- Description
MKT 435 Wk 4 – Practice: Topic 10 Quick Check
- What is the core benefit or solution that differentiates a brand’s product or service from the competition and positions it as the best possible option on the market?
o Mission statement
o Your big why
o Unique value proposition
o Target audience
- Which components of the marketing mix have been proven to positively and significantly affect the unique value proposition? Select all that apply.
o Product
o Promotion
o Price
o Place
- What type of correlation exists between brand loyalty and purchase intent?
o Direct
o Indirect
- In its simplest form, what are the components of a UVP?
o What your customers care about and need + what you do really well – what your competitor does really well
o What your customers care about and need – what you do really well + what your competitor does really well
o What your customers care about and need + what you do really well + what your competitor does really well
o None of the above
- Before beginning to establish a brand’s UVP, what questions should you ask yourself?
o Who does the brand serve?
o What are the needs of this customer segment?
o What makes your brand different?
o What is your big promise?
o All of the above
- What are some of the best methods to use to gather data in order to speak your customer’s language?
o Surveys
o Interviews
o Focus groups
o Observations
o All of the above
- Which of these frameworks are proven to be effective in communicating a brand’s UVP? Select all that apply.
o Moore’s Value Proposition Template
o Blank’s Value Proposition Template
o Thomson’s Value Proposition Canvas
o Morris’s Value Proposition Template
- Based on Moore’s UVP template, determine which of the following statements would be most appropriate for a residential cleaning company.
o For business owners who need germ-free buildings, our commercial cleaning service is the best after hour cleaning service that keeps your office clean 24/7.
o We help homeowners keep their homes clean by providing custom cleaning plans.
o We help business owners keep their office cleaning by providing custom cleaning solutions.
o For homeowners who need germ-free homes, our residential cleaning service is the best travel cleaning service that does all of the cleaning for you.
- Based on Blank’s UVP template, determine which of the following statements would be most appropriate for a commercial cleaning company.
o We help homeowners keep their homes clean by providing custom cleaning plans.
o For business owners who need germ-free buildings, our commercial cleaning service is the best after hour cleaning service that keeps your office clean 24/7.
o For homeowners who need germ-free homes, our residential cleaning service is the best travel cleaning service that does all of the cleaning for you.
o We help business owners keep their office cleaning by providing custom cleaning solutions.
- Blank’s UVP template, which is based on a formula, is very popular for startup brands and small businesses. Why might this be?
o The formula is simple enough to clearly communicate the most important aspects of what the brand does
o The formula encourages elevated language to appeal to elite consumers
o The formula is intricate enough to include everything a brand could want to say about itself
o Blank’s UVP template is actually based on a framework