Value Proposition Template and Statement for Product Development

*** TEMPLATE ATTACHED ***

FOR PRODUCT I HAVE AN ONLINE E-COMMERCE BUSINESS (YOU CAN MAKE UP AN PRODUCT OR USE APPAREL)

Using the following outline, you will complete a Value Proposition Template and Value Proposition Statement for your product as the second part of your Product Development Plan You will first list your Product along with Competitor A and Competitor B; these are the two main products that customers in your space are currently using to address their needs. Then, you will list the 3 Must Have Benefits for these products (current or planned). Remember that Must-Have Benefits don’t increase customer satisfaction, but do cause dissatisfaction when they are absent. After that, you will list the Performance Benefits followed by the Delighters for each product. When it comes to Performance Benefits, more is better. The better your product’s performance, the higher your customer satisfaction will be. Delighters are those features that exceed the customers’ expectations. Because customers aren’t expecting them, they won’t notice it when they are absent. The delighters do, however, bring customers additional pleasure when they are using the product which leads to higher levels of satisfaction. After you’ve identified the features, you’ll go through and score each product in terms of these features or benefits. For Must-Haves, there should be a Yes or No. Either the Must Have is present, or it is not. For Performance Benefits you can give a numerical rating, or a scale of High, Medium, and Low. You can also use raw numbers, or whatever works for your product. For the Delighters, you may list separate Delighters for each product, or the same if there is some overlap. When you are done with the Template, you’ll then move on to the Value Proposition statement.