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Technopreneurship > Value Proposition > Flashcards

Value Proposition Flashcards

1
Q

A few stunning reasons are more valuable than twenty side benefits, and it makes the concept much clearer.

A

Clogging the canvas with “nice to haves”

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2
Q

Job when customer looks for a specific emotional state, such as finding peace with past trauma or feeling secure in a relationship.

A

Personal/Emotional Job

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3
Q

When was the term “value proposition” first appeared?

A

1988

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4
Q

This explains how products and services lead to customer gains.

A

Gain creators

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5
Q

Refers to the point at which intrinsic and/or use value are weighed against the sacrifice made in order to experience those forms of value.

A

Utilitarian value

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6
Q

Just like pain severity, customer gain can be gauged from nice to have too essential.

A

Gain relevance

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7
Q

T/F. Value proposition allows target market and potential customers can quickly understand what your business has to offer.

A

True

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8
Q

It is linked to the benefits that individuals derive from using the product.

A

Use value

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9
Q

The customer profile can be broken down into three categories.

A

Gains
Jobs
Pains

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10
Q

T/F. When people analyze the intrinsic product characteristics prior to or during use, they arrive at this objective value assessment.

A

True

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11
Q

This includes products or services such as investment funds, insurances or services such as purchase financing.

A

Financial

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12
Q

Objective-based value that exists within the product and is unaffected by market conditions.

A

Intrinsic value

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13
Q

T/F. A value proposition that is specific and targeted enables businesses to clearly communicate how their product or service can solve the customer’s problem and fulfill their needs.

A

True

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14
Q

T/F. The effectiveness of the product or service and its capacity to produce outcomes that satisfy the needs of the consumer must be demonstrated in a value proposition.

A

True

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15
Q

Job when customers want to look good, gain status, or gain power. It focuses on how a customer wants to be viewed by others. An example of this is looking trendy with a new output or being a confident person.

A

Social Job

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16
Q

Job when customers perform a specific task or solve a specific problem. Examples of this is writing a report, washing the dishes, doing the laundry.

A

Functional job

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17
Q

It describes features of a specific value proposition in a business model in an organized and detailed way.

A

Value proposition map

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18
Q

It is simply describing what the customers need to accomplish in their work or lives, which are expressed on their own words.

A

Customer jobs

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19
Q

He proposes that “Value is neither use nor exchange; it is neither object-based, nor subject-based; it is neither my view,
nor your view, it is all of these things”.

A

Woodall

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20
Q

This describes how precisely goods and services alleviate customer pains.

A

Pain relievers

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21
Q

It is used to improve an existing service or product, or a new market idea is made or being developed.

A

Value proposition canvas

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22
Q

T/F. All objects have “qualities,” but if a quality is not valued, it will not remain as a quality.

A

False

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23
Q

T/F. We need to discover customers, not fabricate them.

A

True

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24
Q

T/F. Business models attract the right prospects and stagnate the quantity and quality of prospective leads.

A

False

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25
Q

This profile describes a specific customer segment in a business model in a organized and detailed way.

A

Customer profile

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26
Q

The term “value proposition” first appeared in a staff paper for ________.

A

McKinsey and company’s consulting firm

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27
Q

You’d need to be convinced that this new option is significantly better that what you’ve already got.

A

Designing something “as good” as the competition

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28
Q

This includes products or services that can be used through a digital platform.

A

Digital

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29
Q

This includes functional utility, social gains, positive emotions, and cost saving.

A

Gains

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30
Q

Essentially specifies what makes a company’s product or service appealing, why a customer should buy it, and how the value of the product or service differs from similar offerings.

A

Value proposition

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31
Q

Describes what annoys, angers, or upsets your customer before, during, or after getting a job done.

A

Customer pains

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32
Q

He developed the Value Proposition Canvas.

A

Dr. Alexander Ostwalder

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33
Q

Value is viewed as the result of a personal comparison of sacrifices and benefits, with the outcome being essentially utilitarian in nature.

A

Utilitarian value

34
Q

T/F. An effective value proposition shouldn’t showcase the distinctive features and benefits of the product or service, setting it apart from the competition and communicating its unique value proposition.

A

False

35
Q

Customer pain can be measured from moderate to extreme as it also varies from customer to customer on how they
feel the magnitude of their pain.

A

Pain severity

36
Q

This limits our innovation, it’s sometimes much easier to find new customers than it is to invent new services.

A

Locking in your customer profile too early

37
Q

T/F. By ensuring that the value proposition converges with the brand’s core values and messaging, businesses can establish
a strong and cohesive brand identity that resonates with customers.

A

True

38
Q

We need to think creatively to list all the customers who are worth investigating, not to be creative in making them up.

A

Inventing customers to suit products

39
Q

T/F. The major challenge in starting a new business is creating the desirable value propositions that offers compelling statements of promises to the customers.

A

True

40
Q

Pertains to the job that is related to cocreate value with an individual’s organization. It could be by posting product reviews or giving or co-designing a product or service.

