Summary of "Business Development :- Business Terms {Module 1} CH 4"

Summary of Business Development - Business Terms (Module 1, Chapter 4)

Product-based businesses: Companies that manufacture physical or digital goods and sell directly to customers. Examples: Apple, Samsung (phone manufacturers).
Service-based businesses: Companies that provide services or act as aggregators connecting service providers to customers. Examples: Zomato (food delivery aggregator), Uber, Ola (ride-sharing services).
Service companies often provide human power or platform services rather than tangible products.

Definition: A unique or important feature of a product or service that differentiates it in the market and aids in sales.
Examples of USP:
- Temporary marker: smooth ink, non-toxic ink, smooth tip.
- Jepto: 10-minute grocery delivery.
- Dunzo: 19-minute delivery.
- Classmate notebooks: prevented ink from bleeding through pages.
Actionable recommendation: Identify and clearly communicate your product/service USP to enhance market positioning.

Definition: The specific group of consumers or customers who are willing to purchase or use your product or service at any time.
Examples:
- Marker: teachers, professors, institutions, artists, schools.
- Zomato: primarily bachelors, immigrants, and people living away from family who order food frequently.
Insight: Companies like Zomato focus on metro cities and areas with high immigrant populations to target their core audience effectively.
Actionable recommendation: Define and segment your target audience based on product relevance and customer behavior to optimize marketing and sales efforts.