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MKTG6002 Marketing Plan Strategy Assignment Solution
The value proposition canvas helps to create a canvas that explains the customer wants (Osterwalder et al. 2014). This helps to understand the design of the product, services and the needs of the customers. The value proposition canvas works side by side with by side with the business model canvas. In appendix 1, we can see a diagram that explains the value proposition of the customer. The value proposition canvas consists of three elements – Pain relievers, gain creators and Product and supply. The following diagram in appendix 1 shows the value proposition canvas of Modpack starter (Yamamoto 2015). The mudpack starter is a product that is introduced by Modware. The value proposition canvas will help to understand about the product, how it helps the customer by making their life easier and how the organization can improve their product in the market. The value proposition canvas will help to define the key features of the product, how the product can create benefits for the customer, how it can make the life easier for the customer.
Modpack starter is basically a device that primarily acts as a power bank; however it has other feature like it has a speaker, Led light system etc. Modpack is a device that has the facility of power bank, speaker, temperature and humidity module, USB storage facility, LED light system. The device is compatible with almost all the smartphones and devices and can charge them with its 5600mAhbattery. The device takes almost 5 hours to charge at 1 Amp. The product helps the consumer to charge their devices and at the same time acts as a music player. The product is very handy and its price is so low that it is very much affordable. According to the value canvas the product creates a lot of benefits for the customers. For example it helps the customer to not be worried about battery drainage and can use their phones all the time. They do not have to search electric socket for charging their smartphones. The customers can charge their phone at any place at any pointy of time. It will also help the customer to listen to music by connecting their phone to the mudpack starter with the help of Bluetooth. The modpack is nothing but an accumulation of different types of mod so that the customer can enjoy many things without carrying lots of devices. Modware assures their customer that the product will be reliable and durable and will be equipped with the latest technology that is available in the market. The product will also contain memory storage system of 32GB so that the customer can store media files in the device. Modpack starter is compatible with most of the smartphones that is available in the market.
The Modpack products will help the younger generation who wants uninterrupted gaming experience by giving them a product that will help them to savethe energy.
Value creation is the most basic aim of any business analysis organization (Gronoos and Voima 2013). Creating product value for the potential customer helps in sell of products and the service (Kaptelinin and Bannon 2012). The Modpack needs to identify how they can create value for their product in the market so that the customer purchases their product. The product of Modpack is cheap and is made of good quality, whereas there are other products that are available in the market which are much expensive and are not affordable by many of the customers. The young generation are often short of money and they cannot offer expensive products. The young generation will select this product as it cost much less and are made of high-end technology.
Customers in Australia are often driven by brands and they hesitate to buy products that are new in the market (Arndt 2013). The customer wants to purchase products of the established brands. The technology industry is growing day by day. The number of organizations is also increasing and which brings new and innovative products every now and then. Companies like Lenovo, Xiaomi, and Samsung are continuously experimenting with their products. Xiaomi, Oneplus, Huawei are some of the organizations that created a huge name in making the best power banks in the industry (Seiget 2013). Customer will prefer the brands and will select these brands rather than the new technology that just came in the market. Established companies like Redmi, , Oneplus, Huawei can affect them. This is due to the brand recognition that the organization has in the market.
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2. Grönroos, C. and Voima, P., 2013. Critical service logic: making sense of value creation and co-creation. Journal of the academy of marketing science, 41(2), pp.133-150.
3. Kaptelinin, V. and Bannon, L.J., 2012. Interaction design beyond the product: Creating technology-enhanced activity spaces. Human–Computer Interaction, 27(3), pp.277-309.
4. Osterwalder, A., Pigneur, Y., Bernarda, G. and Smith, A., 2014. Value proposition design: How to create products and services customers want. John Wiley & Sons.
5. Siegel, E., 2013. Predictive analytics: The power to predict who will click, buy, lie, or die (p. 148). Hoboken: Wiley.
6. Yamamoto, M., 2015. Innovating theSoftware EngineeringEnvironment with Automation Design Suite (Vol. 58, No. 2, pp. 21-26). Yokogawa Technical Report English Edition.