Lesson 2 Flashcards
4 Steps in Creating a Target Market Profile
Identify the scope of messaging
Research on the target market
Build a realistic persona
Incorporate important characteristics
The first step that must be taken is to determine what the business needs to communicate or transmit to the intended audience.
- Identify the scope of messaging
Researching on the market will help the business in identifying the critical information needed in target market profiling.
- Research on the target market
This step involves the identification of individuals that the business would like to reach.
Try to create an illustration or sketch of a person that belongs to the intended audience.
- Build a realistic persona
As a business engaged in creating marketing strategies, it must be able to determine the key factors that trigger the customers in purchasing a product or service, the reasons why they are discouraged from purchasing, and the product values they are looking for.
- Incorporate important characteristics
_____ are the specific characteristics that the customers need from a product or a service.
Customer Requirements
These are the certain specific expectations of product features or characteristics with expected quality and value that should be present in a product for it to be deemed useful and desirable by the customer.
Customer Requirements
2 Types of Customer Requirements
Service Requirement
Output Requirement
these are intangible things or products that cannot be touched but the customer can feel the fulfillment
- Service requirement
some elements under this requirements may be on-time delivery, service with a smile, easy-payment, etc.
- Service requirement
includes all aspects and how easy the buying process goes.
- Service requirement
3 elements under service requirements
time delivery,
service with a smile,
easy-payment,
these are tangible thing/s that can be seen
- output requirement
characteristic specifications that a customer expects to be fulfilled in the product
- output requirement
customers will avail services as a product, then various service requirements can take the form of output requirements.
- output requirement
Three levels of Customer requirements
Must Haves
Satisfiers
Delighters
These are the functional requirements without which the customer will not accept the product
- Must haves
If fulfilled customers will be not show any exceptional appreciation but if not fulfilled, the customer will show dissatisfaction
- Must haves
The customers do not explicitly express their desire for these but expect it to be understood.
- Must haves
If you offer better or more of these satisfiers, then the customers will appreciate it more and will be more satisfied.
satisfiers
There are the requirements that customers express their desire for, explicitly.
satisfiers
Also known as “good to have”
satisfiers
These are the extras features which may or may not be expected by the customer.
Absence of these will not leave the customer dissatisfied.
In fact, the absence of these characteristics might not even be noticed.
But adding these would increase the customer’s satisfaction greatly and will leave them delighted.
- delighters
Also known as “beyond expectations”
- delighters
The entrepreneur’s most critical task is to calculate the market size, and the potential value that market has for their start-up business.
Market research will determine the entrepreneurs’ possible customers in one locality.
Market size
________ will determine the entrepreneurs’ possible customers in one locality.
Market research
it is like a size of the arena where the entrepreneurs will play their business.
Market size
companies are interested in knowing the market size before launching a new product or service in the area.
Market size
it is the approximate number of sellers and buyers in a particular market.
Market size
it becomes the most important factor if you ever need to raise funding for your business
Market size
3 Methods in conducting a strategic marketing research in determining the Market size
Step 1 – to estimate the potential market
Step 2 – to estimate the customers who probably dislike to buy your product or avail the services
Step 3 – to estimate the market share, entrepreneurs should plot and calculate the competitor’s market share to determine the portion of the new venture
to estimate the potential market
step 1
step 1
to estimate the potential market
to estimate the customers who probably dislike to buy your product or avail the services
Step 2
step 2
to estimate the customers who probably dislike to buy your product or avail the services
to estimate the market share, entrepreneurs should plot and calculate the competitor’s market share to determine the portion of the new venture
Step 3
step 3
to estimate the market share, entrepreneurs should plot and calculate the competitor’s market share to determine the portion of the new venture
