Marketing and Customer Development Flashcards
6 cards from real Entrepreneurship practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Marketing and Customer Development flashcards as text
What is a minimum viable product (MVP)?
Answer: The simplest version of a product with enough features to gather validated customer feedback
An MVP is the most basic version of a product that can be released to collect meaningful feedback and test core assumptions with minimal investment.
What is a referral program?
Answer: A marketing strategy that incentivizes existing customers to refer new customers
A referral program rewards existing customers for recommending a business to others, leveraging word-of-mouth to acquire new customers at lower cost.
What does A/B testing mean in marketing?
Answer: Testing two versions of a marketing element to see which performs better
A/B testing (split testing) involves showing two versions of a marketing element to different audience segments to determine which drives better results.
What is a sales funnel?
Answer: A visual tool showing the stages prospects move through from awareness to purchase
A sales funnel illustrates the stages potential customers move through—awareness, interest, consideration, and purchase—helping entrepreneurs identify drop-off points.
What is a niche market?
Answer: A small, specialized segment of a larger market with specific needs
A niche market is a focused subset of a larger market in which a business specializes to serve a specific, underserved customer need.
What does 'product-led growth' (PLG) mean?
Answer: A business strategy where the product itself is the primary driver of customer acquisition and retention
Product-led growth is a go-to-market strategy where the product's value and user experience drive acquisition, conversion, and expansion without heavy sales reliance.