Marketing Strategies: Needs and USP

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Questions and Answers

What is the significance of understanding buyers' needs for a seller?

It allows for better marketing strategies.
It leads to higher profit margins.
It is crucial for business success. (correct)
It helps in reducing product costs.

What does Unique Sales Proposition (USP) refer to?

A marketing campaign's catchy slogan.
A product's unique features.
The average price of products in the market.
A reason why buyers prefer a seller's product. (correct)

Which of the following is NOT a key factor for sellers to know about buyers?

The buyer's current supplier.
The buyer's profile.
Why buyers need the product.
The buyer's income level. (correct)

How might a seller alter their USP?

Based on business or market changes. (D) Signup and view all the answers

What phrase can help identify a seller's USP?

The buyers will buy from me because my business is the only... (B) Signup and view all the answers

What is the definition of a competitor?

Someone who is trying to win or do better than all others, especially in business (C) Signup and view all the answers

Which of the following best describes a desire?

A want or a wish (D) Signup and view all the answers

What is essential for a seller to know about their buyer?

The buyer's preferences and needs (B) Signup and view all the answers

What role does feedback play in business?

To provide information for product improvement (D) Signup and view all the answers

Which statement accurately describes a supplier?

A provider of goods or products that are needed or wanted (A) Signup and view all the answers

Which factor is NOT important for sellers to know about their buyers?

Buyer's favorite color (C) Signup and view all the answers

Why is it important for a seller to know the reason why a buyer makes a purchase?

It allows matching the buyer's needs with the right product. (A) Signup and view all the answers

What is essential for a seller to know about when the buyer usually makes purchases?

To stock products adequately at peak times. (B) Signup and view all the answers

How can a seller establish strong buyer relationships?

By treating buyers courteously and cheerfully. (C) Signup and view all the answers

Why is the buyer's trust in a store or seller significant?

It indicates the buyer feels the seller is superior to competitors. (C) Signup and view all the answers

What is the primary reason buyers choose to purchase from the seller's fast food restaurant?

It is the only fast-food restaurant that offers the cheapest price of healthy meals. (A) Signup and view all the answers

How often should a seller review their unique selling proposition (USP)?

Regularly. (A) Signup and view all the answers

What must a seller know to improve sales and marketing efforts?

The buyers' preferences and profile. (A) Signup and view all the answers

Which factor is NOT mentioned as important for knowing the buyers' profile?

How much profit the seller wants to make. (D) Signup and view all the answers

Why is it important to know the benefits buyers seek in a product?

It aids in emphasizing product strengths during marketing. (D) Signup and view all the answers

What should a seller do if competitors adopt a similar USP?

Improve their own USP. (B) Signup and view all the answers

What should a seller consider about the buyer’s current supplier?

If the buyer is unsatisfied with their current option. (C) Signup and view all the answers

What is one benefit of asking buyers for feedback?

It helps tailor products to meet buyer needs. (D) Signup and view all the answers

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Study Notes

Needs, Wants, and Demands

Understanding buyer needs is crucial for business success.
Sellers need to know why buyers need their product, the buyer's profile, and the buyer's current supplier.

Unique Selling Proposition (USP)

USP is the unique reason why buyers should buy from a specific business instead of competitors.
The USP can be identified by completing the phrase: "The buyers will buy from me because my business is the only..."
Examples include offering free same-day delivery, the cheapest price for a specific product, or buy two take one promotions—adjusting to target specific buyer types.
Regularly review USP and gather feedback from buyers to ensure its effectiveness.
Be aware of competitors' strategies and adapt USP to stay ahead.

Knowing the Buyers' Profile

Sellers must understand their target audience and the reasons behind purchasing decisions.
Identify the specific type of buyer, their buying habits and needs, and the products they are likely to purchase.
Gather feedback from them and understand their current supplier to improve your services and offer competitive edges.

Things to Know about Buyers

Sellers should collect details about their buyers to personalize their approach.
For individual buyers, gather information on gender, age, marital status, and occupation.
For companies or retail stores, gather details on the number of employees and the type of business.
Understanding the buyer's occupation and interests helps determine their needs and cater products accordingly.
Know why the buyer buys a specific product or service to align your offering with their needs.
Determine when the buyer usually buys to adjust inventory accordingly (e.g., increased demand for traditional clothing during cultural events).
Analyze how the buyer prefers to buy (e.g., online, in person, through an agent) and adapt your sales channels accordingly.
Understand the buyer's budget to offer products within their spending range.
Value feedback, treat buyers courteously and cheerfully, and meet their expectations.
Build a strong relationship with buyers to encourage repeat purchases and positive word-of-mouth.
Gain the buyer's trust by providing reliable products and services, exceeding their expectations, and being competitive.