WEEK 3

• Value proposition


  - A business or marketing statement that summarizes why a consumer should buy a company's product or use its service.

  
  

  - It is often used to convince a customer to purchase a particular product or service to add a form of value to their lives

  
  

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• "why should a customer buy from you"

  The question which a value proposition answers. It focuses on the overall value and benefits a customer receives from choosing it.
• Benefits


  An aspect of a value proposition that highlights the specific benefits or solutions that a product or service offers to address customer needs or problems
• Differentiation


  An aspect of a value proposition that outlines what sets a product or service apart from competitors in terms of value and benefits
• Customer-centric


  A key aspect of value proposition that says it is designed to resonate to the target audience addressing their pain points or desires
• Overall promise


  An aspect of value proposition that states that it communicates the value that customer can expect to receive by using the product or service
• Basic elements of a value proposition

  • Target customer
  • Needs or opportunity
  • Name of the product
  • Name of the enterprise or company
• Unique selling proposition (USP)


  - A specific, distinct aspect or feature of a product or service that differentiates it from competitors in the market.

  
  

  -It is a clear statement that conveys what makes a product or service unique

  
  

  - it refers to how you sell your product or services to customer

  
  

  - it is often communicated verbally through a slogan or short tagline
• Uniqueness


  A key aspect of a USP saying that it focuses on something that competitors do not offer or cannot replicate easily
• Specificity


  An aspect of a USP stating that it is usually a single compelling factor or benefit that sets the product or service apart
• Memorability


  A key aspect of a usp saying that it should be easy to remember and communicate to customers
• Customer impact


  An aspect of a usp emphasizing how this unique feature or benefit directly impacts the customer making it desirable
• Target market


  A sage in market identification process that aims to determine the buyers with common needs and characteristics.

  Prospect customers are market segment that entrepreneurial venture intends to serve.

  It allows you to focus on your marketing money and brand message

  An effective way to reach potential clients and generate business
• Geographic segmentation


  The total market is divided according to geographical location. (Climate, dominant ethnic group, culture, density)
• Demographic segmentation


  Divided based customers (gender, age, income, occupation, education, religion, ethnic group, family size)
• Psychological segmentation


  Divided in terms for customers think and believe (needs and wants, personality traits, brand concept, lifestyle)
• Behavioral segmentation


  Divided according to customers behavior pattern as they interact with a company (perceptions, knowledge, reaction, benefits, knowledge and awareness, loyalty, responses)
• Customer requirements


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

  1. Service requirement
  2. Output requirement
• Service requirement


  Intangible thing or product that is not able to be touched but customer can fill the fulfillment. Aspects of how a customer expect to be treated while purchasing a product and how easy the buying process goes.
• Output requirements


  Tangible things but can be seen. Characteristics specifications to the customer expects to be fulfilled in the product
• Market size


  The approximate number of sellers and buyers in a particular market