3- Understand the Market

Question 1

is a business or marketing statement that summarizes why a consumer should buy a company’s product or use its service.

Answer 1

VALUE PROPOSITION

Question 2

This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.

Answer 2

VALUE PROPOSITION

Question 3

In creating Value Proposition, entrepreneurs will consider the basic elements.

Answer 3

Target customer
Needs/opportunity
Name of the product
Name of the enterprise

Question 4

The development of a value proposition is a vital part of a company’s ___________

Answer 4

BUSINESS STRATEGY

Question 5

How to Create a Value Proposition

Answer 5

1. Know your customers
2. Understand your costs and benefits
3. Don’t forget about your competitors
4. (KISS) keep it short and simple
5. Make your proposition visible and appealing on all marketing materials

Question 6

It refers to how you sell your product or services to your customer. You will address the wants and desires of your customers. A marketing concept that persuade your target market.

Answer 6

UNIQUE SELLING PROPOSITION

Question 7

clearly sets you apart from the competition

Answer 7

UNIQUE -

Question 8

it persuades another to exchange money for a product or service

Answer 8

SELLING

Question 9

• It is a proposal or offer suggested for acceptance

Answer 9

PROPOSITION

Question 10

How to write a Unique Selling Proposition (USP)

Answer 10

Identify and rank the uniqueness of the product.
Be specific
Keep it short and simple

Question 11

Commonly used Methods for Segmenting the Market

Answer 11

Geographic segmentation

Question 12

Variables to consider: climate Culture, dominant ethnic group, density (rural or urban)

Answer 12

Geographic segmentation
2. Demographic segmentation
Psychological segmentation
. Behavioral segmentatio

Question 13

-gender, age, income, occupation, educational attainment, religion, family size

Answer 13

2. Demographic segmentation

Question 14

-needs and wants, attitudes, social class, brand concept, lifestyle

Answer 14

3. Psychological segmentation

Question 15

-benefits, loyalty, perceptions, reaction, buying habits

Answer 15

. Behavioral segmentation

Question 16

Are the specific characteristics that the customers need from a product or a service.

Answer 16

B. Customer Requirements

Question 17

Are the specific characteristics that the customers need from a product or a service.

Answer 17

B. Customer Requirements

Question 18

Types of customer requirement:

Answer 18

Service requirement
Output requirement

Question 19

It includes all aspects of how a customer expect to be treated while purchasing a product.

Answer 19

Service requirement(intangible)

Question 20

Characteristic specifications that a customer expects to be fulfilled in the product.

Answer 20

2. Output requirement (tangible things)

Question 21

It is like a size of arena where entrepreneurs will play their business. It is the approximate number of sellers and buyers in a particular market.

Answer 21

Market Size

Question 22

Steps to estimate the potential market

Answer 22

Approximate number of customers that will buy the product
Estimate the customers who probably dislike to buy your product.
3. Estimate the market share, that means plotting and calculating of the competitor’s market share to determine the portion of the new venture.