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ENTR 2030 > Chapters 7&10 > Flashcards

Chapters 7&10 Flashcards

1
Q

customers

A

those who pay for a product/service

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2
Q

when does a customer become a consumer

A

when they use the product

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3
Q

customer psychology

A

the study of processes involved in understanding what consumers want/need, the thoughts that drive these decisions and the impact of outside influences on purchase decisions
-why people choose to buy one product over another

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4
Q

end users

A

the customers who actually use the product

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5
Q

influencers

A

customers with a large following who have the power to influence purchase decisions. ie celebrities

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6
Q

recommenders

A

people who evaluate your product and tell the public about it (bloggers, industry experts)

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7
Q

economic buyers

A

customers who have the ability to approve large scale purchases

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8
Q

decesion makers

A

customers who are similar to economic buyers who are positioned higher in the hierarchy and have more authority to make purchase decisions

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9
Q

saboteurs

A

anyone who can slow down a purchasing decision, intentionally work to harm the company’s reputation

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10
Q

customer personas

A

profiles or representations of an ideal customer based on information and market research

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11
Q

what makes up a persona

A

-demographics
-psychographics
-proxy product
-day in the life
-biggest fears and motivators
-challenges and pain points

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12
Q

proxy products

A

give you an idea of what your potential customers are likely to buy

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13
Q

limitations of personas

A

narrowed scope, lack of access to good/real data, customer persona is static

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14
Q

customer journey map

A

a visual representation that captures customer experience across multiple touchpoints

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15
Q

elements of customer journey map

A

-discovery
-research
-purchase
-delivery
-after sales

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16
Q

discovery in customer journey map

A

a need has been identified by consumer
ie online ads, search engines, influencers

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17
Q

research in customer journey map

A

trying to find an appropriate product to satisfy discovered need
ie company websites, customer reviews, product demos

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18
Q

purchase in customer journey map

A

make the decision to buy the product
ie pricing pages, payment gateways, promotional offers

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19
Q

delivery in customer journey map

A

getting the product
ie software downloads, onboarding emails, tutorials

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20
Q

after sales

A

ie customer support, loyalty programs, feedback surveys

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21
Q

four ways to define customer segments

A

-who are they
-where are they
-how do they behave
-what are their needs

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22
Q

innovators

A

aka enthusiasts
2.5%
-enthusiastic about new tech, willing to take the risk of product flaws or other uncertainties

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23
Q

early adopters

A

aka visionaries
13.5%
-buy shortly after new product hits the market but not motivated by enthusiasm for tech

24
Q

early majority

A

aka pragmatists
34%
-buy once new product has mass market appeal

25
Q

late majority

A

aka conservatives
34%
-skeptical, pessimistic, risk averse, less affluent

26
Q

laggards

A

16%
skeptics
-negative toward tech in general, strong aversion to change

27
Q

crossing the chasm

A

transitioning between early adopters and early majority

28
Q

key to crossing the chasm

A

focus on launch market first

29
Q

four factors that define a launch market

A

-the customers in that mkt buy similar products
-the customers have similar expectations of value
-the customers may be centrally located
-the customers use WOM to share experiences

30
Q

steps to successfully cross the chasm

A

1) create the entire product first
2) position the product
3) distribute the product through the right channels

31
Q

market

A

place where people can sell goods and services to people who want to buy them

32
Q

market sizing

A

a method of estimating the number of potential customers and possible revenue or profitability of a product or service

33
Q

TAM

A

total market demand for a product or service (all possible customers)

34
Q

SAM

A

the portion of the TAM that your product or service intends to target

35
Q

SOM

A

the portion of the SAM that your company is realistically likely to reach

36
Q

calculating market size

A

-define your segment of the market
-conduct a top down analysis
-conduct a bottom up analysis
-sanity checks
-check out competition

37
Q

top down analysis

A

determine the total market and then estimate your share of the market. Uses demographic data

38
Q

bottom up analysis

A

estimate potential sales using calculations to arrive at total sales figure

39
Q

business vs revenue model

A

business model describes how a company creates, delivers and captures value
revenue model is key in identifying how the company captures value

40
Q

unit sales revenue model

A

-generating revenue by the number of units sold
-for physical and intangible goods
-razor and razor blade model

41
Q

advertising revenue model

A

-cost per click
-cost per action
-influencer ventures start this way

42
Q

data revenue model

A

-generating revenue by selling data
-can be bought in raw form or as insights

43
Q

intermediation revenue model

A

aka platform revenue model
-brokers connect buyers and sellers
-ie uber, airbnb

44
Q

license revenue model

A

generating revenue by giving permission to other parties to use protected intellectual property in exchange for royalties or fees
-typically for songs, software
-ie Harry Potter puzzle

45
Q

franchising revenue model

A

generating revenue by selling the rights to another party to operate under the name of that business using pre established procedures and processes
-ie McDonalds, Subway, UPS

46
Q

subscription revenue model

A

generating revenue by charging customers to gain continuous access to a product or service
-Disney +, Netflix
-online and physical

47
Q

professional revenue model

A

generating revenue by providing professional services on a time and materials contract
-ie lawyers, accountants, freelance

48
Q

utility and usage model revenue

A

generating revenue by charging customer fees on how often goods are services are used (pay as you go)
-mobile phones pay as you go plans
-hotel pay by the night

49
Q

freemium revenue model

A

generating revenue by mixing free basic services with premium or upgraded services
-best for web or app based businesses
-direct cost subsidization

50
Q

direct cost subsidization

A

pricing a product above it’s market value to pay for the loss of giving away a product for free
-ie airlines have cheap flight fees but pricey add ons like seat selection, baggage

51
Q

revenue drivers

A

-customers
-frequency
-selling process
-price

52
Q

cost drivers

A

COGS, operating costs

53
Q

gross profit=

A

revenue-COGS

54
Q

operating profit =

A

gross profit - operating costs

55
Q

net profit =

A

operating profit - deductions (taxes)

ENTR 2030 (4 decks)

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