Module 2

Question 1

Upon what two criteria do customers based their buying decisions?

Answer 1

1. The benefits of the product or service
2. The price

Question 2

What is a value proposition?

Answer 2

A value proposition is not an act of talking about vague benefits, such as “good quality.” We mean concrete, observable features of the product or service: short waiting times, fast rewind speeds, and so on.

Question 3

What are the 4 essential elements of a successful marketing strategy?

Answer 3

1. Choosing the value is the foundation of any successful marketing strategy. This involves identifying what sets your product or service apart from the rest.
2. Once you’ve chosen the value, it’s time to provide it. This is where innovation, quality, and exceptional customer experience come into play.
3. Communicating the value. No matter how remarkable your product or service is, it won’t make an impact if people aren’t aware of it.
4. Supporting the value. Building trust and loyalty is vital in today’s competitive landscape. Show your customers that their satisfaction and success matter to you.

Question 4

How can you create a meaningful value map?

Answer 4

1. Define your target audience.
2. Identify customer benefits.
3. Understand the competitive landscape.
4. Determine unique selling points.
5. Create a value proposition statement.
6. Map the customer journey.
7. Visualize the map.
8. Test and refine.