A business model is a holistic approach, to understanding how businesses work, and also to building a viable, and scalable business, from scratch. Business modeling, indeed, is about experimenting with the underlying assumptions around a business to make it viable quickly, thus reducing the chances of failure. Step 1: Define the problem to solve One […]
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Both TAM and SAM are market development concepts where an entrepreneur or an investor tries to assess the potential size of a market to tackle. While TAM stands for the total addressable market, and it’s the total potential customer size the couple be reached by a product or service. The SAM or serviceable addressable market
Geo-fencing employs location-based virtual boundaries in real-time, primarily on mobile devices. It finds applications in marketing, asset tracking, and security. Examples include sending targeted ads in retail stores and tracking delivery services. The benefits include personalized content delivery, improved efficiency, and enhanced security, but challenges include privacy concerns, accuracy, and battery consumption. Key Elements of
Trend analysis is a strategic analytical tool used by organizations to identify and interpret patterns, tendencies, and changes in data over time. By analyzing historical data and extrapolating trends, businesses can gain valuable insights into market dynamics, consumer behavior, and emerging opportunities or threats. Key Elements of Trend Analysis Implications of Trend Analysis Use Cases
A competitive edge is a unique advantage that propels an organization past rivals. It encompasses traits like innovation and cost leadership, with examples like Apple and Walmart showcasing its power. However, sustaining this edge poses challenges in a dynamic market, necessitating adaptable strategies and impactful marketing efforts. Characteristics of Competitive Edge: Types of Competitive Edge:
Competitive Positioning is a strategic approach where brands define their place in a competitive market. It involves market analysis, unique value propositions, and strategies like cost leadership and product differentiation. Effective implementation through marketing mix adjustments and communication leads to measurable outcomes like market leadership and customer loyalty, as seen in companies like Apple, Walmart,
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Showrooming is the process in which a shopper goes in a physical store to browse for products. Webrooming is the reverse process of showrooming. In the showrooming process, instead, consumers browse for products in the physical store, to finalize the purchase on an online platform at a lower price. Aspect Webrooming Showrooming Definition Webrooming is
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Waterfalling is an ad inventory mechanism that publishers use to unload the remaining inventory they could not sell at a premium price. Thus, with waterfalling, publishers sell the remaining inventory at subsequent lower price tiers to maximize profitability. In short, this is a technique that publishers use to maximize their profits on an otherwise unsold
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Bottom-up market sizing is a market research methodology that involves estimating market potential by analyzing individual customer segments, geographic regions, or product categories and aggregating the data to derive a comprehensive market estimate. This approach contrasts with top-down market sizing, which relies on industry averages or macroeconomic indicators to extrapolate market size. Related Frameworks, Models,
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The Ansoff matrix is a strategic framework for building up a growth strategy and managing the product portfolio. Instead, the technology adoption curve is a theory that describes how tech products go through several stages of market adoption based on psychographic segmentation. The technology adoption curve can be plugged into the Ansoff matrix to determine
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Market Sensing involves understanding and monitoring market trends and consumer behavior through various methods such as surveys, focus groups, and social media monitoring. Data analysis helps identify trends and consumer preferences, providing a competitive advantage and supporting informed decision-making. However, challenges include ensuring data accuracy and adapting to changing consumer behavior. Market sensing finds applications
Technology Readiness Level (TRL) is a scale used to evaluate the maturity of technologies, ranging from concept (TRL 1) to full-scale deployment (TRL 9). It finds applications in various industries and offers benefits such as innovation assessment and risk management. Challenges include subjectivity and resource-intensive assessments for complex technologies. TRL Scale Levels: Applications of TRL:
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The Value Proposition Canvas, part of the Business Model Canvas, is a tool used to ensure a product or service is positioned around customer values and needs. Aspect Explanation Value Proposition – Value Proposition is one of the key components of the Business Model Canvas, which is a strategic tool used for designing, describing, and
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In a Business Model Canvas, the building block associated with Key Resources describes the resources necessary to carry out business activities. Key resources describe any resource the organization requires for its business model to work. Aspect Explanation Key Resources – Key Resources is one of the nine building blocks in the Business Model Canvas, a strategic
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In the Business Model Canvas, the Customer Segments building block details the different groups of people the organization hopes to reach and serve. Customer segmentation is one of the key building blocks, as it’s the foundation of a business model, and it enables it to go through its first stages of traction. Aspect Explanation Customer Segments
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In the Business Model Canvas, the Customer Relationships building block describes the type of relationships a business creates with different customer segments. In short, these represent the set of actions a company needs to take in order to grow and maintain its customer base. Aspect Explanation Customer Relationships – Customer Relationships is one of the
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According to the Business Model Canvas, the Key Activities building block details any activities the business is engaged in to make a profit. Key activities comprise any business actions directly or indirectly carried out with the intention of making a profit. These activities usually encompass marketing, operations, production, administration, problem-solving, and customer management. Aspect Explanation
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Customer success metrics are those that quantify customer success and which help a business ensure that customers reach the desired outcome from using its products and services. Customer success metrics determine what sort of customer experience the business is delivering. In other words, is the product or service having a positive impact on the customer?
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Strategic alliances occur when two or more businesses work together to create a win-win situation. A strategic alliance describes cooperation between two or more organizations to achieve a result a single party could not achieve alone. Aspect Explanation Concept Overview A Strategic Alliance is a collaborative relationship formed between two or more organizations with the
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The four-step innovation process is a simple tool that businesses can use to drive consistent innovation. The four-step innovation process was created by David Weiss and Claude Legrand as a means of encouraging sustainable innovation within an organization. The process helps businesses solve complex problems with creative ideas instead of relying on low-impact, quick-fix solutions.
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