You are done in recognizing potential markets in the second module in Entrepreneurship. You already understand the best product or service that will meet the market needs. In this module we’re going to focus on what’s at the heart of every new venture opportunity, the value proposition. A good value proposition is one that directly links the most important features of the
product or service to the customer’s plan. A good value proposition is one that directly links the most important features of the product or service to the
In creating a business, the vicinity map is the most important tool that will identify the key features of the solution and how they help the customer achieve those benefits or overcome those obstacles. Customers don’t buy products. They don’t buy brands and they don’t buy technologies. Fundamentally, customers buy solutions, will continue learn more about markets, and recognize and understand the market.
This module has two objectives:
1 – Describe the unique selling proposition and value proposition that differentiate one’s product/service from existing products/services.
2 – Determine who the customers are in terms of:
a. Target market
b. Customer requirement
c. Market sizeENTREP12_Q1_M3_RECOGNIZE-AND-UNDERSTAND-THE-MARKET