Final

What is New Entrant Business?

A firm whose product or service is established elsewhere but is new to the market

What is a pure good?

A tangible (hold, look, see) Ex. Shampoo, toothpaste

Why is marketing research important?

Can verify the size of the potential market, show strength of competitors, and reveal where potential customers are likely to shop

What is the first step in the marketing process?

Connecting your customer to your product or service through the value proposition. (Customer development process focuses specifically on meeting the needs of the customer, hopefully leading to a new product or service.)

What kinds of promotional method work best?

Depends on the target market and budget factors

What is Secondary Research?

Existing Information often from government, commercial, and school data bases (Already been done)

What is gains and pains?

Gains are what customers benefit from the product and pains are negative experiences and risks of getting the job done.

What is Primary Research?

Gathering of new information by observation and interviewing (New being done)

What is service obtainable market?

Your target market, represents the customers a firm expects to be interested in its particular product or service

Customer's estimation of what a product should be priced and how they perceive that?

Internal Refence Price

What is a pure service?

Non tangible good such as a car wash or hair cut

What is the influencer?

People or group with the ability to make suggestions to any of the other roles

What are type of new businesses?

Pioneering Business and New Entrant Business

What are the two forms of marketing research?

Primary and Secondary

What are strategies of market growth?

Product Expansion, Market Penetration, Diversification, and Market Expansion

What are the customers roles?

Purchaser, End user, Decision Maker, Influencer,

What is Product Expansion?

Selling New product to the same customer

What is Diversification?

Selling new product to new customers

What is Market Penetration?

Selling the Same product to the same Customer

What is Market Expansion?

Selling the same product to new customers

What is service available market?

The customers within the physical geographical reach of the firm

What is value proposition?

The outcome of what you want your customers to have from the product or service

What is the decision maker?

The person who decides which product or sercive will be bought

What is Pioneering Business?

When product or service is truly new to everyone (Creating a new industry