LESSON 3

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

is a sage in market identification process that aims to determine the buyers with common needs and characteristics. Prospect customers are a market segment that an entrepreneurial venture intends to serve.

Answer 3

Market Targeting

Question 4

The total market is divided according to geographical location.

Answer 4

Geographic Segmentation

Question 5

Divided based on consumers.

Answer 5

Demographic Segmentation

Question 6

Divided in terms of how customers think and believe.

Answer 6

Psychological Segmentation

Question 7

Divided according to customers’ behavior pattern as they interact with a company.

Answer 7

Behavioral Segmentation

Question 8

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

Answer 8

Customer Requirements

Question 9

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

Answer 9

Service Requirement

Question 10

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

Answer 10

Output Requirements

Question 11

The entrepreneur’s most critical task is to calculate the market size, and the potential value that market has for their start-up business.

Answer 11

Market Size