ENTREP chapter 5
Expeditionary Marketing
Forming markets and creating innovative products.
Digital Marketing
Internet tools like email and social networking to back-up marketing efforts.
End goal
The encouraging factor that stimulates action.
True
True or False: Product and/or service is the "what" of his business and personal branding is the "why".
False (One page only)
True or False: Elements of each user persona is normally written in two or more pages.
True
True or False: When the pain points and those concerned are determined then the entrepreneur has defined his target market.
Resource leverage
Utilize resources in the best possible way.
End goal
Want/s and need/s of users that can be satisfied by using the product and/or service.
Impulsive Icoy (Impulsive customer)
A customer that makes instant buying decisions based on craving or whim provided that the conditions are right.
Discount Daboy (Discount customer)
A customer who never buys a product and/or avail of service on full price but only on a discounted rate.
Target Market
A group of possible consumers or organizational buyers to whom a company wants to sell its products and/or services.
Cohort
A group of subjects who share a significant characteristic or experienced a common event in a selected time period.
Top Down
A market sizing approach which can be completed by using demographics such as company size, industry type, location, population, age, income and others.
Bottom Up
A market sizing approach which has no dependable sources of top-line demand; An entrepreneur may be able to make extrapolations until he reaches an applicable scale.
Consumer or business
A product and/or service may be intended for a B2B or B2C market.
Customer journey map
A representation of a typical customer's experience over time instead of a snapshot.
Loyal Lando (Loyal customer)
A satisfied customer that keeps coming back to one's store for more purchase.
User persona
A short fictional profile of an ideal user or customer.
Scenario
A story that describes the interaction of the user to a product and/or service to reach his end goal/s. When, where, and how of the story that happens.
Experience
A worthwhile shopping experience may create loyal customers.
Market
Any place where manufacturers, distributors and retailers sell and consumers buy.
Opportunities
Are insights that are obtained from mapping.
Journey Phases
Are responsible for the information about actions, thoughts, and emotions in the map.
Behavioral
Based on customer loyalty, occasion-based, consumer usage, etc.
Generation
Based on the generation they were born in
Psychographic
Based on the intrinsic traits of a customer.
Relationship Marketing
Building a solid connection between the brand and the customer.
Calculated risk-taking
Calculate pursuing novel opportunities.
The Potential Pandoy (Potential Customer)
Cannot be considered a customer yet. However, he needs a little bit of convincing and assistance making him a paying customer.
Customer intensity
Concentrates on enthusiasm, passion, zeal, and belief in marketing.
Header
Consists of a fictitious name, a picture and a quote.
Strategic flexibility
Display an enthusiasm to always evaluate and fine-tune.
Price
Every customer purchases within his budget limit unless a product/service is exceptional.
Functionality
Expected by the customer that the product can serve its purpose.
Demographic profile
It is based from facts: Personal background, professional background, user environment, and psychographics.
4
Market size is divided into how many broad categories?
One to One Marketing
Marketing efforts are tailor-fitted.
Viral Marketing
Marketing messages on the Internet.
Life Stage
Marketing whether its infancy, childhood, adolescent, adulthood or old age.
Continuous innovation
Must constantly create innovative ideas.
Total Addressable Market (TAM)
Potential value of product and/or service sold to a particular customer segment Customers in the core market around the world who need the entrepreneur's product and/or service offering
Real Time Marketing
Power of technology to interrelate with a customer in an actual time
Convenience
Product and/or service must be always readily available for the customer.
Reliability
Product should be dependable and it should meet the customer's requirements.
Compatibility
Product should be well-matched with the other products.
Proactiveness
Reassess the elements of the external environment to lessen its ambiguity.
Twitter and Pinterest
Social media platform designed simply for sharing information.
Social media platform designed to let others know who are professional.
Header
Sums up what is the most important to the persona related to the product and/or service.
Demographic
Target market here is described by means of age, gender, income level, educational background, marital status, etc.
Market size
The aggregate number of possible buyers of a product and/or service in an industry.
New Netnot (New customer)
The fresh customer who has just bought something for the first time.
Design
The product must always be appealing.
Scenario + Expectations
The scenario is simply the situation which the journey map talks about in relation to the actor's goals, needs and expectations.
Serviceable Available Market (SAM)
The subset customer of the total addressable market (TAM). Who can be reached and ready to buy goods or services using a one revenue stream/channel.
Serviceable Obtainable Market (SOM)
The subset of the SAM that will realistically get to use a product and/or avail of the service. The target market who the entrepreneur shall primarily sell to.
Geographic
The target market according to the place where possible customers live or work, take vacation or do business.
Potential Available Market (PAM)
The total possible value that represents the global market of products and/or services. It is the total possible value that represents the global market of products and/or services.
Actor
The viewpoint of the journey who is actually the persona or user.
Actions, Mindsets, and Emotions
These include behaviors, thoughts, and feelings the actor has during the journey.
