Entrepreneurship and Customer Knowledge Flashcards

Flashcards covering vocabulary related to entrepreneurship, knowing your customer, market research, and branding from BizInnovator Startup materials.

Deliverable

A common business term for a task assigned to a team member or employee; assignments and activities students will turn in to their instructor.

Empathy

The capacity to step into other people’s shoes, to understand their lives and what matters to them.

Market Research

Processes and methods used to gather, analyze, and report findings. Used to identify opportunities, solve problems, implement plans, and monitor performance.

Primary Research/Data

Research designed with a specific outcome in mind; data collected in a variety of ways, but can be costly and time-consuming.

Secondary Research/Data

Research that has already been done and data has been analyzed; can be applied right away, less expensive, but may not answer desired issues or may be out-of-date.

Target Market

Your ideal group of customers who will benefit from your value proposition; who a business attempts to sell to; referred to as “Customer Segments” on the BMC.

Demographics

Examples include age, gender, ethnic background, income, and marital status.

Geographics

Examples include city-dweller, suburban, rural, and international/domestic.

Psychographics

Examples include attitudes, beliefs, lifestyle, interests, hobbies, activities, and social status.

Buying Behavior

Examples include needs vs wants, spending patterns, usage trends, brand preferences, and advertising influence.

Customer Persona

Built by compiling information about your customer through LISTENING, refining your Problem Statement, and building a viable Value Proposition.

Customer Discovery

Identify your customers via listening and interviewing, discover their pains and problems, and develop a solution (i.e. Value Proposition) that addresses their pain/problem.

Empathy Map

Tool used to gain a deeper insight into the end-user; what the user says, does, thinks, and feels.

Minimum Viable Product (MVP)

Your business idea, in its simplest form; no extra bells & whistles; meets your needs, but may not be your ideal product; helps prove that the product is wanted by customers, and can be a business.

Marketing Mix

A combination of factors that can be controlled by a company to influence the target market to purchase its products.

Product (Marketing Mix)

The total product offering (including user experience); includes features, benefits, brand strength, influence, reputation, warranty, customer support.

Price (Marketing Mix)

Amount a customer will pay; perception of a product’s value; selling price is made up of costs of goods sold (COGS) and desired profit margin.

Promotion (Marketing Mix)

Ways that a company may inform, persuade, remind a target market about their products/services.

Place (Marketing Mix)

Locations where the product/service can be purchased; how did the product become available (distribution path).

Trademarks

Protect the unauthorized use of a word, symbol, design, or combination of these… which identifies your organization, or its goods and services; provides legal protection to your brand; distinguishes one organization from another.

Copyright

Refers to the legal protection one receives for literary and artistic works (in the US), when provided in a fixed or tangible form of expression.

Channels

How you will communicate/distribute/sell your product; companies may use their own channels, or partner channels (or both).

Customer Relationships

A description of the experience between business and customers; Get (Customer acquisition), Keep (Customer retention), Grow (Growth through up-selling, new versions, cross-selling, referrals).