ENTREP LESSON 1-2

• Unique Selling Proposition

  A specific, distinct aspect or feature of a product or service that differentiates it from competitors in the market
• Value Proposition 


  A business or marketing statement that summarizes why a consumer should buy a company's product or use its service
• Potential value proposition


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• Basic Elements of a VP

  • Target Customer
  • Needs/opportunity
  • Name of the product
  • Name of the enterprise / company
• Unique Selling Proposition

  Addresses the wants and desires of your customers
• How to create an effective unique selling proposition


  1. Identify and rank the uniqueness of the product or services character

  2. Be very specific

  3. Keep it short and simple (KISS)
• Value Proposition


  Unique set of benefits or value that a product, service, or brand promises to deliver to its customers
• Unique Selling Proposition


  A specific, distinct aspect or feature of a product or service that differentiates it from competitors in the market
• Common methods of market segmentation

  • Geographic segmentation
  • Demographic Segmentation
  • Behavioral Segmentation
  • Psychological Segmentation
• Customer requirements

  • Service Requirement (intangible things or products)
  • Output Requirement (tangible things or products)
• Market size


  The approximate number of customers that will buy the product or avail your services
• Steps to determine market size

  1. Estimate the potential market

  2. Estimate the customers who don't patronize your business

  3. Estimate the market share
• Firms and other business companies need to understand their service offerings and their customers to ensure that their services will be adopted as solutions to consumer needs
• Market Research or Marketing Research Process


  The process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market
• Data collection techniques

  • Surveys (Questionnaire)
  • Interview
  • Focus Group Discussion
• Considerations in the use of focus group discussions

  • The length of the session is between 90 and 120 minutes
  • Usually, conduct focus groups discussion with 8 to 10 participants per group
  • Assign an expert moderator / facilitator who can manage group dynamics
  • Use a semi-structure or open-format discussion
  • Strive for consistency in the group's composition