MKT1212 Marketing Management

In this course, we have explored value propositions, storytelling and managing communications, among other key topics.

Professional mission statements should be one sentence long and address the following three questions:

1.  Who are you and what makes you different?

2.  What do you actually do for your clients?

3.  How do you do it?

They are more than just words, they sum up the actions an organization takes.

Having a value proposition allows business to succinctly answer the question “Why should I work with you?” when asked by prospects. A simple way to start creating a value proposition is to select keywords from a business’s professional mission statement and define each keyword to answer why a prospect should do business with you or what the experience will be when the prospect is a client.

Imagine a world where everyone is in sales. Whether you're trying to sell your holiday ideas to your spouse, or you're pitching a new project to a prospective client or your boss, it's all selling, and, whatever your offer, it's important to have a really strong value proposition.

A value proposition is a short statement that clearly communicates the benefits that your potential client gets by using your product, service or idea. It "boils down" all the complexity of your sales pitch into something that your client can easily grasp and remember.

It's not enough just to describe the features or capabilities of your offer, your statement needs to be very specific. Your value proposition must focus closely on what your customers really want and value. Do they want to solve problems, to improve on existing solutions, to have a better life, build a better business, do more, better, faster...?

And by doing so, you will grab their attention in such a way that they know: "Yes, that's right for me".

Assignment

Working by yourself, complete this assignment, which is worth 10% of your mark. You will need to conduct online research. Your assignment is due via Brightspace before start of class Week 11.

Your assignment will be marked based on your ability to demonstrate critical thinking skills, applying what you’ve learned throughout this course. One mark is assigned for your ability to successfully complete part 1, and two marks each for parts 2 and 3.

Part 1 - Mission statement  

Choose a B2B technology start-up company and write down its existing mission statement. Evaluate it critically against the criteria above. Conduct online research to help formulate your answer. Update the mission statement to what you feel it should be. Document the old and the new mission statement and explain your rationale for your proposed changes.

Part 2 - Value proposition

After you have a solid mission statement, the value proposition can be created. In your mission statement above, highlight three to five keywords you can define for your company’s clients and prospects to answer the following questions:

1.  Why should I do business with you?

2.  What will my experience be like working with you?

In order to complete this exercise, you will need to know your company’s products and services and its customers: who they are, what they need, what problems do they need to solve, what improvements they are looking for, and what they value.

Now, create a value proposition statement drawing together your keywords from your mission statement and ending with a “punch line” connecting it all together.

Part 3 - Storytelling

Imagine your have one- to two-minutes of your prospect’s time. Craft a brief story that illustrates your value proposition, using both tangible proof points and reasons to believe. Submit your story as a script.