Lesson 2

Question 1

4 Steps in Creating a Target Market Profile

Answer 1

Identify the scope of messaging
Research on the target market
Build a realistic persona
Incorporate important characteristics

Question 2

The first step that must be taken is to determine what the business needs to communicate or transmit to the intended audience.

Answer 2

1. Identify the scope of messaging

Question 3

Researching on the market will help the business in identifying the critical information needed in target market profiling.

Answer 3

2. Research on the target market

Question 4

This step involves the identification of individuals that the business would like to reach.

Try to create an illustration or sketch of a person that belongs to the intended audience.

Answer 4

3. Build a realistic persona

Question 5

As a business engaged in creating marketing strategies, it must be able to determine the key factors that trigger the customers in purchasing a product or service, the reasons why they are discouraged from purchasing, and the product values they are looking for.

Answer 5

4. Incorporate important characteristics

Question 6

_____ are the specific characteristics that the customers need from a product or a service.

Answer 6

Customer Requirements

Question 7

These are the certain specific expectations of product features or characteristics with expected quality and value that should be present in a product for it to be deemed useful and desirable by the customer.

Answer 7

Customer Requirements

Question 8

2 Types of Customer Requirements

Answer 8

Service Requirement
Output Requirement

Question 9

these are intangible things or products that cannot be touched but the customer can feel the fulfillment

Answer 9

1. Service requirement

Question 10

some elements under this requirements may be on-time delivery, service with a smile, easy-payment, etc.

Answer 10

1. Service requirement

Question 11

includes all aspects and how easy the buying process goes.

Answer 11

1. Service requirement

Question 12

3 elements under service requirements

Answer 12

time delivery,
service with a smile,
easy-payment,

Question 13

these are tangible thing/s that can be seen

Answer 13

2. output requirement

Question 14

characteristic specifications that a customer expects to be fulfilled in the product

Answer 14

2. output requirement

Question 15

customers will avail services as a product, then various service requirements can take the form of output requirements.

Answer 15

2. output requirement

Question 16

Three levels of Customer requirements

Answer 16

Must Haves
Satisfiers
Delighters

Question 17

These are the functional requirements without which the customer will not accept the product

Answer 17

1. Must haves

Question 18

If fulfilled customers will be not show any exceptional appreciation but if not fulfilled, the customer will show dissatisfaction

Answer 18

1. Must haves

Question 19

The customers do not explicitly express their desire for these but expect it to be understood.

Answer 19

1. Must haves

Question 20

If you offer better or more of these satisfiers, then the customers will appreciate it more and will be more satisfied.

Answer 20

satisfiers

Question 21

There are the requirements that customers express their desire for, explicitly.

Answer 21

satisfiers

Question 22

Also known as “good to have”

Answer 22

satisfiers

Question 23

These are the extras features which may or may not be expected by the customer.

Absence of these will not leave the customer dissatisfied.

In fact, the absence of these characteristics might not even be noticed.

But adding these would increase the customer’s satisfaction greatly and will leave them delighted.

Answer 23

3. delighters

Question 24

Also known as “beyond expectations”

Answer 24

3. delighters

Question 25

The entrepreneur’s most critical task is to calculate the market size, and the potential value that market has for their start-up business. Market research will determine the entrepreneurs’ possible customers in one locality.

Answer 25

Market size

Question 26

________ will determine the entrepreneurs’ possible customers in one locality.

Answer 26

Market research

Question 27

it is like a size of the arena where the entrepreneurs will play their business.

Answer 27

Market size

Question 28

companies are interested in knowing the market size before launching a new product or service in the area.

Answer 28

Market size

Question 29

it is the approximate number of sellers and buyers in a particular market.

Answer 29

Market size

Question 30

it becomes the most important factor if you ever need to raise funding for your business

Answer 30

Market size

Question 31

3 Methods in conducting a strategic marketing research in determining the Market size

Answer 31

Step 1 – to estimate the potential market Step 2 – to estimate the customers who probably dislike to buy your product or avail the services Step 3 – to estimate the market share, entrepreneurs should plot and calculate the competitor’s market share to determine the portion of the new venture

Question 32

to estimate the potential market

Answer 32

step 1

Question 33

step 1

Answer 33

to estimate the potential market

Question 34

to estimate the customers who probably dislike to buy your product or avail the services

Answer 34

Step 2

Question 35

step 2

Answer 35

to estimate the customers who probably dislike to buy your product or avail the services

Question 36

to estimate the market share, entrepreneurs should plot and calculate the competitor’s market share to determine the portion of the new venture

Answer 36

Step 3

Question 37

step 3

Answer 37

to estimate the market share, entrepreneurs should plot and calculate the competitor’s market share to determine the portion of the new venture