Marketing Plan: Unique Selling Proposition

Aug 10th, 2015
Price: $20 USD

Question description

You will now complete your secondary market research and consider what distinguishes your company from your competitors, their products, and / or the price of their products and services.

The key word in Unique Selling Proposition (USP) is “unique.” There are very few products or services that are truly one of a kind. In order to target the demographic for your company, you need to pinpoint what makes your business standout among the competitors (e.g., Charles Revson, founder of Revlon, always used to say he sold hope, not makeup. Neiman Marcus sells luxury and customer service. Wal-Mart sells bargains. Amazon is earth’s biggest bookstore.)

Use the Internet to research two (2) of your favorite companies and two (2) companies that are similar to your company. Identify the USPs of these companies, and consider what the USPs mean to you. Next, prepare to create a USP for your company.

Tips on creating a USP for your company:

  • Put yourself in your customers’ shoes. Consider what your customers really want. Consider what could make them your repeat customers and instead of your competition‘s.
  • Research what motivates your customers’ behaviors and buying decisions. You need to know what drives and motivates customers.
  • Uncover the real reasons why customers buy your product instead of a competitor's. As owner of a start up, ask people why they buy your future competitors’ product. This will help you uncover why they might buy yours. Ask yourself the following questions:
    • What does our product or service do better than anyone else?
    • How is our business model different from that of our competition? How could our product or service be different?
    • What market category or niche is not being served by our industry?

Write a four to six (4-6) paragraph journal entry in which you:

  1. Identify the target market and your secondary market for your company. Note: Be as specific as possible (e.g., women 30-45, with a high school education and some college; people working full time and living in the Midwest, etc.).
  2. Describe your unique selling proposition (USP). Explain the key factors that make your company different than competitors within your industry. Describe the primary way in which the USP for your company targets the two (2) markets you identified in Question 1.

Tutor Answer

(Top Tutor) Daniel C.
School: UT Austin

Studypool has helped 1,244,100 students

Review from our student for this Answer

Aug 14th, 2015
"awesome work thanks"
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors