Customer and market

Question 1

4 market types

Answer 1

existing market
new market
re-segmented/niche market
clone market

Question 2

*competitor exist

Answer 2

existing market

Question 3

*customer want and need better performance

Answer 3

existing market

Question 4

*Technology is usually the driving factor

Answer 4

existing market

Question 5

*The product drives the positioning and how much value customers place on its features

Answer 5

existing market

Question 6

*The risk is to think that competitors are dumb or too slow

Answer 6

existing market

Question 7

*There is no “chasm” that you need to fill. The chasm is the gap between early adopters and the mainstream customers in a market

Answer 7

existing market

Question 8

When investors and entrepreneurs go after an existing market - the advantage is that there’s little or no market risk.

Answer 8

existing market

Question 9

customers and their preferences are unknown and direct competitors are non- existen

Answer 9

Newmarket

Question 10

*Customers do not exist in the present, so revenue generation takes years

• The chasm is biggest here because you will only be selling to the very early adopters

Answer 10

New Market

Question 11

*Market size is zero

Answer 11

New Market

Question 12

• Customers need to be made aware of their needs

Answer 12

New Market

Question 13

• You must consider what factors can you create that has never been offered

Answer 13

New Market

Question 14

• The chasm is biggest here because you will only be selling to the very early adopters

Answer 14

New Market

Question 15

a hybrid between a New market and an Existing market in the sense that it is a New Market created from a small segment from an existing market. The features of this market type
are:

*Low cost *New Niche

Answer 15

Re-segmented market / Niche market

Question 16

• Evaluate factors that your industry has long competed on and eliminate those

Answer 16

Re-segmented market / Niche market

Question 17

Evaluate what factors can be reduced well below the industry standards

Answer 17

Re-segmented market / Niche market

Question 18

Evaluate what factors can be increased above the industry standards

Answer 18

Re-segmented market / Niche market

Question 19

• Evaluate what factors can be created that have never been offered

Answer 19

Re-segmented market / Niche market

Question 20

• There is a bit of a chasm in this type of market

Answer 20

Re-segmented market / Niche market

Question 21

Adapts a foreign business model to a local condition (language, culture, import restrictions, and local regulations)

Answer 21

clone market

Question 22

• Needs a large number of customers, typically >100 million

Answer 22

clone market

Question 23

customers are known because you copied an existing market. It is called a Clone because, in this market type, you are going to localize all those specific issues for your country or region. That said, it takes a foreign business model and adapts it to local conditions. There are no competitors if you are the first one and the risk may be in misjudging the local needs

Answer 23

clone market

Question 24

is the practice of dividing your target market into approachable groups.

Answer 24

MARKET SEGMENTATION

Question 25

4 basic market segmentation

Answer 25

Geographic
demographic
psychographic
behavioral

Question 26

focuses on the microsegment of the market.

Answer 26

Niche marketing strategy

Question 27

get better referrals for entrepreneurs, more repeat business, and have less competition due to its unique nature

Answer 27

Niche marketing strategy

Question 28

Estimate your market size

Answer 28

TAM
SAM
SOM

Question 29

total market demand for a product or service

Answer 29

TAM total addressable market

Question 30

estimates the portion of the TAM

Answer 30

SAM service address market

Question 31

determines how many customers from the sam would realistically purchase your product.

Answer 31

SOM service obtainable market

Question 32

is a subset of SAM

Answer 32

SOM

Question 33

Estimate your market size:
two approaches to calculating market size

Answer 33

top-down approach
bottom-up approach

Question 34

calculated by determining the market, then estimating you share

Answer 34

Top-down approach

Question 35

tries to estimate the actual users of the product

Answer 35

bottom-up approach

Question 36

You need to know your customer better than anyone else and here the concept of________

Answer 36

customer persona

Question 37

they are buyers who love to have innovative products

Answer 37

inovators

Question 38

appreciate innovations and are ready to adopt new products

Answer 38

early adaptors

Question 39

They are driven by analysis of different standard factors such as price, quality, needs, etc

Answer 39

Early Majority and Late majority

Question 40

last to adopt an innovation. individuals in this category show little to no opinion leadership

Answer 40

laggards

Question 41

helps you understand the customer and how your products and service create value

Answer 41

Value proposition canvas

Question 42

Someone offers the same products, with in the same category as you

Answer 42

Direct competitor

Question 43

its different enough to act as a substitute for your product or service

Answer 43

Indirect competitor

Question 44

Both different in category and type than you

Answer 44

Replacement competitor