Lesson 2: Recognizing Potential Market (Segmentation) Flashcards

1
Q
  • why the consumer should buy a product/service
  • adds form of value in their lives
A

Value Proposition

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2
Q
  • target customer
  • needs/opportunity
  • name of product
  • name of enterprise
A

Value Proposition

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3
Q
  • how you sell your product/service
  • tagline
  • desires of your customer
A

Unique Selling Proposition (USP)

- identify uniqueness
- be specific
- keep it short and simple (kiss)

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4
Q

what are the three factors that will determine your customers?

A
  1. target market
  2. customer requirements
  3. market size
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5
Q

determine the buyers with common needs and characteristics

A

target market

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6
Q

what are the 4 strategies in segmenting market?

A
  1. geographic segmentation
  2. demographic segmentation
  3. psychological segmentation
  4. behavioral segmentation
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7
Q

a. climate
b. dominant ethnic group
c. culture
d. density (either rural or urban)

A

geographic segmentation

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8
Q

a. gender
b. age
c. income
d. occupation
e. education
f. religion
g. ethnic group
h. family size

A

demographic segmentation

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9
Q

a. needs and wants
b. attitudes
c. social class
d. personality traits
e. knowledge and awareness
f. brand concept
g. lifestyle

A

psychological segmentation

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10
Q

a. perceptions
b. knowledge
c. reaction
d. benefits
e. loyalty
f. responses

A

behavioral segmentation

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11
Q

specific characteristics customers need from a service/product

A

customer requirements

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12
Q

2 types under customer requirements

A
  1. service requirement
  2. output requirement
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13
Q

intangible thing but can fulfill customers
- on-time delivery
- service with a smile
- easy-payment
- how customers expect to be treated

A

service requirement

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14
Q

tangible things
- customers will avail services as a product, then various service requirements can take a form of output requirements

A

output requirement

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15
Q
  • most critical task to calculate
  • approximate number of sellers and customers in one locality
A

market size

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16
Q
  • to estimate the potential market
  • to estimate the customers who will probably dislike your product/service
  • to estimate the market share
A

market size

17
Q

3 strategies for market sizing

A
  1. Total Available Market (TAM)
  2. Serviceable Available Marker (SAM)
  3. Serviceable Obtainable Market (SOM)
18
Q

reference to the total market demand for goods or services

A

Total Available Market (TAM)

19
Q

part of the TAM targeted by the entrepreneur’s goods or services that is within reach

A

Serviceable Available Market (SAM)

20
Q

portion of SAM that realistically reachable

A

Serviceable Obtainable Market (SOM)

21
Q

process of gathering, analyzing, and interpreting the information about the products or services to be offered for sale to the potential customers in the market

A

Market Research

22
Q

inaccuracy cause mistakes leading to inaccurate results

A

data collection

23
Q

3 methods to identify market needs

A
  1. Focus Group Discussion (FGD)
  2. Social listening
  3. Keyword Research
24
Q

brings together 6-10 people in a room to provide feedback

A

Focus Group Discussion (FGD)

25
gives you access to what people are saying across social media and the web
Social Listening
26
use of search engines, most common words and phrases entered
Keyword Research
27
3 data collection techniques
1. Survey 2. Interview 3. FGP - length of session 9-20 min., 8-10 members
28
Methods in marketing sizing
1. To estimate the potential market 2. To estimate the potential customers that will dislike your product/service 3. To estimate the potential market share - calculate the market share of competitors to know your portion of the new venture