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Entrepreneurship U3

Entrepreneurship U3 Stack - For Forming a brand and building it up.

QuestionAnswer
Customer Discovery Process of figuring out who your ideal customer is and how you could best acquire them as a customer.
Target Market Your ideal group of customers
Demographics Age, Gender, Ethnic Background, Income , Marital Status
Psychographics Attitudes, Beliefs, Lifestyle, Interests, Hobbies, Activities, Social Status
Buying Behavior Needs vs Wants, Spending patterns, Usage trends, Brand preferences, Advertising influences
MVP Minimum Viable product = what is the least amount of stuff that you can use to get your product out to consumers.
Market Research Identify opportunities, solve problems, implement plans, and monitor performance.
Primary Research Research done internally within your company
Branding Is your company memorable? Good branding will help customers remember your company.
Direct Channels Channels of promotion and communication that your company directly controls
Indirect Channels Channels of promotion that others control. Such as blogs and review sites.
Customer Segment A specific set of characteristics that your company deems it would most benefit from targeting with marketing.
Price Determined by time spent, material costs, and competition.
Product The product and all of its features and accompanying opinions after sale.
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)
Secondary Research Reliant on outside agencies or past studies for research
Get - Customer acquisitions through paid and earned media
Keep - Customer retention through emails, contests, loyalty programs, and product updates
Grow - Growth through up-selling, new versions, cross-selling, and referrals
Created by: jmroberson03
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