Marketing and Customer Insights

Saboteurs can veto or slow down a purchasing decision, negatively impacting a company's reputation.

Demographics provide basic information about the target audience but may not capture their attitudes or preferences effectively.

Psychographics provide deeper insights into the psychological attributes, such as values and aspirations, of target end users.

<p>Proxy products indicate the purchasing habits and interests of potential customers, revealing their demographic and psychographic traits.</p> Signup and view all the answers

<p>It allows entrepreneurs to empathize with end users by understanding their daily experiences and needs.</p> Signup and view all the answers

<p>Saboteurs intentionally work to harm a company's reputation, whereas dissatisfied customers may voice concerns without malicious intent.</p> Signup and view all the answers

<p>Entrepreneurs should use demographics for basic targeting, while emphasizing psychographics for a comprehensive understanding of motivations.</p> Signup and view all the answers

<p>Psychographic data is difficult to gather and analyze accurately, making it challenging for businesses to rely on it solely.</p> Signup and view all the answers

<p>Fair pricing is the degree to which both businesses and customers believe that the pricing is reasonable, which is essential for customer trust and satisfaction.</p> Signup and view all the answers

<p>Bundled pricing is packaging a set of goods or services together and selling them for a lower price than if sold separately, which provides savings for consumers.</p> Signup and view all the answers

<p>Cost-led pricing calculates costs plus a profit margin, while target-return pricing sets prices based on the level of investment in the business.</p> Signup and view all the answers

<p>Value-based pricing sets the price based on the benefits it provides to customers, influenced by consumer perceptions of value and the product's impact on their finances.</p> Signup and view all the answers

<p>Resilience helps entrepreneurs manage stress and persist through challenges, often enabling them to thrive despite setbacks.</p> Signup and view all the answers

<p>Grit allows entrepreneurs to work hard and remain committed to their long-term goals, which is essential during challenging times.</p> Signup and view all the answers

<p>One emotional factor is the ability to process and manage feelings, which helps entrepreneurs cope with stress and maintain a positive outlook.</p> Signup and view all the answers

<p>Psychological resilience is crucial as it involves effective coping strategies and behaviors that allow entrepreneurs to handle adversity and prevent quitting.</p> Signup and view all the answers

<p>A positive emotional state helps individuals face challenges more effectively and enhances their ability to cope with adversity.</p> Signup and view all the answers

<p>Cognitive factors influence resilience by shaping our mindset and beliefs about our capabilities and the opportunities within challenges.</p> Signup and view all the answers

<p>Prior experience refers to how past adversities and failures contribute to strengthening one's resilience over time.</p> Signup and view all the answers

<p>Bootstrapping is starting a business without external funding, relying instead on personal resources and creative solutions.</p> Signup and view all the answers

<p>Crowdfunding is raising money for a new venture from a large audience, typically online, enabling entrepreneurs to access capital without traditional funding sources.</p> Signup and view all the answers

<p>Social factors, such as strong networks and community support, provide a safety net that facilitates resilience during challenging times.</p> Signup and view all the answers

<p>Crowdfunders are individuals or organizations raising money through crowdfunding, while backers are those who financially support these ventures.</p> Signup and view all the answers

<p>Ongoing learning helps individuals develop new strategies and insights to overcome challenges, thereby enhancing resilience.</p> Signup and view all the answers

<p>To outline your vision and spot any mistakes before further development.</p> Signup and view all the answers

<p>It involves booking orders for a product before it has been fully developed.</p> Signup and view all the answers

<p>It involves observing users to understand what works and what doesn’t.</p> Signup and view all the answers

<p>A landing page is designed to solicit specific actions from users, like 'Click here for more information'.</p> Signup and view all the answers

<p>It provides a visual representation that helps articulate how a project interacts with stakeholders.</p> Signup and view all the answers

<p>It helps to clearly define what problem the customer faces, the solution being offered, and the benefits of that solution.</p> Signup and view all the answers

<p>Prototypes can be low-fidelity, medium-fidelity, or high-fidelity depending on their detail and functionality.</p> Signup and view all the answers

<p>Identify the question related to the idea or concept being tested.</p> Signup and view all the answers

<p>Angel investors typically conduct less thorough due diligence than venture capitalists due to time, resource constraints, and limited information on early-stage ventures.</p> Signup and view all the answers

<p>An IPO is a company's first sale of stocks to the public, and timing is crucial for VCs to maximize their returns on investment.</p> Signup and view all the answers

<p>A buyback is when an entrepreneur buys back a venture capital firm's stock at cost plus a premium, and they are rare because young companies often lack the cash needed for such transactions.</p> Signup and view all the answers

<p>The marketing mix is a framework that includes Product, Price, Promotion, and Place, helping to define a brand and differentiate it from competitors.</p> Signup and view all the answers

<p>Understanding price is vital as it reflects perceived value and can be adjusted based on market demand and competitors' pricing strategies.</p> Signup and view all the answers

<p>Innovators are the first 2.5% of customers to try a new product, motivated by their enthusiasm for new technology and their willingness to take risks.</p> Signup and view all the answers

<p>Early adopters, making up the next 13.5% of customers, are influential figures who adopt new products based on reasoned decisions rather than just enthusiasm.</p> Signup and view all the answers

<p>The early majority, making up 34% of customers, are practical, risk-averse individuals who prefer to wait for positive peer feedback before making purchases.</p> Signup and view all the answers

<p>The late majority are skeptical, pessimistic, and risk-averse customers who generally adopt innovations after the majority have accepted them.</p> Signup and view all the answers

<p>Laggards make up the final 16% of customers and are characterized by their negative attitude toward technology and strong aversion to change.</p> Signup and view all the answers

<p>The four factors are: customers buy similar products, have similar expectations, are located in cities or towns, and use word of mouth or social media for sharing experiences.</p> Signup and view all the answers

<p>The three steps are: create the entire product, position the product, and distribute the product through the right channels.</p> Signup and view all the answers

<p>Entering 'the tornado' signifies that the product has gained rapid market acceptance and the business may experience explosive growth.</p> Signup and view all the answers