3 Recognize and Understand The Market
3 Recognize and Understand The Market
3 Recognize and Understand The Market
and
Understand
the Market
Learning Objectives
Describe the unique selling proposition
1
and value proposition.
2
Determine who the customers are in
terms of:
a. Target Market
b. Customer Requirement
c. Market Size
Value Proposition
It is a marketing statement that
summarizes why a consumer should buy a
company’s product to add a form of value
to their lives.
In creating Value Proposition,
entrepreneurs will consider the basic
elements:
Target Customer
Needs/opportunity
Name of the Product
Name of the enterprise
An important aspect in
Value Proposition must
be truthful that will
establish credibility to the
consumers.
Example of Value Proposition
Aling Charing
Sari-sari Store
open only from
6:00 am to 6:00
pm.
Example of Value Proposition
“Charing Sari-
sari Store,
opens 24/7”.
Unique Selling Proposition
refers to how you sell your
product or services to your
customer. You will address the
needs and desires of your
customers..
Unique
S elling
Proposition
You may ask the following question in
doing USP:
What do the customers want? .
Consumer
Needs Competitor meets the Losing
and Needs and Wants Zone
Wants
Competitive Battle
Ground Risky
Tips in creating an effective USP
“Charing Sari-
sari Store,
opens 24/7”.
Value Proposition Unique Selling
Proposition
It refers to dividing a
market based on social
class, values, personality,
and lifestyle.
Behavioral
It looks at several behavior variables:
occasion, benefits sought, user status, usage
rate, and loyalty status.
It is ideal to use several
segmentation in order to
reach more potential
customers.
Customer
Requirements
Customer Requirements
These are the specific characteristics that
the customers need from a product.