Value Proposition

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A value proposition provides potential customers with a concise description of the benefits that they will accrue from the purchase or use of a particular product or service. A well-designed value proposition encapsulates a summary of statements that are aimed to convince the prospective customers that a product or service will effectively solve their problems, meet their needs, and add more value to their experience (Skok, 2013). It also communicates how a company’s products or services are distinct from those of competitors.

A good value proposition is the structural underpinning of effective marketing strategies. It elicits customer intelligence and provides them with a competitive insight into a product or a service. It also enables them to evaluate a product or service before they can make a purchase. A value proposition is one of the most important tools for product and service marketers. 

References

Skok, M. (2013). 4 Steps to Building a Compelling Value Proposition. Forbes. Retrieved on September 13, 2018, from https://www.forbes.com/sites/michaelskok/2013/06/14/4-steps-to-building-a-compelling-value-proposition/#5e3b418a4695

October 30, 2023
Category:

Business

Subcategory:

Corporations Marketing

Subject area:

Company Customer

Number of pages

2

Number of words

394

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28

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