Working Capital Essays

Working Capital Essays Working Capital Essay Working Capital Essay Tw elfth Edition INTERNATIONAL BUSINESS Environments and Operations John D. Daniels University of Miami Lee H. Radebaugh Brigham Young University Daniel P. Sullivan University of Delaware Pearson Education International Contents Preface 29 About the Authors PART ONE 39 BACKGROUND FOR INTERNATIONAL BUSINESS 44 1 Globalization and International Business 45 49 44 CASE: The Global Playground Introduction 48 W h a t Is International Business7. The Forces Driving Globalization 50 Factors in Increased Globalization 51 Whats Wrong with Globalization? 56 Threats to National Sovereignty 56 Monetary Growth and Environmental Stress 57 Growing Income Inequality 57 s | Point ^J3ffi^S^^3 Offshoring Good Strategy? 58 Why Companies Engage in InternationaLBusiness Expanding Sales 60 , Acquiring Resources 60 Minimizing Risk 60 Modes of Operations in International Business Merchandise Exports and Imports 62 Service Exports and Imports 62 Investments 63 Types of International Organizations 63 Why International Business Differs from Domestic Business 64 Physical and Social Factors 65 The Competitive Environment 67 Looking to the Future: 61 Three Ways of Looking at Globalization 68 C A S E : Carnival Cruise Lines: Exploiting a Sea of Global Opportunity 69 74 Summary Key Terms 75 Endnotes 75 An Atlas 78 Map Index 86 Contents 2 PART TWO COMPARATIVE ENVIRONMENTAL FRAMEWORKS 90 91 90 The Cultural Environments Facing Business 94 95 C A S E : The Java Lounge-Adjusting to Saudi Arabian Culture Introduction The People Factor Cultural Awareness 96 97 A Little Learning Goes a Long Way The Nation as a Point of Reference How Cultures Form and Change The Idea of a Nation: Delineating Cultures 98 99 98 Language as Both a Diffuser and Stabilizer of Culture 100 103 Does Geography Matter? Where Birds of a Feather Flock Together Religion as a Cultural Stabilizer 104 Behavioral Practices Affecting Business 106 Issues in Social Stratification 106 Work Motivation 109 Relationship Preferences I II Risk-Taking Behavior I 12 Information and Task Processing I 13 Communications I 15 Dealing with Cultural Differences Accommodation I 18 118 Cultural Distance: Usefulness and Limitations I 19 Culture Shock 119 Company and Management Orientations 121 [ P o j n t B f l J H ^ f l Does International Business Lead to Cultural Imperialism? Techniques for Instituting Change 125 127 Looking to the Future: What Will Happen to National Cultures? C A S E : Charles Martin in Uganda: What to Do When a Manager Goes Native 128 123 Summary Key Terms Endnotes 132 133 3 The Political and Legal Environments Facing Business 137 136 C A S E : China-Legal Growing Pains in a Land of Opportunity Introduction 141 The Political Environment 142 143 Individualism Versus Collectivism Political Ideology 144 Trends in Political Systems 150 Contents Looking to the Future: What Might Become of Democracy? Political Risk 154 153 156 J | Point | g ^ | ^ j 3 Should Political Risk Management Be an Active Strategy? The Legal Environment 157 Legal Systems 158 Types of Legal Systems 158 The Diffusion of Legal Systems 159 Trends in Legal Systems 160 Understanding Bases of Rule 161 Implications for Managers 162 Legal Issues in International Business Operational Concerns 164 Strategic Concerns 166 Intellectual Property Rights 168 164 C A S E : Crime That Pays (and Pretty Well, Too) Summary Key Terms Endnotes 177 178 172 4 The Economic Environments Facing Businesses 184 186 180 181 C A S E : Economic Conundrums and the Comeback of Emerging Economies Introduction International Economic Analysis Components of the Economic Environment Gross National Income 187 Features of an Economy 196 Inflation 196 197 199 Unemployment Debt 198 Income Distribution Poverty 200 Labor Costs Productivity 201 202 187 The Balance of Payments | Point |[emailprotected]â §3^^fl Is a Trade Deficit an Advantage? Coordinating Economic Analysis 206 Types of Economic Systems 206 Economic Freedom and Market Transitions Making the Transition to a Market Economy Looking to the Future: C A S E : Meet the BRICs Summary 222 204 209 21 I Is There a Move to Push Back Economic Freedom? 