NVC Chapter 3: Understanding Your Industry and Markets

Groupings of customers with similar characteristics.

Stages of life – can refer to a product, market or industry.

A market where there are a large number of competitors of about the same size, usually in a mature or declining industry.

A market where there are a few, large competitors, usually in a mature or declining industry.

The ‘five Ps’ that define your marketing strategy: Product/service, Price, Promotion/communication, People (service) and Place (distribution channels etc.).

The launch of a minimum viable product, then using customer feedback in an iterative fashion to further tailor it to the specific needs of customers.

The size of a general market that might be interested in buying a product.

The size of your prospective market – those in the potential market who might be interested in buying your particular product.

The size of the target market segment you wish to serve within the total available market.

The size of the served available market you capture.

Porter’s Five Forces that affect the degree of competition in an industry: competitive rivalry, threat of substitutes, threat of new entrants, power of buyers and power of suppliers.

The costs of switching the company from which you buy a product or service.

An analysis of your Strengths and Weaknesses and the Opportunities and Threats that you face.

A technique that tries to assess how possible future situations might impact on a firm.

The activities upon which the success of the venture critically depend.