Startup Market Types Overview

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Questions and Answers

Which organization is described as a global leader in professional training programs?

SS Academy (correct)

Food for Brain Webinar

Philippine Trade Training Center

Our Company

What is the focus of the training programs offered by the Philippine Trade Training Center?

Various industries in different business operations (correct)

Outdoor leadership and team building

Personal development for individual skills

Technological advancements in communications

What type of businesses is specifically targeted by Our Company's professional training program?

Food micro, small, and medium enterprises (MSMEs) (correct)

Healthcare institutions

Large multinational corporations

Technology startups

What is a key feature of the training programs provided by SS Academy?

Backed by various international brands Signup and view all the answers

What specific aspect does the training from the Philippine Trade Training Center relate to?

Quality, standards management, and related risk management Signup and view all the answers

What is a key characteristic of a Clone market?

It adapts a foreign business model to local conditions. Signup and view all the answers

Which of the following is NOT a basic reason for market segmentation?

To create a single comprehensive strategy. Signup and view all the answers

What does niche marketing primarily target?

A micro-segment of the market. Signup and view all the answers

Which of the following strategies helps in finding a niche?

Developing a mental picture of customers. Signup and view all the answers

Which factor can help mitigate the risks in a Clone market?

Localizing the business model. Signup and view all the answers

What is essential when creating market segments?

Considering psychographic or behavioral factors. Signup and view all the answers

What is a common misconception about customer personas within a niche?

They are unnecessary for niche marketing. Signup and view all the answers

What is a result of successfully finding and serving a niche market?

Higher likelihood of customer retention. Signup and view all the answers

What is a key characteristic of an existing market?

Technology drives performance improvements Signup and view all the answers

In which market type do customers need to be made aware of their needs?

New market Signup and view all the answers

What is the primary risk when entering an existing market?

Underestimating competitors' capabilities Signup and view all the answers

Which market type combines elements from both new and existing markets?

Re-segmented market Signup and view all the answers

What defines the market size in a new market?

It is zero at the beginning Signup and view all the answers

What factor is NOT critical in re-segmented markets?

Creating entirely new customer needs Signup and view all the answers

What is a challenge specific to the new market type?

Awareness of customer needs must be created Signup and view all the answers

What primarily drives the positioning in an existing market?

Customer values on product features Signup and view all the answers

What is the primary focus of the training programs mentioned?

Understanding FDA regulatory requirements Signup and view all the answers

Which of the following is NOT included in the training offerings?

Product marketing techniques Signup and view all the answers

Who are the primary beneficiaries of the training programs?

Micro, Small, and Medium Enterprises (MSMEs) Signup and view all the answers

What type of assistance is provided for obtaining a License to Operate?

Guidance on documentary requirements Signup and view all the answers

Which service is provided to ensure compliance with regulatory requirements?

Auditing and certification services Signup and view all the answers

What is a benefit of participating in the bundled training sessions?

A full range of food services consultations Signup and view all the answers

Which of the following focuses on preparing food safety manuals?

Guidance on Food safety manuals preparation Signup and view all the answers

What discount is offered as part of the training programs?

Discount on Food Safety textbook Signup and view all the answers

Which question is focused on understanding customer expectations?

What will produce outcomes that your customer expects? Signup and view all the answers

What is the main purpose of pain relievers in your offering?

To relieve the customer's pains. Signup and view all the answers

Which question targets the creation of delight for the customer?

What will make your customer go beyond their expectations? Signup and view all the answers

What aspect does the term 'gain creators' refer to?

The features that create happiness for customers. Signup and view all the answers

Which of the following best defines 'pains' in the context of customer experience?

The negative experiences or frustrations faced by customers. Signup and view all the answers

What is the focus of the 'Jobs' section in the value proposition canvas?

Understanding the actions customers take when facing a problem. Signup and view all the answers

In asking 'What will make your customer happy?', which aspect are you trying to uncover?

The emotional responses of customers to your product. Signup and view all the answers

Which question addresses the potential for competitive advantage?

How can you copy or outperform to delight your customer? Signup and view all the answers

Study Notes

Market Types

There are four types of markets for a startup: Existing, New, Re-Segmented/Niche, and Clone.
Existing Market: This type has competitors and customers who want better performance, with technology usually driving the factor. Positioning focuses on the product's value to customers.
New Market: Customer demand doesn't currently exist, requiring years for revenue generation. Customers must be educated about their needs, and the "chasm" is significant since sale targets are limited to early adopters.
Re-Segmented/Niche Market: This market is created by focusing on a small part of an existing market. The key is to identify factors that can be reduced, increased, or completely new compared to industry standards.
Clone Market: This market involves adapting a foreign business model to a local condition (language, culture, regulations). It requires a large customer base (typically over 100 million) and success depends on accurately understanding local needs.

Market Segmentation

Market segmentation involves dividing a target market into approachable groups. It uses criteria like demographics, needs, priorities, interests, and behaviors to understand the target audience better.

Finding Your Niche

Niche marketing strategy focuses on a smaller, specific segment of the market.
Benefits include better referrals, more repeat business, and less competition.
To find your niche: acquire focused knowledge about your market, develop a mental picture of customers, and understand what causes them to purchase products or services.

Estimating Market Size

After segmenting the market and finding a niche, estimate the market size.

Customer Persona

Customer persona is a representation of an ideal customer within your niche.
They are the first adopters of your product or service.

Gain Creators Sub-Section

This section helps you understand what makes your customers happy and how to meet their expectations.
Questions to ask:
- How can you create savings to make your customers happy?
- What will produce outcomes that your customer expects or that go beyond their expectations?
- How can you copy or outperform to delight your customer?
- What will make your customer's job or life easier?
- What will create positive social consequences that your adoption makes easier?
- What else should you do to meet your customer's dream?
- How can you fulfill your customer's success and failure expectations?
- What will produce positive outcomes matching your customer's desires?
- What will make your customer's job or life easier?

Value Proposition Canvas

Gain Creators: This section focuses on the benefits your product or service provides to customers.
Pain Killers: This section focuses on how your product or service addresses customer problems or pain points.
Jobs This section focuses on the customer's desired outcomes and the tasks they need to accomplish.
Gains: This section focuses on the positive outcomes or benefits your product or service creates for customers.

Competition Analysis

The text provides an example of a competition analysis by comparing different companies in the same industry (training programs).
Key areas of comparison include: product benefits, training programs offered, and target market.

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Description

This quiz explores the four main types of markets for startups: Existing, New, Re-Segmented/Niche, and Clone. Understand the unique characteristics and challenges of each market type to better position a startup for success. Discover how these market classifications can inform your business strategy.