216 218 Contents Key Terms Endnotes 223 5 Globalization and Society 230 231 232 226 227 C A S E : Ecomagination and the Global Greening of GE Introduction Evaluating the Impact of FDI Considering the Logic of FDI The Economic Impact of the M N E 234 Balance-of-Payments Effects 234 Growth and Employment Effects 236 The Foundations of Ethical Behavior 237 Why Do Companies Care About Ethical Behavior? 237 The Cultural Foundations of Ethical Behavior 238 The Legal Foundations of Ethical Behavior 240 Ethics and Corporate Bribery 241 Corruption and Bribery 241 | Point | j E B 5 E ^ f l Are Top Managers Responsible When Corruption Is Afoot? 44 Ethics and the Environment What Is Sustainability? Looking to the Future: 246 248 249 Global Warming and the Kyoto Protocol Ethical Dilemmas and Business Practices How to See the Trees in the Rain Forest Ethical Dilemmas and the Pharmaceutical Industry 249 Ethical Dimensions of Labor Conditions 251 Corporate Codes of Ethics: How Should a Company Behave? 254 C A S E : Anglo American PLC in Sou th Africa: What Do You Do When Costs Reach Epidemic Proportions? 256 Summary Key Terms Endnotes 260 261 THEORIES AND INSTITUTIONS: TRADE AND INVESTMENT 264 PART THREE International Trade and Factor-Mobility Theory 268 264 265 C A S E : Costa Rica: Using Foreign Trade to Trade-Up Economically Introduction Laissez-Faire Versus Interventionist Approaches to Exports and Imports 269 Theories of Trade Patterns 269 Contents Interventionist Theories Mercantilism 270 Free Trade Theories 271 270 Theory of Absolute Advantage 272 Theory of Comparative Advantage 274 Theories of Specialization: Some Assumptions and Limitations 276 Trade Patterns Theories 278 279 284 How Much Does a Country Trade? 278 What Types of Products Does a Country Trade? With Whom Do Countries Trade? Does Geography Make a difference? The Statics and Dynamics of Trade Product Life Cycle (PLC) Theory The Porter Diamond 287 282 285 Variety Is the Spice of Life | Point |g^^^J35flfl Should Nations Use Strategic Trade Policies? 289 Factor-Mobility Theory 291 292 293 295 298 299 Why Production Factors Move Effects of Factor Movements Looking to the Future: Summary Key Terms Endnotes 302 304 The Relationship Between Trade and Factor Mobility C A S E : LUKOIL: Trade Strategy atja Privatized Exporter J In What Direction Will Trade Winds Blow? 7 Governmental Influence on Trade 06 C A S E : Making the Emperors (and Everyone Elses) New Clothes: Textile and Clothing Trade 307 Introduction 310 Conflicting Results of Trade Policies 311 The Role of Stakeholders 31 I Economic Rationales for Governmental Intervention Fighting Unemployment 312 Protecting Infant Industries 313 Developing an Industrial Base 314 Economic Relationships with Other Countries 316 Noneconomic R ationales for Government Intervention Maintaining Essential Industries 319 Preventing Shipments to Unfriendly Countries 319 ^ Â § j t ^ 3 Should Governments Forgo Trade Sanctions? Keeping up or Extending Spheres of Influence Preserving National Identity 321 311 319 320 10 Contents Instruments of Trade Control Tariffs 322 321 Nontariff Barriers: Direct Price Influences 323 Nontariff Barriers: Quantity Controls 325 Dealing with Governmental Trade Influences Tactics for Dealing with Import Competition Looking to the Future: 328 329 330 Dynamics and Complexity C A S E : U. S. - Cuban Trade: When Does a Cold War Strategy Become a Cold War Relic? 