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3rd Lesson - Recognize and Understand The Market

The document discusses strategies for understanding the market and differentiating products, including developing a value proposition and unique selling proposition. It explains that a value proposition is a marketing statement that summarizes why customers should use a product, while a unique selling proposition uniquely positions a company. The document also discusses segmenting large markets based on target market, customer requirements, and market size in order to recognize and understand the market.

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John Manawis
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271 views25 pages

3rd Lesson - Recognize and Understand The Market

The document discusses strategies for understanding the market and differentiating products, including developing a value proposition and unique selling proposition. It explains that a value proposition is a marketing statement that summarizes why customers should use a product, while a unique selling proposition uniquely positions a company. The document also discusses segmenting large markets based on target market, customer requirements, and market size in order to recognize and understand the market.

Uploaded by

John Manawis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 25

RECOGNIZE AND

UNDERSTAND THE
MARKET
6.53

Mr. John R. Manawis


LEARNING
COMPETENCIES
The learners…
2.1 Describe the unique selling proposition and value proposition
that differentiates one’s product/service from existing
products/services;
2.2 Determine who the customers are in terms of:
2.2.1 Target market;
2.2.2 Customer requirements; and
2.2.3 Market size
2.3 Validate customer-related concerns through:
2.3.1 Interview;
2.3.2 Focused Group Discussion (FGD); and
2.3.3 Survey

Recognize and Understand the Market 2


TAGLINE MO TO!
Share some of the most famous products and their tag-lines you have heard from
the TV commercials, radio, social media or from your common conversation with
friends.

Ex.
• We find ways! –BDO
• Innovation that excites. – NISSAN
• The power of dreams. –HONDA

• Masarap kahit walang sauce. –Chooks to Go


• Bida ang saya! - Jollibee

Recognize and Understand the Market 3


UNIQUE SELLING
PROPOSITION (USP) VS
VALUE PROPOSITION (VP)
VALUE PROPOSITION
It is a marketing statement which summarizes why a
consumer should use a company’s product or services.

It shows very specific, tangible benefits of the product.


These are made visible.

Basic Elements:

1. Target Customer

2. Needs/ Opportunity

3. Name of the product

4. Name of the enterprise/ company

Recognize and Understand the Market 5


SAMPLE VALUE PROPOSITIONS
NIKE Under Armour Adidas
Value Proposition: Under Armour's primary Adidas offers three primary value
Nike offers four primary value
value proposition revolves around providing propositions: innovation,
propositions: accessibility, high-quality, innovative, and cutting-edge customization, and brand/status.
innovation, customization, sportswear that not only offers performance The company places a high priority
and brand/status. benefits but also enhances the wearer's on innovation.
comfort and confidence.

Recognize and Understand the Market 6


UNIQUE SELLING
PROPOSITION (USP)
The term was coined by Rosser Reeves. A marketing
specialist and a pioneer of Television advertising.

He knew that the market was increasingly becoming more


competitive, and it would be harder for the companies to
draw the attention of the customers.

Recognize and Understand the Market 7


UNIQUE SELLING PROPOSITION
AKA UNIQUE SELLING POINT

It refers to how you sell your product. Giving importance to the wants and desires of
the customer

It shows why customers should care about the product. Why you should buy from us
and not them.

“What makes you different from the competition?”

7/1/20XX Recognize and Understand the Market 8


CHARACTERISTIC OF A COMPELLING USP

• DISPLAY STRENGTHS
• VALUED BY CUSTOMERS
• ASSERTIVE
• DEFENSIBLE
• SPECIFIC

Recognize and Understand the Market 9


CHARACTERISTIC OF A COMPELLING USP

“We make a hundred percent scratch proof glass.”

VS

“We sell high quality products”

Recognize and Understand the Market 10


NOT A USP!

• It is not a specific offer like 10% off. Any of your


competitors could copy them.
• Not only a header copy. It must the position of your
company as a whole which can be incorporated in your
products.

Recognize and Understand the Market 11


HOW TO CREATE A USP
1. List all the differentiators of your brand and what you
sell.
2. Research the competition.
3. Compare your most unique angles against your
audience’s needs.

Recognize and Understand the Market 12


USP STATEMENT
[your brand] offers [Product/Service] for [TARGET MARKET] to [VALUE PROPOSITION]

Unlike [The alternative], we [KEY DIFFERENTIATION]

[Go Fetch] offers [the lightest frisbees] for [over energetic dogs] who want to go [further
faster]

Unlike [frisbee free ], we [have the lightest and most durable frisbees]

-Learn with shopify

Recognize and Understand the Market 13


1. MARKET SEGMENTATION
GEOGRAPHIC SEGMENTATION
The total market is divided according to geographical
location.

a. Climate

b. Dominant ethnic group

c. Culture

d. Density (either rural or urban)

Recognize and Understand the Market 15


DEMOGRAPHIC SEGMENTATION
Variables to consider

a. Gender e. Education

b. Age f. Religion
g. Ethnic group
c. Income
h. Family size
d. Occupation

Recognize and Understand the Market 16


PSYCHOLOGICAL SEGMENTATION
Divided on how the customers think and behave.

a. Needs and wants

b. Attitudes

c. Social Class

d. Personality Traits

e. Knowledge and Awareness

f. Brand Concept

g. Lifestyle

Recognize and Understand the Market 17


BEHAVIORAL SEGMENTATION
Customer’s Behavior Pattern

a. Perceptions

b. Knowledge

c. Reaction

d. Benefits

e. Loyalty

f. Responses

Recognize and Understand the Market 18


2. CUSTOMER REQUIREMENTS
CUSTOMER REQUIREMENTS

Service Requirement Output Requirements


• Intangible aspect but the client • Tangible aspect
can feel the fulfilment • These are characteristic specifications that a
Ex. Expectation of how a consumer expects to be fulfilled in the
customer be treated and how product.
easy the buying process is. Ex. On-time arrival of product or hiring a
multi-cab

Recognize and Understand the Market 20


3. MARKET SIZE
Market Size
The arena where the entrepreneurs play. It is the approximate number of sellers and
buyers in a particular market.
Steps in Strategic Marketing Research

1. Estimate the potential market – approximate number of customers


that will buy the product or avail your services.
2. Estimate the customers who probably dislike to buy your product or
avail the services
3. The third step is for the entrepreneur to estimate the market share,
that means plotting and calculating of the competitor’s market share to
determine the portion of the new venture.

Recognize and Understand the Market 22


SUMMARY
There are market strategies that helps us to differentiate our
products from similar brands. The Value proposition is the market
statement which is common and tangible among any other similar
brands. On the other hand, Unique Selling Proposition
differentiates them. There are also ways on how to segment large
markets such as the Target Market, the Customer Requirements
and the Market Size.

Recognize and Understand the Market 23


VIDEO REFERENCES:

What Is A Unique Selling Proposition? How To Create One (Plus 5


Examples To Inspire You) https://www.youtube.com/watch?
v=EaRZrMQ_kUw

2023 Recognize and Understand the Market 24


THANK YOU
John R. Manawis
09185652359
[email protected]

7/1/20XX Pitch deck title 25

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