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Technopreneurship > Group 4 - Market Identification and Analysis > Flashcards

Group 4 - Market Identification and Analysis Flashcards

1
Q

refers to the group of consumers or potential customers
who have a need or desire for a particular product or service.

A

Market

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2
Q

can be defined as a group of individuals or organizations that
share common characteristics and have the potential to purchase a specific product or service

A

Market

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3
Q

refers to a specific group of customers or consumers that
a technopreneur is aiming to reach and serve with their technology product or service.

A

Target market

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4
Q

the group of people who are most likely to have a need or desire for the technology the solution that the technopreneur is offering

A

Target market

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5
Q

Why is it important to know the target market?

A

-Efficient use of resources
-Better understanding of customer needs
-Effective marketing strategies
-Higher profitability

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6
Q

the thorough process of data collection to choose whether the
product or the service that is going to come will cater to customers’ needs.

A

Market Analysis

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7
Q

provides you with a holistic,
or well-rounded picture of the markets you are interested in operating in.

A

Market analysis

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8
Q

an exercise undertaken to gather feedback and information
directly from the customers, generally for judging the viability of specific business decisions.

A

Market research

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9
Q

It helps in addressing strategic questions about brand management, product development, and consumer perceptions.

A

Market research

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10
Q

Importance of market analysis

A
  • great help in understanding your customers
  • analyse your competitors
  • helps determine your unique sales proposition
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11
Q

Dimensions of Market Analysis

A
  • market size
  • market segment
  • market trends
  • market growth rate
  • market profitability
  • industry cost structure
  • distribution channel
  • key success factors
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12
Q

refers to the current and
potential volume of the selected market.

A

Market Size

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13
Q

Market Sizing Methods

A
  • Bottom Up
  • Top-down
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14
Q

This method involves estimating the size of individual market segments and then adding them up to arrive at an overall market size.

This approach is often used when there is less data available on the overall market, but more detailed data on specific segments.

A

bottom up (market sizing method)

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15
Q

This method involves starting with the overall market size and then breaking it down into segments based on demographic, geographic, or psychographic factors.

This approach is often used when there is already significant data available on the overall market.

A

top down (market sizing method)

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16
Q

This refers to the rate at which the the market is expected to grow in terms of demand for a particular product or service over a period of time.

A

Market Growth Rate

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17
Q

the basic information investors need before making an investment decision.

A

Market Growth Rate

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18
Q

How to determine market growth rate?

A
  • extrapolating past data
  • product diffusion curve
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19
Q

based on the study of characteristics of adoption rate of similar products or services in the past.

A

product diffusion curve

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20
Q

refer to the general direction or pattern of change in a particular market over time.

A

Market Trend

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21
Q

are the movements or shifts in demand, supply, and pricing that reflect changes in consumer behavior, preferences, and needs.

A

Market Trend

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22
Q

the process of dividing a larger market into smaller, more defined groups of consumers who have similar needs, wants or characteristics.

A

Market segment

23
Q

are influenced by various factors such as demographic shifts, technological advancements, economic conditions, and
cultural shifts

A

Market Trend

24
Q

refers to the ability of a company or product to generate profits within a specific market.

A

Market Profitability

25
Q

It is a measure of the potential financial returns a business
can make from operating within a given market segment.

A

Market Profitability

26
Q

It refers to the way in which costs are incurred in a particular industry, including the fixed and variable costs associated with producing and delivering products or services

A

Industry Cost Structure

27
Q

These are the specific factors that are critical to the success of companies operating in a particular industry.

A

Key Success Factors

28
Q

Key Success Factors

A

i. Accessibility to essential and unique resources
ii. Competence to reach economies of scale
iii. Accessibility to channels of distribution
iv. Accessibility to the state-of-the-art technology

29
Q

—- is a path or network through which goods or services move from the producer or manufacturer to the final consumer.

A

Distribution Channel

30
Q

It is a strategic framework for analyzing the competitive
environment of an industry

A

PORTER’S FIVE FORCES MODEL

31
Q

PORTER’S FIVE FORCES MODEL

A
  • Threats of new entrants
  • Bargaining power of suppliers
  • Threat of substitutes
  • Bargaining power of buyers
  • Rivalry among existing competitors
32
Q

This force refers to the potential for new competitors
to enter the market and disrupt the current competitive landscape

A

Threat of New Entrants

33
Q

Factors that influence this force include the ease of
entry, capital requirements, and barriers to entry such as
patents, economies of scale, or brand recognition.

A

Threat of New Entrants

34
Q

This force refers to the power that suppliers have over the
industry and their ability to increase prices or reduce the
quality of goods or services.

A

Bargaining Power of Suppliers

35
Q

This force refers to the potential for substitutes to
take market share away from the industry’s products or
services.

A

Threat of Substitutes

36
Q

This force refers to the intensity of competition
among existing firms in the industry.

A

Rivalry among existing competitors

37
Q

5 skills that one must acquire to understand their target market

A
  1. segmenting the market
  2. targeting
  3. understanding your target
  4. analyzing the competition
  5. estimating potential market demand
38
Q

marketing concept that describes grouping potential
customers into segments or groups with comparable
demands and responses to marketing actions

A

Segmenting the market

39
Q

segmenting the market

A
  • geographic
  • demographic
  • psychographic
  • behavioral
40
Q

evaluate and select target segments.

A

Targeting

41
Q

allows you to focus your attention on one market
or group at a time

A

Targeting

42
Q

The goal of market research is to better understand the
demands of a market by methodically collecting data on individuals, businesses, or both.

The outcomes of market research are then applied to assist business owners in making more informed decisions concerning the company’s operations, strategy, and potential
customers

A

Understanding your target

43
Q

Understanding your target

A
  • Surveys
  • Observation
  • Prototyping
  • Focus Group Discussion
  • Emphatic Tools
44
Q

is a marketing skill that has an impact on projecting sales, sales growth, and capital, machine, and manpower requirements

A

Estimating Potential Market Demand

45
Q

is a numerical representation of how
well the entrepreneur understands the target market.

A

estimating potential market demand

46
Q

6 Steps of a Market Analysis

A
  1. Research your industry
  2. Investigate the competitive landscape
  3. Identify market gaps
  4. Define your target market
  5. Identify barriers to entry
  6. Create a sales forecast
47
Q

Gain a holistic understanding of everything happening in your
industry and prepare to navigate it.

A

research your industry

48
Q

Know who the big players are and how you can differentiate your brand

A

Investigate the competitive landscape

49
Q

Market gaps are needs that are currently not being filled by
existing brands

A

Identify market gaps

50
Q

Know your customer’s unique characteristics and tailor your
offers and marketing accordingly.

A

Define your target market

51
Q

Know what stands in your way and address challengers head on.

A

Identify barriers to entry

52
Q

Estimate future sales and make confident business decisions.

A

Create a sales forecast.

53
Q

This refers to certain factors that allow a
company to produce products and services
cheaper and with a higher quality than its
rivaling companies.

A

Competitive Advantage

Technopreneurship (9 decks)

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