Asked by Fatima Zahra on May 12, 2024
Verified
In the Circles for a Successful Value Proposition framework, the value proposition is represented by
A) the intersection between customer needs\wants and competitors' benefits.
B) the intersection between the firm's benefits and competitors' benefits.
C) the intersection between customer needs\wants and the firm's product's benefits.
D) the intersection between all three of the circles.
E) the part of the firm's benefits that doesn't overlap with anything.
Value Proposition
A business or marketing statement that summarizes why a consumer should buy a product or use a service.
Customer Needs
The essential requirements and desires that consumers want to satisfy with a product or service.
Competitors' Benefits
Advantages or valuable aspects that competitors offer, potentially attracting customers away from one's own business.
- Understand the concept of value proposition and its influence on marketing strategies.
Verified Answer
PL
Phuong Le Thanh_ K14 FUG CTMay 14, 2024
Final Answer :
C
Explanation :
The value proposition is the intersection between customer needs/wants and the firm's product's benefits. This is because the value proposition is essentially the promise of value that the firm's product or service will offer to the customer, based on understanding their needs and wants and delivering benefits that satisfy those needs and wants. The other circles in the framework (competitors' benefits and the firm's own benefits) are important inputs to this process, but they themselves do not represent the value proposition.
Learning Objectives
- Understand the concept of value proposition and its influence on marketing strategies.