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Unit 3 Terms
Term | Definition |
---|---|
4 P's of Marketing | Product, price, place, promotion |
Customer Discovery | The process of getting to know your customer. |
Target Market | Who your product or service will appeal to; potential customers |
Demographics | What type of person will buy your product. Ex. old, millennial, rural living |
Psychographics | Classifying people by their attitudes, aspirations, and other psychological criteria |
Buying behavior | The customer's decision process and what their spending habits are |
MVP | Minimum viable product aka prototype |
Market Research | The process of finding out who your customers are and what they are willing to buy |
Primary vs. Secondary Research Data | Primary - your own research into the market. Secondary - market trend articles, census data, etc. |
Branding | How you project your business to your customers |
Channels - Direct vs. Indirect | Direct - sells products directly to consumers. Indirect - sell through an intermediary ex. Walmart selling Nike clothing |
Customer Relationships - Get/Keep/Grow | How your customer will continue to know and buy from your brand |
Customer Segment | Dividing a broad target market down specifically into categorized groups |