1.3a USP

Question 1

What does USP stand for?

Answer 1

Unique Selling Point

Question 2

List three potential unique selling points?

Answer 2

Price
Or 
Quality
Or 
Being the first in the market

Question 3

How does a unique selling point allow a business to succeed?

Answer 3

A unique selling point gives the business a competitive edge because they can offer something that others cannot.

Question 4

What are the four ways of adding value?

Answer 4

Branding
Convenience
Quality and design
Unique Selling Point

Question 5

What is a unique selling point

Answer 5

Something that makes a product or business stand out from it’s competitors.

Question 6

How does having a unique selling point help an entrepreneur to succeed?

Answer 6

Having a unique selling point offers the entrepreneur with an advantage over its competitors which allows the entrepreneur to gather more of the market share.

Question 7

What is likely to happen if an entrepreneur does not have a unique selling point?

Answer 7

The business could lose its market share

Question 8

What unique selling point did Dyson offer?

Answer 8

They were the first in the market.

Question 9

How does a unique selling point effect differentiation?

Answer 9

A unique selling point is a good way of differentiating and retaking market share.

Question 10

What is a potential unique selling point besides price?

Answer 10

Quality

Question 11

Give an example of a business and their USP.

Answer 11

Velvet’s USP is that they plant 3 trees for every tree they use.

Question 12

How can altering price be a USP?

Answer 12

If the company sells the cheapest product of that kind in the market.

Question 13

How can a business find out their USP?

Answer 13

The business could see what they are doing differently compared to their competitors.