INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An example of a unique selling point can beI. lowest costII. design of productIII. distribution channelsIV. size of the market
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I only
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I and IV
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I, II and III
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I, II, III and IV
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Explanation:
Detailed explanation-1: -A unique selling point (USP), also called a unique selling proposition, is a marketing statement that differentiates a product or brand from its competitors.
Detailed explanation-2: -Domino’s Pizza: “We GUARANTEE – Fresh hot pizza, delivered in 30 minutes or less or it’s FREE!” Domino’s Pizza has a memorable USP that consumers associate with the brand. Their specific promise, which they frame as a guarantee, allows customers to form concrete expectations about their service.
Detailed explanation-3: -A business can peg its USP on product characteristics, price structure, placement strategy (location and distribution) or promotional strategy. These are what marketers call the “four P’s” of marketing.
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