Vocabulary
How you communicate/distribute/sell the product
Channels
This is not a target market
Everyone
Used to gain customer insight
Empathy Mapping
4 Ps of marketing
Product, Price, Place, Promotion
Used to identify opportunities, solve problems, implement plans, monitor performance
Market Research
What is COG?
Cost of Goods
Key Characteristics
Demographics, Geographics, Psychographics, Buying Behavior
Leads to your first customer
Customer Discovery
Made up of COGs and desired profit
Price
Why market research is conducted
Determine attitude/preferences, test product, learn about competition, test market potential, understand public perception
A business name, slogan, or logo
Branding
Built by compiling customer information
Customer Persona
Used to conduct customer interviews
How/Why
Ways to inform or persuade the public
Promotion
Ways to conduct new(primary) research
Questionnaires, focus groups, observation, field trials
Understand what matters to customers
Empathy
The user, the buyer, the influencer, the decision maker
Who you are selling to
Designed with specific outcome in mind, costly, time consuming
Primary Research
How the product is available
Place
Ways to conduct secondary research
Internet, Library, Trade associations, SBA
Age, Gender, Income, Where they live
Demographics
Get/Keep/Grow customers
Customer relationship
Already done, less expensive, maybe out-of-date
Secondary Research
2 Types of Promotion
Advertising, Personal Selling, Direct Marketing, Social Media, Sales promotions, Public relations
Includes needs v. wants, usage trends, brand preferences
Buying Behavior