330 Summary Key Terms Endnotes 333 334 8 Cross-National Cooperation and Agreements 337 340 339 336 C A S E : Toyotas European Drive Introduction The World Trade Organization (WTO) GATT: The Predecessor to the W T O What Does the W T O Do? 341 The Rise of Bilateral Agreements 342 Regional Economic Integration 343 The Effects of Integration 344 Major Regional Trading Groups 345 The European Union 346 351 356 The NorthAmerican Free Trade Agreement (NAFTA) Regional Economic Integration in the Americas | Point U B I H B I Is CAFTA-DR a Good Idea? 359 Regional Economic Integration in Asia 360 Regional Economic Integration in Africa Looking to the Future: 362 Will the WTO Overcome Bilateral and Regional Integration Efforts? 63 Other Forms of International Cooperation 364 Commodity Agreements Consumers and Producers C A S E : Wal-Mart Goes South Summary 370 365 366 367 Commodities and the World Economy The Organization of Petroleum Exporting Countries (OPEC) Key Terms Endnotes 371 Contents 11 9 PART FOUR WORLD FINANCIAL ENVIRONMENT 374 Global Foreign-Exchange Markets CASE: Going Down to the Wire in the Money-Transfer Market Introduct ion 377 W h a t Is Foreign Exchange? 377 375 Players on the Foreign-Exchange Market Does Geography Matter? 378 382 A few Aspects of the Foreign-Exchange Market Major Foreign-Exchange Markets The Spot Market 383 The Forward Market 387 Options 388 Futures 388 383 Foreign-Exchange Trades The Foreign-Exchange Trading Process Banks and Exchanges Looking to the Future: 390 388 392 Where Are Foreign-Exchange Markets Headed? 394 How Companies Use Foreign Exchange 393 Business Purposes (I): Cash Flow Aspects of Imports and Exports Business Purposes (II): Other Financial Flows C A S E : Banking on Argentina Summary Key Terms Endnotes 402 403 404 398 395 396 | Point | { | j f l j ^ ; g f I 3 Is It Ok to Speculate on Currency? 0 The Determination of Exchange Rates C A S E : El Salvador Adopts the U. S. Dollar Introduction 409 407 406 The International Monetary Fund 410 Origin and Objectives 410 The IMF Today 410 Evolution to Floating Exchange Rates 41 I Exchange-Rate Arrangements Fixed Versus Flexible Currencies 412 414 416 Exchange Arrangements with No Separate Legal Tender Currency Board Arrangements 416 C onventional F

How to Answer the 10 Toughest Interview Questions

Step by step instructions to Answer the 10 Toughest Interview Questions Everybody is apprehensive on interviews, yet with a little practice and direction, you will have the option to unquestionably answer the most troublesome inquiries questions and land the activity. To enable you to get ready, here 10 of the hardest inquiries questions and how to answer them.1. â€Å"Tell Me About Yourself†This question can be precarious on the grounds that the questioner is basically meaning to find who you are as an individual and how well you fit with the company.Full Answer  6 Steps to Answering ‘Tell Me About Yourself’ During a Job Interview2. â€Å"Why Should I Hire You?†In a meeting, barely any inquiries can lose a candidate’s balance like the basic, â€Å"Why should I recruit you?† After all, it appears to be excess. What have you been discussing this whole time, if not the reasons why the organization should recruit you?!Full Answer  6 Dos and Don’ts for Answering â€Å"Why Should I Hire You?†3.  "Where Do You See Yourself in Five Years?†When you’re sitting in a meeting, there’s a decent possibility that the vast majority of your psychological land recently has been going toward this day. So when the questioner asks you where you see yourself in five years, it tends to be somewhat of a shock to out of nowhere consider the long term.Full Answer  How to Answer â€Å"Where Do You See Yourself in 5 Years?