LESSON 3 (VALUE PROPOSITION)

Question 1

A simple statement that clearly communicates the product or service benefit to your customer

Answer 1

Value Proposition

Question 2

a catchy phrase or slogan that is often used in advertising to create brand recognition

Answer 2

Tagline

Question 3

Elements of Value Proposition

Answer 3

Needs - ( who is your target market)

Approach - ( what problem does your product solve)

Benefit - (what is the benefit of your product to your customer)

Competition - (what differentiates you from your competitors)

Question 4

Characteristics of an effective value proposition

Answer 4

• Unique
• Clear and Concise
• Customer Focused
• Specific
• Quantifiable
• Memorable

Question 5

Importance of value proposition

Answer 5

• Increase Customer/Investor acquisition
• Increase Customer Loyalty
• Guides Product Development
• Helps Pricing Strategy
• Increase Revenue