Business Finance Homework Help

What do you think your selected business does better than its competitors?

• Why would customers want this product or service over the leading competitors?

Follow these five steps to determine your USP.

1. List the features and benefits that are unique about your product or service.
   • Do a Google search and compare these features and benefits with your direct competitors. Identify the benefits that set your product apart.
2. Decide what emotional need is being specifically met by your product or service.
   • Think about this from your customer’s perspective and add it to your list.
3. Identify aspects of your product or service that your competitors cannot imitate.
   • Put a star beside anything that cannot be easily duplicated, reproduced, or copied.
4. Create phrases about your unique product or service that are short, clear, and concise.
   • Use the words from steps 1–3 that you singled out. Be sure they can be easily communicated and understood by your customers.
5. Answering your customer’s primary question, “What’s in it for me?”
   • Make it succinct and state it as a benefit to the customer.

Determining What Makes Your Brand Unique

What is the brand’s uniqueness? 

• What makes your brand unique? What makes it stand out?
• Why do you think this is attribute is unique?
• Why do you think customers will want this particular uniqueness? For example, Chick-Fil-A’s customer service is unique. Most fast-food restaurants do not offer such high-quality service. Many consumers flock to Chick-Fil-A to be treated well.

What is the competitive advantage of the brand? How is it different from other competing brands?

• What does your brand do better than its leading competitors?
• What type of advantage do they have over the competitors? For example, when Steve Jobs invented the iPod touch technology, he knew it was going to be big. He purchased 10 years’ worth of raw material needed to build touch screens. Brands that wanted to copy Apple’s technology had to pay a much higher price for the supplies. This gave Apple the competitive advantage of being able to produce the product at half the cost of the competition.

Does the brand have any attributes or benefits that dominate competitors? 

• What attributes (properties) or benefits do you see that dominate the competitors? For example, iPhones dominate the smartphone market and have done so for many years. Other brands may have more features, lower costs, and a longer battery life, but iPhone buyers are loyal (sometimes jokingly referred to as a cult!). While iPhones were among the first touchscreen phones, it was their user-friendly platform and their ability to communicate seamlessly across other Apple devices that made them popular worldwide.

Positioning Statement and Motto

Develop a new positioning statement for the brand you selected.  

• Define your actual positioning statement for the business and discuss why you have decided upon this actual positioning statement. Remember, once you write your positioning statement, make sure you address why you created it and why you think it will work.
  • View How to Write Market Positioning Statements. It explains what needs to go inside of a positioning statement and provides examples. 

Develop a new motto for the brand you selected.  

• Create the new motto for the business and then discuss why you created this specific motto. In many cases, slogans and mottos are the same; as you are creating your motto, keep that in mind. Once you create your motto, make sure you address why you created the motto and why you think it will work.
  • View How to Make a Business Motto for tips on how to get started.
  • View 50 Examples of Catchy and Creative Slogans for ideas as you are creating a new motto for your selected business
  • POSITIONING STATEMENT AND MOTTO
  • In this assignment, you will create an original positioning statement and motto for a selected brand. Note: For this assignment, you must do your own assessment of the business. Do not go to the business website and copy their analysis. You can look at their items for ideas, but you need to do your own assessment based on what you personally see them doing now and what you think they need to do.Instructions
    To complete this assignment:
  1. Download the Week 4 Assignment: Positioning Statement and Motto Template [DOCX] to your computer and Save As using the following identifier: LastName_FirstName_Week4_Assignment.
  2. Select one of the following brands:
     • Ferrari.
       • General Brand Marketing: Italian excellence the rest of the world can only dream of: We build cars unique in terms of their performance, innovations, technology, driving pleasure and design.
       • Vision: Italian excellence that makes the world dream.
       • Mission: We build cars, symbols of Italian excellence the world over, and we do so to win on both road and track. Unique creations that fuel the Prancing Horse legend and generate a world of dreams and emotions.
     • NutriSystem.
       • Founded in 1980, Nutri/System quickly blossomed into a nationwide chain of weight-loss centers. Each Nutri/System center earned its money through a set-up fee to clients and by charging each client according to the amount of weight lost. The centers earned most of their money from another source, however, recording hefty profits from the sale of private-label food, which Nutri/System clients were obliged to purchase at least five times a week.
       • Mission: Nutrisystem will help you transform your life inside and out with a personalized weight management experience that’s effective, simple to follow, and made just for you.
     • The Children’s Place.
       • We have achieved our success on the basis of a very simple principle: Trust. Wherever and whenever our customers choose to shop with us, they trust. The Children’s Place and Gymboree to provide quality, value, and style.
       • The Children’s Place was founded in Hartford, Connecticut in 1969 by David Pulver and Clinton Clark. They began by selling toys, apparel and accessories before deciding that apparel had the most growth potential. In 2019, The Children’s Place purchased the rights to the Gymboree brand and in early 2020, launched product in select stores and online. This iconic brand features colorful designs in playful, bow-to-toe collections that celebrate childhood and help families look their best for any occasion. Together, these two brands embrace the kids we love and inspire them to live, learn and love their childhood.
     • Beats.
       • Beats (Beats by Dre) is a leading audio brand founded in 2006 by Dr. Dre and Jimmy Iovine. Through its family of premium consumer headphones, earphones and speakers, Beats has introduced an entirely new generation to the possibilities of premium sound entertainment. The brand’s continued success helps bring the energy, emotion, and excitement of playback in the recording studio back to the listening experience for music lovers worldwide. Beats was acquired by Apple Inc. in July 2014.