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The Value Proposition framework and the Business Model Canvas are both strategic tools used in business planning but they serve different purposes. The Value Proposition framework focuses on identifying and communicating the unique value a product or service provides to its target market. It's about understanding what sets your offering apart from competitors and how it meets the needs of your customers. On the other hand, the Business Model Canvas is a more comprehensive tool that covers all aspects of a business, including key partners, activities, resources, customer relationships, channels, customer segments, cost structure, and revenue streams. It provides a holistic view of how a business creates, delivers, and captures value. Both frameworks are important and can be used together for effective business planning.
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A winning value prop should be the intersection of three components: the product or service offered, what the customer needs, and other offerings in the marketplace. When it comes to the marketplace component, it's important to establish market validation. This doesn't mean your idea is only validated because other companies offer similar services. But you do need to prove there's existing demand in the market. So even if other navigation apps don't exist, you would still need to identify there are enough commuters to meet market demand. (Slide 7)
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Make the most out of your brand, product, or new feature in addition to its inherent merit. A convincing value proposition not only meets customer exp...
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