Lesson 3 (recognize and 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 (VP)

Question 2

refers to how you sell your product or services to your customer. You will address the wants and desires of your customers.

Answer 2

UNIQUE SELLING PROPOSITION (USP)

Question 3

THREE FACTORS THAT WILL DETERMINE YOUR CUSTOMERS

Answer 3

Target market
Customer requirements
Market size

Question 4

2 types of customer requirements

Answer 4

service and output

Question 5

An intangible thing or product that cannot be touched
but the customer can feel the fulfillment.

Answer 5

Service Requirement

Question 6

Tangible thing or things that can be seen. Characteristic specifications that a consumer expects to be fulfilled in
the product.

Answer 6

Output Requirement