Questions and Answers
What is the purpose of determining the Unique Selling Proposition (USP) and Value Proposition (VP) of a product?
To differentiate the product/service from existing products/services.
Which statement best describes the Value Proposition (VP)?
It explains why a consumer should choose a company's product or service.
What is the significance of creating a business vicinity map in one's locality/town?
To visualize potential markets in the area.
Why is it important to determine who the customers are in terms of target market, customer requirement, and market?
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What does the term 'Unique Selling Proposition (USP)' refer to?
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How does the Value Proposition (VP) help in marketing a product or service?
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Which type of customer requirement includes elements like on-time delivery and service with a smile?
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What type of behavior does Behavioral Segmentation focus on?
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In the context of customer requirements, what are output requirements primarily concerned with?
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Which of the following is NOT a type of customer requirement mentioned in the text?
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How does an entrepreneur determine the potential customers in a specific locality for their startup business?
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Which of the following is NOT an element considered in Behavioral Segmentation?
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What is the purpose of identifying and ranking the uniqueness of a product or service?
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Why is it essential for an entrepreneur to present the best feature of their product or service that differentiates it from competitors?
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What is the key advice given for promoting products or services effectively?
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How does a unique selling proposition (USP) differ from a value proposition (VP)?
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Why are Unique Value Proposition and Value Proposition considered valuable for entrepreneurs?
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What should entrepreneurs learn from marketing research when identifying a unique selling proposition?
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What is an important aspect that should be considered in Value Proposition to establish credibility with consumers?
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In the context of the example provided, why does Aling Charing believe operating 24/7 is a great opportunity for her store?
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What does Unique Selling Proposition (USP) primarily focus on?
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Why do entrepreneurs consider the basic elements of Target Customer Needs/opportunity, Product Name, and Company Name in creating a Value Proposition?
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What is the key difference between Value Proposition and Unique Selling Proposition (USP)?
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Why should entrepreneurs think of alternatives and how they can work better when establishing their superiority over competitors?
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What is the purpose of market targeting in the market identification process?
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In geographic segmentation, which of the following variables is considered when dividing the total market?
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What type of segmentation is based on variables such as gender, age, income, and occupation?
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Which variable is NOT typically considered in demographic segmentation?
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What aspect of customers does psychological segmentation focus on?
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Why is target marketing beneficial for businesses?
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