lesson 6

Question 1

what should you know about your customers?

Answer 1

position/title, age/sex, role, budget, motivations, role models

Question 2

multi-sided market

Answer 2

has multiple segments; customer segment has users and payers

Question 3

example of multi-sided market

Answer 3

google because the users get the product for free but the advertisers are the payers

Question 4

segments in a multi-sided market

Answer 4

each has its own value proposition and revenue stream but one segment cannot exist with out the other

Question 5

market types

Answer 5

1. existing market
2. re-segmented market
3. new market
4. clone market

Question 6

existing market

Answer 6

customers=known
customer needs=performance
competitors=many
risk=lack of branding, sales, and distribution

Question 7

re-segmented market

Answer 7

customers=possibly known--hypothesis
customer needs=better fit
competitors=many if wrong, few if right
risk=market and product re-definition
complex sales growth

Question 8

new market

Answer 8

customers=unknown
customer needs=transformational improvement
competitors=none
risk=evangelism and education

Question 9

clone market

Answer 9

customers=possibly known
customer needs=local version
competitors=none
risk=misjudge local needs
takes foreign business model and gives it local conditions