Domain 2 Lesson 1

ESB Version 2 Domain 2 Lesson 1

Target Market, Value Proposition & Pricing

1. Target Market

   1. The customer group to which a company markets its products

2. Value Proposition

   1. A statement that explains to customers why they should do business with your company

3. Pricing 

   1. The amount a company charges for the product or service they sell

Fill in the Blank

 A target market identifies the _________ ________to which a company markets its products and services.

Fill in the Blank

A value proposition is a statement that explains _________ a customer should do business with a company.

Primary & Secondary Data

A. Primary

1. Firsthand research like surveys, focus groups, interviews and statistical data

   1. Most accurate and reliable

B. Secondary data

1. Usually an interpretation of primary data, so contains a personal bias

2. Includes data collected by other people articles from internet, company newsletters, census, academic journals

Fill in the Blank

Primary data is more ____________and reliable compared to secondary data.

Fill in the Blank

 Secondary data often contains __________ _____.

Evaluate Competition

1. Direct Competitors

   1. Sell the same products or services as your company

2. Indirect Competitors

   1. Sell products that are different from yours but similar enough that their products could satisfy the same need

Fill in the Blank

A(n) ______________competitor is a business that sells the same or similar products or services as another business.

Fill in the Blank

A(n) ______________competitor is a business that sells different products or services but is similar enough to be competitive with another business.

SWOT Analysis

1. Strengths (things your company does well)

2. Weaknesses (areas in which your company is lacking)

3. Opportunities (anything that could increase your sales and grow your company)

4. Threat (anything that poses a risk to your company’s success and growth)

Fill in the Blank

Financial limitations would be an example of a ______________in a SWOT analysis. [SWOT Analysis]