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30 Cards in this Set

  • Front
  • Back

Core of any business

Customers

Any place where manufacturers, distributors, retailers sell and consumers buy

Markets

This may speak of the whole group of buyers for a product and or service

Market

TRUE OR FALSE The prices of products and services are dictated by the customers mainly from demands and competition

FALSE it is dictated by the market

Markets are _______. As such, owners should monitor trends and changing needs

Dynamic

Factors that influence the changes in the market

LINE


Lifestyles


Innovations


New Fashion


Economic situations

7 things customers look for when buying something

FRCCPED


Functionality


Reliability


Convenience


Compatibility


Price


Experience


Design



Type of customer that is not a customer yet; needs convincing or assistance to be a paying customer

Potential customer (potential pandoy)

Type of customer that is someone who bought something for the first time and an entrepreneur should careful of first impressions

New customers (New Netnot)

Type of customer that makes instant buying decisions and is influenced by their current mood; if treated properly, can provide with high percentage sales

Impulsive customer (Impulsive Icoy)

Type of customer that never buys on full price; least loyal moves to stores with better offers

Discount customer (Discount Daboy)

Type of customer that is satisfied; keeps coming back

Loyal customer (Loyal lando)

Group of possible consumers or buyers; focus all marketing efforts to reach them

Target customer group

Target Customer Group that is intended for B2B or B2C

Consumer of business to business

Target Customer Group that is according to place where possible customers work

Geographic

Target Customer Group that is targeted by means of age, gender, educ bg, etc.

Demographic

Target Customer Group that is based on intrinsic traits of customer: personality, attitudes, opinions

Psychographic

Target Customer Group that is categorized by age such as baby boomers, gen x, etc

Generation

Target Customer Group that customers share a common event in a selected time period (birth, grad)

Cohort

Target Customer Group that is based on baby, childhood, etc, adulthood, old age

Life stage

Target Customer Group that is based on customer loyalty, occassion or usage

Behavioral

Short fictional profile of a user or customer

User persona

Customer Persona includes

FIGUMA


Fictional name and photo


Importanrt demographics


Goals


User needs and desires


Motivations


Activities

Visualizes and clariy current or future states of customer experience

Customer journey map

Key components of journey map

ASJAO


Actor


Scenario+Expectations


Journey phases


Actions, mindset, and emotion


Opportunities

Any interaction that might alter the way your customer feels about the product/service

Touchpoint

Aggregate number of possible buyers in an industry anff aggregate revenue

Market sizing

TAM SAM SOM

Total Addressable Market (how big?)


Serviceable Available Market (what proportion fits?)


Servicable Obtainable Market (what proportion can you reach?)

Completed using demographics and requires determination of existing demand and estimate

Top Down

Calculated by estimating potential sales to determine a total sales figure

Bottom Up