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30 Cards in this Set
- Front
- Back
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Core of any business |
Customers |
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Any place where manufacturers, distributors, retailers sell and consumers buy |
Markets |
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This may speak of the whole group of buyers for a product and or service |
Market |
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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 |
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Markets are _______. As such, owners should monitor trends and changing needs |
Dynamic |
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Factors that influence the changes in the market |
LINE Lifestyles Innovations New Fashion Economic situations |
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7 things customers look for when buying something |
FRCCPED Functionality Reliability Convenience Compatibility Price Experience Design
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Type of customer that is not a customer yet; needs convincing or assistance to be a paying customer |
Potential customer (potential pandoy) |
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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) |
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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) |
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Type of customer that never buys on full price; least loyal moves to stores with better offers |
Discount customer (Discount Daboy) |
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Type of customer that is satisfied; keeps coming back |
Loyal customer (Loyal lando) |
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Group of possible consumers or buyers; focus all marketing efforts to reach them |
Target customer group |
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Target Customer Group that is intended for B2B or B2C |
Consumer of business to business |
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Target Customer Group that is according to place where possible customers work |
Geographic |
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Target Customer Group that is targeted by means of age, gender, educ bg, etc. |
Demographic |
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Target Customer Group that is based on intrinsic traits of customer: personality, attitudes, opinions |
Psychographic |
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Target Customer Group that is categorized by age such as baby boomers, gen x, etc |
Generation |
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Target Customer Group that customers share a common event in a selected time period (birth, grad) |
Cohort |
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Target Customer Group that is based on baby, childhood, etc, adulthood, old age |
Life stage |
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Target Customer Group that is based on customer loyalty, occassion or usage |
Behavioral |
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Short fictional profile of a user or customer |
User persona |
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Customer Persona includes |
FIGUMA Fictional name and photo Importanrt demographics Goals User needs and desires Motivations Activities |
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Visualizes and clariy current or future states of customer experience |
Customer journey map |
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Key components of journey map |
ASJAO Actor Scenario+Expectations Journey phases Actions, mindset, and emotion Opportunities |
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Any interaction that might alter the way your customer feels about the product/service |
Touchpoint |
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Aggregate number of possible buyers in an industry anff aggregate revenue |
Market sizing |
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TAM SAM SOM |
Total Addressable Market (how big?) Serviceable Available Market (what proportion fits?) Servicable Obtainable Market (what proportion can you reach?) |
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Completed using demographics and requires determination of existing demand and estimate |
Top Down |
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Calculated by estimating potential sales to determine a total sales figure |
Bottom Up |
