Chapter 5 Flashcards
Is any place where manufacturers, distributors and retailers sell and consumers buy.
Market
Types of customers
- Potential customer - cannot considered customer yet
- New customer - fresh customer who has bought something for first time
- Impulsive customer - makes instant buying decision based on craving
- Discount customer - a customer who never buys a product or service on full price but only on discount rate.
- Loyal customer - customer that keeps coming back to ones store
Is a group of possible consumers or organization buyers to whom the company wants to sell it’s products or services.
Target market
Is a short fictional profile of an ideal user or customer.
User persona
Consist of a fictitious name, a picture and a quote which sums up which is the most important to the persona that is related to product or service offering.
Header
Defining the target market according to place.
Geographic
Are based from the intrinsic traits of a customer such as personality, lifestyle, social status, AIO and attitude.
Psychographic
Target market here is describing by means of age, gender, income level, educational background, marital status and other areas.
Demographic
Is the encouraging factor that stimulates action.
End goal
Is a representation of a typical customer’s experience over time instead of a Snapshot.
Customer Journey Map
Key elements of journey map
- Actor - the persona or the user
- Scenario + Expectations
- Journey Phases - high level stages in the journey of an actor
- Actions, Mindset and Emotions
a. Concrete behaviors and steps engaged by user’s
b. Corresponds to the thoughts, questions, motivations and information of the actor
c. Drawn as distinct line across the journey Phases. Emotional ups and downs of the experience. - Opportunities - are insights that obtained from mapping.
Refers to aggregate number of possible buyers of a product and or service in an industry and the aggregate revenue that these sales may produce over the course of a year.
Market size
Is the total possible value that represents the global market of products or services sold over definite timeframe without any limits of geography and other factors.
PAM - Potential Available Market
Is the potential value of product and service sold to a particular customer segment.
TAM - Total Addressable Market
Is a subset customer of total addressable market (TAM) who can be reached and ready to buy goods and service using one revenue streams/channel.
SAM - Serviceable Available Market
