What does value proposition mean in business?
Answer and explanation
Correct answer: The special benefit received by the customer
A value proposition is a clear statement of the benefit or value a product or service promises to deliver to a target customer and why it may be preferable to alternatives. It focuses on customer needs and differentiation. A shop’s colour or an employee’s preference does not express this customer-centred benefit.
Frequently asked questions
What is the correct answer to this question?
The special benefit received by the customer
Why is this the correct answer?
A value proposition is a clear statement of the benefit or value a product or service promises to deliver to a target customer and why it may be preferable to alternatives. It focuses on customer needs and differentiation. A shop’s colour or an employee’s preference does not express this customer-centred benefit.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
