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1st Semester College > ENT (2) > Flashcards

ENT (2) Flashcards

1
Q

MARKET TYPES
the advantage is that
there’s little or no market risk

A

Existing Market

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2
Q

MARKET TYPES
Customers and their preferences are
unknown and direct competitors are non-existent

A

New Market

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3
Q

MARKET TYPES
a hybrid between a New market and an
Existing market

A

Re-segmented/Niche Market

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4
Q

MARKET TYPES
it takes a foreign business
model and adapts it to local conditions.

A

Clone Market

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5
Q

The practice of dividing
your target market into approachable groups.

A

Market Segmentation

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6
Q

focuses on a micro-segment of
the market.

A

Niche marketing strategy

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7
Q

To find your Niche you must:

A

-Acquire focused knowledge about your market.
-Develop a mental picture of your customers
-Understand what prompts customers to want to buy
products/services.

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8
Q

TAM is also known as?

A

Total Addressable Market

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9
Q

SAM is also known as?

A

Serviceable Addressable Market

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10
Q

SOM is also known as?

A

Serviceable Obtainable Market

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11
Q

refers to the total market demand for a product or service. It’s the maximum amount of revenue a business can possibly generate

A

Total Addressable Market

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12
Q

estimates the portion of the TAM, that you can acquire given your limitations

A

Serviceable Addressable Market

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13
Q

determines that many customers from the SAM would realistically purchase your product

A

Serviceable Obtainable Market

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14
Q

CUSTOMER PERSONA
they are these buyers who love to have
innovative products

A

Innovators

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15
Q

CUSTOMER PERSONA
Appreciate innovations and are ready
to adopt new products even if they are perfect or not

A

Early Adopters

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16
Q

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

A

Majority

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17
Q

CUSTOMER PERSONA
These individuals typically have an aversion to change-agents.

A

Laggards

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18
Q

helps you understand the customer and how your products and services create value.

A

Value Proposition Canvas

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19
Q

VALUE PROPOSITION CANVAS
you clarify your customer understanding

A

Customer Profile

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20
Q

VALUE PROPOSITION CANVAS
you describe how you intend to create value for that customer

A

Value Map

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21
Q

you achieve ___ between the Customer Profile and Value Map when one meets the other.

A

Fit

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22
Q

COMPETITION ANALYSIS
is someone that offers the same
products, within the same category as you

A

Direct Competitor

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23
Q

COMPETITION ANALYSIS
a business that sells a product or service in the same category as you, but it’s different enough to act as a substitute

A

Indirect Competitor

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24
Q

COMPETITION ANALYSIS
a business that sells a product or service that’s both different in category and type than you, but one which your customers could choose to spend their money instead.

A

Replacement Competitor

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25
Q

refers to the activities a company undertakes; includes advertising and allows businesses to
sell products and services to consumers, other businesses, and organizations.

A

Marketing

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26
Q

consists of all possible consumers sharing a
certain need or want

A

Market

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27
Q

Who defined Market?

A

Philip Kotler

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28
Q

a group of people that have been
identified as the most likely potential customers; it
can influence a product’s design, packaging, price,
promotion, and distribution.

A

Target Market

29
Q

4 TYPES OF MARKET SEGMENTATION
sorts a market by elements such as age, education, household income etc.

A

Demographic Segmentation

30
Q

4 TYPES OF MARKET SEGMENTATION
creates different target customer groups based on
geographical boundaries

A

Geographic Segmentation

31
Q

4 TYPES OF MARKET SEGMENTATION
considers the psychological aspects of consumer behaviour

A

Psychographic Segmentation

32
Q

4 TYPES OF MARKET SEGMENTATION
divides markets by behaviours and decision-making patterns

A

Behavioral Segmentation

33
Q

includes multiple areas of focus as part of a comprehensive marketing plan

A

Marketing Mix

34
Q

MARKETING MIX
this represents an item or service designed to satisfy customer needs and wants.

