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Unit 3: Customers

TermDefinition
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.
Created by: ammcenroe03
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