Small Business Chapter 9

Survey

a data-collection method in which participants respond to questions

secondary research

an approach to researching based on the use of existing information, often for government, commercial, or academic databases and research efforts

Core product

basic description of what a product is

Feasibility analysis

basic evaluation tool

The target customer

benefit matching long term value influencer impact

End User

A customer role that describes the person who eventually makes actual use of a product or service in his or her personal or work life.

Idea evaluation

exhaustive process of specifying the details of each idea's technological feasibility, its cost, how it can be marketed, and its market potential

Focus group

a form of data gathering from a small group led by a moderator

Augmented product

core product plus features that tend to differentiate it from the competition brand names, quality levels, packaging

Pivot

typically, a term describing a change of direction in the thinking of an entrepreneur or a firm, often based on new data or other findings

Total available market (TAM)

a marketing term that refers to all of the people or organizations (in one nation, region, or the world) who might consider a product or service being offered

Purchaser

A customer role that describes an individual or institution that pays for or obtains a product or service.

Me-too products

products essentially similar to something already on the mark

Decision Maker

A customer role that describes a person in an organization who is responsible for choosing which product or service will be obtained.

Penetrated market (PM)

A marketing term that describes the actual number of customers of an operating firm, divided by the size of the target market, which gives a percentage of the market the firm (or product/service) has attained so far.

marketing research

Systematic collection and interpretation of data to support future marketing decisions

total product

The entire bundle of products, services, and meanings of your offering; includes extras like service, warranty, or delivery, as well as what the product means to the customer.

Outstanding customer service

The idea of "going all out" for the customer or providing over-the-top service, not just the basic help, professionalism, and friendliness we all expect in any business transaction; an employee or manager who is trying to make sure the customer walks away with an exceptional experience

Purchasing process

The sequence of steps an individual or organization goes through in making a decision to buy a product or service.

Serviceable obtainable market (SOM)

a marketing term (also called the target market) that represents the customers that a firm expects to be interested in its particular product or service, and able to be serviced by the firm

Heterogeneity

a quality of a service in which each time it is provided it will be slightly different from the previous time

ethnographic research

data gathered by simple observation seeing what consumers do, rather than asking them

open-ended questions

questions that allow respondents to answer however they want

Dichotomous question

questions that has only two possible choices; for ex "have you shopped here before?"

Tangibility

an item's capability of being touched, seen, tasted, or felt

customer job

the term given to what potential customer is trying to do- perform or complete some sort of task, solve some problem, or try to achieve some outcome -the target of the job is often the key to what a proposed product or service is intended to help

Serviceable available market (SAM)

A marketing term that refers to the customers within the geographic reach of a firm.

budget cycle

A term applied to the schedule and the process for setting the schedule for making purchases by an individual or an organization

product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Secondary research

refers to using existing data or databases to gather info on the topic of interests to you often free and quick data may not be timely and you don't always know why the data were gathered and whether they were gathered correctly

influencer

a customer role describing a person or group who can make credible or recognized suggestions or recommendations to others regarding purchase choices

customer profile

a detailed description of an archetypical or hypothetical potential customer for a product or service, also called a customer persona

Inseparability

a quality of a service in which the service being done cannot be disconnected from the provider of the service

perishability

services exhibits perishability in that if it is not used when offered, it cannot be saved for later use

4 P's of Marketing

the four major components of a marketing effort - product, price, promotion, and placement -also called the marketing mix

Prototype

the name given to the first model of a product or service -some may be functioning but built in a way that no consumer would buy it -some look like the final product, but might not be functional -made to prove aspects of the idea and are seen as the first stop along the path of product/service creation

Product development process

the procedure to organize and pursue the creation of new goods and services

customer development process

the procedure to organize and pursue the finding, obtaining and keeping of new customers

Value Proposition

all business owners' unique selling points (also known as benefits) that customers can expect from your goods or services, including benefits that differentiate your offering from those of the competition

Primary research

an approach to researching based on the gathering of new information, using techniques such as interviewing, surveying, and observation

commercialization

the process of making the new products ready for use by consumers by achieving standards of durability and performance suitable for the market and comparable to (if not better than) the competition

Categorical question

Question that is answered by selecting the proper category; for example, "What is your ethnicity? White, African American, Hispanic, Asian, American Indian, Other."

Scalar question

Questions that are answered by some sort of scale; for example, "On a scale of 1 to 5, how do you like this book?"