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Module Three
| Question | Answer |
|---|---|
| The promotion of a particular product or company through the use of advertising and design. | Branding |
| Channels of businesses or intermediaries through which a product or service travels before reaching the final customer. | Channels |
| The contest or rivalry among the companies selling similar products and/or targeting the same target audience to get more sales, increase revenue, and gain more market share as compared to others. | Competition |
| An exclusive right given to a creator to decide if/how he/she will share their literary or artistic work. | Copyright |
| Feedback you receive from your customers. | Customer Discovery |
| Where/how a business interacts with their customer segments, creates customer loyalty and brand value through marketing strategies and activities. | Customer Relationships |
| Groups of people the business seeks to serve; often multiple groups. | Customer Segments |
| The capacity to step into other people’s shoes, to understand their lives and what matters to them. | Empathy |
| What you promise to deliver to customers post-purchase; what are your customers buying. | Value Proposition |
| Tool used to gain deeper insight and connect understanding of the customer/end-user to the entrepreneur through categorizing the customer/end-user’s behaviors and feelings into four categories. | Empathy Mapping |
| The person who actually uses a particular product. | End User |
| The process (and methods) used to collect information, analyze it, and report findings related to the marketing of goods and services. | Market Research |
| The 4 P’s of Marketing: Price, Place, Promotion and Product. | Marketing Mix |
| A product that has the least amount of features that your target market would accept and support. | Minimum Viable Product |
| Information collected for a specific purpose (surveys, focus groups, interviews, trials) | Primary Research Data |
| Previously collected information; Examples included US Census data, journal articles, or economic development group data. | Secondary Research Data |
| A short and striking or memorable phrase used in advertising. | Slogan |
| Customer segments; group of people a business identifies as likely to become potential customers; have common needs and wants. | Target Market |
| A protection given to a company’s name, logo, colors used, or trade characters to help distinguish itself from its competitors. | Trademark |
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