Chapter 5 to 8 (Technopreneurship)

A consumer is an individual or business that purchase another company's goods or services

These are dissociated from business operations and are often the parties interested in purchasing the final goods and services

It is an individual or business that purchase another company's goods or services

These are individual or businesses integrated into business operations

It is a need that motivates a customerto purchase a product or service

Most tangible and obvious. It can be broad or extremely specific, depending om customer's buying criteria

Relates to how person wants to be perceived by others

It refers to how customer wants to feel

These are categories of consumer populations that are useful to business for purposes

It enables more personalized interaction between business and its customer base

Customer demographics is used to get better understanding of who is using product or other resources

These is where customers encounter a process, feature or malfunction that frustrates their ability to engage with a product

It result in customers wasting their time

It is when a client don't receive the help they need

It is where customer feel they are not getting the value their money deserves

It result in extra steps, confusing instructions or slow user experience

Customer pain point are not important because they relate to several critical business operations and reveal how well your company responds

ASPECTS OF A BUSINESS THAT CAN CUSTOMER PAIN POINT AFFECT:

TIPS "FINDING" CUSTOMER PAIN POINTS:

TIPS FOR "FINDING/ELIMINATING" CUSTOMER PAIN POINTS:

It is a process of presenting a concept for a product to its target market

Market validation helps secure funding and resources

In market validation, no product development should be begin without it

It refers to a series of stages that an individual goes through when they consider buying a product or service

FIVE STAGES OF THE CONSUMER DECISION MAKING PROCESS

It create by using information about a business' top consumers

It is the worth in momentary terms of the social and economic benefits a customers

FIVE VALUES OFFERED TO A CUSTOMER

It states who the customer is and describes the values offered

It is a short version of firm's value proposition and is often used as a slogan or summary phrase

New venture can't use value proposition and unique selling proposition to clarify the business values offered to the customer

It is a limited group of individuals or business that it tries to appeal to

It is a place within a market segment that represents a narrow group of customers with similar interests

It illustrates a firm's positioning startegy relative to its major rivals

It is a catchy phrase that's used consistently that becomes associated with that company

It is the set of attributes that people associate with a company

It is a program used to protect the image and value of an organization's brand in consumer's minds

DIFFERENT WAYS OF THINKING ABOUT THE MEANING OF A BRAND

For start-ups, it is important to have a polished image immediately so that they have credibility when they approach their potential customers

It create awareness and a sense of anticipation about a company and its offerings

It denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm's valuation

ASSETS AND LIABILITIES THAT MAKE A FIRM'S BRAND EQUITY

It is a set of controllable, tactical marketing tools that it uses to produce the response it wants in the target market

4P's of MARKETING FOR NEW VENTURES

It refers to efforts to establish and maintain a company's image with the public

It is making people aware of a product in hopes of persuading them to buy it

Refers to the activities the firm takes to communicate the merits of its product to its target market

Determined by estimating what consumers are willing to pay for a product

Determined by adding a mark up percentage to product's cost

It is the amount of money consumers pay to buy a product

It is an early user firm's product who is willing to give a testimonial his or her experience with the product

It is an activity or benefit that is intangible and does not take on a physical form

It is the good or service it offers to its target market

It is a folder that contains background information about the company

It is an event at which the goods or services in a specific industry are exhibited and demonstrated

It consists primarily of blogging and establishing a presence and connecting with customer and others through social networking sites

These are tools that web sites can use to provide its user with personalized and social experiences

It facilitates and encourages people to pass along the marketing message about a particular product

It is a low budget approach to marketing that relies on ingenuity, cleverness and surprise rather than traditional techniques

It is the route a product takes from the place it is made to the customer who is the end user

Being able to control the process of moving their products from their place from their place of origin to the end user instead of relying on third parties

It is a process of eliminating layers of middlemen to sell directly to customers

It is typically pass off their product to wholesalers or distributors who place them in retails outlets to be sold

It give a retailer or other intermediary the exclusive rights to sell a company's product

It works to design and produce at low cost the highest-quality product that possesses unique differentiating factors

It can geographic or a product or price segment

It is based on unique competencies that enable the efficient management of process

It is to create a unique product based on a firm's unique competencies

Niche venture often require less capital and achieve financial success rather quickly