A

Product

35
Q

MARKETING MIX
the sale price of the product reflects what
consumers are willing to pay for it

A

Price

36
Q

MARKETING MIX
when determining areas of distribution, it’s
important to consider the type of product sold.

A

Place

37
Q

MARKETING MIX
activities might include advertising, sales promotion, personal selling, and public relations.

A

Promotion

38
Q

MARKETING MIX
_______ (staff member), _______, and ______________ to reinforce a consumer-centric type of marketing strategy.

A

People, Process, Physical Evidence

39
Q

the process of collecting vital information about a company’s target audience, market, and competition

A

Market Research

40
Q

details the strategy that a company will use to market its products to customers

A

Marketing Plan

41
Q

the techniques you use to reach your target audiences

A

Marketing Strategies

42
Q

a useful tool for evaluating a business idea’s
viability

A

SWOT Analysis

43
Q

also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies

A

Competitor’s Analysis

44
Q

is the percent of total sales in an industry generated by a particular company; calculated by dividing the company’s sales over the period by the industry’s total sales over the same period

A

Market Share

45
Q

describes how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts.

A

Business Model

46
Q

It allows you to describe, design, challenge, invent, and pivot your business model; a simple document that can help you cover the different parts of your business. This includes your offering in terms of product or service, your customer segments, your distribution channels, your finances.

A

Business Model Canvas

47
Q

Visualize and communicate a simple story of your business model.

A

Map Existing Business Models

48
Q

Use the canvas to explore new business models whether you are a start-up or an existing business

A

Design New Business Models

49
Q

Use the canvas to easily juggle between “Explore” and “Exploit” business models.

A

Manage a Portfolio of Business Models

50
Q

helps you deconstruct your idea into its key assumptions.

A

Lean Canvas

51
Q

Lean Canvas is a 1-page business plan template created by ________________

A

Ash Maurya

52
Q

Lean Canvas is adapted from ________ Business Model Canvas and optimized for Lean Startups.

A

Alex Osterwalder

53
Q

CHARACTERISTICS OF LEAN CANVAS
you can outline multiple possible business models on a canvas in one afternoon.

A

Fast

54
Q

CHARACTERISTICS OF LEAN CANVAS
it will be read by more people and also more frequently updated.

A

Portable

55
Q

CHARACTERISTICS OF LEAN CANVAS
forces you to distill the essence of your product

A

Concise

56
Q

You have __ seconds to grab the attention of an investor over a metaphorical elevator ride

A

30

57
Q

and have __ seconds to grab the attention of a customer on your landing page

A

8

58
Q

built-in presenter tools allow you to effectively document and communicate your progress.

A

Effective

59
Q

9 BLOCKS OF THE LEAN CANVAS
what problems are your customers facing?

A

Problems

60
Q

9 BLOCKS OF THE LEAN CANVAS
a homogenous group of customers

A

Customer Segment

61
Q

9 BLOCKS OF THE LEAN CANVAS
what solution is your customer ready to pay for?

A

Solution

62
Q

9 BLOCKS OF THE LEAN CANVAS
a compelling message that states why your solution is different and worth buying

A

Unique Value Proposition

63
Q

9 BLOCKS OF THE LEAN CANVAS
how your customer engages with your product

A

Channels

64
Q

9 BLOCKS OF THE LEAN CANVAS
the amount of money customers are willing to pay

A

Revenue Streams

65
Q

9 BLOCKS OF THE LEAN CANVAS
the key elements that drive your cost

A

Cost Structure

66
Q

9 BLOCKS OF THE LEAN CANVAS
actionable, auditable, and accessible metrics

A

Key Metrics

67
Q

9 BLOCKS OF THE LEAN CANVAS
a solution cannot be easily copied or bought

A

Unfair Advantage

68
Q

Building a startup is all about being fearless and the ability to take risks

A

Risky Assumptions

1st Semester College (5 decks)

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