Recognize and understandthe market Flashcards
a business or marketing statement that summarizes why a consumer should but a company’s product or use its service
Value proposition (VP)
the statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.
Value proposition (VP)
often, they are longer than USPs and seek to explore the benefits that a company offers its customers on a practical and emotional level
Value proposition (VP)
The greatest value proposition examples usually include a headline, sub headline, or short paragraph and a visual to add extra interest, such as an image, video, or illustration.
After reading value propositions, customers should have no misunderstandings about what a brand stands for and what it can offer them
Value proposition (VP)
an important aspect in _____ is that it must be truthful and that it should establish credibility to the customers
Value proposition (VP)
The greatest value proposition examples usually include a ____, ____, or ____ and a ____ to add extra interest, such as an _____, ____, or _____.
headline
sub headline
short paragraph
visual
image
video
illustration
After reading value propositions, customers should have____
no misunderstandings about what a brand stands for and what it can offer them
an important aspect in Value Proposition is that it must _____
be truthful and that it should establish credibility to the customers
4 Basic elements to consider in creating Value proposition (VP)
target customers
needs/opportunity
name of the product
name of the enterprise/company
5 Value Proposition Advantages
Gives direction.
Creates focus.
Breeds confidence.
Customer understanding and engagement.
Focus on clarity of value.
refers to how you sell your product or services to your customer because you will address the wants and desires of your customers
UNIQUE SELLING PROPOSITION (USP)
it is what makes your product or service different from the competition.
It is what sets your business apart and provides value to customers.
UNIQUE SELLING PROPOSITION (USP)
it must present the best feature of the product or service and highlights product benefits that are meaningful to consumers
UNIQUE SELLING PROPOSITION (usp)
it is a statement created by entrepreneurs to highlight distinct characteristics of products or services from competitors.
UNIQUE SELLING PROPOSITION (USP)
3 Tips on how to create an effective UNIQUE SELLING PROPOSITION (usp)
Identify and rank the uniqueness of the product or services character
Be very Specific
Keep it Short and Simple (KISS)
5 Advantages of the Unique Selling Proposition
Clear Differentiation.
Improved Revenue.
Loyal Customers
Simpler Selling
Sales Strategy
is a sage in market identification process that aims to determine the buyers with common needs and characteristics.
Prospect customers are market segment that an entrepreneurial venture intends to serve.
Market Targeting
the act of forming prospective buyers into particular groups that share one or more similar characteristics and who will respond similarly to their product needs
Market segmentation
Without proper segmentation, any target market will only be deemed as a general population.
Market Segmentation
4 Commonly used methods for segmenting the markets
Geographic Segmentation
Demographic Segmentation
Psychological Segmentation
Behavioral Segmentation
Without proper segmentation, any target market will only be deemed as a ______.
general population
_____ are market segment that an entrepreneurial venture intends to serve.
Prospect customers
Total market basically dwells on the location so that products and services can be better served in a particular area.
Climate
Dominant ethnic group
Culture
Density (either rural or urban)
geographic segmentation
4 sub topic of geographic segmentation
Climate
Dominant ethnic group
Culture
Density (either rural or urban)
These are divided based on consumers:
gender
age
income and occupation
education
religion
family size
demographic segmentation
6 sub topic of demographic segmentation
gender
age
income and occupation
education
religion
family size
These are divided in terms of how customers think and believe
Needs and wants
Attitudes
Social class
Personality traits
Knowledge and awareness
Brand concept
Lifestyle
Psychological Segmentation
6 sub topics of Psychological Segmentation
Needs and wants
Attitudes
Social class
Personality traits
Knowledge and awareness
Brand concept
Lifestyle
These are divided according to customers’ behavior pattern as they interact with a company
Perceptions
Knowledge
Reaction
Benefits
Loyalty
Responses
Behavioral Segmentation
6 Sub topic of Behavioral Segmentation
Perceptions
Knowledge
Reaction
Benefits
Loyalty
Responses
