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Technopreneurship > (4) Lesson 3: Value Proposition > Flashcards

(4) Lesson 3: Value Proposition Flashcards

1
Q

process of using technology to create and commercialize innovative solutions

A

technopreneurship

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2
Q

combines entrepreneurship skills and cutting-edge technological
know-how

A

technopreneurship

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3
Q

capable of disrupting traditional industries and solving complex
problems

A

technopreneurship

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4
Q

statement that describes the unique benefits that a product or
service offers to its customers

A

value proposition

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5
Q

strong value proposition is essential in technopreneurship

A

value proposition

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6
Q

helps to differentiate oneself from other players in the market

A

value proposition

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7
Q

helps to attract and retain customers, increase sales, and
ultimately lead to the success of the venture

A

value proposition

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8
Q

helps to attract investors and other stakeholders

A

value proposition

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9
Q

purpose of value proposition

A
  • communicate the unique benefits that a product or service provides to its customers
  • should explain how it solves a problem or meets a need that the
    customer has
  • should be clear, concise, and tailored to the needs and desires of
    the target market
  • a critical component of technopreneurship
  • essential to craft a clear and compelling value proposition that
    speaks to the needs and desires of the target market to ensure the
    success of a technopreneurial venture
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10
Q

kinds of value proposition

A
  • cost-based value proposition
  • quality-based value proposition
  • benefit-based value proposition
  • service-based value proposition
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11
Q

elements of value proposition

A
  • costumer segment
  • value differentiation
  • benefit statement
  • proof
  • communication
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12
Q

how value proposition is different in technopreneurship

A
  • emphasis on innovation
  • rapidly changing market
  • needs for scalability
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13
Q

how value proposition is different in technopreneurship:

in technopreneurship, innovation is a key driver of value; therefore, a good value proposition should emphasize how the product or service is innovative and how it will disrupt the market

A

emphasis on innovation

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14
Q

how value proposition is different in technopreneurship:

the market in technopreneurship is constantly evolving, and the needs of customers are always changing; therefore, a good value proposition should be adaptable and flexible enough to keep up with the changes

A

rapidly changing market

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15
Q

how value proposition is different in technopreneurship:

in technopreneurship, businesses need to be able to scale quickly in order to keep up with demand; therefore, a good value proposition should be scalable and should be able to accommodate growth

A

need for scalability

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16
Q

challenges of creating value proposition in technopreneurship

A
  • lack of customer understanding
  • limited resources
  • competition
17
Q

challenges of creating value proposition in technopreneurship:

in many cases, technopreneurs are developing products or services for a market that they may not fully understand; this can make it difficult to create a value proposition that resonates with customers

A

lack of customer understanding

18
Q

challenges of creating value proposition in technopreneurship:

technopreneurs often have limited resources to invest in market research and product development; this can make it challenging to create a value proposition that is compelling and differentiated

A

limited resources

19
Q

challenges of creating value proposition in technopreneurship:

in technopreneurship, there is often a lot of competition in the market; this can make it challenging to create a value proposition that stands out from the crowd

A

competition

20
Q

best practices for creating value proposition in technopreneurship

A
  • focus on the customers
  • emphasize the benefits
  • differentiate from competitors
21
Q

best practices for creating value proposition in technopreneurship:

technopreneurs should invest time and resources in understanding their target customers and their needs; this can help them to create a value proposition that is tailored to their customers

A

focus on the customers

22
Q

best practices for creating value proposition in technopreneurship:

a good value proposition should emphasize the benefits that the product or service provides to customers; technopreneurs should focus on how their product or service solves a problem or meets a need that customers have

A

emphasize the benefits

23
Q

best practices for creating value proposition in technopreneurship:

technopreneurs should identify what sets their product or service apart from competitors and emphasize this in their value proposition

A

differentiate from competitors

24
Q

true or false:

creating a compelling value proposition is critical for success in
technopreneurship

A

true

25
Q

true or false:

creating a value proposition in this context can be challenging due to the unique characteristics of the industry

A

true

26
Q

true or false:

creating a value proposition in this context can be challenging due to the unique characteristics of the industry

A

true

27
Q

true or false:

by following best practices and focusing on the customer, benefits,
differentiation, and testing, technopreneurs can create value propositions that resonate with their target audience and help them to succeed in their ventures

A

true

28
Q

how value proposition impacts the success of a technopreneurial venture

A
  • strong value proposition means success
  • crucial development
  • standing out from marker
29
Q

how value proposition impacts the success of a technopreneurial venture:

a clear statement of unique value is essential for success

A

strong value proposition means success

30
Q

how value proposition impacts the success of a technopreneurial venture:

guides product development, marketing, and sales to align with the value proposition; meeting customer needs is critical for satisfaction, leading to repeat business and positive reviews

A

crucial development

31
Q

how value proposition impacts the success of a technopreneurial venture:

a strong value proposition differentiates and attracts customers seeking innovative solutions

A

standing out from market

32
Q

examples of successful technopreneurial ventures with strong value proposition

A
  • Tesla Inc.
  • Airbnb Inc.
33
Q
  • has a clear and unique value proposition for its electric cars
  • its value proposition is focused on sustainability and environmental
    friendliness, setting it apart from other car manufacturers
  • offer both environmental benefits and high performance and style, appealing to a wider range of customers
  • its strong value proposition attracts customers passionate about
    sustainability and innovation, willing to pay a premium for a product that aligns with their values
A

Tesla Inc.

34
Q
  • has a clear and unique value proposition for its customers
  • its value proposition is focused on offering affordable and unique
    accommodation options not available through traditional hotels
  • has disrupted the traditional hotel industry by offering unique and
    affordable accommodation options
  • helped the company attract customers looking for an authentic
    travel experience, willing to try a new and innovative service
A

Airbnb Inc.

35
Q

example of failed technopreneurial venture that failed due to weak value proposition

A

Juicero Inc.

36
Q
  • an example of a technopreneurial venture that failed despite developing a high-tech juicing machine
  • an example of a technopreneurial venture that failed despite developing a high-tech juicing machine
  • the product was expensive and required expensive juice packets
  • the company failed due to a weak value proposition and an unsustainable business model
A

Juicero Inc.

37
Q

true or false:

the success of technopreneurial ventures is guaranteed, and failure can be a common outcome

A

false - not guaranteed

38
Q

true or false:

failure can also be an opportunity to learn and improve, as valuable lessons can be gained from unsuccessful ventures

A

true

39
Q

true or false:

creating a strong value proposition is essential for success in technopreneurial ventures, as it enables startups to differentiate
themselves from competitors and meet customer needs effectively

A

true

Technopreneurship (4 decks)

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