ch 6 Flashcards by Brianna Garcia

customer vs consumer

customer can be a consumer

consumers are the ppl who use the good or service

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What is:
essential to business success

customer identification

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what are the 4 main elements to define a market

Set of customers
Products or service
Have needs or wants
Process of buying it (who reference each other)

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what are these:

A Set of customers
Products or service
Have needs or wants
Process of buying it (who reference each other)

the 4 main elements to define a market

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what is market demand

market opportunity

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what are the 5 different types of influencers

users
influencers (opinion leaders)
recommenders
Economic buyers
Decision makers

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what is BMC

tailored around customer needs,

customers are divided into segments

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what is

important building block in the business model canvas

value proposition

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what are the (4) questions to define customer segments

who are they
where are they
How do they behave
What are their needs?

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what are these questions used for

who are they
where are they
How do they behave
What are their needs?

define customer segments

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what is the End User Profile (6)

Demographics
Psychographics (values, lifestyle, beliefs)
Proxy Product (substitute)
Watering Holes
Day in the life
Biggest fears and motivators

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entrepreneurship vs traditional marketing

entre: have the product then fine the consumers

traditional market: no se

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technology adoption life cycle

5 market categories of potential customers

innovators (2.5 % of customers)
Early Adopters (next 13.5 % of customers)
Early majority (34% of customers)
Late Majority (next 34 % of customers)
Laggards (16% of customers)

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what is:

crossing the chasm

focusing your resources on the beachhead market

key is generating a larger following

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what are the factors defining a beachhead market

customers buy similar products, have similar expectations and communication

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steps to cross the chasm

create the entire product
position the product
distribute the product through the right channels

what are buyer personas

profiles of ideal customers

building personas is a powerful way to predict buyers’ behavior

interviews and data generate key buying insights

interested and noninterested buyers
relevant and irrelevant features to the solution
3, buyers and negative experience
Resources that buyers trust
buyers involved in decisions and influence

what is exlucionary personas

help refine the customers

customers you do not want

confirming your findings

website analytics: customer’s location, the amount of traffic to your site
social media tools: a useful source of data
direct customer: feedback about customer experience

5 key phases of customer interaction

discovery
research
Purchase
Delivery
After the sale

subgroups of market

TAM (Total Available Market )
SAM (Serviceable available market)
SOM (Share of the market)

key questions to relating customer segments

Size of customer segment
buying power of customers
customers and the segment
Accessibility of the customers
stability of the customer segment

why market size is important

calculate sales and profits
identify growth
pinpoint competitive advantage

calculate market size

define the segment conduct top-down market sizing conduct a bottom-up analysis Don't forget to do sanity checks check out the competition

benefits of customer journey mapping

1. clear picture of customer interaction 2. clarifies what customers think 3. Confirms the journey of the customer

6 steps to creating your own customer journey map

1. Gather the material you need 2. Identify the segment of customers 3. Write down any touch points in the entire journey 4. Identify 3 or 4 aspects of the customer journey 5. Think about solutions to the problems 6. Create a visual version of the journey.

Factors to keep in mind when creating a customer journey map

- key touch points - tasks knowledge pain and happy points emotions wish list influencers

market size: key questions to relate to customer segments

- size - buying power - customers and the segment - accessibility of the customers - stability of the customer segment

why is market sizing important

calculates sales and profits identifies growth opportunities pinpoints competitive threats thinking of exit strategies a sense of market trends as proof for investors

Demographics and psychographics

give limited info

business model

describes the rationale of hoe a new venture creates, delivers, and capture value

crowdsourcing

using the internet to attract, aggregate and manage

What are the components of a business model?

1. The offering (value 2. Customers 3. Insfrastructure ( all resources, ppl, rech, products, suppliers etc, 4. Financial Viabiity

what is explains the uniqueness of a company offerings and suggest why a customer should buy from them

Customer value proposisiotn

4 problems expeirence by customers

1, lack of time 2. lack of money 3. lack of skills 4. lack of access

types of markets 1. large group of customers 2. Small market segment w/ specific needs

Mass market niche market

Business model canvas 9 parts

1. value proposition- offering 2. customer segments 3. channels 4. customer relationships 5. key activities 6. key resources 7. key partners 8. cost structure 9. revenue