Module 3 Flashcards
It s the worth, importance, or usefulness to the customer.
Value
It is the worth in monetary terms of the social and economic benefits a customer receives from paying for a product or service.
Value
Five Values offered to a customer
- Product
- Price
- Access
- Service
- Experience
Performance, quality, features, brand, selection, search, easy to use, safe
Product
Fair, visible, consistent, reasonable
Price
Convenient, location, nearby, at-hand, easy to find, in a reasonable time
Access
Ordering, delivery, return, check-out
Service
Emotional, respect, ambiance, fun, intimacy, relationships, community
Experience
It is the measure of the benefit gained from a product or service relative to the full cost of the item
Value
It is defined as a business or marketing statement that summarizes why a consumer should buy a product or use a service
Value Proposition
It states who the customer is and describes the values offered to this customer.
Value proposition
A clear, simple statement of the benefits, both tangible and intangible, that the company will provide, along with the approximate price it will charge each customer segment for those benefits.”
Value proposition
A value proposition needs to very simply answer the question: Why should someone buy what you are offering? If you look closely at this question, it contains three components:
- Who?
- What?
- Why?
What are the characteristics of an effective value proposition.
- Clear
- Compelling
- Differentiating
It is a short version of a firm’s value proposition and is often used as a slogan or summary phrase to explain the key benefits of the firm’s offering versus that of a key competitor.
Unique Selling Proposition
