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Unit 3 Test
| Question | Answer |
|---|---|
| Each of the 4 P’s of Marketing | Product, Price, Promotion, Place |
| Customer Discovery | Process used to reduce risk when identifying customer segments |
| Process of customer discovery | 1. Hypothesize problem and customer 2. Create open-ended questions 3. Find and talk to customers 4. Analyze responses to guide your solution 5. Iterate through the process (as needed) |
| Target Market | Your ideal group of customers, and who a business attempts to sell to (It is NOT - Everyone that can, has the means to, or will buy the product) |
| Demographics | Who your customer is (Age, gender, ethnic background, income, marital status) |
| Psychographics | Why your customers buy (Attitudes, beliefs, lifestyle, interests, hobbies, activities, social status) |
| Buying Behavior | How they buy; How they use a product (Needs vs. wants, spending patterns, usage trends, brand preferences, advertising influence) |
| MVP | Minimum Viable Product - Business idea in simplest form, No extra, not always a smaller/cheaper version of your final product |
| Market Research | Processes/methods used to gather, analyze, and report findings |
| Primary Research Data | Research is designed with a specific outcome in mind, Can be collected in variety of ways, Costly, Time-Consuming, Lots of data to analyze |
| Secondary Research Data | Research has already been done, data has been analyzed, Can apply right away, Less expensive to conduct, May not answer desired issues, May be out of date |
| Branding | Brand Name (Can you link your product to your name so customers remember you), Does name relate to what it does, Slogan (Can you find a way to “stick” in the customers mind), Logo (Can you create a visual symbol that is instantly recognizable) |
| Direct | Owns/controls (Digital messages & physical messages) |
| Indirect | 2nd Hand/Partners |
| Customer relationships | A description of the experience between businesses and customers |
| Get | Customer acquisition through paid and earned media |
| Keep | Customer retention through emails, contests, loyalty programs, product updates |
| Grow | Growth through up-selling, new versions, cross-selling, referrals |
| Customer Segment | Dividing customers into groups based on common characteristics |
| Product | Total product offering (including user experience) - Features, Benefits, Brand strength, Influence, Reputation, Warranty, Customer support |
| Price | Amount a customer will pay; perception of a product’s value - Selling price is made up of: Costs of Goods Sold (COGS), Desired profit (or profit margin)/Influenced by: Expenses, Supply/Demand, Brand, Competition |
| Promotion | Ways that a company may inform, persuade, remind a target market about their products/services |
| Place | Locations where the product/service can be purchased; how did the product become available (distribution path) - Retailers, Brick & Mortar (physical stores), Online, Phone, Kiosk, Vending machines, Street Vendors |
Created by:
lbwilson03
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