Reference no: EM132458711

1. In Chapter 5 of the Lean Product Playbook, you read about creating a Value Proposition Template for your product. A Value Proposition Template enables you to list your product's desired features and benefits compared with those of your competitors in order to clearly identify and fine-tune your value proposition.

Using the following outline (located in the Files of your Facebook group and in BlackBoard), you will complete a Value Proposition Template and Value Proposition Statement for your product as the second part of your Product Development Plan (see page 72 of the Lean Product Playbook for more details). You will first list your Product along with Competitor A and Competitor B; these are the two main products that customers in your space are currently using to address their needs. Then, you will list the 3 Must Have Benefits for these products (current or planned). Remember that Must-Have Benefits don't increase customer satisfaction, but do cause dissatisfaction when they are absent. After that, you will list the Performance Benefits followed by the Delighters for each product. When it comes to Performance Benefits, more is better. The better your product's performance, the higher your customer satisfaction will be. Delighters are those features that exceed the customers' expectations. Because customers aren't expecting them, they won't notice it when they are absent. The delighters do, however, bring customers additional pleasure when they are using the product which leads to higher levels of satisfaction.

After you've identified the features, you'll go through and score each product in terms of these features or benefits. For Must-Haves, there should be a Yes or No. Either the Must Have is present, or it is not. For Performance Benefits you can give a numerical rating, or a scale of High, Medium, and Low. You can also use raw numbers, or whatever works for your product. For the Delighters, you may list separate Delighters for each product, or the same if there is some overlap. When you are done with the Template, you'll then move on to the Value Proposition statement.

2. Value Proposition Statement: based on the template, you will create a Value Proposition Statement for your product. It should be in the following format:

A 2-4 sentence statement that describes how your product addresses your target customers' problems better than the competitors, and what specific benefits it provides. In other words, what you can give to your customers that is better than what your competitors have to offer, and how they will benefit from using your product to address their underserved need.