†Ã¢ 4. â€Å"What’s Your Perfect Day?†Recently, it came out that Facebook’s head recruiter’s most loved inquiry to pose is increasingly similar to an individual article question. â€Å"On your absolute best day at work-the day you get back home and think you have the best employment on the planet what did you do that day?†Now this is making the viral rounds, don’t be astounded to hear it in your non-Facebook meets also. Here are a few hints for separating the inquiry and being prepared to jump on it.Full Answ er  How to Answer the â€Å"What’s Your Perfect Day?† Interview Question5. â€Å"The Salary Question†The request for employment process has various separate stages: applying, talking with, proposition for employment, at that point compensation exchange and acknowledgment. Most businesses adhere to this, and let the cash talk hold up until things are further along. However, in the event that they bounce the firearm and approach you in advance for a) your present compensation or b) wanted pay, what do you do?Full Answer  How to Answer the Salary Question in an Interview6. â€Å"Can I Contact Your Current Employer†If anybody asks where you were today, you were at a dentist’s arrangement. Isn't that so? The ambiguous â€Å"appointment,† consistently in the center of the day, is a great strategy for meeting for new openings while you’re still at your present one. You simply set up your â€Å"out of office† message and expectat ion nobody sees that you’re outrageously spruced up for a Wednesday. In any case, your smooth main story could be blown if the talking organization contacts your current one.Full Answer  How to Answer â€Å"Can I Contact Your Current Employer?†7. â€Å"Why Have You Had So Many Jobs?†You’re sitting in the meeting, and things are going fine, when the recruiting chief turns upward from your resume, eyebrow raised, and poses the inquiry you’ve been fearing: â€Å"You’ve had a horrendous parcel of occupations, haven’t you? Would you be able to walk me through that?†Full Answer  How to Answer â€Å"Why Have You Had So Many Jobs?†8. â€Å"Aren’t You Overqualified For This Position?†In a perfect world, we’d all be applying for (and getting) work that is an ideal, cozy fit for our abilities, experience, and profession objectives. In reality, that’s not generally an alternative. Perhaps you were lai d off, and are looking for a foot (any foot!) back in the entryway of your vocation way. Maybe you’re feeling slowed down in your present place of employment, and are hoping to move back a stage or two to get new aptitudes and experience. Whatever the explanation, it could prompt the feared â€Å"aren’t you overqualified for this position?† question in an interview.Full Answer  The Best Way to Answer the â€Å"Aren’t You Overqualified?† Interview Questionâ 9. â€Å"Why Are You Leaving This Position?†Chances are, the questioner will ask you for what valid reason you’re hoping to leave your present place of employment or if you’re as of now jobless, why you left your last job.Full Answer  How to Answer the 5 Most Common Interview Questions10. â€Å"What Changes Would You Make in the event that You Came On Board?†Watch out!  This question can wreck your appointment quicker than a bomb on the tracksâ and similarly as you are going to be employed. Regardless of how brilliant you will be, you can't have the foggiest idea about the correct moves to make in a situation before you settle in and become acquainted with the operation’s qualities, shortcomings key individuals, monetary condition, strategies for activity, and so on.  If you thrust at this temptingly bedeviled question, you will presumably be viewed as somebody who lays it all out there.

