The process of developing goods or services that satisfy customer needs or wants and provide utility or problem solutions.

The ability of a business to charge a price higher than the cost required to produce its goods or services, capturing profit.

An essential functional requirement or problem that a customer must solve (e.g., speed, convenience, basic nutrition).

A non-essential preference, style, or added feature that makes an experience more enjoyable but is not strictly necessary.

Direct interaction with potential customers to gather first-hand data (e.g., surveys, face-to-face interviews, direct observation).

The state achieved when direct customer evidence validates that a proposed product effectively solves a real customer problem, need, or want.

A highly competitive market featuring largely undifferentiated products where prices cluster near a low prevailing market level.

Product Differentiation

The strategy of distinguishing a product from competitors through unique features, higher quality, or superior branding, allowing for greater pricing power.

Any competitive advantage, legal protection, supplier agreement, or financial hurdle that makes it difficult for new competitors to enter a market.

Minimum Viable Product (MVP)

The simplest early version, model, or sketch of a product used to test hypotheses and gather initial feedback from customers.

Prevailing Market Price

The standard price level established in a market through the interaction of multiple buyers and sellers.

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📚Unit 1 Vocab Study

Question	Answer
Value Creation	The process of developing goods or services that satisfy customer needs or wants and provide utility or problem solutions.
Value Capture	The ability of a business to charge a price higher than the cost required to produce its goods or services, capturing profit.
Customer Need	An essential functional requirement or problem that a customer must solve (e.g., speed, convenience, basic nutrition).
Customer Want	A non-essential preference, style, or added feature that makes an experience more enjoyable but is not strictly necessary.
Primary Research	Direct interaction with potential customers to gather first-hand data (e.g., surveys, face-to-face interviews, direct observation).
Problem-Solution Fit	The state achieved when direct customer evidence validates that a proposed product effectively solves a real customer problem, need, or want.
Commodity Market	A highly competitive market featuring largely undifferentiated products where prices cluster near a low prevailing market level.
Product Differentiation	The strategy of distinguishing a product from competitors through unique features, higher quality, or superior branding, allowing for greater pricing power.
Barrier to Entry	Any competitive advantage, legal protection, supplier agreement, or financial hurdle that makes it difficult for new competitors to enter a market.
Minimum Viable Product (MVP)	The simplest early version, model, or sketch of a product used to test hypotheses and gather initial feedback from customers.
Prevailing Market Price	The standard price level established in a market through the interaction of multiple buyers and sellers.

Created by: Annika's Notes

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