Group 3: Value proposition Flashcards
Types of Value
Functional value
Monetary value
Use value
Utilitarian value
A Diagram designed to help clarify an entrepreneur’s
customer understanding and describes how they intend to create value for that customer.
Value proposition canvas
Set of value proposition benefits that the entrepreneur or
business designs to attract customers.
Value proposition map
It is the set of customer characteristics that an entrepreneur or business
assumes, observes, and verifies in the market. It also describes a specific customer segment
in their business model in a more structured and detailed way where it breaks the customer
down into its jobs, pains, and gains.
Customer profile
It describes the things your customers are trying to get done in their work or
in their life.
Customer jobs
It describes anything that annoys your customers before, during, and after
trying to get a job done or simply prevents them from getting a job done.
Customer pain
These describe the outcomes and benefits your customers want.
Customer gains
These are a list of what the business or entrepreneur offers. It is an
enumeration of all the products and services the value proposition builds on.
Products and service
This describes how exactly products and services alleviate specific customer
pains.
Pain relievers
These describe how products and services create customer gains.
Gain creators
It is when customers get excited about
your value proposition, which happens when you address important jobs, alleviate extreme pains, and
create essential gains that customers care about.
Achieving Fit
Stages of achieving fit
Problem-solution fit
Product-market fit
Business model fit
It is where one has evidence that customers care about certain jobs,
pains, and gains, and designed a value proposition that addresses those jobs, pains, and gains.
Problem-solution fit
It is where one has evidence that the products and services, pain relievers,
and gain creators are actually creating customer value and finally getting traction in the
market.
Product-market fit
It is where one has evidence that the value proposition can be embedded
in a profitable and scalable business model.
Business model fit
