ENTR 3312 Hello I need Ideas to elaborate a discussion based on this topic, if y
ID: 325984 • Letter: E
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ENTR 3312
Hello I need Ideas to elaborate a discussion based on this topic, if you use references please provide the websites, thank you.
Read/study Customer Mapping beginning on page 243 In your own words, explain in 2-3 paragraphs how VALUE PROPOSITION for a product/service differs from BENEFITS of the product/service. Note: a product/service feature is NOT a benefit. For example: a young man purchases a fast, red convertible sports auto. The salesperson did not only tell him the auto was fast, red, and convertible; these are product features. The salesperson sold the auto on its benefit to the young man: he will attract the attention of pretty girls Use correct grammar, spelling. Your commentary should be scholarly or business professional. If you use outside sources, cite/reference them.Explanation / Answer
Any product or service of a company has its own benefits and value proposition. Generally the benefits and value proposition are confused with each other. Although though both of them are advantageous to the customer ironically they are not the same. A company before launching a product do strategic analysis on the customer requirements and the additional features that can be added to the product so that the customers would be attracted to the product. The marketing techniques would be such that the customer himself would start comparing the product he already has with the one newly launched in the market. With the additional features mentioned in the product the customer will be convinced to buy it. This feature of the product that the company escalates so that the people get attracted and develops an eager to buy it can be called as the value proposition. The sales person will explain the features of the product in the name of its benefits. Even if the marketing person does not explain all the details the customer is going to enjoy the features of the product. In other words it is indirectly making the customers beleive that the company product would make their life comfortable and they are providing best in the market.
On the other hand the benefits of the product or the services can not be predicted. It is can be mentioned only if the end result is accomplished. The features of the product will be mentioned in the handbook provided which becomes the value proposition of the product. If the product works as per the value proposition it can be taken as a benefit. No product or services gives 100% gurantee on its value proposition. For example the companies ften claim that they offer very good customer service after the delivery of the product. But when there is an issue and if the customer service line is reachable at any time its a benefit other wise not. Same can be the case with internet connections, they claim that they have the fastest net connection, but if the connection turns out to be slow in case of any emergency that cannot be counted as beneficial. It is really hard to differentiate between benefits and the value propositions as they are closely related in terms of customer saisfaction.
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