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Entrepreneurship > 2: Recognize the Potential Market > Flashcards

2: Recognize the Potential Market Flashcards

1
Q

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

A

Market

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2
Q

total of all buyers and sellers in the area under consideration

A

Market

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3
Q

something necessary

A

Needs

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4
Q

something desired to possess

A

Wants

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5
Q

3 Methods to identify market needs

A

Focus Group
Social Listening
Keyword Searching

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6
Q

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

A

Focus Groups

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7
Q

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

A

Social Listening

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8
Q

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

A

Keyword Research

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9
Q

3 types of Market Sizing

A

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

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10
Q

TAM

A

Total Available Market

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11
Q

a reference to the total market demand for goods or services

A

Total Available Market

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12
Q

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

A

Serviceable Available Market

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13
Q

SAM

A

Serviceable Available Market

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14
Q

SOM

A

Serviceable Obtainable Market

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15
Q

portion of the SAM that is realistically reachable

A

Serviceable Obtainable Market

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16
Q

object or system created for customer use

A

Product

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17
Q

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

A

Product

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18
Q

physical or tangible products that consumers but to meet their needs

A

Goods

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19
Q

involves transfer of ownership from seller to customer

A

Goods

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20
Q

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

A

Services

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21
Q

do not result in the ownership of anything

A

Services

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22
Q

Tangible, Homogenous, Can be stored

A

Goods

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23
Q

Intangible, Heterogenous, cannot be stored

A

Services

24
Q

similar in context and/or quality

A

Homogenous

25
Q

different and varying in content, quality, and experience

A

Heterogenous

26
Q

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

A

Market Needs

27
Q

2 types of Market Needs

A

Goods Needs

Services Needs

28
Q

Goods Needs

A
  1. Price
  2. Features
  3. Effectiveness
29
Q

markets generally sets their budgets for any goods purchased

A

Price

30
Q

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

A

Features

31
Q

product should be useful in streamlining the process to save time

A

Effectiveness

32
Q

Services Needs

A
  1. Empathy
  2. Clarity
  3. Communication
33
Q

market sticks to brands that serve them with an empathetic attitude

A

Empathy

34
Q

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

A

Clarity

35
Q

market needs information from the point of interaction until the end

A

Communication

36
Q

4 steps in meeting the market needs

A
  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
37
Q

3 Factors to consider in screening the proposed solution

A
  1. Viability
  2. Profitability
  3. Customer Requirements
38
Q

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

A

Viability

39
Q

MVP

A

Minimum Viable Product

40
Q

6 steps to determine the viability

A

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.
41
Q

necessary to recognize who the product will serve

A

Determine the target market

42
Q

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

A

Understanding the needs of the market

43
Q

refers to the value an entrepreneur promises to deliver

A

Value Proposition

Define the value proposition

44
Q

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

A

Offer up a core set of features for the MVP

45
Q

MVP sample for product fidelity and interactivity

A

Build MVP prototype

46
Q

test MVP in the target market

A

Get the MVP in the market

47
Q

3 keys to analyze profitability of the proposed solutions

A
  1. Determine the true cost of production
  2. Test the market
  3. Find the safe spot
48
Q

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

A

Determine the true cost of production

49
Q

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

A

Test the market

50
Q

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

A

Find the safe spot

51
Q

Profitability is all about… (4)

A
  • Customer requirement
  • Must have
  • Satisfiers
  • Delighters
52
Q

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

A

Customer requirement

53
Q

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

A

Must have

54
Q

explicit expression of the market desire

A

Satisfiers

55
Q

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

A

Delighters

Entrepreneurship (7 decks)

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