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Unit 3: Customers
Term | Definition |
---|---|
Product | The quality, design, packaging that is sold in and brand. |
Price | The retail price, payment plans, credit terms, and discounts. |
Place | The retail location, delivery, downloads, and any other stores that sell the products too. |
Promotion | When there is advertising, personal selling, public relations, emails, basically anything that gets the word out. |
Customer Discovery | The process used to reduce risk when identifying customer segments. |
Target Market | A group of potential customers that a company wants to sell its products and services to. |
Demographics | Market Segmentation of the customers age, race, religion, gender, and etc. |
Psychographics | Market focus on understanding ones emotions and values |
Buying Behavior | The actions a buyer take before they buy a product. |
MVP | Minimum Viable Product, the smallest possible way to announce your product. |
Market Research | A way to gather customers information of their needs and preferences. |
Primary Research Data | Data collected from main sources like interviews, surveys, experiments, etc. |
Secondary Research Data | Data collected from other sources and not original. |
Branding | A unique and original name to ones business. |
Direct | It owns/ controls, digital messages & physical messages. |
Indirect | Second hand/ Partners |
Customer Relationships - Get | Acquire new customers |
Customer Relationships - Keep | Retain customers, loyalty program |
Customer Relationships - Grow | Growing customers into better customers |
Customer Segment | Dividing a company customers into different groups so that each group can reflect on their product/service. |