Education policies Essay Example | Topics and Well Written Essays - 2500 words

Instruction approaches - Essay Example Schools are additionally be required to have their impact in shielding youngsters from harm and numbness, and guide them towards positive exercises and away from threatening conduct. However, despite the fact that the move was invited by the Local Government Association, it reprimanded the prohibition ÃŽ ¿f institutes and city innovation schools from the obligation. 200 foundations are arranged by 2010. They are likewise barred from the obligation to concede cared for kids. Under the Children Act 2004, schools, in contrast to committees, essential consideration trusts and other named accomplices, are not set under an obligation to co-work to improve childrens prosperity. Childrens administrations pioneers campaigned for such an obligation to guarantee schools didn't concentrate barely on instructive gauges. The administration contended it was just required for vital bodies. Today instruction is viewed as key to future accomplishment for the two people and social orders. It offers people information and comprehension to offer importance to their lives. It gives the abilities (and capabilities) for beneficial work. Instruction additionally assumes a significant job in forming the future ÃŽ ¿f society - it can advance the sound development ÃŽ ¿f an age, give the fundamental supporting abilities to monetary development and cultivate social union between divergent networks. These are testing errands for any training framework. The proof from worldwide examinations is that the English framework performs sensibly well in student accomplishment yet flops in the advancement ÃŽ ¿f value with the outcome that our framework capacities most viably for those with social, monetary or social preferences. No nation on the planet has a framework which has beaten the impacts ÃŽ ¿f inconvenience on accomplishment however a few, similar to England, accomplish well generally and have a moderately little hole between the results ÃŽ ¿f the most and the most ineffective. The announcement arranged by

The Alluring Amontillado Essays -- Literature

The Alluring Amontillado Retribution is the demonstration of reprisal for an offense or injury caused to an individual by another. The demonstration of vengeance can turn into an overwhelming and devouring feeling that includes all aspects of someone’s presence. In â€Å"The Cask of Amontillado,† retribution is the topic that runs all through the story and drives the rationale in murder. The character, Montresor, utilizes retribution as his thought process in slaughtering Fortunato. Fortunato is suggestive of a paternal character, which inspires difficult recollections for Montresor. In killing Fortunato, Montresor accept the job that places him nearest to the expressions of love of a protective figure. Edgar Allan Poe’s life is intelligent of the inspirations of Montresor’s activities and how the Oedipus complex is included in this short story. Edgar Allan Poe was conceived in Boston, Massachusetts in 1809 to guardians who were on-screen characters at the neighborhood theater. He never knew his dad, David Poe, who passed on in 1810 in the wake of deserting Poe’s mother not long after Poe was conceived. His mom, who experienced utilization, kicked the bucket in Richmond, Virginia in late 1811, stranding Edgar, his more seasoned sibling William Henry, and relative Rosalie. Not long after their mother’s passing, the kids were isolated and sent to family members or different families to be raised. Edgar had next to no contact with his kin after their mother’s demise. A grower and his better half, who lived in Richmond Virginia, acknowledged Poe into their family, however never officially received him. From the childless spouse of Mr. John Allan, Edgar got broad warmth, however it was unlikely that she was ever ready to give all the love that he longed for from his perished birth mother. Mr. Allan respected Edgar with quiet fondness and for the most part offered cash instead of any physi... ... who was perpetually looking for that one subtle individual who could give him the approval he so needed. He seems to have put such a great amount of significant worth on the expressions of love of a mother who might everlastingly be missing. Montresor, in Poe’s anecdotal story, was fruitful in submitting the vindictive deed he looked for. Fortunato, from his grave, perpetually spooky the desolate soul of Montresor. Works Cited May, Charles E. Edgar Allan Poe: A Study of the Short Fiction. Boston: Twayne, 1991. Print. Poe, Edgar. â€Å"The Cask of Amontillado.† The Compact Bedford Introduction to Literature: Reading, Thinking, Writing. Ed. Michael Meyer. Boston: Bedford/St. Martins, 2012. 533-537. Print. Pruette, Lorine. A Psycho-Analytical Study of Edgar Allan Poe. The American Journal of Psychology 31.4 (1920): 370-402. JSTOR. Web. 31 Mar. 2012. .

