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Management exam 2 chp 9

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mehehaji's version from 2017-10-11 01:29

Section

Question Answer
What is the product development process?the procedure to organize and pursue the creation of new goods or services
What is customer development procesS?the procedure to organize and pursue the finding, obtaining and keeping of new customers
what is budget cycle?a term applied to the schedule and the process for setting the schedule for making purchases by an individual or an organization
Detailed description of an archetypical or hypothethical potential customer for a product or service,customer profile
This represents everyone who might consider the product or service your offeringTotal avaiable market (TAM)
This represents customers within your geographic reachServicable avaiable market (SAM)
Represents the customers that you think would be interested in your particular product or service Servicable obtainable market (SOM)
Describes the actual number of customers of an operating firm, divided by the size of the target market which gives a percentage of the market the firm has attained so far penetrated market (PM)
What is customer job?what a potential customer is trying to do, perfrom or complete some sort of task, solve some problem or try to achieve some outcome
What is primary researchan approach to researching based on the gathering of new information, using techniques such as interviewing , surveying, and observation
What is secondary researchan approach to researching based on the use of existing information often from government , commercial, or academic databases and research efforts
What is ethnographic researchdata gathered by simple observation - seeing what consumers do rather than asking them
What is value proposition?small business owners unique selling points that customers can expect from your goods or services , including benefits that differentiate your offering from those of competetion
What is long term value (LTV)A marketing concept that refers to the revenue generated by one customer over his or her lifetime dealing with one firm.
What is commercializationthe process of making the new product avbilable to consumers
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