ELE 4030 Exam 1

Four Types of Market Segmentation

behavioral, psychographic, geographic, demographic

Elements of Customer Experience

1. Discovery 2. Engagement 3. Delivery

VP Canvas- product section

features, benefits, and experience of your product

Customer Experiences

involves how a business engages with its customers at every point of the purchase process

Feasibility Section of Business Model Canvas

key resources, key partners, key activities

Types of value propositions

profitability productivity experience convenience image

______ and ______ are often tied to reach target markets

promotion and place

Target Market

specific group of potential customers who a business aims to reach with its products or services

VP Canvas- Customer Selection

wants, needs, fears, and substitutes

structural similarities

when the underlying mechanisms of the technology resemble the underlying mechanisms of the market

5 Stages of Business Growth

1. Existence 2. Survival 3. Success 4. Growth 5. Maturity

Elements of Value Pyramid

1. functional 2. emotional 3. life changing 4. social impact

Three Elements of a value proposition

1. measurable 2. business drivers 3. movement

Feasibility, Desirability, Viability

Business model canvas sections

Types of Value propositions- convienence

CASH (Convenient, actionable, speedy, hassle free)

Marketing Mix 4 P's

Product, price, place, promotion

Risks and Strategies of the Maturity Stage

Risks (misaligned focus, knockoffs, fear of innovation Strategies( be lean, empower employees, disrupt yourself, defend the cash cow)

Sustainable Business Model

a business model that can be implemented long term, allow for growth opportunities, and generate enough revenue to cover costs, must be flexible

Market Segmentation

breaking the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs, or location

Desirability Section of Business Model Canvas

channels, customer relationships, value proposition,customer segments

Viability Section of Business Model Canvas

cost structure, revenue streams

Causation

entrepreneurs focus on a predefined goal and then aim to find the means to reach that goal

Effectuation

entrepreneurs focus on the means at hand, which they aim to materialize into one or more goals that were not necessarily predefined