Value proposition is a statement of overall benefits that the product/IP solution offers to the target customers (to solve the their challenges/pain points) compared to perceived costs as compared to other existing alternatives. Positioning is a high level statement of promise about product/IP solution to create a perception of unique experience in the minds of target customers compared to other competing alternatives in the market. Positioning statement is a sub-set of Value proposition or derived from Value proposition.

It will have necessary supporting reasons to justify the promise. Value proposition is used to convince customers and users in convincing the value it offers to them. In addition it also helps in giving direction/guidance to internal marketing and engineering teams in the process of decision making. Effective Value propositions shape customer perceptions. The target customers weigh the value proposition against costs and against competitive alternatives in the marketplace, and even the ramifications of doing nothing. Hence it should outweigh the total perceived cost and differentiate the product from available alternatives.

For defining Value proposition for products or IP solutions in Ready2Series portfolio we use standard framework (available under Artifacts). This framework mainly covers the Target market or customer, their challenges, the product which we offer, details of the product, benefits of the product, its differentiators and the supporting factors of capabilities. A brainstorm session shall be held involving product management team and marketing & communications team to discuss and capture all the above aspects to develop a clear message.

Roles & Responsibilities:

Trigger/Entry Criteria:

• New Product: Business Plan approved.
• Existing Product: Specific action based on Product/IP business review & monitoring activity.

Exit Criteria:

Product Strategy Document reviewed and approved.