How to Create a Unique Value Proposition

How to Create a Unique Value Proposition Entrepreneurship is often painted as a rosy and glorious endeavor. The plot is almost always the same â€" start a business, make millions in a few years and then sit back to enjoy your success, travelling the world and sipping mojitos under the Caribbean sun as the money flows into your account. In reality, things are not so rosy. The world of business is a tough one.The competition is stiff, and if you want to succeed, you have to stand out from the crowd and showcase your awesomeness to prospective clients. You have to show your uniqueness, the need that you alone can fulfill.Without this, your brand will drown in the noise of the competition and your dreams of success and mojitos will soon be nothing more than nostalgic memories. If you don’t want to go down this route, you need to start thinking about crafting a unique value proposition for your business.A value proposition is one of the most important conversion factors. It determines whether a prospective customer will buy fr om you or move on to your competitor. It is the secret sauce that makes customers pay attention to your products and services even when competitors are offering similar products and services at cheaper prices.The less know your company is, the more important your value proposition, which is why you need to nail your value proposition right from the start.Today, we have come up with a handy guide to walk you through the process of creating a unique value proposition for your business.But before we get into the process, let us first understand what exactly a value proposition is.WHAT IS VALUE PROPOSITION? In order to understand value proposition, you first need to understand why customers buy from you. Customers don’t just buy from you because you are selling a product they need. After all, you are not the only one selling the product. Customers buy from you because you fulfill their needs in a way no other company can.Either you help them save time, you eliminate an inconvenience t hat your competitors do not, you give them extra value for their money, you offer experience or resources that your competitors don’t, and so on. That unique way in which you fulfill your customer’s needs is your value proposition.Also known as a unique selling proposition, your value proposition is your unique position within the marketplace that separates you from and gives you an edge over your competitors. It explains what benefit your products and services provide, who the benefit is meant for and how uniquely well you provide the benefit.In other words, it describes your target audience, the problem you are solving for them and why you are best placed to solve the problems compared to any alternatives your target audience might have. Without a unique value proposition, your customers have no reason to buy from you instead of your competitors.You should avoid mistaking your unique selling proposition for a slogan, a tagline, or a positioning statement. This is a mistake tha t many business owners make often. While taglines, slogans and positioning statements are important accessories to your brand, they don’t wield much influence over a customer’s decision to buy.It does not matter how good your slogan is, a customer will not buy from you if you are not solving their problem in the best way possible. Your selling proposition shows the customer that you will not only solve their problem, but that you are also the best person for the job. In a nutshell, a great unique value proposition should have:Relevancy â€" explains how your products and services solve customer problems or how they improve the customer’s situation.Quantified value â€" should show the specific benefits customers will derive from your products and services.Unique differentiation â€" should show customers why they should buy from instead of your competitors.When creating your unique value proposition, you should use the language of your consumers.A common mistake that business own ers make often is to use fancy buzzwords when coming up with a unique value proposition. How many times have you seen companies claiming that they have ‘miracle products’ that provide benefits that have ‘never been seen before’, or words like ‘value added interactions’?Such phrases only hype a product or service without showing any tangible benefit for the customer and should therefore be completely avoided when creating your value proposition.Instead of such phrases, your value proposition should be clear, direct, bold, and factual. It should describe your products and the problem they are solving the same way customers describe it (how many times have you heard customers looking for a product that provides value-added interactions?).This means that you need to step outside the office and talk to your customers in order to find out what exactly their problems and needs are.WHY IS A UNIQUE VALUE PROPOSITION IMPORTANT?When getting started, many business make the mistake o f trying to do a lot of things. They try to solve different problems for different people, and they want to do it well.For instance, someone launching an online fashion retail shop might attempt to be well known for high quality shoes, best looking t-shirts, most glamorous wedding dresses and lowest prices. Someone launching a restaurant might try to be known for the best fries and the best coffee and the juiciest ribs.The problem with this approach is that when you try to become known for everything, you end up without being known for anything.Businesses with a unique selling proposition don’t try to be everything for everyone. Instead, they focus on something specific and then become known for being the best in that particular thing.This not only allows them to provide the best possible value to their niche, but it also cuts out the number of businesses they have to compete against. Going back to our two examples above, let’s assume that a bride-to-be is looking for a dress fo r her approaching wedding. Will she opt for the retailer that also sells shoes, t-shirts and jeans or one whose sole