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In entrepreneurship, what does the term 'value proposition' refer to?
In entrepreneurship, what does the term 'value proposition' refer to?
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In entrepreneurship, what does the term 'value proposition' refer to?
The financial return on investment
The unique value a product or service offers to customers
The marketing strategy used to attract customers
The operational efficiency of a business
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A value proposition is a statement that explains how a product or service meets customer needs and stands out from competitors.
Questions & Step-by-step Solutions
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Q
Q: In entrepreneurship, what does the term 'value proposition' refer to?
Solution:
A value proposition is a statement that explains how a product or service meets customer needs and stands out from competitors.
Steps: 4
Show Steps
Step 1: Understand that a value proposition is a statement.
Step 2: Know that this statement explains how a product or service helps customers.
Step 3: Realize that it shows how the product or service is different from others in the market.
Step 4: Remember that the goal of a value proposition is to attract customers by highlighting benefits.
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