LESSON 4 (MARKET IDENTIFICATION) Flashcards
a group of consumers or potential customers who have a need or desire for a particular product
Market
is a specific group of people or organization that a technopreneur wants to reach with their product
Target Market
is the thorough process of data collection to choose whether the product or service is going to cater customer needs
Market Analysis
is an exercise undertaken to gather feedback and information directly from customers
Market Research
a research where experts from a target market are interviewed in order to collect new data
Primary Research
research that uses the existing data records from previous survey.
Secondary Research
refers to the current and potential volume of the selected market.
Market Size
refers to the rate at which the market is expected to grow in terms of demand
Market Growth Rate
refer to the general direction or pattern of change in a particular market over time
Market Trend
The process of dividing a larger market into smaller, more defined groups who have similar needs
Market Segment
refers to the ability of a company or product to generate profits within a specific market
Market Profitability
refers to the way in which cost are incurred in a particular industry
Industry cost
a step in market analysis where you gain a holistic understanding of everything happening in your industry
Research your industry
a step in market analysis where you know who the big players are and how you can differentiate your brand
Investigate the competitive landscape
a step in market analysis where knowing market gaps are needs that are currently not being filled by existing brands
Identify Market Gaps
a step in market analysis where you know your customer’s unique characteristics and tailor your offers accordingly
Define your target Market
a step in market analysis where you estimate future sales and make confident business decisions
Create a sales forecast
a step in market analysis where you know what stands in your way and address challengers head on
Identify barriers to entry