focus is wedding dresses?If you are want to eat some well-made pork ribs, will you opt for a restaurant that tries to have the best coffee, the best fries, the best burgers and the best ribs, or one whose sole focus is well-done pork ribs?In both cases, I’m assuming you’d go for the latter option, because of their unique value proposition. They are not trying to be everything for everyone. Instead, they are focused on solving a single problem in the best possible way.In addition to helping you stand out and create a strong difference between your business and your competitors, a unique value proposition also has several other benefits, which include:Helps you make a strong first impression.Helps you attract the right prospects, thereby increasing both the quality and the quantity of your leads.Helps you improve your operational efficiency.Helps you increase your r evenue.Helps you gain market share in your targeted niches.Helps increase your conversion rate since you speak directly to your targeted niche and provide solutions that are specific to their needs.Ultimately helps you to increase the lifetime value of your customers.TIPS ON HOW TO CREATE A GREAT UNIQUE VALUE PROPOSITIONComing up with a great value proposition takes a lot more than coming up with a creative slogan.You need to know your business and your customers inside out and understand how your products and services fit into the market.Below are some tips you need to keep in mind when coming up with a great value proposition for your business.Define Your Buyer PersonaThe first step of creating a great value proposition is to define who you are trying to market your products and services to.A value proposition is not meant to appeal to everyone with enough money to purchase your products and services. Instead, you want your value proposition to speak directly to a specific segment of the market, so your first step is to determine who this segment is.Which people will buy your products and services?Whose problems are you trying to solve. Don’t make the mistake I mentioned above of trying to be everything to everyone. That just doesn’t work. If you are solving a problem for brides-to-be, focus on brides to be.If you are solving problems for entrepreneurs who just started their first business, focus on them and forget about seasoned entrepreneurs who have launched a string of successful businesses.Don’t be lazy when it comes to defining your buyer persona [link to article on Buyer Personas]. You should research and find out as much as you possibly can about them. Some questions you should consider in this stage include: Who are your target customers? What is their age group? What is their gender? Where do they live? Are they married or single? Do they have kids? How much money do they earn? Where do they like spending their free time? What are their great est problems?The idea is to fully understand your target customers so that you can come up with a message that speaks specifically to them, a message that they can identify with. For instance, if you are selling wedding dresses, instead of trying to sell to everyone, you might focus on customers who want a lavish and exquisite wedding.With this in mind, you should have a clear understanding of the things that your target customers (those who want a lavish wedding gown) look for in wedding dresses, the anxieties they have about their wedding dresses, how much money they are willing to spend on a wedding dress, and so on.Research Your CompetitorsRemember, the main aim of a unique value proposition is to set yourself and your business apart from your competitors. In order to do this, you need to know who your competitors are and their way of doing things.Just like you did with your target customers, conduct a competitor research and try to find out as much as you can about them.Find an swers for questions like: Who are your competitors? What is their mission statement? How are their products and services similar to yours? How do they differ from yours? What kind of staff do they employ? What is their business model? How is it similar to or different from yours? What customer segment are they serving? How do they serve their customers? What do their customers like about them and their products or services?Researching about your competitors allows you to identify sections of the market that they are not covering well and other weaknesses in their strategy. You can then exploit their weaknesses and focus on areas they do not cover to differentiate yourself from them.It is impossible to differentiate yourself without first knowing what others in the same field are doing and then coming up with a way to do it better.Identify What is Unique and Compelling About Your Product or ServiceNext, you need to look keenly at the product and service you are offering and find out what makes it different from the other alternatives available in the market. Compare your products and services to those of your competitors. What can your products do better? What benefits or value do they provide that competitors’ products do not? Do your products help customers do their work faster? Are they easier to use? Do they use energy more efficiently? Are they cheaper?A good way identifying something unique and compelling about your product or service is to examine it through a technique known as the 3Ds technique.This technique involves checking whether your product or service meets the three Ds, which are Discontinuous innovation, Disruptive business models and Defensible technology. Below is a deeper explanation of the 3Ds technique:Discontinuous innovations â€" Does your product or service offer transformative benefits over other existing products by approaching the problem differently, instead of offering marginal improvements?Disruptive business models â€" Does yo ur product or service provide value and cost benefits that can help spur the growth of a business?Defensible technology â€" Does your product or service have intellectual property that you can protect to deny competitors entry and thereby gain competitive advantage?If your product or service checks