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Entrepreneurship Exam 2

Terms in this set (109)

Problem Interview
validating hypothesis about problem/customer segment pair
market feasibility
entrepreneurs exploring new opportunities need to gain a rapid understanding of market size, market dynamics, and customer need for product/service
market segmentation
selecting a target market and positioning strategy to reach them
target market
specific group of customers who are similar enough that the same product/service will appeal to all of them
positioning strategy
position firm will occupy in customers minds that will differentiate it from competitors
un-segmented strategy
mass marketing; total market is the target market
multi-segment strategy
strategy that recognizes different preferences of individual market segments; unique marketing mix for each segment
single segment strategy
often used as entry strategy because can focus on most profitable segment and stay away from those occupied by major competitors
niche market
place within a market segment that represents a narrow group of customers with similar interests
feasibility analysis
process of determining if business idea is viable
product/service feasibility analysis
assessment of overall appeal of product/service being proposed; make sure it's what the customers want
desirability and demand
what are the two components of product/service feasibility?
desirability
excites consumers, fills a gap, now is the right time for it, and no fatal flaws
concept test
shows consumers a preliminary description of product or service idea called a concept statement
concept statement
one page document that includes description, target market, benefits, competitors, and your team
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