A

Cocreator of value

41
Q

T/F. Each proposition must be unique, as it is a method to communicate the differentiation points of a company to the target customers.

A

True

42
Q

The value proposition is typically directed at the company’s _________ or _________.

A

Market segment
Target customer

43
Q

According to this element of value proposition, it is essential for a business to have a precise understanding of its preferred customer and modify its value proposition accordingly to attract that customer.

A

Target market

44
Q

These are the things that hinder a customer from doing a job

A

Obstacles

45
Q

T/F. By understanding the customer’s needs and tailoring the value proposition accordingly, businesses can build trust and establish long-term relationships with their customers, leading to increased customer retention and brand loyalty.

A

True

46
Q

T/F. Value proposition provides clarity of messaging.

A

True

47
Q

There also exists another type of customer job that customer performs in the context of purchasing and consuming value as a professional or as a consumer known as

A

Supporting Job

48
Q

An assurance of value made by a company that summarizes how the benefit of the company’s product or service will be delivered, experienced, and acquired.

A

Value proposition

49
Q

Describes a thing your customers are trying to get done in their or work or life.

A

Jobs

50
Q

Pertains to job that is related purchasing a value, such as deciding what skincare products to use, what package is suited best for needs.

A

Buyer of value

51
Q

But that appetite is quickly satisfied, whereas our appetite for self-interest is harder to suppress.

A

Appealing to charity, not self-interest

52
Q

Takes place when there is evidence that customers care about certain jobs, gains, and pains, and a value proposition is designed to address those jobs, gains, and pains. In this stage there is no evidence that customer that customers care about a value proposition.

A

Problem-solution fit

53
Q

Name the four main types of customer gains.

A

Desired
Expected
Required
Unexpected

54
Q

There are more unsophisticated buyers who have little to no knowledge in the industry.

A

Assuming customers are sophisticated buyers

55
Q

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.

A

Value proposition

56
Q

If we focus too much on why this business helps people, we lose sight of the real goal which is making sales and thereby perpetually funding our mission.

A

Solving problems for beneficiaries, not customers

57
Q

Pertains to job that is related to the end value of a proposition’s life cycle such as selling used clothes, cancelling a subscription, or giving a product to others.

A

Transferrer of value

58
Q

Take place when there is evidence that products and services, pain relievers, and gain creators is starting to create customer value and attraction in the market. In this stage assumptions in the value proposition is being validated or invalidated.

A

Product-market fit

59
Q

We need to focus on where our cashflow comes from, and double down on segments who are happy to pay for our services.

A

Confusing supporter with customer

60
Q

List the characteristics of value proposition.

A

Alignment
Applicability
Convergence
Distinctiveness
Embedded in business model
Focus
Performance
Prioritizing
Targeting
Uniqueness

61
Q

Takes place when there is evidence that the value proposition can be embedded in a profitable and scalable business model.

A

Business model fit

62
Q

An object-based but it is influenced by market conditions

A

Exchange value

63
Q

They firstly defined value proposition.

A

Edward Michaels
Michael Lanning

64
Q

Shows what is at stake when things go wrong and what are its negative consequences.

A

Risks

65
Q

It is crucial for a company to provide a definite response to the inquiry of why their potential customers should opt for their products instead of other options in the market.

A

Specific value

66
Q

T/F. A supporter is someone who pays you. A customer is someone who likes your brand and your story.

A

False

67
Q

T/F. A company’s value proposition should satisfy the question of customers and communicate clearly why they have the
right product or services for the needs of its customers.

A

True

68
Q

We’re not just looking for problems our customers encounter, but problems that are worth solving ahead of all others.

A

Solving low value problems

69
Q

These are manufactured products.

A

Physical/tangible

70
Q

Enumerate types of pain under undesired outcomes, problems, and characteristics.

A

Ancillary
Emotional
Functional
Social

71
Q

T/F. Justify keeping the “nice to haves” and removing the “must have”.

A

False

72
Q

T/F. The ideal proposition must convey the values to potential customers quickly and without the need for further explanation.

A

True

73
Q

Subjective and is perceived by individuals as they evaluate the product during or immediately after use.

A

Use value

74
Q

Describe the benefits that the customer wants. It can be required, expected, or desired by customers, and maybe some would surprise them.

A

Customer Gains

75
Q

This includes products such as copyrights or services such as aftersales assistance.

A

Intangible

76
Q

It describes a specific customer segment in a business model in an organized and detailed way.

A

Customer profile

77
Q

T/F. The utilitarian approach seeks to balance “all the good and the bad. “

A

True

78
Q

Its aim is to resonate with the emotional side of customers and create a connection that cultivates a lasting brand loyalty

A

Customer connection

79
Q

T/F. A value proposition should highlight the unique disadvantages and selling points of a product or service to differentiate it from competitors.

A

False

80
Q

T/F. A value proposition must align with the overall brand image and messaging of the business.

A

True

81
Q

T/F. Unsophisticated buyers know what can/can’t be promised and speak your industry’s language.

A

False

Technopreneurship (3 decks)

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