Lesson 3: Recognize and Understand the Market Flashcards

1
Q

a business or marketing statement that
summarizes why a consumer should buy a company’s product or use its service.

A

value proposition (VP)

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2
Q

the value proposition statement is often used to

A

convince a customer to purchase a particular product or service to add a form of value to their lives

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3
Q

in creating value proposition, entrepreneurs will consider the basic elements

A

target customer; needs/opportunity; name of the product; name of the enterprise/company

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4
Q

an important aspect in value proposition

A

it must be truthful to establish credibility to the consumers

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5
Q

entrepreneurs should think of

A

other alternatives to make their products better

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6
Q

refers to how you sell your product
or services to your customer

A

unique selling proposition

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7
Q

in the unique selling proposition, you will address the

A

wants and desires of your customers

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8
Q

to think of marketing concepts to persuade your customers, you may ask the following quesitons

A

what do the customers want; what brand does well; what does your competitor do well

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9
Q

tips for the entrepreneur on how to create an effective unique selling
proposition to the target customers

A

identify and rank the uniqueness of the product or services character; very specific; keep it short and simple

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10
Q

KISS stands for

A

keep it short and simple

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11
Q

identifying the unique selling proposition requires

A

marketing research

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12
Q

put details that emphasize the

A

differentiator against the competitors

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13
Q

think of a tagline that is

A

easy to remember

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14
Q

a sage in market identification process that aims to
determine the buyers with common needs and characteristics.

A

market targeting (target market)

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15
Q

a market segment that an entrepreneurial venture intends to serve.

A

prospect customers

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16
Q

target marketing allows you to

A

focus your marketing money and brand message on a specific market that is more likely to buy from you than other markets

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17
Q

methods for segmenting the market

A

geographic, demographic, psychological, behavioral SEGMENTATION

18
Q

the total market is divided according to geographical
location.

A

geographical segmentation

19
Q

variables to consider in geographical segmentation

A

climate, dominant ethnic group, culture, density (either rural or urban)

20
Q

the total market is divided based on consumers

A

demographic segmentation

21
Q

variables to consider in demographic segmentation

A

gender, age, income, occupation, education, religion, ethnic group, family size

22
Q

the total market is divided in terms of how customers think and
believe

A

psychological segmentation

23
Q

variables to consider in psychological segmentation

A

needs and wants; attitudes; social class; personality traits; knowledge and awareness; brand concept; lifestyle

24
Q

the total market is divided according to customers’ behavior pattern as
they interact with a company.

A

behavioral segmentation

25
variables to consider in behavioral segmentation
perceptions, knowledge, reaction, benefits, loyalty, responses
26
the specific characteristics that the customers need from a product or a service.
customer requirements
27
two types of customer requiremnets
service and output REQUIREMENT
28
An intangible thing or product that cannot be touched but the customer can feel the fulfillment.
service requirement
29
elements of service requirement
on-time delivery, service with a smile, easy payment
30
It includes all aspects of how a customer expects to be treated while purchasing a product and how easy the buying process goes
service requirement
31
Tangible thing or things that can be seen.
output requirements
32
Characteristic specifications that a consumer expects to be fulfilled in the product.
output requirements
33
examples of output requiremnets
on-time arrival when hiring a multi-cab or loudness and clarity when buying a speaker
34
is like a size of arena where the entrepreneurs will play their business
market size
35
The entrepreneur’s most critical task is to
calculate the market size and the potential value that the market has for their start-up busines
36
Market research will determine the
entrepreneur's possible customers in one locality
37
It is the approximate number of sellers and buyers in a particular market
market size
38
steps in determining the target market
estimate the approximate number of customers that will buy the product/avail your services; estimate the customers who will probably dislike your product/service; estimate the market share
39
Market size becomes the
most important factor if ever you need to raise funding for your business
40
estimating the market share involves
plotting and calculating the competitor's market share to determine the portion of the new venture