Therefore, no budding entrepreneur should establish a business without undergoing the ________ process or else the business will surely fail.

They are the customers who don’t have enough purchasing power or have fewer demands.

Primary and secondary target market

Grouping customers according to their location. It can be as small as a street, a village, or a barangay. It can also based on municipality, city, province, or region.

These questionnaires can be distributed and answered ________, by _______, or through the _______.

This can be obtained through a meticulous market segmentation process.

Customers are very specific when it comes to their needs and their desired benefits, so the __________ should cater to those particular needs.

These behaviors are instigated by occassions, desired benefits, loyalty, and usage of prodects or availment of services.

Process of grouping the customers according to their actions.

Thus, the ________ is the major driver in customer purchase or service availment.

It is commonly used by market researchers to capture qualitative results from target customers. It is a process of mining customer and noncustomer experience and insights about a specific product or service.

These are said to be the lifeblood of the business.

___________ of the customers are very important factors for the entrepreneur to consider because these represent the purchasing power of the market.

Market segmentation

Demographic/socioeconomic segmentation

How to create Value Proposition? 1. Prepare a situation analysis that details the problem(s) of the customers. 2. Make your value proposition straight to the point, simple, and specific; in short, there should be __________. Your value proposition has to target your major objective. 3. Highlight the value of your product or service so that customers will easily get what benefits you can provide. 4. Adapt to the _______ of your market. 5. Add credibility-enhancing elements such as actuial testimonials from customers, partrners, and other stakeholders, putting specific assurance elements and social acceptability metrics found in social media or press materials. 6. Differentiate your value proposition with your ________. Examples of value proposition differentiators are the originality of the product or service, its functionalities, or if the product or service can be tailored-fitted to the customer’s preference, among others.

_______ also should be taken to account because these affect the way they buy products or avail services.

One method is to simply watch and examine the customer’s behavior in their raw state without biases and pretentions, thereby providing more accurate results and faster process.

________ should also be considered not just to determine the customer’s income but also their daily routine where goods and services can be properly positioned.

The ________ records information as it occurs or as it happens using his or her five senses

It is the process of getting answers from a sample of respondents derived from a particular population

It is simply the size the arena where the entrepreneur’s business will play.

The ________ employs an equipment (e.g., video camera or computer) to record information needed.

It is a comprehensive process of understanding the customer’s intricacies and the industry they revolve in.

It is one of the preferred and practical methods of generating ideas because the researcher documents the behavioral patterns of people or of objects or events without necessarily requiring them to participate in the research process.

2 main types of interview

KISS

It is the process of grouping similar or homogenous customers according to demographic, psychographic, geographic (location), and behavior.

VP

7Ps or marketing

How to make a unique selling proposition? 1. Identify and ________ of the product or service attribute. 2. Be very _______. 3. Keep it ______ and ______ (KISS)

Process of grouping customers according to relevant socioeconomic variables for the business venture. These variables include income range and social class, occupation, gender and age, religion, and ethnicity.

________ are data that must be mined because the life cycle of customers and their gender influence their buying behavior.

It is a report that outlines your marketing strategy for the coming year and quarter or month.

Starts with identifying the customer’s needs where you are tasked to create a meaningful value proposition.

________ is one of the most critical tasks of an entrepreneur.

It addresses the customer’s wants and desires. After you create your value proposition, you have to figure out how to advertise or promote certain unique features of the product or service that you’re trying to sell.

Process of grouping customers according to their perceptions, way of life, motivations, and inclinations.

These are specific features and characteristics that the customer needs from a product or service.

These are the people who buy or avail product/service. Their thoughts, feelings, and experiences, shape the decisions of the business.

Observation can be done by ____ and ____

They may not be the primary target market, but they can be converted once effective marketing strategies are implemented.

USP

It is one of the most reliable and credible ways of getting relevant information from the target customers.

It is the approximate number of customers that will buy the product or avail the service.

The best way to fully understand the customers is to ask them about their specific thoughts and desires.

Refers to how you will sell the product or service to your customers.

It is a comprehensive paper that details the situation analysis, objectives, strategies and tactics, and how to monitor and control the enterprise.

It is the approximation of the number of buyers and sellers in a particular market.

Includes customer profiling, drives the entrepreneur on what correct strategies and tactics to employ.

Through this, the researcher will be able to generate relevant concerns and issues of customers such as their views and inclinations toward a product or service, perceptions or impressions on new product or service models, innovations of the older product or service, inventive concepts on promotions, price elasticity, and initial feedback of cutomers on marketing tactics and advertisements.

Usually, potential market is what you call the _________ or the ________ because this is the total market

Simply states why a customer should buy a certain product or service.

3 steps in getting the market size

It is a face-to-face contact between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give him significant pieces of information about the problem that he will solve.