Chapter 9

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decision maker

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

purchaser

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

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

customer profile

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

ethnographic research

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

survey

data-collection method using a questionnaire - in person, on phone, on paper, or on the internet

focus group

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

Penetrated market (PM)

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

Total available market (TAM)

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

target market

group of people on which a marketer focuses promotion and sales efforts

value proposition

Small 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

purchasing process

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

budget cycle

schedule and the process for setting the schedule for making purchases by an individual or an organization

influencer

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

pivot

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

product

offered to the market to satisfy a consumer's wants, needs or demands

customer job

what a potential customer is trying to do—perform or complete some sort of task, solve some problem, or try to achieve some outcome

Serviceable available market (SAM)

customers within the geographic reach of a firm

me-too products

similar to products on market

Serviceable obtainable market (SOM)

(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


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