1a part of the population that has shown some level of interest in buying a particular product or service.
Potential Market
2Importance of Potential Market (5) ITSIC
1. identity mew costumers, 2. think proactively about ways for your business to grow, 3. show the potential of your business to investors or collaborators, 4. increase your profit, 5. create a strategic plan when there will be changes in the economy or market
3Is a strategic marketing that is proposed to define the detailed customer of the product
Market identification
4Dividing the market into these segments helped the entrepreneurs address more specific needs, pricing patterns, and decision criteria in each of their different market segments.
market segmentation
5the process of diving a company's target market into groups of potential customers with similar needs and behaviors.
market segmentation
6Methods of Market Segmentation (4)
Demographic segmentation, behavioral segmentation, psychological segmentation, geographic segmentation
7Is a method dividing the whole market based on age, gender ethnicity, income, leve, of education, religion, and peofession/ role in the company. the purpose is to limit the market into similarities and finding the best strategy to satisfy their needs and wants
Demographic segmentation
8is often the easiest to identify and groupings the customers by their physical location. it can be identified by country, region, city, and postal code.
geographic segmentation
9is that the market is divided of what the customers think and believe like the personality traits, hobbies, life goals, values, belief and lifestyle.
psychological segmentation
10is that the market is divided bases on teh variables such as perception, knowledge, reactions, benefits, loyalty, and responses.
behavioral segmentation
113 Important Factors that must be considered in segmenting the market
1. Accessibility of the market segment, 2. Size of the market segment, 3. Distinction of the market segment
12the market segment must be accessible to the business
Accessibility of the market segment
13the market segment must be large enough to provide wealth to the entrepreneurial venture.
Size of the market segment
14The market segment must be easily differentiated.
Distinction of the market segment
15Is a stage in the market identification process that aims to determine the set of buyers with common needs and characteristics.
Market Targeting
16Prospect who are willing and capable buyers and have access to a particular market or service.
Available market
17It is defined as the number of people who are both willing and capable of buying a particular market.
Available market
18entrepreneurial marketing strategies (4)
individual or one-on-one marketing, segmentation marketing (differentiated and concentrated), mass or undifferentiated marketing
19products are tailored to the needs of individual costumers
individual or one-on-one marketing
20several segments are covered and products are designed to suit specific needs of a particular segment
differentiated marketing
21only one or few segments are covered but the product is designed for the majority of the consumers in the segment market
concentrated marketing
22product are mass produced to the whole market where consumers are not differentiated.
mass or undifferentiated
23is a place where two parties can gather to facilitate the exchange of good and services
market
24They make and economic wealth by providing products and services in order to create wealth.
Entrepreneurs
25Entrepreneur's principle
not to sell waste to customers, but only valuable products and services
26it is a tangible or intangible item that is built or produced to satisfy the needs of a certain group of people. To ensure the right product, an entrepreneur must know the demand of their consumer in the market.
Product
27It is a special form of product which consists of activities, benefits, or satisfactions offered for sake that are intangible and do not result in the ownership of anything.
Services
287 differences between product and services
THPACTI, IHPACNI
29are the named and unamed needs of customers when they come in contact with the different business establishments or when they search for the solutions which businesses provide.
Costumer needs
30How to meet the needs of customers? (4) IDCC
1. identify the customers need through keyboard research, focus group, or social listening, 2. distribute information to relevant stakeholders in the organization, 3. craft product features content that speaks to the customer's needs, 4. collect customer feedback in order to meet their expectations
31the amount of something that people and other entities use.
consumption
32taking possession of an asset by purchase.
acquisition
33measures how well the expectations of a customer concerning a product or service provided by your company have been met.
costumer satisfaction
34meeting the needs and desires of any costumers
customer service
35is information provided by clients about whether they are satisfied or dissatisfied with a product or service
customer feedback
36is a party that has an interest in a company and can either affect or be affected by the business.
stakeholders
37funds used by a business to attain new assets, improve existing ones or reduce a liability
expenditures
38capable of being perceived especially by the sense of touch
tangible
39unable to be touched or grasped; not having physical presence
intangible