Question

1. A Value proposition is best described as:

   	a.	An approach that considers more than just the value of customer and firm exchanges. It recognises that in any exchange there are multiple influencers - both direct and indirect that co-create value.
   	b.	Something that marketers use to make the service appear more valuable than it really is. It is said to provide tangible cues linked to the quality of the service.
   	c.	An assumption that value is co-created in the act exchange through a process where each party, the customer and the firm, contribute their own resources for the good of the other.
   	d.	The sum total of benefits that is promised to the customer in exchange for their patronage and payment. It doesn’t translate into customer value until the customer actually uses the product.

Answer 1

A Value proposition is best described as:

A. An approach that considers more than just the value of customer and firm exchanges. It recognises that in any exchange there are multiple influencers - both direct and indirect that co-create value.

B. Something that marketers use to make the service appear more valuable than it really is. It is said to provide tangible cues linked to the quality of the service.

C. An assumption that value is co-created in the act exchange through a process where each party, the customer and the firm, contribute their own resources for the good of the other.

D. The sum total of benefits that is promised to the customer in exchange for their patronage and payment. It doesn’t translate into customer value until the customer actually uses the product.

Option D is the best description for value proposition. Value Proposition is sum total of benefits which a vendor promises a customer in exchange for their patronage and payment. In simple sentance, it is the value of a company that promises to deliver to customers should they choose to buy their product.