MEC Value Proposition Training
|23 March 2022
|09:30 - 12:30
|What is it:
|Masood Entrepreneurship Centre
|Who is it for:
|University staff, Alumni, Current University students
Understanding the Value Proposition of your product is essential to make sure you are developing a product that is needed by your customer and that the market opportunity is attractive and relevant.
The aim of this course is to provide entrepreneurs with the skills needed to identify and understand the key value proposition of the product/service they are exploring as a business opportunity.
The session focuses on the following:
1: An introduction to the VP concept.
An introduction to the VP canvas tool, the underpinning principles and why it is essential to drill down into customer needs BEFORE you decide on the final product. We will discuss some famous examples of companies who did not appreciate their VP, and the subsequent mistakes they made because they did not fully understand their customer’s needs.
2: Team exercise
Using a very simple product as an example, we will work in teams to apply the VP model to potential markets and profile the pains/gains that are important to the target customer groups. The aim of the exercise is to help you change the way you think about your product and become more creative in how you approach the VP.
3: Testing the value proposition
Desk research is a great start, but at some point you have to reach out to the customer and ask for their opinion about your products and understand how they meet customer needs. This section discusses what to test, how to do it, and what the outputs mean.
4: Putting words into action
During the final session of the morning you will apply the VP tools to your own business idea and have the opportunity to discuss this with your team from the earlier exercise.
Role: Course Facilitator
Organisation: Team Services
Travel and Contact Information