Entrep quiz 2

 Positioning

• process of identifying an appropriate market niche for a product (or service, or brand) and getting established in that area.

• about perception–how your brand, product, or service is viewed in the minds of your target audience.

 Positioning Statement

• An expression of how a given product, service, or brand fills a particular consumer need in a way that its competitors don’t.

Customer Profiling

Process of creating a customer profile

Customer profiling includes :

1. Behavior and usage pattern, preferences and dislikes

2. The benefits the customers desire

3. Their expectations

4. Their characteristics and traits

Concept

An idealized abstraction of the product or service to be offered to the preferred market of the entrepreneur

A concept must be :

Compelling and Unique to the target customers.

Market Niche

Small segments of the market where discriminating customers are searching for a special product or service features and attributes

Designing

It means that the entrepreneur must render the concept and translate it into its very physical and very real dimensions (measurements)

Prototype

• It is a way to test a product before it is released to the public.

• It allows companies to find and fix problems before the product is released.

• It can be done with a small group of people or with a larger group of people.

• important part of the product development process.

• It can be done with different types

Implementing, Organizing, and Financing

• Good Planning and good programming are essential to have good ______

• A good planner and programmer must make several important choices to achieve the desired end results.

End Results

refer to the final outcomes of the business, such as highly satisfied customers, huge sales, and or large profit that has been generated.