Question
A toy company wants to create a product/market fit hypothesis for a new toy. Which element of the hypothesis involves writing a statement explaining what the new toy does and how it is different from the competition? Identify underserved customer needs Value proposition UX Determine the target customer
Answer
4.4
(256 Votes)
Delyth
Professional · Tutor for 6 years
Answer
Value proposition
Explanation
This question is about the process of creating a hypothesis for market fit for a new product, specifically a toy, in this scenario. In the context of crafting a product-to-market fit hypothesis, the different elements mentioned like identifying underserved customer needs, understanding the user experience (UX), determining the target customer, confirming the product training/preparation process or CertPREP, and drafting the value proposition are all key elements used in the market strategy development process. The question specifies a context where one has to write a statement to describe what the new product is and how it sets itself apart from the competition. The value proposition does this. It Is a promise of value to be delivered by the company/product. It's the primary reason a prospect should buy a product. It communicates the unique value your products and services provide to the customer and how it differs from competitor's products.