ENT (2)

Question 1

MARKET TYPES
the advantage is that
there’s little or no market risk

Answer 1

Existing Market

Question 2

MARKET TYPES
Customers and their preferences are
unknown and direct competitors are non-existent

Answer 2

New Market

Question 3

MARKET TYPES
a hybrid between a New market and an
Existing market

Answer 3

Re-segmented/Niche Market

Question 4

MARKET TYPES
it takes a foreign business
model and adapts it to local conditions.

Answer 4

Clone Market

Question 5

The practice of dividing
your target market into approachable groups.

Answer 5

Market Segmentation

Question 6

focuses on a micro-segment of
the market.

Answer 6

Niche marketing strategy

Question 7

To find your Niche you must:

Answer 7

-Acquire focused knowledge about your market.
-Develop a mental picture of your customers
-Understand what prompts customers to want to buy
products/services.

Question 8

TAM is also known as?

Answer 8

Total Addressable Market

Question 9

SAM is also known as?

Answer 9

Serviceable Addressable Market

Question 10

SOM is also known as?

Answer 10

Serviceable Obtainable Market

Question 11

refers to the total market demand for a product or service. It’s the maximum amount of revenue a business can possibly generate

Answer 11

Total Addressable Market

Question 12

estimates the portion of the TAM, that you can acquire given your limitations

Answer 12

Serviceable Addressable Market

Question 13

determines that many customers from the SAM would realistically purchase your product

Answer 13

Serviceable Obtainable Market

Question 14

CUSTOMER PERSONA
they are these buyers who love to have
innovative products

Answer 14

Innovators

Question 15

CUSTOMER PERSONA
Appreciate innovations and are ready
to adopt new products even if they are perfect or not

Answer 15

Early Adopters

Question 16

CUSTOMER PERSONA
They are driven by the analysis of different standard factors such as price, quality, needs, etc

Answer 16

Majority

Question 17

CUSTOMER PERSONA
These individuals typically have an aversion to change-agents.

Answer 17

Laggards

Question 18

helps you understand the customer and how your products and services create value.

Answer 18

Value Proposition Canvas

Question 19

VALUE PROPOSITION CANVAS
you clarify your customer understanding

Answer 19

Customer Profile

Question 20

VALUE PROPOSITION CANVAS
you describe how you intend to create value for that customer

Answer 20

Value Map

Question 21

you achieve ___ between the Customer Profile and Value Map when one meets the other.

Answer 21

Fit

Question 22

COMPETITION ANALYSIS
is someone that offers the same
products, within the same category as you

Answer 22

Direct Competitor

Question 23

COMPETITION ANALYSIS
a business that sells a product or service in the same category as you, but it’s different enough to act as a substitute

Answer 23

Indirect Competitor

Question 24

COMPETITION ANALYSIS
a business that sells a product or service that’s both different in category and type than you, but one which your customers could choose to spend their money instead.

Answer 24

Replacement Competitor

Question 25

refers to the activities a company undertakes; includes advertising and allows businesses to sell products and services to consumers, other businesses, and organizations.

Answer 25

Marketing

Question 26

consists of all possible consumers sharing a certain need or want

Answer 26

Market

Question 27

Who defined Market?

Answer 27

Philip Kotler

Question 28

a group of people that have been identified as the most likely potential customers; it can influence a product's design, packaging, price, promotion, and distribution.

Answer 28

Target Market

Question 29

**4 TYPES OF MARKET SEGMENTATION** sorts a market by elements such as age, education, household income etc.

Answer 29

Demographic Segmentation

Question 30

**4 TYPES OF MARKET SEGMENTATION** creates different target customer groups based on geographical boundaries

Answer 30

Geographic Segmentation

Question 31

**4 TYPES OF MARKET SEGMENTATION** considers the psychological aspects of consumer behaviour

Answer 31

Psychographic Segmentation

Question 32

**4 TYPES OF MARKET SEGMENTATION** divides markets by behaviours and decision-making patterns

Answer 32

Behavioral Segmentation

Question 33

includes **multiple areas of focus** as part of a comprehensive marketing plan

Answer 33

Marketing Mix

Question 34

**MARKETING MIX** this represents an item or service designed to satisfy customer needs and wants.

Answer 34

Product

Question 35

**MARKETING MIX** the sale price of the product reflects what consumers are willing to pay for it

Answer 35

Price

Question 36

**MARKETING MIX** when determining areas of distribution, it's important to consider the type of product sold.

Answer 36

Place

Question 37

**MARKETING MIX** activities might include advertising, sales promotion, personal selling, and public relations.

Answer 37

Promotion

Question 38

**MARKETING MIX** _______ (staff member), _______, and ______________ to reinforce a consumer-centric type of marketing strategy.

