Market, Customers and Minimum Viable Product Lecture Flashcards

Vocabulary flashcards covering market definitions, customer types, buying requirements, market segmentation, and Minimum Viable Product (MVP) development principles.

Market

Any place where manufacturers, distributors, and retailers sell and consumers buy.

Price (Customer Requirement)

The monetary cost of an offering, which majority of customers look at to ensure purchasing within their budget limit.

Experience (Customer Requirement)

A worthwhile interaction provided to customers in addition to good product or service quality.

Convenience (Customer Requirement)

The characteristic of a product or service being readily available so customers do not seek an alternative.

Reliability (Customer Requirement)

The dependability of a product to meet customer requirements and expectations every time it is purchased.

Compatibility (Customer Requirement)

The requirement that a product is well-matched with other products the customer is already consuming.

Potential Pandoy

A customer type who is not yet a paying customer, needing a little convincing and assistance to make a purchase.

New Netnot

A fresh customer who has just bought something for the first time from a business and is a beginner at using it.

Impulsive Icoy

A customer who makes instant buying decisions based on craving or whim when conditions are right, requiring few purchasing steps.

Discount Taboy

A customer who never buys a product or service at full price, but only at a discounted rate.

Loyal Lando

A satisfied customer who repeatedly returns to make purchases and acts as a brand ambassador by recommending the business to family and friends.

Target Market

A group of possible consumers or organizational buyers to whom a company wants to sell its products or services.

Demographic Segmentation

Describing a target market through variables such as age, gender, income level, educational background, marital status, and other personal life areas.

Psychographic Segmentation

Market segmentation based on intrinsic traits of a customer, such as personality, lifestyle, social status, activities, interests, opinions, and attitudes.

Minimum Viable Product (MVP)

The version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.

Build → Measure → Learn

The cycle of testing early with real users and using evidence to improve the product instead of spending heavily beforehand.

Less Is More (MVP Principle)

The principle that MVP development should begin with essential value to test the main customer problem, rather than a long list of features.

Boring Feature (MVP Principle)

Basic, unexciting functions (like speed, search, login, or payment) that create necessary reliability and reduce customer frustration.

Minimize Friction (MVP Principle)

The process of removing unnecessary steps, confusing forms, repeated information, and extra clicks to help users easily complete an action.

Close the Loop (MVP Principle)

Designing a product to help users complete a task from start to finish, providing clear feedback on what happened after an action.

Iterate and Refine

The continuous learning cycle of collecting user feedback and usage data to determine what features should be improved, removed, or added.

Pivot

A strategic change in direction based on learning when evidence demonstrates the current approach is not solving the customer problem.