ENTREPRENEURSHIP
Aspects of your product
Unique Selling Proposition (USP)
also known as Unique Selling
Point
-key to effective selling and
advertising.
-differentiates a product from its
competitions such as lowest
cost, highest quality or first ever
product.
- USP can be ‘what you have that
competitors don’t.’
EXAMPLE:
-Charles Revson (Founder of
Revlon) he always say that he
sold hope not makeup.
-airlines sell friendly service or
on time.
-Neiman Marcus sells luxury
while Wal-mart bargains.
FIVE STEPS TO DETERMINE UR
USP
1. List the features and
benefits that are unique.
Do google search and
compare with competitors.
2. Emotional need by your
product.
3.
that competitors can’t
imitate.
4. Create phrases about your
unique products.
5. Answer customer’s
question “what’s in it for
me”
Target Market – who are most
likely to buy from you
- Requirements of target
market:
- Are your target customers
male or female? How old
are they? Where do they
live? What they do for
living? How much money
they make?
VALIDATE CUSTOMER RELATED
CONCERNS:
1. Customer interview –
common mechanism for
gathering the voice of the
customer. Conducted on
one on one.
- Focus Groups – small
number of people 4 and 15
or 8 with a moderator to
focus on specific product.
7 P’s of Marketing
1. Product – what should be
done with the product so
that it will be more
attractive
2. Promotion – what
promotional activity should
be done in order to
compete.
3. Pricing - What terms of sale
will increase the selling
value of products
ADVERTISING
PRINTS
ONLINE MARKETING
DIRECT MARKETING
PUBLICATIONS
PROMOTIONS
What pricing techniques can be
used in determining the selling
price?
PRICING TECHNIQUES:
a. Cost-plus-method –
simplest method. Cost of
products is figured out and
tacked on a little.
b. Market Oriented method –
not based on cost but on
interaction of demand and
supply.
c. Loss Leader Strategy- some
products may be sold at a
losing preposition to
attract customers.
d. Psychological pricing –
stating the price on lower
scale ex 299 instead of 300.
e. Value for money pricing –
not aimed at maximizing
profit per single purchase
but in bulk sale. Ideal
mechanism in tapping
potential sales.
f. Pricing Factor
Segmentation – seller
subdivides market into
groups responsive price,
deals, quality. EX 50%
Discounts.
g. Marked Down Pricing
-demand is limited and
competition is intense.
Markdown to capture a
segment of market.
h. Bonus-pack Pricing – end
users this is commonly
used so that they will buy
 more than the required Brand name – name applied by
quantity. manufacturer or org to product
or service.
4. Place or the Channel of
distribution – how one will
reach his customers. May
use services of middlemen.
5. People – refers to
salesmen who will be
selling and promoting the
products.
6. Packaging – product for
market is something that
needs to be anticipated.

4 rules of product packaging:

- Low cost
- Protective
- Attractive
- Regulations compliant

7. Product positioning –
important element of
marketing plan. Process of
marketers use to
determine how to best
communicate their
products attributes.