customer use

Answer 16

Product

Question 17

anything that can be contributed to a market to meet the want or needs of a customers

Answer 17

Product

Question 18

physical or tangible products that consumers but to meet their needs

Answer 18

Goods

Question 19

involves transfer of ownership from seller to customer

Answer 19

Goods

Question 20

intangible or non-material that consists of activities, benefits, or satisfactions

Answer 20

Services

Question 21

do not result in the ownership of anything

Answer 21

Services

Question 22

Tangible, Homogenous, Can be stored

Answer 22

Goods

Question 23

Intangible, Heterogenous, cannot be stored

Answer 23

Services

Question 24

similar in context and/or quality

Answer 24

Homogenous

Question 25

different and varying in content, quality, and experience

Answer 25

Heterogenous

Question 26

Identified and unidentified necessities of the market that communicated with your business, competitors, or when they search for the answers you provide

Answer 26

Market Needs

Question 27

2 types of Market Needs

Answer 27

Goods Needs | Services Needs

Question 28

Goods Needs

Answer 28

1. Price 2. Features 3. Effectiveness

Question 29

markets generally sets their budgets for any goods purchased

Answer 29

Price

Question 30

markets look for features that would solve their problem and reliability in functioning while using the product

Answer 30

Features

Question 31

product should be useful in streamlining the process to save time

Answer 31

Effectiveness

Question 32

Services Needs

Answer 32

1. Empathy 2. Clarity 3. Communication

Question 33

market sticks to brands that serve them with an empathetic attitude

Answer 33

Empathy

Question 34

markets look for transparent information from the brand relating to pricing, refund policy, etc.

Answer 34

Clarity

Question 35

market needs information from the point of interaction until the end

Answer 35

Communication

Question 36

4 steps in meeting the market needs

Answer 36

1. Identify market needs through research 2. Distribute info to relevant people 3. Tailor product feature according to the need 4. Collect feedback from customers

Question 37

3 Factors to consider in screening the proposed solution

Answer 37

1. Viability 2. Profitability 3. Customer Requirements

Question 38

Whether the product has a good performance and can be recommended to others for purchase

Answer 38

Viability

Question 39

MVP

Answer 39

Minimum Viable Product

Question 40

6 steps to determine the viability

Answer 40

DUDOBG - Determine the target market - Understand the needs of the market - Define the value proposition - Offer up a core set of features for the minimum variable product (MVP) - Build the MVP prototype - Get the MVP in the market.

Question 41

necessary to recognize who the product will serve

Answer 41

Determine the target market

Question 42

essential to comprehend whether the product will satisfy the demand of the target market

Answer 42

Understanding the needs of the market

Question 43

refers to the value an entrepreneur promises to deliver

Answer 43

Value Proposition | Define the value proposition

Question 44

purpose is to iterate until the market agrees on the minimum viable product

Answer 44

Offer up a core set of features for the MVP

Question 45

MVP sample for product fidelity and interactivity

Answer 45

Build MVP prototype

Question 46

test MVP in the target market

Answer 46

Get the MVP in the market

Question 47

3 keys to analyze profitability of the proposed solutions

Answer 47

1. Determine the true cost of production 2. Test the market 3. Find the safe spot

Question 48

it is essential to involve all the cost of getting the product into the custody of the customer

Answer 48

Determine the true cost of production

Question 49

determining the customers that are willing to pay for the price of the product

Answer 49

Test the market

Question 50

make a decision that will help the product enter the market without losing its profitability

Answer 50

Find the safe spot

Question 51

Profitability is all about... (4)

Answer 51

- Customer requirement - Must have - Satisfiers - Delighters

Question 52

the characteristic or specification that should be available in a product for it to be considered desirable by the market

Answer 52

Customer requirement

Question 53

basic requirements expected by the market that will be appreciated if fulfilled

Answer 53

Must have

Question 54

explicit expression of the market desire

Answer 54

Satisfiers

Question 55

bonus, extras, or add-ons to the product requirements

Answer 55

Delighters