Entrep Flashcards
The core of any business
Value
It guides future decisions, innovations, and target customers
Value
the worth a business offers to the customers
Value Proposition
Answer the question “Why should the customer buy from you?”
Value Proposition
6 tips to create an effective proposition
- Prepare a situation analysis
- Be clear and specific.
- Highlight product or service value
- Adopt to the language of your market
- Add credibility-enhancing elements
- Differentiate with competitors
How you will sell the product or service to your customer
Unique Selling Proposition
focuses on customers wants and desires and promoting unique features of your product
Unique Selling Proposition
Examples of What Can Make a USP
Simplicity, Affordability, Competitive advantage
3 tips to create USP
- Identify and rank unique product/service attributes.
- Be specific and highlight differentiations.
- Keep it Short and Simple (KISS)
Common Communication Chanel for USP
Signage and posters, Social Media, Word of Mouth
A systematic process to understand customer needs, behaviors, and market conditions
Marketing Research
The total potential buyers in a specific market
Market Size
Individual or groups who purchase a business product/service
Customer
Considered as the Main Customers
Primary Target Market
Considered as the Occasional Customers
Secondary Target Market
Defined as grouping customers by socioeconomic factors to tailor strategies
Demographic Segmentation
Represents the purchasing power of the market
Income and Social Class
A group of people with similar social, economic, and cultural status
Social Class
This reveals the routine and income of the market
Occupation
This affects the buying behavior of the market
Gender and Age
This affects the way customers buy product or services (food, tradition, spending)
Religion and Ethnicity
Grouping customers based on psychological characteristics to understand why they buy
Psychographic Segmentation
