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Unit 3 test

description

TermDefinition
4 ps of marketing product, price, place, and promotion.
customer discovery Understand customers and their needs that you may be able to satisfy. Customer validation
target market a particular group of consumers at which a product or service is aimed.
demographics statistical data relating to the population and particular groups within it.
buying behavior refers to the actions taken (both on and offline) by consumers before buying a product or service
mvp Minimum Viable Product or MVP is a development technique in which a new product is introduced in the market with basic features, but enough to get the attention of the consumers
market research process of determining the viability of a new service or product through research conducted directly with potential customers.
Primary vs Secondary Research Data Primary research is information gathered through self-conducted research methods, while secondary research is information gathered from previously conducted studies.
Branding is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company.
Channels - Direct vs Indirect Direct channels allow the customer to buy goods directly from the manufacturer, while an indirect channel moves the product through other distribution channels to get to the consumer.
customer channels are the touch points through which an organization liaises with its customers and as such, Channels and Customer Relationships are directly linked to the 'how' of a company linking with its target customer segment.
customer segments Customer segmentation is the practice of dividing a company's customers into groups that reflect similarity among customers in each group.
Created by: AERakestraw03
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