Recognizing & Understanding The Market Flashcards
(23 cards)
What does Unique Selling Proposition (USP) refer to?
What makes a product or service stand out from competitors.
What does USP highlight?
A special feature or benefit.
Give an example of a USP from the technology industry.
Apple iPhone - ‘The most secure and user-friendly smartphone.’
What is the USP of Dyson Vacuum Cleaners?
‘Powerful suction with cutting-edge cyclone technology.’
What is the USP of GoPro Cameras?
‘The world’s most versatile action camera.’
What is a Unique Selling Proposition (USP)?
A USP highlights what makes a product/service different, better, and valuable to customers.
What is Zara’s USP?
Fast fashion—runway trends at affordable prices.
What is Nike’s USP?
Just Do It - Performance-driven sports gear.
What is Uniqlo’s USP?
Simple, innovative, and high-quality everyday wear.
What does a USP explain?
It explains how a product or service benefits customers and why they should choose it.
What is a Value Proposition?
A Value Proposition explains the benefits and advantages of a product/service and why customers should choose it.
What is the Value Proposition of Apple iPhone?
“The most advanced smartphone experience with seamless integration, security, and innovation.”
What is the Value Proposition of GoPro?
“Capture your adventures anytime, anywhere with a durable and waterproof action camera.”
What is the Value Proposition of Netflix?
“Unlimited movies and TV shows, anytime, anywhere.”
What is the Value Proposition of Nike?
“High-performance sportswear and footwear designed to help you achieve your goals.”
What is the Value Proposition of Zara?
“Trendy, stylish, and affordable fashion inspired by the latest runway designs.”
What is the Value Proposition of Uniqlo?
“Simple, innovative, and comfortable clothing for everyday wear.”
What must customers know about their market?
Customers must know their target market and their needs.
What is a target market?
The specific group of people who are most likely to buy the product/service.
Example: College students for budget-friendly laptops.
What are customer requirements?
The specific features and benefits customers expect.
Example: A laptop with long battery life, lightweight design, and affordability.
What is market size?
The number or potential customers for a product/service in a given area.
Example: 50,000 students in a city might be potential buyers for budget-friendly laptops.
What is the purpose of gathering customer feedback before launching a product/service?
To understand customer needs and preferences.
Before launching a product/service, businesses must gather customer feedback through:
Interview
Survey
Focused group discussion (FGD)
