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Technopreneurship Midterms > Value Proposition > Flashcards

Value Proposition Flashcards

1
Q

This is a declaration of how the benefits of the products and services will be delivered, experienced, and acquired by their customers.

A

Value proposition

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2
Q

He developed the Value Proposition Canvas.

A

Dr. alexander osterwalder

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3
Q

Value proposition is usually addressed to the target market segment of the company and takes the formof _________ , _________, & ________ statement of the tangible and intangible benefits that will be delivered to the customers.

A

Clear , Concise , Short

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4
Q

It is a short statement that embodies a certain aspect of your brand or business.

A

Tagline

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5
Q

This is displayed in Ads, Campaign commercials or packaging.

A

Slogan

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6
Q

This appears on company website, marketing campaigns, and brochures.

A

Value Proposition

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7
Q

This is created to convey the company’s mission.

A

Slogan

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8
Q

This is made to address the brand’s image. Intended for public relations and awareness about the company.

A

Tagline

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9
Q

This is used for a **short period **of time and for specific campaigns.

A

Slogan

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10
Q

The term value proposition was first mentioned in the year

A

1988

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11
Q

Where is the value proposition term first mentioned?

A

Staff Paper

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12
Q

The consulting firm that publicized the paper that first mentioned the term value proposition.

A

McKinsey and company

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13
Q

This is found mainly in the public-facing messaging.

A

Tagline

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14
Q

The authors that mentioned and define the term value proposition.

A

Edward Michaels
Michael Lanning

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15
Q

Types of benefits that should be included in the value proposition.

A

Intangible
Tangible

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16
Q

The year where value proposition has been widely adopted as a marketing and selling tools.

A

1990

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17
Q

This is a framework which can help ensure that the product or services is positioned around the needs and values of costumer.

A

Value proposition Canvas

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18
Q

Value proposition has been published in ____ language.

A

37

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19
Q

An important element of an effective value proposition as it gives the company a clear idea of who its ideal costumer and can share the value proposition that will attract the customer.

A

Target Market

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20
Q

The** demographics **that must be identified to design the value proposition.

A

Age, Income , Status

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21
Q

This is the** value** which the company sets for their** products and services.**

A

Specific Value

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22
Q

This involves the company’s aim of** appealing to the emotion** of their customers and to establish a relationship with their customers and hopefully produce loyal customers.

A

Customer Connection

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23
Q

Purpose of Value Proposition.

A

Ensure consistentmessaging
Help the company differentiate
Improve customer understanding
Support the sales process

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24
Q

Identify if this is a slogan, a tagline, or a value proposition.“Just do it”

A

Tagline

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25
Q

Identify if this is a slogan, a tagline, or a value proposition. “I’m loving it”

A

Tagline

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26
Q

It is a statement of the value of the company offers through its products or services that distinguishes their values from their competitors.

A

Value Proposition

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27
Q
  1. These are defined as ‘positive motivational influence’ which are intended to encourage a visitor or customer to act immediately.
A

Incentives

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28
Q
  1. It is a short,memorable phrase that businesses use in advertising campaigns to promote a particular product or service.
A

Slogan

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29
Q
  1. It is a short phrase that encapsulates a certain element of your brand or company. It can also convey a principle or ideal that your company upholds.
A

Tagline

30
Q
  1. It describes how a certain good, service, or brand meets a specific consumer need in a way that differentiates it from its rivals.
A

Positioning statement

31
Q
  1. This explains what you want to accomplish as a company.
A

Mission statement

32
Q

42.-45. Components in making a value proposition.

A
  • Brief paragraph of products or service you are offering
  • Bullet points of main characteristics or advantages
  • Catchy headline
  • Supporting picture
33
Q

46.-54. Best practices for value proposition

A
  • Add a visual element
  • Be sure to prove it
  • Evolve
  • Find boosters
  • keep it hype free
  • let it drive company motivation
  • spread the word
  • think about dedicating a page
  • use voice of customer
34
Q
  1. This company has the value proposition of “Music for everyone”.
A

Spotify

35
Q
  1. This company has the value proposition of “Watch anywhere. Cancel anytime”.
A

Netflix

36
Q

57.-60. Common mistakes in a value proposition.

