ENT (2) Flashcards
MARKET TYPES
the advantage is that
there’s little or no market risk
Existing Market
MARKET TYPES
Customers and their preferences are
unknown and direct competitors are non-existent
New Market
MARKET TYPES
a hybrid between a New market and an
Existing market
Re-segmented/Niche Market
MARKET TYPES
it takes a foreign business
model and adapts it to local conditions.
Clone Market
The practice of dividing
your target market into approachable groups.
Market Segmentation
focuses on a micro-segment of
the market.
Niche marketing strategy
To find your Niche you must:
-Acquire focused knowledge about your market.
-Develop a mental picture of your customers
-Understand what prompts customers to want to buy
products/services.
TAM is also known as?
Total Addressable Market
SAM is also known as?
Serviceable Addressable Market
SOM is also known as?
Serviceable Obtainable Market
refers to the total market demand for a product or service. It’s the maximum amount of revenue a business can possibly generate
Total Addressable Market
estimates the portion of the TAM, that you can acquire given your limitations
Serviceable Addressable Market
determines that many customers from the SAM would realistically purchase your product
Serviceable Obtainable Market
CUSTOMER PERSONA
they are these buyers who love to have
innovative products
Innovators
CUSTOMER PERSONA
Appreciate innovations and are ready
to adopt new products even if they are perfect or not
Early Adopters
CUSTOMER PERSONA
They are driven by the analysis of different standard factors such as price, quality, needs, etc
Majority
CUSTOMER PERSONA
These individuals typically have an aversion to change-agents.
Laggards
helps you understand the customer and how your products and services create value.
Value Proposition Canvas
VALUE PROPOSITION CANVAS
you clarify your customer understanding
Customer Profile
VALUE PROPOSITION CANVAS
you describe how you intend to create value for that customer
Value Map
you achieve ___ between the Customer Profile and Value Map when one meets the other.
Fit
COMPETITION ANALYSIS
is someone that offers the same
products, within the same category as you
Direct Competitor
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
Indirect Competitor
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.
Replacement Competitor
refers to the activities a company undertakes; includes advertising and allows businesses to
sell products and services to consumers, other businesses, and organizations.
Marketing
consists of all possible consumers sharing a
certain need or want
Market
Who defined Market?
Philip Kotler
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.
Target Market
4 TYPES OF MARKET SEGMENTATION
sorts a market by elements such as age, education, household income etc.
Demographic Segmentation
4 TYPES OF MARKET SEGMENTATION
creates different target customer groups based on
geographical boundaries
Geographic Segmentation
4 TYPES OF MARKET SEGMENTATION
considers the psychological aspects of consumer behaviour
Psychographic Segmentation
4 TYPES OF MARKET SEGMENTATION
divides markets by behaviours and decision-making patterns
Behavioral Segmentation
includes multiple areas of focus as part of a comprehensive marketing plan
Marketing Mix
MARKETING MIX
this represents an item or service designed to satisfy customer needs and wants.
Product
MARKETING MIX
the sale price of the product reflects what
consumers are willing to pay for it
Price
MARKETING MIX
when determining areas of distribution, it’s
important to consider the type of product sold.
Place
MARKETING MIX
activities might include advertising, sales promotion, personal selling, and public relations.
Promotion
MARKETING MIX
_______ (staff member), _______, and ______________ to reinforce a consumer-centric type of marketing strategy.
People, Process, Physical Evidence
the process of collecting vital information about a company’s target audience, market, and competition
Market Research
details the strategy that a company will use to market its products to customers
Marketing Plan
the techniques you use to reach your target audiences
Marketing Strategies
a useful tool for evaluating a business idea’s
viability
SWOT Analysis
also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies
Competitor’s Analysis
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
Market Share
describes how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts.
Business Model
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.
Business Model Canvas
Visualize and communicate a simple story of your business model.
Map Existing Business Models
Use the canvas to explore new business models whether you are a start-up or an existing business
Design New Business Models
Use the canvas to easily juggle between “Explore” and “Exploit” business models.
Manage a Portfolio of Business Models
helps you deconstruct your idea into its key assumptions.
Lean Canvas
Lean Canvas is a 1-page business plan template created by ________________
Ash Maurya
Lean Canvas is adapted from ________ Business Model Canvas and optimized for Lean Startups.
Alex Osterwalder
CHARACTERISTICS OF LEAN CANVAS
you can outline multiple possible business models on a canvas in one afternoon.
Fast
CHARACTERISTICS OF LEAN CANVAS
it will be read by more people and also more frequently updated.
Portable
CHARACTERISTICS OF LEAN CANVAS
forces you to distill the essence of your product
Concise
You have __ seconds to grab the attention of an investor over a metaphorical elevator ride
30
and have __ seconds to grab the attention of a customer on your landing page
8
built-in presenter tools allow you to effectively document and communicate your progress.
Effective
9 BLOCKS OF THE LEAN CANVAS
what problems are your customers facing?
Problems
9 BLOCKS OF THE LEAN CANVAS
a homogenous group of customers
Customer Segment
9 BLOCKS OF THE LEAN CANVAS
what solution is your customer ready to pay for?
Solution
9 BLOCKS OF THE LEAN CANVAS
a compelling message that states why your solution is different and worth buying
Unique Value Proposition
9 BLOCKS OF THE LEAN CANVAS
how your customer engages with your product
Channels
9 BLOCKS OF THE LEAN CANVAS
the amount of money customers are willing to pay
Revenue Streams
9 BLOCKS OF THE LEAN CANVAS
the key elements that drive your cost
Cost Structure
9 BLOCKS OF THE LEAN CANVAS
actionable, auditable, and accessible metrics
Key Metrics
9 BLOCKS OF THE LEAN CANVAS
a solution cannot be easily copied or bought
Unfair Advantage
Building a startup is all about being fearless and the ability to take risks
Risky Assumptions