any of the three boxes, you have found something unique about your business. If it checks all three boxes, you have something unique and compelling on which to base your value proposition.Another technique you can use to find a unique selling point is to dig deeper into the reasons that people are buying your products. Apart from the obvious reason, there is usually a deeper reason why people buy stuff. On the surface, it might appear that someone buying a milk shake at McDonald’s in the morning is doing so because they are hungry.Upon further investigation however, they might be buying the milk shake because they want something to keep them occupied during a long and boring drive to wo rk. Similarly, it might seem that someone who bought a Mercedes did so because they needed a vehicle for the commute to work. Why not buy a cheaper Toyota then?Upon further investigation, it becomes apparent that they bought the Mercedes because they want to improve their social status.With this is mind, try to find out the deeper, psychological reason why people are buying your products and then use it to come up with a value proposition for your products. For instance, if you are a career coach, it is obvious that anyone who buys your coaching class wants to improve their career.But why do they want to improve their career? Probably so that they can be paid more. But why do they care about being paid more? Probably so that they can buy their dream car or home, or go for the vacation they have always been dreaming about.So, in this case, you are not merely helping people improve their careers, you are actually helping them live out their dreams. You can use this in your value propo sition to show the actual value clients stand to gain by purchasing your products or services.Another option is to think about something about your product that goes against the grain, something that is not in line with your particular industry. For instance, let’s assume you are a martial arts coach who wants to launch a martial arts coaching class. Martial arts is typically male dominated.If you set up a martial arts coaching class specifically for women, you can use this in your unique value proposition. This will resonate with all the women who have always wished to take martial arts classes but could not because they found it intimidating to train together with men.In this case, you show that your business is unique by providing a safe place for women to train in martial arts.Dispel Myths and StereotypesAnother great way of coming up with a unique value proposition for your business is to dispel common myths and stereotypes about your industry. For instance, the auto repair i ndustry is well known for dishonesty. There is no shortage of scams and rip-offs that auto repair mechanics use to get an extra buck from car owners, especially women.In such a situation, if your business can buck the stereotype and provide honest service to car owners, you can use that promise as your unique value proposition. However, you should be ready to follow through with your promise. Don’t promise honest repairs and charges only for a customer to be charged for a repair that wasn’t actually done.With these tips, you will be able to come up with a great unique value proposition that sets your business apart from the competition and shows prospective customers why you are the best person for the job.EXAMPLES OF GREAT UNIQUE VALUE PROPOSITIONSBelow are three examples of great unique value propositions.UberUber’s value proposition is that they provide the smartest and most convenient way to get around. Their value proposition is captured in the following words:Tap your ph one. Get where you are headed.Uber differentiates itself by showing the convenience it offers over the traditional taxi industry that it came to disrupt. No calls to dispatchers, no difficult conversations trying to explain where you are or where you want to go, no worrying whether you have enough change in your pocket. Simply tap and ride.What better way to set themselves apart from traditional taxis?StarbucksStarbucks’ value proposition is also surprisingly simple. They stand for and are well known for their premium coffee beverages. Their focus is on being the best providers of premium coffee beverages. They don’t try to be anything else. They don’t try to be the best coffee house with the lowest prices and the best sandwiches or the best smoothies.While you can also get teas, pastries and other treats in a Starbucks, premium coffee is their main focus. The rest are treats that they just happen to sell, which you can buy to go along with your delicious coffee.It is this uni que value proposition that has turned Starbucks into one of the most recognizable brands in America and the third-largest fast food restaurant chain in the world by number of locations.Apple iPhoneApple also nailed the iPhone’s value proposition. Below is the iPhone’s value proposition:Every iPhone we have made â€" and we mean every single one â€" was built on the same belief. That a phone should be more than a collection of features. That, above all, a phone should be absolutely simple, beautiful, and magical to use.With these words, Apple differentiates the iPhone from all other smartphones.With hundreds of phones in the market, Apple knew that trying to market the iPhone on its set of features wouldn’t work. After all, several other smartphones boast the same features.Instead, Apple decide to set the iPhone apart by offering a unique user experience that no other smartphone manufacturer could match. This simple value proposition has helped Apple remain at the top of the sma rtphone market for almost a decade.WRAPPING UPComing up with a great unique value proposition is about setting yourself apart from your competitors.To do this, you can’t attempt to be known for everything. Instead, focus on one thing that you can do better than anyone else and that you want to be known for and use it as your unique value proposition.Coming up with a great value proposition is also about making a connection with your audience and turning them into loyal brand ambassadors.