Marketing MCQ Marketing Chapter 1 ______ is the set of benefits a company promises to deliver to its consumers to satisfy their needs. Show
A) A money-back guarantee Answer: D) A value proposition Try the new Google Books Check out the new look and enjoy easier access to your favorite features Page 2A value proposition refers to the value a company promises to deliver to customers should they choose to buy their product. A value proposition is part of a company's overall marketing strategy. The value proposition provides a declaration of intent or a statement that introduces a company's brand to consumers by telling them what the company stands for, how it operates, and why it deserves their business. A value proposition can be presented as a business or marketing statement that a company uses to summarize why a consumer should buy a product or use a service. This statement, if worded compellingly, convinces a potential consumer that one particular product or service the company offers will add more value or better solve a problem for them than other similar offerings will.
A value proposition stands as a promise by a company to a customer or market segment. The proposition is an easy-to-understand reason why a customer should buy a product or service from that particular business. A value proposition should clearly explain how a product fills a need, communicate the specifics of its added benefit, and state the reason why it's better than similar products on the market. The ideal value proposition is to-the-point and appeals to a customer's strongest decision-making drivers. The term "value proposition" is thought to have first appeared in a McKinsey & Co. industry research paper in 1988, defining it as. "as "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." Companies use this statement to target customers who will benefit most from using the company's products, and this helps maintain a company's economic moat. An economic moat is a competitive advantage. The moat analogy—coined by super-investor Warren Buffett of Berkshire Hathaway—states that the wider the moat, the bigger and more resilient the firm is to competition. A great value proposition demonstrates what a brand has to offer a customer that no other competitor has and how a service or product fulfills a need that no other company is able to fill. A company's value proposition communicates the number one reason why a product or service is best suited for a customer segment. Therefore, it should always be displayed prominently on a company's website and in other consumer touch points. It also must be intuitive, so that a customer can read or hear the value proposition and understand the delivered value without needing further explanation. Value propositions that stand out tend to make use of a particular structure. A successful value proposition typically has a strong, clear headline that communicates the delivered benefit to the consumer. The headline should be a single memorable sentence, phrase, or even a tagline. It frequently incorporates catchy slogans that become part of successful advertising campaigns. Often a subheadline will be provided underneath the main headline, expanding on the explanation of the delivered value and giving a specific example of why the product or service is superior to others the consumer has in mind. The subheading can be a short paragraph and is typically between two and three sentences long. The subheading is a way to highlight the key features or benefits of the products and often benefits from the inclusion of bullet points or another means of highlighting standout details. This kind of structure allows consumers to scan the value proposition quickly and pick up on product features. Added visuals increase the ease of communication between business and consumer. In order to craft a strong value proposition, companies will often conduct market research to determine which messages resonate the best with their customers. Value propositions can follow different formats as long as they are unique to the company and to the consumers the company services. All effective value propositions are easy to understand and demonstrate specific results for a customer using a product or service. They differentiate a product or service from any competition, avoid overused marketing buzzwords, and communicate value within a short amount of time. For a value proposition to effectively turn a prospect into a paying customer, it should clearly identify who the customers are, what their main problems are, and how the company's product or service is the ideal solution to help them solve their problem. A value proposition is meant to convince stakeholders, investors, or customers that a company or its products/services are worthwhile. If the value proposition is weak or unconvincing it may be difficult to attract investment and consumer demand. An employee value proposition (EVP) applies to the job market. Here, a company that is hiring will try to frame itself as a good place to work, offering not only monetary compensation but also a range of benefits, perks, and a productive environment. In return, the job candidate will need to convince the hiring company that they have the appropriate skills, experience, demeanor, and ambition to succeed. If a company cannot convince others that it has value or that its products or services or valuable, it will lose profitability and access to capital and may ultimately go out of business. 11) A brand's ________is the set of benefits or values it promises to deliver to consumers tosatisfy their needs.A) dominant affectB) fringe benefitC) cardinalityD) value propositionE) fundamental benefitAnswer:DWhat is the value of deliver to your customer?Relationships deliver value to everyone involved because they create a sense of belonging and security. By listening to your customers, you can deliver value by building rapport to ensure continued customer loyalty. Get to know their needs, their goals, and their preferred way of communication.
What is a benefit for a customer?Definition. The term customer benefit is tied to the customer's needs, which are satisfied by a particular product or service. This need determines which product or service the customer buys. The term benefit sounds very rational. But even needs like fun, luxury or a certain image can be a customer benefit.
What does it mean to provide value to customers?Creating value for customers means providing useful products and services that customers consider worthy of their time, energy and money. For customers to find value in a product or service, its perceived benefits need to outweigh its cost. Creating value means maximizing benefits within an acceptable price point.
What are the benefits of knowing your customers?By understanding your customers you can provide better service to them which will lead to many benefits.. Consumer confidence. Seeing as everyone is different the needs of customers will be different too. ... . Build your brand. ... . Meet expectations. ... . Repeat business.. |
What is the set of benefits or value it promises to deliver to customers to satisfy their needs?
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