Customers become ______ when they actually use the product or service.
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consumers
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Serviceable Available Market (SAM) refers to ______.
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Correct Answer:
the section of the total available market that your product or service intends to target
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When capturing customer experience, it is important to pay attention to numerous factors, including ______ which indicate how your user interacts with your company.
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Correct Answer:
touchpoints
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______ refers to the sellers that compete for customers in the marketplace, while ______ implies the desire held by prospective customers for the goods and services available.
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Correct Answer:
Supply; demand
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A ______ is a visual representation that captures customer experience across multiple touchpoints of your business. It is designed to provide a holistic view of your customers’ experience with your product or service
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Correct Answer:
customer journey map
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______ is a method of estimating the number of potential customers and possible revenue or profitability of a product or service.
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Market sizing
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______ entrepreneurs focus on the newness of the technology behind their idea, the superiority of the product or service, and the potential to revolutionize the industry.
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Novice
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Popular bloggers, experts in an industry, or CEOs of major corporations who carry a lot of weight when they evaluate your product and tell the public about it are examples of ______.influencers
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recommenders
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Focusing your resources on a single, primary market first is known as ______ marketing.
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beachhead
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This is one of six main items used to create an end user profile. To acquire experiential data, entrepreneurs walk in their users’ shoes for a time. This method is particularly effective after you have spent some time observing and talking to a group of end users.
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Correct Answer:
a day in the life
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The ______ method of estimating your market size involves determining the total market, and then estimating your share of the market, often using demographical data like population, age, income, or location to calculate market share.
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Correct Answer:
top down analysis
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Understanding your different customers according to demographics, geography, behavior, lifestyle, and needs is called ______.
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customer segmentation
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Approximately one-third of potential customers are classified as ______ customers. They are both practical and extremely risk-averse.
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early majority
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Customers who have the ability to approve large-scale purchases, such as for retail chains and corporate offices.
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economic buyers
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_____ are profiles or representations of your ideal customers based on information and market research that help you to create strategies to connect with your target audience and promote product and services to people who will potentially buy them.
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Correct Answer:
buyer personas
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In top-down analysis, determine the total market using ______ and then estimate your share of the market.
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Correct Answer:
demographic data
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Abbreviation of TAM
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Total available market
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The sellers who compete for customers in the marketplace are called
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Supply
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Share of market; the portion of SAM that your company is realistically likely to reach.
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True
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SAM is stands for
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Serviceable available market
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People who may evaluate your product and tell the public about it,Such people are called
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Recommenders
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In SOM goods or services created to meet a demand, thereby providing a solution to a customer problem
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False
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Which method used estimating the number of potential customers and possible revenue or profitability of a product or service.
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Market Sizing
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Best definition of market opportunity
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Correct Answer:
The degree of customer or market demand for a specific product application.
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The degree of customer or market demand for a specific product application is known Market Opportunity
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Correct Answer:
True
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A place where people can sell goods and services are called?
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Market
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Influencers who have the power to influence our . . .
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purchase decisions
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The type of customers who will use your product. Their feedback will help you refine and tweak the product are called
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End Users
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The customers who have the ability to approve large-scale purchases are called
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Economic Buyers
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Prospective customers’ desire for the goods and services available are called
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Demand
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Decision makers are customers similar to economic buyers who have even more authority to make purchasing decisions as they are positioned higher up in the hierarchy.
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Correct Answer:
True
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Method that captures customer experience across
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multiple touchpoints
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Customers who actually use the
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product or service
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Consumers represent the ideal customers based on information and market research.
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False
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In bottom-up analysis Estimating potential sales using calculations in order to arrive at a total sales figure
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Correct Answer:
True
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