Unique Selling Proposition
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. Example of a USP:
•My product is t-shirts and coffee mugs with fun and empowering logos for women. •My target market is women ages 35-55, college educated, working full time. My secondary market trends a little younger at 25-35, women passionate about their professional life and their personal pursuits. •My USP is “Be Authentic, no Apologies.” •My reasoning is I want women to buy my sassy slogans, because they want to show their authentic voice on a shirt or mug.
Part A: Executive Summary
This is a start-up which sells cushion covers, table runners, throws, bags and table covers by the name of HomeVibe. But HomeVibe is the brand name while the company’s name is DreamAmerica. This is a new company which has been founded by a married couple. The couple are fascinated by the idea of bringing color into the homes of their customers and they also think that changing one’s sofas, recliners and beds is not easy but changing the cushions, throws and runners can add a new dimension to the furniture and make it look completely different. The company intends to launch itself online as well as offline but the focus would be on online platform which is all about taking advantage of the e-commerce (Alch, M.L. 2000) boom.
The husband and wife Neel and Sarah always had passion for colors and their home decor was always appreciated by their family and friends. The linen in their home was of variety of colors but they wanted to find a home linen range which signified the culture and signs of America. They wanted designs and colors that could make America come into their lounge and bedrooms. But they couldn’t find products that were convincing enough and his led them to launch HomeVibe. The business purpose is to help tourists take a part of America into their country and also help the people residing in America to bring their country and its symbols into their homes. There are designs which say, ‘American Dream’ ‘American pie’ or which have the American flag on them, people from different countries, abstract designs, etc. There are lots of colors in the designs and the aim is to pep up the boring furniture.
The target customers are those in the age-group of 20-40 years of age, tourists, hotels and restaurant owners. It is the youngsters who get bored of the furniture pieces and want to revamp or redecorate their homes. The tourists wan to take a memoir or souvenir and the products of HomeVibe are perfect for this purpose. The hotels and restaurants would love to have furnishings and linen that reflects America and the things that one associates with this country. It is the women who are more likely to buy our products because they are in-charge of the decor in most homes. They are also the ones who call shorts on when the home needs a revamp. They are the people who are attached to their homes but don’t have undue attachment with things in it (Madigan, R. 2009)
The target customers are generally staying in suburban areas with medium to high incomes levels. They are people who have interest in art exhibitions and buy clothes that are different. These people like to try new things and like to change their home interiors. These customers are very smart people who are independent in their thinking and ideas. They like to support innovation and are not scared of trying out new things. They are not very price conscious and don’t hesitate from investing in their homes. Basically, the brand is for people who like to have sensible , yet beautiful things in their home, they like to explain the significance of their things to the friends and family who visit their house.
Alch, M.L. 2000. The echo-boom generation: a growing force in American society. The Futurist 34.5 (Sept 2000): p42.retrieved from http://www.msubillings.edu/casfaculty/mclaughlin/Psyx%20332/Documents/THE%20ECHO.pdf on october 29th, 2015.
Madigan, R. 2009. Gender and the meaning of the home. International Journal of urban and regional research. Volume 14, Issue 4, pages 625–647, December 1990. DOI: 10.1111/j.1468-2427.1990.tb00160.x
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