Value Preposition on product ‘Common’
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Every organization that strives making good profit as well as maintaining a good customer number must always work to satisfy the customer need. Therefore the various companies must work to keep in line with the current trends in the market and being able to be the most competitive amongst other companies. Value addition is key in being the most competitive as well as attracting more customers. Different models for value prepositions have been developed one of the models the Value Proposition Builder for creating a value proposition states six stages to the analysis. These stages are: The market. This will explain which group the company was to target. The use of the product common would benefit a wide range of customers including those who want to work and process their transactions from home since they can process the same via their home computers. It also caters for business people across the world who export products to different countries since different currencies can be processed without delay. The market also targets upcoming business people since they charge low transaction fee thus attracting more people
Value experience or customer experience stage. Through this the company must be able to evaluate what the market values most. In the case of the new product ‘common’ which is to be used as a processing digital currency, the company must assess how the customers will be able to fit into the new system since it will provides a platform for exchange of different currencies and thus being more efficient than other internet currency platforms.
The third stage is offering stage. This stage should explain which services are unique to the company. In the case of ‘common’, the new product in the market offers better and unique services as compared to PayPal, Authorize.net. These include; one being able to accept unlimited amounts of online payments regardless of the type of currency.
The fourth stage explains the benefits that the customers will derive from the said product. In the case of common product, other than being able to receive unlimited currencies and different types of currencies the amount of fee charge is also minimal as compared to those charged by other companies for example pay pal i.e. 1%.
The fifth stage explains the alternatives and differentiation. Through this the customers are able to know the alternatives the market has to the product in this case the product common. The sixth stage is to provide proof to substantiate the value preposition for the said product. The company must be able to show its customers how they are going to benefit from the said value preposition.
In conclusion, the process above will ensure that the product common is able to attract more customers due to the benefits associated with it.
Barnes, pg. 28
Barnes, pg. 30