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    Name: Resham Anand PRN: 1800102010 School: BBA Logistics & SCM Subject: Entrepreneurship Development Assignment - 1

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    Nishchal Anand
    This document discusses the importance of innovation in business and how to create a unique selling proposition (USP). It states that innovation allows businesses to grow with competitors by keeping up with changing consumer tastes. Successful companies embrace innovation as part of their strategy. The document then provides basic steps to create a USP, including defining the target audience, problem solved, benefits, and promise. It gives an example of Voodoo Doughnut's distinctive USP through its extensive unique menu and rockabilly decor that has made it a tourist attraction beyond just a doughnut shop.

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    Name: Resham Anand PRN: 1800102010 School: BBA Logistics & SCM Subject: Entrepreneurship Development Assignment - 1

    Uploaded by

    Nishchal Anand
    29 views3 pages
    This document discusses the importance of innovation in business and how to create a unique selling proposition (USP). It states that innovation allows businesses to grow with competitors by keeping up with changing consumer tastes. Successful companies embrace innovation as part of their strategy. The document then provides basic steps to create a USP, including defining the target audience, problem solved, benefits, and promise. It gives an example of Voodoo Doughnut's distinctive USP through its extensive unique menu and rockabilly decor that has made it a tourist attraction beyond just a doughnut shop.

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    This document discusses the importance of innovation in business and how to create a unique selling proposition (USP). It states that innovation allows businesses to grow with competitors by keeping up with changing consumer tastes. Successful companies embrace innovation as part of their strategy. The document then provides basic steps to create a USP, including defining the target audience, problem solved, benefits, and promise. It gives an example of Voodoo Doughnut's distinctive USP through its extensive unique menu and rockabilly decor that has made it a tourist attraction beyond just a doughnut shop.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    29 views3 pages

    Name: Resham Anand PRN: 1800102010 School: BBA Logistics & SCM Subject: Entrepreneurship Development Assignment - 1

    Uploaded by

    Nishchal Anand
    This document discusses the importance of innovation in business and how to create a unique selling proposition (USP). It states that innovation allows businesses to grow with competitors by keeping up with changing consumer tastes. Successful companies embrace innovation as part of their strategy. The document then provides basic steps to create a USP, including defining the target audience, problem solved, benefits, and promise. It gives an example of Voodoo Doughnut's distinctive USP through its extensive unique menu and rockabilly decor that has made it a tourist attraction beyond just a doughnut shop.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Name : Resham Anand

    PRN : 1800102010
    School : BBA Logistics & SCM
    Subject : Entrepreneurship Development

    Assignment – 1

    Why is innovation and updation important in any business? How


    would you create a USP for your business and entrepreneur?

    What exactly is innovation and updation? Innovation, as a concept, refers to the


    process that an individual or organisation undertakes to conceptualise brand
    new products, processes, and ideas, or to approach existing products, processes,
    and ideas in new ways.

    Innovation in a business allows it to grow with other competitors in the market.


    It allows the business to be updated with the latest changes in tastes and
    preferences of the consumers and hence, to serve those preferences and increase
    its profits. Therefore, it is an important objective of business.

    Modern businesses grow and succeed in today’s corporate climate for a myriad
    of different reasons. Some are known for their products, others for their
    services, and others still for less easily-defined factors such as strong brand
    loyalty or captivating ad campaigns.

    If you were to look at the organisations that truly stand out from the pack today
    as clear leaders within their industries, however, it would be clear that they all
    have one common factor: they all embrace innovation.

    These innovative leaders include relatively new organisations such as Uber and
    Amazon—which changed processes at the core of their industries in order to
    disrupt the status quo—as well as stalwarts like Microsoft and Apple, which
    have been around for decades but owe their continued success to constant
    reinvention and innovation. Yet, no matter its industry or current standing, and
    organisation cannot expect to maintain a competitive edge if innovation is not
    part of the overall business strategy.
    Basic steps to create a USP:-

     Step 1: Describe Your Target Audience. Before you can even start
    marketing your services, you need to know who you are targeting.
     Step 2: Explain the Problem You Solve.
     Step 3: List the Biggest Distinctive Benefits.
     Step 4: Define Your Promise.
     Step 5: Combine and Rework.
     Step 6: Cut it Down.

    Implementation through an Example-

    Voodoo Doughnut's Unique Selling Proposition


    Donut shops are ten a penny – especially here in Boston, where you can trip on
    a curb and practically fall into a Dunkin’ Donuts – but Voodoo
    a highly distinctive way.

    Although virtually everything about Voodoo is unique, its extensive range of


    donuts set it apart from any other donut shop. In their quest to create a truly
    unique menu, Voodoo’s owners even fell afoul of the FDA after experimenting
    with two particular recipes that included Pepto-Bismol and NyQuil – stunts that
    could have threatened their business, but ultimately helped word of the small
    donut shop go viral.

    A diverse menu isn’t the only thing that makes Voodoo unique. Its hot pink
    rockabilly décor, cash-only policy and late-night opening hours have made
    Step 1: Describe Your Target Audience. Before you can even start marketing
    Doughnut in Portland, Oregon, manages to make traditional baked goods in a
    highly distinctive way.

    Although virtually everything about Voodoo is unique, its extensive range of


    Voodoo far more than just a donut shop – it’s a tourist attraction. Sure, you can
    get a donut almost anywhere, but Voodoo’s USP is the diversity of what lies
    within.
    The popularity of the store has even allowed the owners to open a second
    branch in Denver, and additional stores are planned for other locations across
    the country. Voodoo’s USP gets people talking in a way that few social media
    marketing campaigns could ever hope to accomplish.

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