A
  • communicating without clarity
  • exaggerating the truth
  • relying solely on ideas
  • using stilted language
37
Q
  1. Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “To help businesses grow better.”
A

Mission statement

38
Q
  1. Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “Only offers organic, locally sourced food to its customers.”
A

Positioning statement

39
Q

Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “Think Different.”

A

Tagline

40
Q
  1. Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “The best experiences. Only on Apple.”
A

Value proposition

41
Q

Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “Open a Coke, open happiness.”

A

Slogan

42
Q
  1. Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “Happiness to us is anything that can bring a smile to someone’s face. We’re in the business of spreading smiles and opening happiness every day all across the world.”
A

Value proposition

43
Q
  1. Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “Learn a language for free. Forever”
A

Value proposition

44
Q
  1. Identify the statement if it is a slogan, tagline, value proposition, mission statement, or positioning statement. “Skype keeps the world talking, for free. Share, message and call - now with group video or with mobile and tablet too.”
A

Value proposition

45
Q
  1. Value propositions typically appear at the _______ of a landing page as a block of huge text.
A

top

46
Q
  1. The value proposition is direct and appeals to the main factors that influence a customer’s decision.
A

Optimal

47
Q

71.-72. Name the two main components of the Value Proposition Canvas.

A

Customer profile

Value map

48
Q

73.-75. What does the** Customer Profile section** of the canvas include?

A

Customer jobs
Gains
Pains

49
Q

76.-78. What does the Value Map section of the canvas include?

A

Gain Creators
Pain Relievers
Products/Services

50
Q
  1. The Value Proposition Canvas helps identify customer needs and** design products or services to meet those needs**.
A

T?

51
Q
  1. **Customer jobs **refer to the tasks and activities that customers want to accomplish or solve.
A

T?

52
Q

The Value Proposition Canvas can be used for both** B2C (business-to-consumer) **and B2B (business-to-business) markets.

A

T?

53
Q
  1. The Value Proposition Canvas helps in aligning the value proposition with customer needs and desires.
A

T?

54
Q
  1. The Value Proposition Canvas is not a static tool. It requires regular revisiting and updating to stay relevant.
A

T?

55
Q
  1. Customer pains represent the negative experiences or challenges that customers face.
A

T

56
Q
  1. Understanding customer pains and gains is crucial for developing a compelling value proposition.
A

T

57
Q
  1. What is the purpose of the Value Proposition Canvas?
A

A. To identify customer needs and pains

58
Q
  1. What are the two main components of the Value Proposition Canvas?
A

B. Customer Profile and Value Map

59
Q
  1. What does the Customer Profile section of the canvas include?
A

A. Customer demographics and psychographics

60
Q
  1. What does the Value Map section of the canvas include?
A

C. Value propositions and channels

61
Q
  1. How does the Value Proposition Canvas help identify customer needs?
A

C. By understanding customer jobs and pains

62
Q
  1. What is the difference between customer jobs and customer gains?
A

A.** Jobs** refer to tasks customers want to accomplish, while** gains **are the positive outcomes they seek.

63
Q
  1. What are customer pains?
A

A. Negative experiences or challenges customers face

64
Q
  1. How can you identify customer pains and gains?
A

A. Conducting customer surveys and interviews
B. Analyzing competitor offerings
C. Observing customer behaviors

65
Q
  1. What are the primary benefits of using the Value Proposition Canvas?
A

A. Improved customer segmentation
B. Increased customer loyalty
C. Enhanced product development

66
Q
  1. How does the Value Proposition Canvas complement the Business Model Canvas?
A

B. It adds a** customer-focused perspective** to the Business Model Canvas

67
Q
  1. Can the Value Proposition Canvas be used for both products and services?
A

A. Yes, it is applicable to both products and services

68
Q
  1. What role does customer feedback play in refining the value proposition?
A

B. Customer feedback helps identify areas for improvement

69
Q
  1. How can you differentiate your value proposition from competitors?
A

B. By providing superior customer service

70
Q
  1. How can you prioritize and focus on the most important customer needs?
A

D. By conducting market research and analysis

71
Q
  1. How often should you revisit and update your value proposition?
A

C. Whenever there are significant changes in the market

Technopreneurship Midterms (11 decks)

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