Group 3: Value Proposition

Question 1

a simple statement that clearly communicates the product or service benefits you promise to deliver to your customers.

Answer 1

Value Proposition

Question 2

catchy phrase or slogan that is often used in advertising to create brand recognition and recall.

Answer 2

Tagline

Question 3

memorable phrase that sums up the essence of the brand usually

Answer 3

Tagline

Question 4

communicates the unique benefits of a product or service and differentiates it from the competition.

Answer 4

Value Proposition

Question 5

When to use Value Proposition?

Answer 5

-Launching a new products or services
-Entering a new market
-Updating or improving existing products or services
-Targeting a new customer segment

Question 6

Importance of Value Proposition

Answer 6

1. Helps differentiate from competitors
2. Improves acquisition of customers and investors
3. Increases customer loyalty
4. Guides product development
5. Helps with pricing strategy
6. Increase revenue

Question 7

Elements of Value Proposition

Answer 7

1. Target Customer
2. Unique Value
3. Customer Problem
4. Benefit
5. Proof

Question 8

Characteristics of Value Proposition

Answer 8

• Unique
• Clear and Concise
• Customer-focused
• Specific
• Quantifiable
• Memorable

Question 8

Mistakes to avoid in developing Value Proposition

Answer 8

1. Using Jargons
2. Disregarding the competition
3. Being too Generic
4. Straying away from target market
5. Not testing VP
6. Being Synonymous to Competitors
7. Focusing too much on features