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Karunakar
1% Better • 7m
Understanding Value Creation and Customer Needs 1. What is Value Creation? Definition: In business, value creation means providing products or services that solve a problem, fulfill a need, or deliver a benefit to your customers. Key Question: How does your business idea create value for others? 2. Identifying Customer Needs Why it matters: Successful businesses understand what their customers want and need, often better than the customers themselves. Basic Framework: Explicit Needs: What the customer directly asks for. Latent Needs: Needs customers aren't aware of but would find valuable once addressed. 3. Value Proposition Definition: A clear statement that explains why a customer should choose your product or service over competitors. Key Takeaways: A business exists to solve a problem or fulfill a need. The better you understand your customers, the stronger your business can become. A clear value proposition is the foundation of a strong business strategy. Follow Our Medium blog for Finance and Business insights like this: https://medium.com/@FoundrBite
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