Answer 38

People, Process, Physical Evidence

Question 39

the process of collecting vital information about a company’s target audience, market, and competition

Answer 39

Market Research

Question 40

details the strategy that a company will use to market its products to customers

Answer 40

Marketing Plan

Question 41

the techniques you use to reach your target audiences

Answer 41

Marketing Strategies

Question 42

a useful tool for evaluating a business idea's viability

Answer 42

SWOT Analysis

Question 43

also referred to as a competitive analysis, is the process of identifying competitors in your industry and researching their different marketing strategies

Answer 43

Competitor's Analysis

Question 44

is the percent of total sales in an industry generated by a particular company; calculated by dividing the company's sales over the period by the industry's total sales over the same period

Answer 44

Market Share

Question 45

describes how an organization creates, delivers, and **captures value, in economic, social, cultural or other contexts.**

Answer 45

Business Model

Question 46

It allows you to describe, design, challenge, invent, and pivot your business model; a simple document that can help you cover the different parts of your business. This includes your offering in terms of product or service, your customer segments, your distribution channels, your finances.

Answer 46

Business Model Canvas

Question 47

Visualize and communicate a simple story of your business model.

Answer 47

Map Existing Business Models

Question 48

Use the canvas to explore new business models whether you are a start-up or an existing business

Answer 48

Design New Business Models

Question 49

Use the canvas to easily juggle between "Explore" and "Exploit" business models.

Answer 49

Manage a Portfolio of Business Models

Question 50

helps you deconstruct your idea into its key assumptions.

Answer 50

Lean Canvas

Question 51

Lean Canvas is a 1-page business plan template created by ________________

Answer 51

Ash Maurya

Question 52

Lean Canvas is adapted from ________ Business Model Canvas and optimized for Lean Startups.

Answer 52

Alex Osterwalder

Question 53

**CHARACTERISTICS OF LEAN CANVAS** you can outline multiple possible business models on a canvas in one afternoon.

Answer 53

Fast

Question 54

**CHARACTERISTICS OF LEAN CANVAS** it will be read by more people and also more frequently updated.

Answer 54

Portable

Question 55

**CHARACTERISTICS OF LEAN CANVAS** forces you to distill the essence of your product

Answer 55

Concise

Question 56

You have __ seconds to grab the attention of an investor over a metaphorical elevator ride

Answer 56

30

Question 57

and have __ seconds to grab the attention of a customer on your landing page

Answer 57

8

Question 58

built-in presenter tools allow you to effectively document and communicate your progress.

Answer 58

Effective

Question 59

**9 BLOCKS OF THE LEAN CANVAS** what problems are your customers facing?

Answer 59

Problems

Question 60

**9 BLOCKS OF THE LEAN CANVAS** a homogenous group of customers

Answer 60

Customer Segment

Question 61

**9 BLOCKS OF THE LEAN CANVAS** what solution is your customer ready to pay for?

Answer 61

Solution

Question 62

**9 BLOCKS OF THE LEAN CANVAS** a compelling message that states why your solution is different and worth buying

Answer 62

Unique Value Proposition

Question 63

**9 BLOCKS OF THE LEAN CANVAS** how your customer engages with your product

Answer 63

Channels

Question 64

**9 BLOCKS OF THE LEAN CANVAS** the amount of money customers are willing to pay

Answer 64

Revenue Streams

Question 65

**9 BLOCKS OF THE LEAN CANVAS** the key elements that drive your cost

Answer 65

Cost Structure

Question 66

**9 BLOCKS OF THE LEAN CANVAS** actionable, auditable, and accessible metrics

Answer 66

Key Metrics

Question 67

**9 BLOCKS OF THE LEAN CANVAS** a solution cannot be easily copied or bought

Answer 67

Unfair Advantage

Question 68

Building a startup is all about being fearless and the ability to take risks

Answer 68

Risky Assumptions